FAQ - questions and answers about the club
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CLUB

When was the club started?
Discussions started in early June 2016 but the agreement was signed the 29th June 2016.

What entity is the club?
The club operate as a partnership.

How will income tax work?
Income tax is payable in your own name. Each partner will get a certificate at the end of the financial year reflecting his/her income (interest/capital profit).

He/she must then declare this income on his/her income tax return with SARS.

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MEMBERS/PARTNERS

Can anyone join? What is the process to apply?
Additional members/partners can join at any time if 75% of the existing partners agree to it in writing or at a meeting, and the number of partners in the club will not be more than 50. New members must be proposed and seconded by two existing partners. The club can refuse to admit any person without giving a reason.

Can I withdraw from the club?
Yes, you can. Written notice must be given and will be presented at the next meeting, when it will be considered received. The balance of the partners' capital account will be paid out in 90 days less any costs.

What happens if a partner dies?
It is the same as a withdraw above.

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FORMS

Where do one get the forms?

It can download from: http://www.platinumwealth.co.za/documents/

What forms must be completed?
  • Partnership Agreement
  • Rules of the club
  • Membership application
  • Declaration by member
Then for FICA purposes, we require the following:
  • Copy of ID
  • Proof of residential address
Where does one send the application form to?
It can be emailed to: [email protected]


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CONTRIBUTIONS

How much is the initial contribution?
It is set at R1,000 and can change if we decide that at a meeting.

How do I pay the initial contribution?
Normally it is paid with you first months' contribution. EFT payment.

How much is the monthly contribution?
It is currently set at R255 per month.

How do I pay it? Debit orders?
We are not going to use debit orders as this will make more admin for us. You can set a stop order at your bank to pay over the monthly contribution every month.

What is the monthly minimum contribution?
It is currently set at R255 per month.

Can I pay more than the minimum monthly contribution?
Yes, you can invest any amount. You are however limited to 10% maximum ownership, meaning you may not have more than 10% of all the units in the Club. For the time being everyone will just contribute R255 per month and once we are up and running, then we can contribute more. We will communicate in the monthly report how much is 10% in the club.

Why is R5 from my monthly contribution not used for shares?
R5 of you contributions are held back in the current account. This money is used to cover any costs that the club may have, example bank charges. This money belongs to the club and if you withdraw you investment you will not have a claim against this funds. We may decide at a meeting to issue extra units to members and transfer money from this fund to investments.

I don't see the bank account details to make payment?
We will send this to you in an email - for security reasons we do not want to publish it here.

What is the due date for payment?
Let say we are looking at the month of August 2015. This contribution, 2016/08 is payable before or on the 5th August 2016.

September 2016, or 2016/09, will have to be paid before or on the 5th September 2016.

You may pay you contribution lets say at the end of August 2016 for 2016/09, but it doesn't really matter.

What reference should I use for my payment?
Please use you initials and surname. No need to send proof of details as we will pick it up from the bank statements.

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RESEARCH

All partners are expected to research at least one company or investment vehicle every 6 months, using a recommended system of company evaluation.

We will update this with the correct procedures.

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OFFICERS

What officers are there and what are their duties?


President/Chairperson: To lead and prepare the agenda for meetings. Make sure rules are followed. Approve money withdrawal with other executive member. Explore opportunities for enhancing the group’s practices

Treasurer:
Keep accurate account of all the group’s finances and present books at meetings.Collect money every month. Have signing powers with the chairperson and the secretary.

Secretary
: Keep an accurate record of the group’s activities, namely minutes, correspondence and membership register.
Maintain communication to make sure all members are informed of all activities of the group.Have signing powers with the chairperson and treasurer.


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MEETINGS

How will voting work?
Each member/partner only have one vote.

How frequently will there be meetings?
We will try to have meetings every month. At least 50% of this must be attended by a partner.


When will I receive the minutes of a meeting?
This will be emailed within 72 hours after a meeting and will also be posted on the forum.


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UNITS/VALUATIONS

How is the value of the units determined?
The current value of the assets and property of the investments club, less the current value of the debts and liabilities, will determine the value of the club. The value of the club will be calculated 5 business days before each periodic meeting.

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TRADING ACCOUNT

Do we have a trading account?
At this stage, no. But we will open one once we invest in shares.


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REPORTS

How frequently will we receive reports?
Report will be send out every month. At year end a set of financial statements will be issued reflecting all the transactions for that year. Reports will be published on the forum and will also be emailed.


Please send any questions to [email protected] and we will answer it.
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