New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 106

106 Effect of rules

(1) The rules of a co-operative have the effect of a contract under seal:

(a) between the co-operative and each member, and

(b) between the co-operative and each director, the principal executive officer and the secretary of the co-operative, and

(c) between a member and each other member.

(2) Under the contract, each of those persons agrees to observe and perform the provisions of the rules as in force for the time being so far as those provisions are applicable to that person.