COMPANIES ACT - 1963 (ACT 179)

    Section - 21 - Effects of Regulations

    (1) Subject to the provisions of this Code, the Regulations, when registered, shall have the effect of a contract under seal between the company and its members and officers and between the members and officers themselves whereby they agree to observe and perform the provisions of the Regulations, as altered from time to time, in so far as they relate to the company, members, or officers as such.

    (2) Where the Regulations empower any person to appoint or remove any director or other officer of the company such power shall be enforceable by that person notwithstanding that he is not a member or officer of the company.

    (3) In any action by any member or officer to enforce any obligation owed under the Regulations to him and any other member or officer, such member or officer shall, if any other member or officer is affected by the alleged breach of such obligation, sue in a representative capacity on behalf of himself and all other members or officers who may be affected other than any who are defendants and the provisions of section 324 of this Code shall apply.