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Discuss Starting date
#1
Please use this thread to discuss the starting date of the the club, and or list the minimum requirements needed for the club to start.

It has been suggested that the club can start with a minimum of 10 registered members and expand each month if need be, due to the unit valuation bringing new members aboard will be easy.

The bank discussion thread will need to be finished first, before a deadline can set in stone, but it would be nice to start on the 15th of this month if possible.
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#2
Sounds good! So payment of initial amount by 15th or as soon as account is opened, and then monthly contribution from 1st July.

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#3
That would be the ideal.

To get the initial payment this month preferably the 15th and then the recurring payments will start from July 1st 2016.

Now is only South Africa had the ability to open a bank account without needing to enter the physical branch.
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#4
(06-06-2016, 03:43 PM)Platinum Wealth Wrote: That would be the ideal.

To get the initial payment this month preferably the 15th and then the recurring payments will start from July 1st 2016.

Now is only South Africa had the ability to open a bank account without needing to enter the physical branch.

Not in SA! Client struggle with ABSA for over a month to open bank account... their requirements get more and more everyday. Think we may also battle a bit to get everything in place in Nedbank.

Remember our first meeting must also take place before we can open a bank account - so that the officers are in place. The bank will require the minutes to determine who will sign, etc. when we open the bank account.

How are we going to overcome the signature problem? Normally the 2 that have to sign, have to go to the bank at the same time...


#5
10 members should be fine and great if we can reach that target before 15 July ( June might be pushing it as lots still needs to be done before then)
From my understand all monies will be kept in "still to be selected" bank account up until enough funds are available to start distributed between "still to be selected" shares?

If the above is correct, what is the amount we aiming to reach? Or are we just saving for 12 months straight without any given target?

#6
So basically we will have to decide now on a date for our first meeting also. No need to give notice as per the partnership agreement as it doesn't exist yet.


#7
Very good point.

The first meeting will need to be conducted before the 15th.

Will create a separate thread to discuss the time and means of the first meeting.

As for the signatories, if Nedbank responds to the mail that I have just send then I will ask them how their verification process works then we take it from there.
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#8
(06-06-2016, 03:52 PM)Purply Wrote: 10 members should be fine and great if we can reach that target before 15 July ( June might be pushing it as lots still needs to be done before then)
From my understand all monies will be kept in "still to be selected" bank account up until enough funds are available to start distributed between "still to be selected" shares?

If the above is correct, what is the amount we aiming to reach? Or are we just saving for 12 months straight without any given target?

That we can decide on...what is our goal/target we first have to meet...think that will be decided at the first meeting also.


#9
(06-06-2016, 03:52 PM)Purply Wrote: 10 members should be fine and great if we can reach that target before 15 July ( June might be pushing it as lots still needs to be done before then)
From my understand all monies will be kept in "still to be selected" bank account up until enough funds are available to start distributed between "still to be selected" shares?

If the above is correct, what is the amount we aiming to reach? Or are we just saving for 12 months straight without any given target?

That statement is correct.

The initial idea was to deposit R1000 in month 1 then contribute R250 for 12 months so that in month 13 we have R120 000 ( Keep in mind that number was calculated using a different starting member count. )

As for the target amount, that will be discussed by the members at the first meeting to make sure everyone is happy.
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#10
We have reached 10 registered members.

There is 3 potential applications outstanding today which means we might be 13 members at the end of today.

Everything is on track to launch on the 15th.

Two primary steps needs to be completed:

The bank Account -> http://www.platinumwealth.co.za/forum/sh....php?tid=1

The first meeting -> http://www.platinumwealth.co.za/forum/sh...php?tid=30
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#11
Yay!

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#12
Epic stuff, only 8 days remaining, hope everything gets done on time.

#13
Where can we find a list of current members?

#14
(06-07-2016, 10:05 AM)Xcaliber Wrote: Where can we find a list of current members?

A mail has just been send out to all registered members.

In the mail each member is also ask to send phone number so we can establish the notification only whatsapp group and also each member will register here as well.
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