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This video discusses the changes to the Articles of Association under the Companies Act 61 of 1973 compared to the new Companies Act 71 of 2008. Previously, while companies were required to register both a memorandum and articles, the 1973 Act did not govern the content of articles, allowing for independent alterations through shareholder resolutions. The memorandum and articles were binding among shareholders and the company. However, under the 2008 Act, the memorandum of incorporation has become a legally binding document for shareholders, the company, and third parties, necessitating existing companies to update their registration to comply with these new legal frameworks.