Meetings & FAQ
When we meet, and answers to the questions members ask most.
Meetings
Last Sunday
of every month4pm
Every member is expected to attend. Investment decisions are voted on at meetings, once the quorum in the constitution is present.
The venue and joining details are shared on the members' WhatsApp group.
Common questions
When are contributions due?
On the 25th of every month. Members have until the 7th of the next month to pay. Penalties apply after the 7th; see How it works.
Where do I pay my contribution?
Into the BBS group bank account. Banking details are shared only on the members' WhatsApp group, by an office-bearer. Never pay into a personal account. If in doubt, check with the Treasurer before you pay.
What details do I need when I pay?
Your full name and surname as the reference. Send proof of address by email.
Do members get profits after 12 months?
BBS is a long-term investment of 3 to 5 years. If the stokvel is profitable, members can vote together to share out some of the profits.
Is the stokvel FICA registered?
A stokvel does not have to register under FICA. We still keep all the required member information, so that records are complete and administration is done properly.
What member information do you collect?
Identity documents, proof of residence and next-of-kin details. See the privacy notice.
Why do you need next-of-kin details?
For administration, emergencies and continuity.
Do you have a constitution?
Yes. BBS runs under a formal constitution that covers administration, how decisions are made and what members are responsible for. Ask the Secretary for a copy.
How are investment decisions made?
By a formal vote, once the quorum in the constitution is present. No one person can make an investment decision alone.
Who manages the money?
The members manage it together, according to the constitution and the resolutions members approve.
How is transparency kept?
Through formal votes, regular member communication, monthly financial reporting and sticking to the constitution.
Do you market or recruit members?
No. Membership is voluntary and by referral only. Speak to an office-bearer before you introduce someone.