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Co-Operative Societies Act 2008 16. Capacity and powers 1. The registration of a society shall render it a body corporate with perpetual succession and with power to hold property, to enter into contracts, to institute and defend suits and to do all things necessary in accordance with this Act and its by-laws. 2. A society shall not carry on any business or exercise any power that it is restricted by its by-laws or written law from carrying on or exercising nor shall a society exercise any of its powers in a manner contrary to its by-laws. 3. No person is affected by, or presumed to have notice or knowledge of, the contents of a document concerning a society by reason only that the document has been filed with the Registrar or is available for inspection at any office of the society. 4. Subject to the approval of the Registrar and unless the societies have agreed in writing thereto, no person shall be a member of more than one registered society whose primary object is to grant loans to its members.    |
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