Does a stokvel have to have a constitution?

No law requires one, but banks ask for a written constitution before opening a stokvel account, and NASASA recommends one that every member signs. It is the document members turn to when something goes wrong.

Can all the members sign on their phones?

Yes. Make a shared signing link for the signature page and paste it into the group; each member who opens it gives their name, claims the next signer box and signs with a finger.

What does the bank need from us?

The written constitution, the minutes or resolution naming the account's signatories, and the signatories' IDs, usually two or three people. Opening deposits and the rest of the list differ from bank to bank; ask yours.

Stokvels

Fill in a stokvel constitution online

Upload your stokvel's constitution, or the bank's constitution template, and DocFilla fills the club's details and the office bearers. Every member signs the signature page on their phone.

A constitution is the written agreement that says what the stokvel is for, what members contribute and when, how money is paid out, who the chairperson and treasurer are, and what happens when someone leaves or falls behind. Banks ask for a written constitution before they open a stokvel account, and some provide a template. DocFilla fills the club's details once and collects every member's signature.

About 20 to 45 minutes with your details saved

Upload your stokvel constitution

How it works for this form

1
Upload the constitution as a PDF, or the bank's template. The blanks for the club's name, purpose, contribution and meeting details are found.
2
Fill in the club's details: its name, the type of stokvel, the contribution amount and frequency, the meeting dates, the office bearers and the bank account. Keep the document as a template.
3
Make a shared signing link for the signature page and paste it into the group, or send each member their own copy. Each member signs on their phone and the completed copies come back to the chair.

What the form asks for

The stokvel's name, purpose and type: savings, grocery, burial, rotational or investment
Membership rules: who may join, joining fee and the member register
Contributions: amount, frequency, due date and what happens when a member falls behind
Payouts: when, how much, and in what order or on what event
Office bearers: chairperson, treasurer and secretary, and how they are elected
Meetings: how often, where, and what a quorum is
The bank account, the signatories and how many must sign a withdrawal
Leaving, expulsion, death of a member and dispute resolution
Signatures of the founding members and the date adopted

What to attach

Members' IDs, for the member register
The minutes of the meeting that adopted the constitution and named the signatories
The bank's stokvel account application

Mistakes people make

Leaving out what happens when a member stops paying. It is the question that causes the most disputes.
Naming one signatory on the bank account. Two or three, with more than one needed to withdraw, protects everyone.
Collecting cash at meetings instead of having members deposit straight into the account.
Not recording when the constitution was adopted and who signed it.

Questions about this form

Does a stokvel have to have a constitution?: No law requires one, but banks ask for a written constitution before opening a stokvel account, and NASASA recommends one that every member signs. It is the document members turn to when something goes wrong.
Can all the members sign on their phones?: Yes. Make a shared signing link for the signature page and paste it into the group; each member who opens it gives their name, claims the next signer box and signs with a finger.
What does the bank need from us?: The written constitution, the minutes or resolution naming the account's signatories, and the signatories' IDs, usually two or three people. Opening deposits and the rest of the list differ from bank to bank; ask yours.