(1) An Aboriginal and Torres Strait Islander corporation's constitution, and any replaceable rules that apply to the corporation, have effect as a contract:
(a) between the corporation and each member; and
(b) between the corporation and each director and corporation secretary; and
(c) between a member and each other member.
(2) Under the contract, each person agrees to observe and perform the requirements of the constitution and rules so far as they apply to that person.