Extract from paper:
Replaceable Rules (RR)
* After 1/7/98 Co's no longer need to draw up constitution.
* S.141 lists the sections in the CL that are RR
* S.143: Company's constitution. Can be:
- Replaceable Rules (RR)
- Own constitution
- Mixture of above
The term replaceable rules allow a company to replace either all, or some of the rules, with appropriate rules in the company's own constitution.
Where the CA states a "replaceable rule for proprietary companies and mandatory rule for public companies" the section will apply as an ordinary provision of the CA for public companies. It means that public comp...