(1) Subject to subsection (2), the registered rules of a credit union shall bind the credit union and all members of it and all persons claiming through them respectively to the same extent as if -

(a) each member had subscribed the member's name and affixed the member's seal to those rules; and

(b) there were contained in those rules a covenant on the part of each member and any person claiming through the member to conform to those rules subject to the provisions of this Act.

(2) A member of a credit union shall not, without the member's consent in writing having been first obtained, be bound by any amendment of the credit union's rules registered after they became a member, if and so far as that amendment -

(a) requires the member to subscribe for more shares than the number held by the member at the date of registration of the amendment; or

(b) requires the member to pay upon the shares so held any sum exceeding the amount unpaid upon them at that date; or

(c) in any other way increases the member's liability to contribute to the share capital of the credit union.