Platinum Wealth Investment Club

H

HavocXphere

Honorary Master
Joined
Oct 19, 2007
Messages
33,155
Necropolis said:
For the people getting involved I would just be very sure about the legal implications of this.

Considering specifically that Thor has stated that he doesn't know wtf he is doing...
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Well I'm still waiting for the penny to drop on the legal implications of a partnership...
 
Thor

Thor

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Jun 5, 2014
Messages
44,236
Purply said:
Could a person double or triple their "contribution" instead of the "default" amount?
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Right now I am trying to avoid that, but using units or a similar UVS opposed to equally weighted we might be able to allow it

Hamster said:
...and how does this affect they're voting power?
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Will not affect voting power.
 
Thor

Thor

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Lots of valid points highlighted let me sit down tonight and write out the mission statement, technicalities and general info then we take it from there.
 
Thor

Thor

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Papsak said:
what makes this different to a stokvel - and what regulations do they have? And if you go the pty route, surely you must register with the FSB?
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Necropolis said:
For the people getting involved I would just be very sure about the legal implications of this.

Considering specifically that Thor has stated that he doesn't know wtf he is doing...
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HavocXphere said:
Well I'm still waiting for the penny to drop on the legal implications of a partnership...
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I am in contact with PSG who is guiding me through everything that is required

As for the Legalities - Voluntary Association done.

FYI link: http://www.moneyweb.co.za/moneyweb-...den-berg-head-of-client-education-psg-online/

--

Right now I am writing and drafting up preliminary club rules, mandate info all that and I will then send it to everyone on the whatsapp group first to iron it out then once all is in agreement I will put it here on the forum for potential clubbers to review and decide if they want to join in.
 
P

Papsak

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Dec 5, 2015
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375
That clears up quite a bit Thor - cheers for that. Looks fairly simple and legit.
 
Fulcrum29

Fulcrum29

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Joined
Jun 25, 2010
Messages
55,035
padjakkels said:
http://southafrica.smetoolkit.org/sa/en/content/en/5244/A-Partnership-as-a-legal-entity

Short and sweet version:
- 2 tot 20 partners
- each make a contribution (money/assets/time/work)
- no legal registration required
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...and when one member decides to leave or has accumulated debt? Not so sweet anymore...

Thor187 said:
As for the Legalities - Voluntary Association done.
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Interesting, I thought that Voluntary Associations was only applicable to NPOs in SA. I would not have thought that an investment club would be positioned as an NPO, pending on the activities, as an educational medium yes. In my opinion it will be best to consult with an accountant on the details.
 
Thor

Thor

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Fulcrum29 said:
...and when one member decides to leave or has accumulated debt? Not so sweet anymore...



Interesting, I thought that Voluntary Associations was only applicable to NPOs in SA. I would not have thought that an investment club would be positioned as an NPO, pending on the activities, as an educational medium yes. In my opinion it will be best to consult with an accountant on the details.
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I that was a PSG consults advice.

(I too thought VA was just applicable to NGOs)

I will get more info from PSG tomorrow.

I promise you guys nothing will be done before we are absolutely sure about the legal side of things and have the formulas figured out.

I'm way to strict minded to go about this loosely.

Right now discussions on the goals are still on going so I won't be able to create the Constitution and mandate tonight not until the WhatsApp members are all agreement.

Hope everyone understands?
 
Thor

Thor

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A Detailed mail has been send to all interested members for discussion.
Once that discussion have reached a collective agreement I will post it here on MyBB.
 
Thor

Thor

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From the FSB

As a starting point, the manner in which members of the public may invest their savings
may or may not, depending on the nature and structure of a particular investment vehicle, be subject to FSB regulation.

For instance, the following types of investment vehicles would NOT be subject to FSB regulation:

A partnership where individuals invest their monies in a partnership and utilise the
capital to produce positive returns.

An investment club where persons with a commonality of interest pool their monies to make an investment.

A company formed for investment purposes in which investors obtain equity.

A trust in which beneficiaries’ monies would be pooled, but which would fall outside the ambit of the Collective Investment Schemes Control Act, due to the nature of the underlying investments or because it is a private arrangement between persons involved in a private business arrangement.
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Last edited:
bchip

bchip

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Joined
Mar 12, 2013
Messages
1,299
Thor187 said:
An investment club where persons with a commonality of interest pool their monies to make an investment.

A company formed for investment purposes in which investors obtain equity.
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Wouldnt this then exclude all unit trusts and mutual funds? (especially #2)

From the CIS Act (also posted on PSG's website)

“collective investment scheme” means a scheme,
in whatever form, including an open-ended investment company,
in pursuance of which members of the public are invited
or permitted to invest money or other assets in a portfolio,
and in terms of which-
(a)
two or more investors contribute money or other assets to
and hold a participatory interest in a portfolio of
the scheme through shares, units or any other form
of participatory interest;
and
(b)
the investors share the risk and the benefit of investment
in proportion to their participatory interest in a portfolio
of a scheme or on any other basis

http://www.fanews.co.za/documents/coll_inv_schemes_control_act_452002.pdf
 
Thor

Thor

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Messages
44,236
bchip said:
Wouldnt this then exclude all unit trusts and mutual funds? (especially #2)

From the CIS Act (also posted on PSG's website)

“collective investment scheme” means a scheme,
in whatever form, including an open-ended investment company,
in pursuance of which members of the public are invited
or permitted to invest money or other assets in a portfolio,
and in terms of which-
(a)
two or more investors contribute money or other assets to
and hold a participatory interest in a portfolio of
the scheme through shares, units or any other form
of participatory interest;
and
(b)
the investors share the risk and the benefit of investment
in proportion to their participatory interest in a portfolio
of a scheme or on any other basis

http://www.fanews.co.za/documents/coll_inv_schemes_control_act_452002.pdf
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Confirmed we do not fall under the regulation of the FSB, confirmed by both the FSB and PSG for we are not a financial institution selling financial products etc.
 
Thor

Thor

Honorary Master
Joined
Jun 5, 2014
Messages
44,236
Hey guys,

After a lot of thought and A LOT of work ( thanks padjakkels )
The following documents have been prepared - http://www.platinumwealth.co.za/documents/

I ask that all of you please read through them and then all discussions will happen here:
http://www.platinumwealth.co.za/forum/

So go register, it takes less than 20 seconds :)

Specifically this section: http://www.platinumwealth.co.za/forum/forumdisplay.php?fid=20

Please fill in the applicable documents and E-mail them to info@platinumwealth.co.za

Looking forward guys everything is falling into place now.
 
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