Problem: What is the purpose of the contractual effect of section 140?
a. Provide an avenue for the parties to the statutory contract to enforce compliance with a company's constitution and any replaceable rules that apply.
b. To protect directors from liability under the Corporations Act.
c. To enable company directors to more smoothly facilitate day-to-day management of the company.
d. To remove procedural and legislative barriers when a company wants to modify its internal rules.