"stokvel"
means a formal or informal rotating financial scheme with entertainment, social or economic functions, which—
(a) |
consists of two or more persons in a voluntary association, each of whom has pledged mutual support to the others towards the attainment of specific objectives; |
(b) |
establishes a continuous pool of capital by raising funds by means of the subscriptions of the members; |
(c) |
grants credit to and on behalf of members; |
(d) |
provides for members to share in profits from, and to nominate management of, the scheme; and |
(e) |
relies on self-imposed regulation to protect the interest of its members; |