According to section 107 of the strata Act, a common property rights by-law (probably agreed for the purposes of a renovation) prevails over the common property memorandum. Section 107 (4) says:
The provisions of a common property rights by-law or a by-law made under section 108 for a strata scheme prevail, to the extent of any inconsistency, over the provisions of a common property memorandum adopted by the by-laws of the strata scheme.
The significant thing about the Memorandum is that you can choose to adopt it in its entirety but you can’t change it. And even if you don’t adopt it, an NCAT adjudicator is likely to take its provisions into account in a dispute.