Governance &
Compliance

1. Preamble and Purpose

We, the members of the Stokvel Society South Africa Car Buying/Cash Savings Group (“the Association”), establish this Constitution to pool contributions for the collective acquisition of motor vehicles up to R200,000 in value or a cash payout thereof.

The Association operates in the African tradition of Umgalelo/Stokvel/Round, rooted in trust, solidarity, and Ubuntu. Its purpose is to provide members with affordable access to vehicles or a cash payout through cooperative savings.

The Association is supported and administered by Munhumukapa Holdings Group (Pty) Ltd (“the Trustee Company”), which handles banking, vehicle procurement, compliance, and platform management.

2. Definitions

• “Member” — any person who has completed registration, paid the joining fee, and whose membership has been approved.
• “Trustee Company” — Munhumukapa Holdings Group (Pty) Ltd, responsible for administration and fiduciary duties.
• “Policy Value” — the target savings amount of R200,000 per member.
• “Joining Fee” — a once-off fee paid at registration: Standard R500, Pro R1,000, Premium R2,000.
• “Monthly Admin Fee” — R100 per month, payable by all members regardless of tier.
• “Benefit” — the vehicle or cash payout a member receives upon reaching the front of the payout queue.
• “Queue” — the payout priority list determined by tier, contribution consistency, and time in system.
• “KYC” — Know Your Customer verification required before payout eligibility is granted.

3. Objectives

• To pool member contributions for collective vehicle acquisition or cash payouts up to R200,000.
• To operate transparently, with open-book financial reporting accessible to all members.
• To uphold the values of Ubuntu, trust, and community solidarity in all operations.
• To provide a digital platform enabling real-time contribution tracking and queue visibility.
• To ensure equitable access to benefits based on a fair, constitution-governed queue system.

4. Governance and Structure

The Association is governed by a committee structure with the following roles:

• Chairperson — presides over meetings and represents the Association.
• Secretary — maintains records, communications, and meeting minutes.
• Treasurer — oversees financial records and reports to members.
• Trustee Company (Munhumukapa Holdings Group) — administers banking, procurement, compliance, and platform management.

Policy changes require a two-thirds majority vote at a general meeting, with 30 days’ notice provided to all members. All members have equal voting rights regardless of package tier.

Quarterly internal reviews and an annual independent audit by a registered auditing firm are conducted. All members receive summary reports.

5. Membership

Membership is open to any South African resident who:

• Is 18 years of age or older.
• Completes the registration process on the platform.
• Passes KYC (Know Your Customer) verification.
• Pays the applicable once-off joining fee for their chosen tier.

Membership may be terminated by written notice (two months), mutual agreement, or disciplinary action. A 10% penalty applies on voluntary exit.

6. Contributions and Distributions

The savings goal (Policy Value) is R200,000 per member. Members contribute monthly towards this goal plus the R100 monthly administration fee.

Payout queue eligibility requires:

1. Contributions of at least 50% of the Policy Value (R100,000 minimum).
2. Completion of the minimum wait period for the member’s package tier.
3. Completion of KYC verification.

Withdrawal fees: All withdrawals carry a 5% processing fee. Early cash-out before policy maturity carries a 10% penalty. Choosing a cash payout instead of a vehicle at maturity carries a 5% penalty. Voluntary exit carries a 10% penalty with two months’ notice.

Vehicle title: Vehicles remain in the name of the Association until the full R200,000 benefit has been paid. Title transfers to the member upon full payment.

7. Perks by Membership Tier

8. Transparency and Digital Governance

The Association operates an open-book policy. All members have access to:

• Their personal contribution history and wallet balance via the digital platform.
• Their queue position once payout eligibility is reached.
• Quarterly financial summary reports.
• Annual independent audit summary reports.

The digital platform provides real-time tracking of contributions, queue position, and account status. All transactions are logged and visible to the member.

9. Termination, Default, and Disputes

Missed contributions: Two missed contributions result in suspension from the payout queue. Repeated default may lead to expulsion from the Association.

Voluntary exit: Members wishing to exit must provide two months’ written notice. A 10% penalty applies to the total balance held.

Disciplinary action: Members found to have provided false information, engaged in fraudulent activity, or violated the Constitution may be expelled without penalty refund.

Dispute resolution: Disputes shall first be referred to the committee for mediation. If unresolved, disputes shall be referred to an independent arbitrator under the rules of the Arbitration Foundation of Southern Africa (AFSA).

10. Intellectual Property and Branding

All intellectual property, including the Stokvel Society SA name, logo, platform, and associated materials, is owned by Munhumukapa Holdings Group (Pty) Ltd. Members may not reproduce or use any Association branding without written consent.

11. Expansion and Shared Services

The Association may, by member resolution, expand its services, enter into partnerships, or establish affiliate groups, provided such expansion is consistent with the Constitution’s objectives and values.

12. Values and Compliance

The Association is committed to:

• Ubuntu — community, mutual support, and shared humanity.
• Transparency — open-book financial reporting and clear governance.
• Inclusivity — accessible to all South Africans regardless of background.
• Legal compliance — adherence to all applicable South African laws and regulations.
• Member wellbeing — genuine concern for the financial wellbeing of all members.

13. Amendments

This Constitution may be amended by a two-thirds majority vote at a general meeting. All proposed amendments must be circulated to members at least 30 days before the vote. Amendments take effect from the date of adoption.

14. Adoption

This Constitution was adopted by the founding members of the Stokvel Society South Africa Car Buying/Cash Savings Group and is administered by Munhumukapa Holdings Group (Pty) Ltd. For queries, contact: info@stokvelsociety.co.za