(1) Subject to the provisions of this Act, the
memorandum and articles shall, when registered, bind the company and the members thereof to the same
extent as if they respectively had been signed by the company and by each member, and contained
covenants on its and his part to observe all the provisions of the memorandum and of the articles. (2) All monies payable by any member to the company under the memorandum or articles shall be a
debt due from him to the company.