Acts Online

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;