What is the effect of Memorandum and Articles when registered?

Effect of Memorandum and Articles: As per Section 10 of the Companies Act, 2013, where the Memorandum and Articles when registered, shall bind the company and the members thereof to the same extent as if they respectively had been signed by the company and by each member, and an agreement to observe all the provisions of the memorandum and of the articles. All monies payable by any member to the company under the Memorandum or Articles shall be a debt due from him to the company.