Contracts with society of members who are infants

(1) The infancy or non-age of any person duly admitted as a member of any registered society shall not debar that person from executing any instrument or giving any acquaintance necessary to be executed or given under this Act or the rules and shall not be a ground for invalidating or avoiding any contract entered into by any such person with the society. (2) Any such contract entered into by any such person with the society, whether as principal or as surety, shall be enforceable at law or in equity against such person notwithstanding his minority or non-age.