Goldman Stokvel

This is not an invitation to participate - just a description of what eleven of us are up to:
Goldman Stokvel

1. We are a loose group of friends and acquaintances that have got together to pool a small amount (R10) per week in order to build up a fund (umgalelo) to:
a) purchase gold coins (to hopefully benefit from a rise in price), or
b) to maximise interest received on larger deposits which earn higher rates of interest.
c) then, when sufficient funds have been collected we intend to invest in revenue producing assets such as shares and/or property.

2. The fund is really open to anyone that trusts the group to look after their money.

3. Initially there will be no admin costs as this function will be fulfilled by volunteers.

4. A person may put in any amount at any time but a minimum of R 10 per week is required. No penalties if this does not happen.

5. Accurate records of contributions will be held and a receipt will be issued with every cash payment. A quarterly report will be available to all contributors. All assets will also be re-allocated into cash on a quarterly basis to ensure that profits (and losses) are distributed fairly.

6. Withdrawals can be made quarterly after the distribution.

7. A quarterly feedback meeting will be held to talk about what has happened. These rules will be reviewed as new situations arise and will be ratified at the quarterly meeting by the majority in terms of shareholding present at the meeting. The dates are the first Friday of each quarter at 15h00 at Educol.

8. The assets will be kept in a safe by CH until the amount of R 5 000 is reached, then we will look at insurance and a bank safety deposit box.

I have read the above and have taken note of the content.

I agree to contribute R………………per week.


Name:…………………………………………….

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Taking action to make things happen