Effect of registration of by-laws

(1) By-laws registered under this Act shall bind the credit union and every member of the credit union and every person claiming through such member, to the same extent as if every such member had subscribed his name and affixed his seal to the by-laws and there were contained in the by-laws a covenant on the part of such member, his heirs, executors, Administrators and assigns to be bound thereby. (2) No credit union shall carry on any business that is contrary to this Act, the rules or the by-laws of the credit union. Credit Unions Act 23