The memorandum and articles shall, when registered, bind the company and the members thereof to the same extent as if they respectively had been and articles, signed by each member and contained a covenant the part of each member, his heirs, and legal representatives, to observe all the provisions of the memorandum and of the articles, subject to the provisions of this Act.All money payable by any member to the company under the memorandum or articles shall he a debt due from him to the company.
