Effect of registration of memorandum and articles

General195968 sections

Statutory text

(1) Subject to the provisions of this Act, the memorandum and articles shall, when registered, bind the corporation and the members thereof to the same extent as if they respectively had been signed by the corporation and by each member, and contained covenants on its or his part to observe all the provisions of the memorandum and of the articles.
(2) All money payable by any member to the corporation under the memorandum or articles shall be a debt due from him to the corporation.

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