Standard by-laws and power of credit unions to make by-laws

(1) The Registrar shall prepare and submit for the Minister’s approval model by-laws consistent with this Act for credit (2) The Registrar shall supply a copy of the model by-laws to any person requesting such a copy. (3) Every credit union may, by a two-thirds majority vote of the voting members present at an annual general meeting or at a meeting called for the purpose, and subject to the approval of the Registrar, make by-laws for any such things as are necessary or desirable for the purpose for which the credit union is established. (4) By-laws made under sub-section (1) and any amendments to such by-laws, when registered, shall bind the credit union and every member thereof and every person claiming through such member to the same extent as if– (a) they had been signed and sealed by the credit union and by every member; and (b) they contained a covenant on the part of each member and his legal representative, heirs, executors and assigns to be bound thereby.