Constitution Of Business Investment Club

[[NAME OF INVESTMENT CLUB]]

CONSTITUTION


1. NATURE OF BUSINESS
1.1. [[NAME OF INVESTMENT CLUB]] (the “PARTNERSHIP”) is an investment partnership, investing moneys contributed by thepartners.

1.2. The investment strategy of the PARTNERSHIP is flexible, but will initially focus on shares listed on the Johannesburg Stock Exchange. The PARTNERSHIP is not restricted to investing inlisted shares. Unless unanimously agreed, the PARTNERSHIP will not invest in opportunities that could potentially result in losses greater that the net asset value of the PARTNERSHIP.

2. GENERALPRINCIPLES
2.1. Partners will at all times contribute capital to the PARTNERSHIP in exactly equal amounts at the same times.

2.2. Any amendment to this constitution can only be made by unanimousagreement of the members of the partnership.

2.3. All investment decisions will be made on a basis of general consensus by partners. Partners undertake to carefully consider advice given by investmentprofessionals.

3. MEETINGS
3.1. Members undertake to organise meetings of all partners once every 3 (three) months.

3.2. Provided 10 (ten) days written notice is given of a meeting, the meetingwill be deemed to be effective in terms of this constitution even if not all partners can attend. Half the total number of partners will be the necessary quorum for a meeting.

3.3. Each year thepartners will hold an Annual General Meeting and will elect a Chairperson and a Secretary for the ensuing year.

3.4. The Secretary will prepare an agenda for each meeting. The Chairperson willreport back to each meeting on all investment changes since the previous meeting.

3.5. The Secretary will prepare short minutes of each meeting which will be circulated to all partners.

4. MONETARYCONTRIBUTION
4.1. Each partner will initially contribute the sum of R100-00 (One Hundred Rand) per month, with the first contribution on or before 31 October 2007 and from 30 April 2008 the amount...