(1)  Each Corporation is to have a constitution.

(2)  The members of a Corporation are to ensure that the constitution of that Corporation at all times contains –

(a) provisions setting out the rights attaching to each class of shares, which rights may differ between classes of shares only in respect of the payment of dividends; and

(b) provisions to the effect of the provisions set out in Schedule 1 ; and

(c) such other provisions as are prescribed by the regulations.

(3)  The constitution of each Corporation –

(a) is not to be adopted, modified or repealed unless and until –

(i) the provisions of section 13 have been complied with in respect of the proposed adoption, modification or repeal; and

(ii) a resolution approving the adoption, modification or repeal has been passed by members in accordance with the requirements of the Corporations Act; and

(b) is not to be inconsistent with this Act or the regulations.

(4)  Each of the items that are to be included in the constitution of a Corporation under this section is also to be included in the constitution of a subsidiary of a Corporation.