What is the purpose of the contractual effect of section 140?

a.

To protect directors from liability under the Corporations Act.

b.

To remove procedural and legislative barriers when a company wants to modify its internal rules.

c.

Provide an avenue for the parties to the statutory contract to enforce compliance with a company's constitution and any replaceable rules that apply.

d.

To enable company directors to more smoothly facilitate day-to-day management of the company.