129. To become a member of a federation, an association which did not sign the memorandum of association shall(a) sign an application for membership authorized and ratified in accordance with section 123;
(b) agree to comply with the by-laws of the federation and, if the by-laws so provide, subscribe for the required number of common shares;
(c) if the by-laws of the federation so require, undertake by contract to make its purchases, and sales or transact its other business through the federation;
(d) be admitted by the board of directors of the federation.