Section 21

Every person upon becoming a member, or upon being deemed to become a member, shall be bound by this Act and by the rules, by-laws and regulations and the same shall be deemed to constitute a valid and binding contract entered into between himself, the Association and all other members jointly and severally, for the enforcement of which he, the Association or any other member may sue and be sued and due effect shall be given thereto in all courts.

Notwithstanding any written law to the contrary the Official Assignee or liquidator administering the assets of a member upon bankruptcy or winding up shall be entitled to all the rights and be bound by all the obligations of such member under this Act and the rules, by-laws and regulations.[18