Credit Union Act, 1997

Rules to bind members.

15.—(1) Subject to subsection (2), the registered rules of a credit union shall bind the credit union and all members of it and all persons claiming through them respectively to the same extent as if—

(a) each member had subscribed his name and affixed his seal to those rules; and

(b) there were contained in those rules a covenant on the part of each member and any person claiming through him to conform to those rules subject to the provisions of this Act.

(2) A member of a credit union shall not, without his consent in writing having been first obtained, be bound by any amendment of the credit union's rules registered after he became a member, if and so far as that amendment—

(a) requires him to subscribe for more shares than the number held by him at the date of registration of the amendment; or

(b) requires him to pay upon the shares so held any sum exceeding the amount unpaid upon them at that date; or

(c) in any other way increases his liability to contribute to the share capital of the credit union.