Article 48 - Articles Binding on Investment Club and Members
(1) Subject to the provisions of these Regulations, the articles of association when registered with the CRO bind an Investment Club and its Members to the same extent as if they had been executed by the Investment Club and by each Member, and contained covenants on the part of the Investment Club and each Member to observe all the provisions of the articles of association.
(2) A Member of an Investment Club is not bound by an alteration made in the articles of association after the date on which he became a Member, if and so far as the alteration:
a. requires him to take or subscribe for more Shares than the number held by him at the date on which the alteration is made; or
b. in any way increases his liability as at that date to contribute to the Investment Club's share capital or otherwise pay money to the Investment Club.
(3) An Investment Club shall, upon request by a Member, send such Member a copy of its articles of association including all alterations thereto, subject to the Member paying the reasonable cost thereof.
|Derived (as from 20th December 2016).|