Constitution

1. Name and Purpose

The club is called THE 500 Social Movement, based in South Africa. It is a voluntary, member-owned savings club. Members pool regular contributions. Members may apply for loans under the club’s rules. Eligible members share the year-end pool.

2. Membership

• Membership is limited to 500 members.
• A once-off joining fee of R100 is required unless the super admin grants a waiver. Membership activates after payment or waiver.
• Every member accepts this constitution when joining.
• A member with no confirmed contribution for 90 days may be considered for deregistration.

3. Contributions

Members contribute on one of the following plans:

• Monthly Contribution: R500 — covers 30 days
• Custom amount: at least R120. From R510 it covers 30 days, otherwise 7 days.

A platform fee of R10 is added to each payment where it applies. Payments are made by EFT using the member's unique payment reference.

4. Proof of Payment

Proof of payment must be uploaded within 7 days of generating a payment slip. Late proof and missed contributions may incur the configured fines.

5. Loans

• Members may borrow from R500 up to 70% of their confirmed contributions for the year, less any outstanding loans.
• Interest is R30 per R100. Partial repayments are allocated to charged interest first, then principal. Future interest applies only to the outstanding balance.
• Loans are repayable within 30 days of approval.
• Unpaid overdue loans attract compound interest every 30 days on the outstanding balance.
• Express processing costs R50.
• Several loans may be repaid together in one payment; a single fee of R10 applies to such a payment.

6. Fines

• Absent (no apology): R50
• Late apology / late arrival: R30
• Consecutive absence: R50 (1st), R100 (2nd), R150 (3rd and later)
• Disruptive / speaking out of turn: R30
• Profanity / vulgar language: R100
• Proof of payment not uploaded in time: R30
• Wrong EFT reference: R30
• Missed contribution: R30

Several fines may be paid together in one payment; a single fee of R10 applies to such a payment.

7. Meetings

Bi-weekly Sunday meetings via Zoom. Meetings start at 19:10. Apologies must be sent by 18:55 on the day of the meeting.

8. Year-End Interest

A member qualifies for a share of the year-end interest pool by contributing at least R5,000 in the year and taking a qualifying loan or paying the configured waiver. The pool is shared equally among qualifying members.

9. Exit

A member who exits receives 50% of their contributions for the year, less the configured admin fee and applicable outstanding deductions. Any loan recovery or write-off is recorded separately and remains in the club’s history.

10. Amendments

This constitution may be amended by the admins in line with decisions taken by members. Amounts and periods stated here always reflect the rules currently applied by the system.