How do memorandums and articles of association, constitutions and replaceable rules work?
Information Brokers does not produce the following and you should consult an accountant or lawyer: Further background information, memorandums and articles of association. These documents have effectively been abolished for newly formed companies. We can provide a template consitition if required for not for profit companies.
Constitutions: The Corporations Act 2001 includes relatively modern replaceable rules which automatically operate to govern the internal management of companies which have not specifically adopted constitutions. A proprietary company with the same person as its only director and shareholder essentially has no issues of internal management to be governed. This is reflected in section 135(1) of the Corporations Act 2001 which makes the replaceable rules not applicable to such companies.