Free template
Stokvel constitution template
A stokvel constitution is the written set of rules every member signs. It covers contributions, the payout order, fines, office bearers, meetings, leaving the group and settling disputes. Banks usually ask for one to open a stokvel account. Copy the free template below and fill in the parts in [brackets].
What a stokvel constitution must cover
- Name and purpose of the stokvel.
- Who can join and how new members are approved.
- The contribution amount, due date and late fines.
- How and when payouts are made, and in what order.
- Office bearers, their duties and how they are elected.
- Meetings, quorum and how decisions are taken.
- Leaving the stokvel, before and after receiving a payout.
- What happens to a member’s money if they die.
- How disputes are settled.
- How the stokvel is dissolved and how the constitution is amended.
The template
[NAME OF STOKVEL] CONSTITUTION
1. NAME AND PURPOSE
1.1 The group is called [name] ("the stokvel").
1.2 Its purpose is [rotational savings / year-end grocery share-out / investment / burial cover].
2. MEMBERSHIP
2.1 Membership is limited to [number] members.
2.2 A new member joins only with the agreement of [two-thirds / all] of existing members.
2.3 Each member provides their full name, ID number, phone number and a next of kin.
3. CONTRIBUTIONS
3.1 Each member contributes R[amount] by the [day] of every month.
3.2 Contributions are paid into the stokvel's bank account at [bank], reference: member name.
3.3 A contribution received after the due date carries a late fine of R[amount].
3.4 A member who misses [number] consecutive contributions may be removed by a vote.
4. PAYOUTS
4.1 Payouts are made [monthly in rotation / once a year in December / as agreed].
4.2 The payout order is decided by [draw / agreement] at the first meeting and recorded in the minutes.
4.3 A member who has received a payout must keep contributing until the cycle ends.
5. OFFICE BEARERS
5.1 The members elect a chairperson, treasurer and secretary for a term of [one year].
5.2 The treasurer keeps the record of every contribution and payout and shares it with members [monthly].
5.3 Withdrawals from the bank account need the approval of [two of three] signatories.
6. MEETINGS
6.1 The stokvel meets [monthly / quarterly] on [day].
6.2 A quorum is [half plus one] of members.
6.3 Decisions are taken by [simple / two-thirds] majority of members present.
7. LEAVING THE STOKVEL
7.1 A member who wants to leave gives [one month's] written notice.
7.2 A member who leaves before receiving a payout is refunded their contributions [less any fines] within [30 days].
7.3 A member who leaves after receiving a payout must repay the balance owed to the group.
8. DEATH OF A MEMBER
8.1 If a member dies, their contributions [or payout] go to their nominated next of kin.
9. DISPUTES
9.1 Disputes are first raised at a meeting. If unresolved, the members appoint [a mediator].
10. DISSOLUTION
10.1 The stokvel may be dissolved by a vote of [two-thirds] of members. Remaining funds are shared in proportion to contributions after all debts are settled.
11. AMENDMENTS
11.1 This constitution may be amended by a [two-thirds] vote at a meeting called for that purpose.
Adopted on [date] at [place].
Signatures of all members: ___________________After you sign it
Give every member a copy, keep the signed original with the secretary, and take a copy to the bank when you open the stokvel account. In PulaPool you can record the group’s rules, contribution amount and payout order so every member sees the same agreement.
Questions
Is a stokvel constitution a legal document?
Once members sign it, it is an agreement between them and can be relied on to settle disputes. It does not need to be registered anywhere, but banks and NASASA usually ask to see it.
Can we change our stokvel constitution later?
Yes, if your constitution includes an amendment clause. The template requires a two-thirds vote at a meeting called for that purpose. Minute the change and have members sign the updated version.
What happens if a member leaves the stokvel?
Your constitution decides this. A common rule is that a member who leaves before their payout is refunded their contributions less fines, and a member who leaves after their payout must repay what they still owe the group.
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