''In this By-law and all other Bylaws of the Company unless the context otherwise requires

1. The "Act" which means the Companies Act, 1999 as from time to time amended and every statute substituted therefore and, in the case of such substitution, any references in the By-laws of the Company to provisions of the Act shall be read as references to the substituted provisions therefore in the new statute or statutes;''

Can you please explain thourougly what is being said in the above paragraph