(1) The registration of a society renders it a body corporate, and subject to this Act and its by-laws it has the capacity, rights, powers and privileges of an individual.
(2) A society shall not carry on any business or exercise any power that it is prohibited by its by-laws or any 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) A person is not 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 a person shall not be a member of more than one registered society whose primary object is to grant loans to its members.