Clause 11

by deleting the words “The by‑laws” in subsection (1) and substituting the words “Subject to subsection (2), the by‑laws and any amendment to the by‑laws”; and

by deleting subsection (2) and substituting the following subsection:“(2) An amendment of the by‑laws of a society that has any of the following effects does not bind anyone who becomes a member of the society before the registration of that amendment under section 15, unless that member consents in writing to that amendment binding that member:

that amendment requires that member —

to take or to subscribe for more shares than the number held by that member immediately before the date of registration of that amendment under section 15; or

to pay upon the shares so held by that member any sum exceeding the amount unpaid upon those shares at that date;

that amendment increases (in any other way) the liability of that member at any time to contribute to the share, subscription or loan capital of the society;

that amendment will cause or require any shares of that member (being an institutional member) to be converted into permanent shares.”.