Section 205 - Persons bound by by-laws; execution of instruments(a) The by-laws of an incorporated institution shall not affect contracts or other dealings with persons who do not have actual knowledge of such by-laws.(b) Without regard to any other form of execution provided in the by-laws, an instrument in writing, or any assignment or endorsement thereof, executed or entered into between an incorporated institution and any person and signed by the president and by the cashier or treasurer of the institution, shall be held to have been properly executed for and in behalf of the institution. Amended by P.L. 1336 2012 No. 170, § 10, eff. 12/23/2012.1965, Nov. 30, P.L. 847, No. 356, § 205.