PART 1 - 15%Register a Proprietary Limited CO.You should refer to Section 117 of the Corp. Act, complete an APPLICATION FORM and and prepare all relevant consents NB section 117(2).You must also create a share register NB sections 167, 168 and 169.PREPARE a CONSTITUTION - refer to sections 134 and 135.Your company's INTERNAL MANAGEMENT is to be governed by a COMBINATION of replaceable rules and a constitution. THE CONSTITUTION MUST ONLY MAKE PROVISION FOR A CLASS OF REDEEMABLE PREFERENCE SHARES- NB sections 254A(2) and (3) of the Corp Act.PART 2 - 15 %.RESEARCH then EXPLAIN the REASON and JUSTIFICATION for the following sections of the Corp Act :- SECTION 124; SECTION 129(1) and SECTION 588M(3). Your analysis of each section is worth 5% .WORD LIMIT -aprox 200 words per section. NB DO NOT copy the section into your answer.NB DO NOT copy and paste the constitution from any source