Fund Constitution

1. The Fund shall be known as the Mgazi Family Funeral Fund ("the Fund").
2. The Fund is a private family mutual aid association established for the purpose of pooling voluntary contributions to provide discretionary financial assistance for funeral-related costs of eligible members.
3. The Fund is not an insurance policy, funeral plan contract, collective investment scheme, or deposit-taking institution. All assistance is discretionary and subject to available funds.

The objectives of the Fund are to:

1. Pool monthly contributions from family members into a shared reserve;
2. Provide discretionary financial assistance ("assistance grants") to cover funeral-related costs for eligible members;
3. Maintain transparent governance, accountability, and a complete audit trail;
4. Preserve the dignity of the family during times of bereavement;
5. Invest surplus funds conservatively to preserve value and liquidity.

3.1  Eligibility

Membership is limited to the defined Mgazi family group: descendants, spouses, and partners of the defined family anchor. This is a private, closed-membership fund — not open to the general public.

3.2  Admission

To become a member, an applicant must:

• Complete the registration form and verify their identity;
• Provide proof of family relationship where required;
• Accept the Terms & Conditions, this Constitution, and the Privacy Notice;
• Pay their first monthly contribution.

The Committee reserves the right to approve or refuse membership applications.

3.3  Members' Rights

• Vote on financial policy changes, contribution rates, and benefit caps;
• Nominate and change beneficiaries;
• Access monthly statements and fund reports;
• Submit claims in accordance with the claims process;
• Raise disputes through the dispute resolution process;
• Voluntarily withdraw from the Fund.

3.4  Members' Obligations

• Pay monthly contributions on time;
• Keep personal and beneficiary details current;
• Comply with the Fund Rules, this Constitution, and the Terms & Conditions;
• Participate in governance when called upon.

3.5  Suspension & Termination

• Benefits may be suspended for non-payment beyond the 7-day grace period;
• Reinstatement requires clearing of all arrears;
• A member may be expelled for fraud, misrepresentation, or persistent non-compliance, subject to Committee decision and appeal rights.

1. Minimum: $5 USD per month (or currency equivalent in GBP, ZAR, ZWL).
2. Maximum: Based on member preference; $100/month is the standard upper tier, with no enforced cap.
3. Due date: 1st of each calendar month.
4. Grace period: 7 days from the due date.
5. Contributions may be made via Stripe (global), PayNow (Zimbabwe), or PayFast (South Africa).
6. Changes to minimum contribution rates require a majority vote of active members.

5.1  Composition

The Fund is governed by an elected Committee. Members hold fixed roles with defined responsibilities:

5.2  Elections

• Committee members are elected by a majority vote of active members;
• Terms of office: 2 years, renewable;
• Elections held at the Annual General Meeting;
• Vacancies may be filled by Committee appointment, ratified at the next general meeting.

5.3  Decision-Making

• Ordinary decisions (administrative, reminders, documentation): Chair + Treasurer may decide;
• Financial policy changes (contribution rates, benefit caps, investment policy): require a majority vote of active members;
• Claims approvals: Claims Officer prepares the pack; Treasurer + one Trustee must both approve (dual authorisation);
• The Chair holds a casting vote in the event of a tie.

1. Each member shall nominate one primary beneficiary and one backup beneficiary.
2. An optional benefit split rule may be specified (e.g., 100% to the primary beneficiary).
3. Changes to beneficiary nominations require a signed change form and a 7-day cooling-off period (urgent exceptions at Committee discretion).
4. In case of conflict between nominations, the most recent valid signed form on record takes precedence.
5. Where no valid beneficiary nomination exists, next-of-kin rules as defined in applicable law shall apply.

1. The designated beneficiary submits a claim form with supporting documents within 30 days of the death event.
2. Minimum documentation required: death certificate, proof of claimant identity, proof of beneficiary authority, funeral invoices or receipts, and payout destination details.
3. The Claims Officer conducts eligibility checks (membership status, waiting period, payment history) and verifies all documentation.
4. The Claims Officer prepares a complete claim pack for Committee approval.
5. Payout requires dual authorisation: the Treasurer and at least one Trustee must both approve.
6. If a claim is disputed, it is escalated to the Dispute Panel (see Article 10).
7. Large payouts may be split into multiple transactions where platform limits apply.

9.1  Reserve Policy

• Minimum operating reserve: 3 months of expected contributions;
• Claim reserve target: Sufficient to pay at least two maximum benefit amounts before permitting benefit increases;
• Where reserves fall below the minimum threshold, the Committee may reduce benefit payouts or request additional contributions.

9.2  Liquidity Rule

• At least 20% of the fund balance must be held as rapid-access liquidity in accessible accounts;
• Up to 80% may be invested in approved low-risk instruments.

9.3  Investment Policy

• Objective: Capital preservation and liquidity — not growth;
• Eligible instruments: Money market funds, treasury bills, short-term deposits, high-grade short-duration bond funds;
• Prohibited: Cryptocurrency, leveraged instruments, illiquid private assets, concentrated single equities;
• Monthly valuation and reporting required;
• Quarterly stress testing against a 20% drawdown scenario.

9.4  Fees & Transparency

• Actual administrative costs, platform fees, and payment processing fees may be deducted from the fund;
• All deductions are disclosed in monthly statements;
• Monthly statements provided to all active members showing: closing balance, investment positions, reserve ratio, contributions received, and claims paid.

The following records shall be maintained at all times:

• Member register (active, suspended, and exited members)
• Contributions ledger with transaction references
• Beneficiary register with a full change history
• Claims register (submitted, approved, rejected, and paid)
• Meeting minutes and resolutions
• Monthly financial statements
• Investment valuations and performance reports

All records shall include timestamps and be retained for a minimum of 7 years for financial records, in accordance with applicable law.

• Data minimisation: Only personal data strictly necessary for Fund administration is collected.
• Access control: Access to full member records is restricted to the Treasurer, Secretary, and Claims Officer.
• Retention: Financial records are retained for a minimum of 7 years; beneficiary records are retained for the period required by applicable law.
• Breach procedure: Any personal data breach must be reported to the Committee within 24 hours of discovery, and to affected members without undue delay.

Full details are set out in the Privacy Notice.

• All members must verify their identity by providing a valid ID document plus a selfie, or by in-person confirmation;
• All beneficiary payout destinations must be validated before any disbursement;
• The Fund maintains a fraud prevention checklist and may request enhanced verification for high-value claims;
• Dual authorisation for all payouts ensures no single individual can approve or execute a disbursement alone.

• Annual General Meeting (AGM): Held once per year to review fund performance, elect Committee members, and approve policy changes.
• Special meetings: May be convened by the Chair or by petition of at least 30% of active members.
• Quorum: 50% of active members (or their duly appointed proxies).
• Meetings may be held in person or virtually, at the Committee's discretion.

• This Constitution may be amended by a two-thirds (⅔) majority vote of active members.
• Proposed amendments must be circulated to all members at least 21 days before the vote is held.
• Amendments take effect upon approval unless a specific future date is stated in the resolution.

• The Fund may be dissolved by a two-thirds (⅔) majority vote of all active members.
• Upon dissolution, all outstanding claims shall be settled in full as a first priority.
• Any remaining funds shall be distributed proportionally to active members, based on their total contributions to the Fund.
• All records shall be retained for the applicable statutory minimum period following dissolution.