UASV Constitution

Aims and Objectives

We are a digital stokvel whose only mandate is to reward our members for saving money. We are a pro African voluntary membership stokvel that uses the power of saving together to generate compound rewards for our members. Our stokvel aims to reward our members with exciting new savings products and opportunities that can generate wealth in the digital age.

Membership

The number of members in United African Stokvel is not limited.

Each member is issued with a membership number.

Members must supply United African Stokvel with their personal details: Full Names, ID number/Passport number, contact number and email address, as well as their nominated beneficiary.

United African Stokvel respects the rights and privacy of our members in accordance with the POPI ACT.

Members must abide by United African Stokvel Constitution.

Should a member pass away, his or her family members will not automatically become members of United African Stokvel. Should a member pass away, their savings will be paid into their estate as governed by the rules of South Africa.

The membership of this group is strictly a 6 or 120 month lock-in period.

No members under the age of 18 years are allowed.

Members may have more than one saving option with United African Stokvel.

Stokvel Committee

The committee consists of the following positions:

3.1 Administrator, whose responsibilities are:

– Make sure the rules are followed.

– Ensure returns are paid to members in the correct time frame.

– Keep an accurate account of all United African Stokvel’s finances.

– Keep an accurate record of United African Stokvel’s activities and investments.

– Keep the United African Stokvel’s website current and up-to-date, and inform members of our community success stories.

– Maintain the membership register.

– Maintain communication to our members, and inform them of all activities of United African Stokvel.

3.2 Financial Governance and Compliance, whose responsibilities are:

– Approve investment opportunities

– Ensure investments made are sound and profitable.

– Keep up-to-date with the financials of United African Stokvel.

3.3 Business Development Manager, whose responsibilities are:

– Explore opportunities that would enrich United African Stokvel and its members.

– Explore assets that could be beneficial to United African Stokvel and its members.

Meetings

There are no meetings held for United African Stokvel.

All communication with members will be through the following platforms:

– Facebook UNITED AFRICAN STOKVEL

– LinkedIn United African Stokvel

– Our website (www.uasv.co.za)

– email (info@uasv.co.za)

– WhatsApp: 076 508 7660 | 065 712 8101 | 065 714 9239

– SMS: 076 508 7660 | 065 712 8101 | 065 714 9239 | 065 619 1390

Instructions and Authorization Through United African Stokvel

The money in United African Stokvel will be deposited into our Nedbank Trust Account. The Director authorised by the group to bind or act on behalf of United African Stokvel, in establishing profitable relationships that benefit the members of United African Stokvel.

Signing power and transaction authorisation of the United African Stokvel investments will be held by the Director, Treasurer, and Secretary of the group. Only instructions and authorisation through the United African Stokvel platform approval process will be actioned and processed.

As members of the group, we agree to our Director in accepting the non-discretionary mandate of United African Stokvel. Should the authorisation/instructions given to United African Stokvel on it’s platform to pay any amounts to a third party (individual or institution that is not a member of United African Stokvel), as members we hereby unconditionally absolve and indemnify United African Stokvel from and against all and any loss, damage, costs and expenses which we or any other person whatsoever, may sustain or incur, either directly or indirectly as a result of the United African Stokvel, paying any amounts (as per authorisation/instructions) into the bank account of a third party.

The Director Non-Discretionary Mandate to United African Stokvel: In my capacity as Director of United African Stokvel and as instructed by the members of the group, I hereby authorise and empower United African Stokvel to open a Nedbank Trust Account and a Nedbank Cheque Account in the name of the United African Stokvel (Pty) Ltd. This authority further furnishes United African Stokvel with the power to transact and perform electronic transfers on the Nedbank Trust Account and Nedbank Cheque Account only upon electronic direct instruction through the United African Stokvel platform.

I hereby warrant that the information provided on this mandate form, constitution and together with my FICA documents uploaded on United African Stokvel platform are correct.

Contribution Fee

Each member will agree to a 6 or 120 Month lock-in Saving Period. Savings can be paid to the Stokvel by either a Debit Order, EFT or Cash Deposit into the Nedbank Trust Account only.

Joining Fee

United African Stokvel has no joining fee.

Beneficiaries

If a member passes away, any money they are owed will be transferred to their estate. The laws that govern how a deceased estate is wound up will guide this process.

Code of Conduct

No member will use the name of United African Stokvel for personal, business purposes or personal gain. Each member will be expected to conduct him or herself in a socially acceptable manner, especially while interacting on the United African Stokvel’s social media and digital platforms.

Stokvel Closure

In the event that United African Stokvel closes, any extra funds and assets of the Stokvel will be shared amongst active members according to each member’s contribution value in to United African Stokvel. Liability and debts will also be shared, according to each member’s contribution value in United African Stokvel if such debt is made by the Stokvel. Post closure of the Stokvel, United African Stokvel will take this as final instruction to close the Nedbank Trust Account and Nedbank Cheque Account in the name of United African Stokvel (Pty) Ltd.

Exit of Member

Members may exit United African Stokvel when they wish, however their savings will only be paid out after the 6 or 120 month lock-in saving period ends, therefore members savings repaid will also only be based on the amount of money paid into United African Stokvel.

Bridge of Constitution

If a member fails to abide by the rules set out in this constitution, their membership will be terminated and savings owed will be paid after the 6 or 120 month lock-in saving period ends.

By continued contribution to United African Stokvel, you accept this constitution.