A contract that purports to be made by or on behalf of a registered society at a time when the society has not been registered under this Act has effect, subject to any agreement to the contrary, as one made with the person purporting to act for the society or as agent for it.
Accordingly, the contract is to be treated as—
imposing on that person all the obligations it purports to impose on the society, and
conferring on that person all the rights it purports to confer on the society.
Subsections (1) and (2) apply—
to the making of a deed under the law of England and Wales, and
to the undertaking of an obligation under the law of Scotland,
as they apply to the making of a contract.