Mouch Pty Ltd was registered on 15 May 2017 without a constitution. The company has two directors and five shareholders. Which of the following is correct in relation to Mouch Pty Ltd's internal management rules?

a. Mouch Pty Ltd is prohibited from operating until it lodges a constitution with ASIC.

b. As Mouch Pty Ltd has no constitution it will be governed by the articles of incorporation.

c. As Mouch Pty Ltd has no constitution it will be governed by the memorandum of association.

d. Mouch Pty Ltd's internal management will be governed by the replaceable rules.