(1) The provisions of the memorandum of an incorporated friendly society are binding upon -
(a) each of the members and officers of the society,
(b) all persons claiming on account of a member or under its rules,
and all such members, officers and persons (but no others) shall be taken to have notice of the provisions of the memorandum.
(2) A person not of a description mentioned in subsection (1)(a) or (b) above who is a party to a transaction with an incorporated friendly society which is within the permitted capacity of such societies under this Act is not bound to enquire as to whether the transaction is within the capacity of the society in question.
(3) Subsection (4) below applies to any act of an incorporated society which is within the permitted capacity of such societies under this Act but is beyond the capacity of the society in question.
(4) In favour of a person who -
(a) is not a person mentioned in subsection (1) above;
(b) gives valuable consideration for the act; and
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