18 Effect of rules


The rules of a society shall be binding on every member and officer of the society, and on all persons claiming on account of any member or under the rules; and all such members, officers, and persons shall be deemed to have full notice of the rules.


No lender or other person dealing with a society shall be concerned to see or inquire whether any restriction on the power of a society to borrow money imposed by the rules of a society is observed.

Section 18: replaced, on 1 September 1987, by section 7 of the Building Societies Amendment Act 1987 (1987 No 175).