In the light of judicial pronouncements, discuss the following: Articles of Association regulate the internal management of a company.

The Articles of Association of a company are its internal rules and regulations that are framed to manage its internal affairs. Just as the Memorandum of Association contains the fundamentals conditions upon which a company is allowed to be incorporated, so too the articles are the internal regulations of the company (Guinness vs. Land Corporation of Ireland 22 Ch.D 348, 381). It is referred to as the magna carta of the company. It regulates the domestic management of the company and creates rights and obligations between the members and the company [SS Raj Kumar vs. Perfect Castings Private Limited (1968)]. It is the bye-laws of the company.