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This video discusses the changes to the Articles of Association under the Companies Act 61 of 1973 and the implications of the Companies Act 71 of 2008. Under the old act, companies had to register both the memorandum and articles of association, with the act allowing independent alterations via shareholder special resolutions. The memorandum and articles were binding among shareholders and the company. However, the 2008 Act introduced significant changes. Now, the Memorandum of Incorporation serves as a legally binding document between shareholders, the company, and third parties. Existing companies registered under the old act must align their documents with these new requirements.