Introduce the following in briefs:

1. Constitution
Constitution is the law f the law i.e the supreme law of the country. In other words, it is
the fundamental laws and principles that define the nature, functions and limits of a
government. Every other law should be compatible with the constitution. Its purpose is
to empower the state, establish unifying values and goals, government stability, protect
freedom etc. For eg; Interim Constitution of Nepal 2063 governs Nepal.
2. Act
Act is the legal document passed by the parliament (legislator) to regulate social
behavior. It is one of the sources of law. In continental legal system, it is the most
common form of law.
3. Ordinance
Ordinance is the law made by Council of Ministry in the absence of parliamentary law or
in the absence of parliamentary session. It must be passed within 6 months from the date
of its introduction by parliament or else it gets expired from the very next day from 6
months.
4. Precedent
Precedent is made by the Supreme Court. But if a high court exists in a country then it is
responsible for creating precedent. It is a law imposed by the court based on particular
case. In other words it is a judicial decision that may be used as a standard in subsequent
similar cases. It is made when parliamentary law is absent or is ineffective or if it doesnt
exist.
5. Regulations
Regulations provide details on how a law should be administered. They have legal
procedurals. In other words, they have procedures for putting law into practice.
6. Directives
They are the laws introduced by the regulatory bodies. For eg: Nepal Rastra Bank is the
regulatory body to all banking sectors. Similarly, Nepal Telecommunication Authority is
the regulatory body of all the telecommunication companies.

7. Bye Laws
Bye law is the law of an institution passed from its regulatory body. For eg; in a bank
various sectors such as banking transactions, banking staffs, loans department- each of
them have a different bye laws that needs to be passed from Nepal Rastra Bank.
8. Memorandum of Association
Memorandum of Association (M OA) is the charter of the company. It controls the
external affairs of the company. In other words, it is the fundamental document of a
company. The purpose of MOA is basically to know the name of the company, its
registered office, its nature, objectives, amount of its share capital issued and soon. It is
passed and verified by the Company Registar Office.
9. Article of Association
Article of Association (AOA) is the second major document of a company governing the
internal activities and the conduct of the company. It consists of bylaws, regulations for
the general management and the operation of the company. It deals with the issues and
transfer of shares, general meeting and its procedure, voting rights, directors and their
tenure, auditors and other related issues. When there is any kind of conflict between the
matter in AOA and MOA then the MOA provision is followed.