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Corporate governance rules
The corporate governance rules are essentially the rules that govern the activities of the company and the relationships between the company and each member, between the members themselves, and between the company and each of its officers. These rules are derived from a number of sources, with the central source being the company's constitution, as supplemented by the Corporations Act 2001 (Cth) (CA) and the common law.
The constitution operates as a statutory contract and members have the right to enforce such statutory contract.
Members are able to modify the constitution and such rights cannot be altered by the company or by contract. That said, it is possible for shareholders to agree amongst themselves in a shareholders' agreement to exercise their voting rights in a particular manner, including agreeing not to alter the constitution except in certain circumstances.
Once a member ceases to be a member of the company, the corporate governance rules will no longer apply to the member.
See Corporate governance rules.
