Travel Bucks™ Management Policy
Policy Version: 1.0
Effective Date: 1 July 2025
Last Updated Date: 14 June 2025
Next Review Date: 1 June 2026
1. PURPOSE AND SCOPE
1.1 David Saint (Pty) Ltd (“David Saint” or “the Company”) is committed to providing its Travel Companions with secure, transparent, and accessible means to enjoy exclusive holiday and lifestyle experiences through its unique, proprietary digital currency, “Travel Bucks™”.
1.2 This policy outlines the principles, procedures, and internal controls governing the issuance, management, redemption, and safeguarding of all “Travel Bucks™” and the funds backing them.
1.3 The primary purpose of this policy is to ensure the utmost financial security for Travel Companions’ funds and to uphold the highest standards of transparency and integrity in David Saint’s operations.
2. DEFINITIONS
2.1 Company / Founder: David Saint (Pty) Ltd
2.2 Travel Companion: An individual or entity holding valid, outstanding Travel Bucks™ issued by David Saint.
2.3 Travel Bucks™: Proprietary, non-transferable digital currency and unit of value issued and managed exclusively by David Saint (Pty) Ltd. Travel Bucks™ is integral to the David Saint ecosystem and is subject to the following terms and conditions:
a) Nature and Purpose: Travel Bucks™ is created and designed solely as a digital medium for the exclusive redemption of holiday and lifestyle packages offered and available through David Saint Travel Bag. It is intended to facilitate seamless travel bookings for active Travel Companions within our ecosystem.
b) Non-legal Tender Status: Travel Bucks™ does not constitute legal tender, fiat currency, securities, cryptocurrencies, virtual currencies, or any other financial instrument in any jurisdiction. It is not regulated as such by nay financial authority. It cannot be used for direct payment outside the David Saint ecosystem, nor is it convertible to cash, interchangeable with cash, or redeemable for cash or any other monetary instrument under any circumstances.
c) Scope and Use: Travel Bucks™ can only be purchased through monthly subscriptions, earned, accrued, or redeemed within the David Saint ecosystem as expressly outlined in these Terms and Conditions and the accompanying David Saint Advantage Compensation Plan. It has no inherent monetary value outside of David Saint platform and cannot be sold, transferred, assigned, gifted, or otherwise exchanged with any third party outside the defined internal mechanisms (if any) permitted by David Saint.
d) Value and Redemption: The redemption value of one (1) Travel Bucks™ is generally equivalent to (1.25) South African Rand (ZAR) exclusively for the purpose of package redemption within the David Saint ecosystem. This redemption of value is determined solely by David Saint at its discretion and may be subject to change upon prior notice as per these Terms and Conditions. All redemptions are subject to availability of packages in the Travel Bag and applicable booking Terms and Conditions.
e) Management and Security: All funds corresponding to issued Travel Bucks™ are held securely in a dedicated Bank Trust Account established for this purpose, as further detailed in Clause 5 of this policy, ensuring their availability solely for package redemption as per these Terms and Conditions.
2.4 Bank Trust Account: A dedicated, segregated bank account held by David Saint (Pty) Ltd, specifically for the sole purpose of holding funds that fully back all outstanding Travel Bucks™. These funds are client funds, held in fiduciary capacity by David Saint, and are strictly separated from the Company’s operational funds.
2.5 Travel Bucks™ Management Committee (TBMC): An internal oversight body within David Saint, responsible for monitoring the integrity and management of the Bank Trust Account, and adherence to this policy.
2.6 Travel Bucks™ Fees: The monetary consideration paid by Travel Companions to David Saint in exchange for Travel Bucks™.
2.7 Travel Bucks™ Plus: Bonus Travel Bucks™ awarded to Travel Companions, typically as part of David Saint Advantage. The monetary value of Travel Bucks™ Plus is equivalent to that of standard Travel Bucks™ and is subject to the same safeguarding and backing principles outlined in this policy.
3. GUIDING PRINCIPLES OF TRAVEL BUCKS™ MANAGEMENT
David Saint is committed to managing Travel Bucks™ and the associated Bank Trust Account based on the following core principles:
3.1 Full Financial Backing (1:1): The total monetary value of funds held in the Bank Trust Account shall, at all times, equal or exceed the total monetary value of all outstanding Travel Bucks™ and Travel Bucks™ Plus.
3.2 Segregation of Funds: All funds received from Travel Companions for Travel Bucks™ (Travel Bucks Fee) shall be fully and immediately segregated into the Bank Trust Account, entirely separate from David Saint’s operational funds. This includes all funds paid by David Saint towards Travel Bucks™ Plus earned by Travel Companions via David Saint Advantage. No commingling of funds is permitted.
3.3 Transparency and Accountability: David Saint is committed to full transparency regarding the management and auditing of the Bank Trust Account, providing regular reports to the Board of Directors, Travel Bucks Management Committee (TBMC), and Travel Companions.
3.4 Fiduciary Duty: David Saint acknowledges and accepts its fiduciary duty to Travel Companions concerning the funds held in the Bank Trust Account, committing to act in their best interest regarding these funds.
3.5 Client Protection: These management practices are designed to safeguard Travel Companions' pre-paid value, ensuring their Travel Bucks™ are always available for redemption.
3.6 Security: Funds in the Bank Trust Account shall be held securely in a highly liquid, capital-preserving instruments only.
3.7 Compliance: All operations shall adhere to applicable South African laws and regulations, including the Protection of Personal Information Act (POPIA) and the Consumer Protection Act (CPA).
4. ISSUANCE AND VALUATION OF TRAVEL BUCKS™
4.1 Travel Bucks™ are issued to Travel Companions upon payment of Travel Bucks™ Fees as per Travel Bucks™ Plan chosen, and through monthly subscriptions as defined in the Travel Bucks™ Terms and Conditions.
4.2 Travel Bucks™ Plus and Travel Bucks™ Xtra are issued to Travel Companions as a reward for participating in David Saint Advantage as defined in the David Saint Advantage Terms and Conditions.
4.3 The monetary value of each Travel Bucks™ (including Travel Bucks™ Plus and Travel Bucks™ Xtra) is set out at R1.25 per Travel Bucks™. This value may only be amended by David Saint with due notice to Travel Companions.
5. MANAGEMENT OF THE BANK TRUST ACCOUNT
5.1 Purpose of the Bank Trust Account:
a) The Bank Trust Account is established and maintained for the sole and exclusive purpose of holding funds that fully back the monetary value of all outstanding Travel Bucks™ and Travel Bucks™ Plus issued by David Saint.
b) These funds are held by David Saint in a fiduciary capacity on behalf of Travel Companions.
c) These funds are used exclusively for redemptions towards holiday and lifestyle packages in David Saint’s Travel Bag, a catalogue where these packages are curated.
5.2 Fund Transfer Protocols:
a) David Saint shall transfer the full monetary value corresponding to all Travel Bucks™ (including both acquired Travel Bucks™ and earned Travel Bucks™) into the Bank Trust Account.
b) All Travel Bucks™ Fees received by David Saint on a given business day shall be transferred in full to the Bank Trust Account by 09:00 SAST on the next immediate business day.
c) All funds related to Travel Bucks™ Plus and Travel Bucks™ Xtra shall be transferred in full to the Bank Trust Account by the 15th of each month.
5.3 Prohibited Uses of Funds: Funds in the Bank Trust Account shall under no circumstances be used for:
a) David Saint’s operational expenses, working capital, or any other general business purposes.
b) Loans to David Saint, its directors, employees, or any related party.
c) Speculative investments or any investment that could jeopardize the immediate liquidity and capital preservation of the funds.
d) Absolutely no commingling of David Saint’s operational funds in the Bank Trust Account is permitted.
5.4 Account Access and Controls:
a) Access to the Bank Trust Account shall be strictly limited to authorized personnel.
b) All transactions (withdrawals, transfers) from the Bank Trust Account shall only be for redemption for supplier payments for bookings made by Travel Companions and David Saint’s revenue with a supporting authorization signed and dated by the Chairperson of the Board who serves as Chairperson of the Travel Bucks™ Management Committee (TBMC) as contemplated in Clause 8 below.
5.5 Investment of Funds:
a) Funds in the Bank Trust Account shall only be held in highly liquid, capital-preservation instruments, such as interest-bearing savings accounts or short-term fixed deposits, at a reputable financial institution.
b) The primary objective of any holding of funds is safeguarding and liquidity, not maximizing returns.
6. ROLES AND RESPONSIBILITIES
6.1 The Travel Bucks™ Management Committee (TBMC): The TBMC serves as the primary internal oversight body responsible for monitoring the integrity and management of the Bank Trust Account and ensuring strict adherence to this policy.
6.2 Composition: The Travel Bucks™ Management Committee (TBMC) is composed of the Chairman of the Board of Directors and Company Secretary as ex-officio members, one ordinary member of the Board, and two Travel Companion Representatives (elected annually at AGM).
a) Chairman of the Board: Chairperson of the Board shall serve as the Chairperson of the TBMC, ensuring continuity and legal adherence.
b) Company Secretary: Company Secretary shall serve as the Secretary of the TBMC.
c) Deputy Secretary: Company Deputy Secretary.
d) Travel Companion Representation: Initially, two (2) Travel Companions will be co-opted onto the TBMC for a period of one (1) year from the policy's effective date.
e) One Travel Companion representative shall serve as the Deputy Secretary of the TBMC, nominated by the TBMC.
6.3 Election of Travel Companion Members:
a) At the end of the initial one-year period, and annually thereafter, Travel Companions shall have the opportunity to vote for new Travel Companion representatives to serve on the TBMC during The Forum Annual General Meeting (AGM) process.
b) The Forum AGM will also serve as a platform for presenting key Travel Bucks™ financial reporting to the Travel Companions, fostering transparency and accountability regarding the Bank Trust Account’s performance and the status of the outstanding Travel Bucks™.
c) Detailed election procedures are outlined in The Forum Constitution.
6.4 Term Limits and Re-Election for Travel Companion Representatives:
a) Travel Companion representatives shall serve a term of one (1) year and may be nominated for re-election at the next Annual General Meeting (AGM) of Travel Companions.
b) There shall be no limit to the number of consecutive terms a representative may serve, provided they are duly elected at each AGM.
c) During the first year of this policy, Travel Companion representatives will be co-opted by the Managing Director. Elections by ballot shall commence at The Forum first AGM following this initial period."
6.5 Transparency Measures - AGM Reports to Travel Companions:
a) A summary report of TBMC oversight activities, including key audit findings, reconciliation status, and fund integrity confirmation shall be presented annually to Travel Companions at The Forum AGM.
b) This report shall also be made available via secure access on the Company's official communication platforms (e.g., website, member portal or official WhatsApp), subject to data protection regulations.
c) Additional interim reports may be communicated in the event of material changes, risks, or incidents affecting Travel Bucks™ security.
6.6 Oversight Function: The TBMC responsibilities regarding the Bank Trust Account include the following:
a) Review and approve all requests for fund releases from the Bank Trust Account.
b) Monitor compliance with all provisions of this policy, especially regarding fund segregation, permitted uses, and transfer protocols.
c) Review reports from internal and external auditors related to the Bank Trust Account.
7. TRAVEL BUCKS™ REDEMPTION PROCEDURES
7.1 Redemption for Packages: When a Travel Companion elects to book a package from the Travel Bag, the corresponding required amount of Travel Bucks™ for that booking will
he Tor business operations, to ensure its continued relevance and effectiveness.