Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 October 1997 - onwards
  Version 2 of 2    

15. Rules to bind members.

(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 his name and affixed his 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 him to conform to those rules subject to the provisions of this Act.

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

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

(b) requires him 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 his liability to contribute to the share capital of