s 16 By-laws to bind members
16.—(1) Subject to subsection (2), the by‑laws and any amendment to the by‑laws of a society, 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 the member and the member’s personal representatives to observe all the provisions of the by-laws.[3/2018] (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.[3/2018]