Question - William has been in the business of the private provision of childcare for the last eighteen years. In 2013 William and two other prominent operators in the Victorian childcare centre industry, Philip and Susan, decide to establish Child Care Pty Ltd. Child Care Pty Ltd is established through the merging of three well established companies ('the founding companies') all of which have been providing child care for over ten years. The business has proved to be very successful and William, Philip and Susan are considering expanding operations into New South Wales and Queensland. They are aware how heavily regulated the child care sector is and how competitive the market place is so they have been advised that they need to consider adopting a constitution instead of relying on the replaceable rules that they have been using to guide the internal operations of the three founding companies that have merged to form Child Care Pty Ltd. Please advise the company on the role of a constitution for a company, the ways that a constitution can be adopted and the major limits on the right to alter a constitution once it has been established.