Club Constitution
The Science of Getting Rich Investment Club, hereinafter referred to as “the Club”.
AIMS AND OBJECTIVES OF THE CLUB: The Club is a group formed by a collective of individual members who share a common interest of achieving financial, social and other objectives of the club. All members of the Club commit to support each other in ensuring that the investment objectives of individual members and the group are achieved. The Club seeks to: • Provide an organised structure for purposes of raising funds through monthly subscriptions/contributions by members. • Establish relationships and measures which promote the development of the individual members and the group. • Establish mechanisms which protect the interests of all members.
THIS CONSTITUTION OUTLINES THE RULES OF THE CLUB. • All members of the Club will be required to abide by the rules as outlined in this constitution. • Any activities undertaken by the Club must comply with the constitution adopted by its members. • The Club exists and operates as a separate legal entity (separate from its membership) and changes in the membership.
1. CLUB MEMBERSHIP • Membership to the Club will be obtained by invitation only. The prospective member will only be accepted if there are no objections from any of the other members. • The Club can decline admission of a prospective member without providing any reasons. • The number of members in the Club will be unlimited
2. CLUB EXECUTIVE • The Club will appoint an executive committee which will include a Chairperson, Secretary and Treasurer. • The election of the Club executive committee will take place at the annual general meeting (AGM). Members of the executive committee will be required to carry out their duties as stated on the constitution of the Club. • Should an executive committee member die or is no longer be able to carry out his/her duties, a replacement member can appointed at the next general meeting.
3. EXECUTIVE ROLES & RESPONSIBILITIES Chairperson • Lead all Club activities and ensure that the requirements of the constitution are followed. • In partnership with the club Secretary, prepare Club meetings. • Chair all Club meetings. • Establish relationships and identify opportunities for growth and development. Secretary • Update and maintain accurate records of all the Club’s membership registers, meeting minutes and communications. • Communicate the club activities with all members. Treasurer • Update and maintain accurate records of all the Club’s financial records. • Present a monthly financial report at the monthly meeting which includes: • The total current value of the Club’s investments. • The total value of the Club’s assets. • An update of all members’ monthly contributions.
4. CLUB MEETINGS a) The Club will convene one annual general meeting where matters which require voting by members will be discussed. b) Members of the club will elect an appropriate day and time to hold club meetings. The dates and venues of the meetings may
only be changed if the majority of the members agree to the changes. All members will be given a minimum five days’ notice of meeting dates and venues. c) The Club meetings will take place on (day), from to (time). Special or emergency meeting may be scheduled by the executive committee as and when necessary. d) At least (number of members) must be present for a meeting to take place and decisions to be made about matters relating to the club. e) If, for whatever reason, a member is unable to attend a meeting, a written apology must be submitted to Club Secretary. f) A member may appear before a disciplinary committee should he/she fail to attend (number) consecutive meetings without a valid reason.
5. MONTHLY CONTRIBUTIONS • All members of the Club will deposit a monthly contribution of R 1000.00 into the bank account of the Club. This amount will be included in the members Fees of R 2450.00 • All contributions must be deposited into the Club bank account on or before the 1st day of every month. [Note: Individual Investment Clubs must decide how and on what basis members will contribute.] [Note: If contributions amount to more than R100 000 (one hundred thousand rands), then the Club is required to register with National Association National Stokvel Association of South Africa (NASASA) in terms of Government Gazette 37903 issued on 15 August 2014 by the Registrar of Banks.
6. ENTITLEMENT TO BENEFITS Individual Investment Club Members will be entitled to their funds plus capital gains after 12 months which will be paid out within 90 days of application.
8. TERMINATION OF MEMBERSHIP a) Should a member terminate membership with the Club after 12 months, the full value of their Club holdings, minus any deductible expenses, will be deposited into the selected bank account within 90 days of termination. b) Should a member of the Club die, the full value of their Club holdings will be paid into their estate within 90 days.
9. CLUB TERMINATION a) Should the Club be terminated for whatever reason, any excess funds and assets of the Club will be shared amongst the members in proportion to their contributions. b) Any liabilities incurred by the Club will be shared equally upon termination of the Club.
10. ALTERATIONS OF CONSTITUTION The Constitution may be varied by way of a resolution taken by the members of the Club at a general or special meeting of the Club, provided that 30 days’ prior written notice of such meeting and be given to all members and provided that the Resolution is adopted by at least two thirds of all members (whether present or not).