(1)Subject to subsection (3) below, if action not permitted by the rules of a registered friendly society or a registered branch is taken by or on behalf of the society or branch, the action is valid (whether or not it would be valid apart from this subsection) if all the members of the society or branch—
(a)signified their agreement to it in writing before it was taken; or
(b)signified their approval of it in writing before the end of the period of 28 days commencing with the day on which it was taken.
(2)Subject to subsection (3) below, if a contract between a registered friendly society or branch and its members purports to create rights and obligations as to which the rules of the society or branch do not permit rights and obligations to be created, the contract shall be valid and shall bind all members of the society or branch if all members of the society or branch are parties to it.
(3)This section does not validate the taking of any action or any term in a contract unless the matter falls within the capacity of a registered friendly society or branch under the 1974 Act or this Act.
(4)In this section references to the members of a society or branch are to the members entitled to vote at a meeting of the society or branch.