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The memorandum and articles of association comprise the company's constituent documents. Under the Companies Code 1981 the main provision dealing with the legal effect of the memorandum and articles of association is s.78( 1). It isintended by the writer to examine the consequences of the original Section 78(1) and then consider the effect of the new provision in order to ascertain whether the law has been clarified. It is further intended by the writer to briefly examine the relationship between s.78(l) and s.574 of the Companies Code.

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LEGAL EFFECT OF THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF A COMPANY AFTER THE INTRODUCTION OF THE COMPANIES AND SECURITIES LEGISLATION (MISCELLANEOUS AMENDMENTS) ACT 1985