(1) The provisions of the rules 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 rules.
(2) A party to a transaction with an incorporated friendly society who is not of a description mentioned in subsection (1)(a) or (b) above is not bound to enquire as to any limitation on the powers of the committee of management to bind the society.
(3) Subsection (4) below applies in relation to any act of an incorporated friendly society which is, or is deemed by section 8(4) above to be, within the capacity of the society and is decided upon by the committee of management acting beyond their powers under the constitution of the society.
(4) In favour of a person who -
(a) is not a person mentioned in subsection (1) above;
(b) gives valuable consideration for a
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