10. Effect of memorandum and articles
(1) Subject to the provisions of this Act, the memorandum and articles shall, when
registered, bind the company and the members thereof to the same extent as if they respectively
had been signed by the company and by each member, and contained covenants on its and
his part to observe all the provisions of the memorandum and of the articles.
(2) All monies payable by any member to the company under the memorandum or
articles shall be a debt due from him to the company.