Comparison View

Formal Consolidation |  2009 RevEd
By-laws to bind members
16.—(1)  The by-laws of a society shall, when registered, bind the society and the members thereof to the same extent as if they were signed by each member and contained covenants on the part of each member for himself and his personal representatives to observe all the provisions of the by-laws.
(2)  A member of a society shall not, without his consent in writing having been first obtained, be bound by any amendment of the society’s by-laws registered after he became a member, if and so far as that amendment requires him to take or to subscribe for more shares than the number held by him at the date of registration of the amendment, or to pay upon the shares so held any sum exceeding the amount unpaid upon them at that date, or in any other way increases the liability of that member to contribute to the share, subscription or loan capital of the society.
Informal Consolidation | Amended Act 3 of 2018
By-laws to bind members
16.—(1)  Subject to subsection (2), the by‑laws and any amendment to the by‑laws of a society shall, when registered, bind the society and the members thereof to the same extent as if they were signed by each member and contained covenants on the part of each member for himself and his personal representatives to observe all the provisions of the by-laws.
[Act 3 of 2018 wef 10/04/2018]
(2)  An amendment of the by‑laws of a society that has any of the following effects does not bind anyone who becomes a member of the society before the registration of that amendment under section 15, unless that member consents in writing to that amendment binding that member:
(a)that amendment requires that member —
(i)to take or to subscribe for more shares than the number held by that member immediately before the date of registration of that amendment under section 15; or
(ii)to pay upon the shares so held by that member any sum exceeding the amount unpaid upon those shares at that date;
(b)that amendment increases (in any other way) the liability of that member at any time to contribute to the share, subscription or loan capital of the society;
(c)that amendment will cause or require any shares of that member (being an institutional member) to be converted into permanent shares.
[Act 3 of 2018 wef 10/04/2018]