Template
Stokvel constitution template: a free, fill-in-the-blanks agreement
A stokvel constitution is the written agreement every member signs before the first contribution. It settles the questions that break savings groups later: how much, how often, who receives when, what happens to a late payer, and who keeps the record. Copy the clauses below, fill in the blanks with what your group agrees, and have every member sign it.
This is a plain-language starting point, not legal advice. If your group handles large sums, have a legal professional review your final document.
1. Name and purpose
- The group shall be known as ______________________ (“the Stokvel”).
- The purpose of the Stokvel is to pool regular contributions from its members and pay the pooled amount out to members in turn, for the benefit of all members.
- The Stokvel is not a bank, a lender, or a registered financial services provider, and does not accept deposits from the public.
2. Membership
- The Stokvel shall have ______ members, listed in Annexure A with full name, ID or passport number, phone number and address.
- A new member may only be admitted by a vote of ______ % of existing members, and must sign this constitution before contributing.
- Each member confirms that the contribution amount is affordable to them and that they join of their own free will.
3. Contributions
- Each member shall contribute R______ (or ______________) per ______________ (week / two weeks / month).
- Contributions are due on the ______ day of each cycle, paid to the treasurer by the method agreed in clause 9.
- A member who wishes to hold more than one share must contribute in full for each share and shall receive a payout for each share.
4. Payout rotation
- The pooled amount for each cycle shall be paid to one member, in the order set out in Annexure B.
- The rotation order shall be decided by ______________________ (draw of lots / agreed order of need) at the first meeting, and may not be changed except by a vote of ______ % of members.
- A member who has already received a payout remains liable to contribute for every remaining cycle of the round.
5. Late payment and penalties
- A contribution received after the due date attracts a penalty of R______ or ______ % of the contribution.
- A member who is more than ______ cycles in arrears may be moved to the end of the rotation or suspended by a vote of the members.
- All penalties are added to the pot and paid to the member receiving that cycle, unless the members agree otherwise in writing.
6. Roles
- Chairperson: calls and chairs meetings and represents the Stokvel.
- Treasurer: receives contributions, makes payouts, and keeps the money records.
- Secretary: keeps the register, minutes and the shared record of who has paid and who is next.
- The treasurer and the secretary may not be the same person.
- Officers are elected for ______ months and may be removed by a vote of ______ % of members.
7. Meetings and decisions
- The Stokvel shall meet ______________ (monthly / quarterly). A quorum is ______ members.
- Ordinary decisions are taken by simple majority. Changes to contributions, rotation or this constitution require ______ % agreement.
- Minutes of every meeting shall be kept and made available to all members.
8. Records and transparency
- Every contribution and every payout shall be recorded in a shared record that all members may inspect at any time.
- The record shall show the date, the member, the amount and the cycle it relates to.
- Any member may request a full statement of the Stokvel at any meeting.
9. How money moves
- Members shall pay their contributions by ______________________ (bank transfer / mobile money / cash at the meeting) directly to the treasurer or to the receiving member.
- Bank charges or transfer fees shall be borne by ______________________ (the sender / the group), so that the receiving member receives the full agreed amount.
10. Leaving, default and death
- A member who leaves before receiving a payout shall be refunded their contributions, less any penalties owed, at the end of the round.
- A member who leaves after receiving a payout remains liable for the balance of their contributions for the round, and the members may recover it from their guarantor.
- On the death of a member, the payout or refund shall be paid to the person nominated in Annexure A.
11. Disputes
- Disputes shall first be raised at a meeting of the members and decided by a vote.
- If a dispute cannot be resolved, the members shall appoint an independent mediator agreed by both sides before taking any other step.
12. Dissolution
- The Stokvel may be dissolved by a vote of ______ % of members at a meeting called for that purpose.
- On dissolution, all outstanding contributions shall be collected and the remaining funds distributed so that every member has received an equal benefit.
13. Signatures
- Each member signs below to confirm that they have read, understood and accepted this constitution.
- Name: ______________________ Signature: ______________________ Date: ____________
Annexures to attach
Annexure A — member register: full name, ID or passport number, phone number, address and the person nominated to receive their money if they die.
Annexure B — rotation order: cycle number, date and the member who receives the pot that cycle, for the whole round.
Keep the record where everyone sees it
A constitution settles the rules; a shared record proves they were followed. Xodus Vault gives your group one ledger every member can see — who paid, who is late, whose turn is next — in English or French. Groups of nine members or fewer are free.