Corporations Act 2001

From Wikipedia, the free encyclopedia

(Redirected from Corporations Act)
Jump to: navigation, search

The Corporations Act 2001 (Cth), sometimes referred to just as the Corporations Act (or informally as the 'Corps' Act), is an act of the Commonwealth of Australia that sets out the laws dealing with business entities in Australia at federal and interstate level. It focuses primarily on companies, although it also covers some laws relating to other entities such as partnerships and managed investment schemes.

It is presently the largest corporations statute in the world[citation needed]. The CLERP reforms (currently at CLERP 9) are simplifying the statute. At several thousand pages long, the statute dwarfs those of other nations such as Sweden, whose corporations statute, comparatively, is less than 200 pages long.

The Corporations Act is the principal legislation regulating companies in Australia. It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.

Contents

The Commonwealth corporations law was the subject of a successful High Court of Australia challenge in New South Wales v Commonwealth (1990) 169 CLR 482 ('The Corporations Act Case'). In that case the Commonwealth was found to have insufficient power to legislate in relation to the formation of companies. Section 51(xx) of the Australian Constitution was found to only provide sufficient power for legislation applicable to foreign corporations and corporations already formed within the Commonwealth. This decision led to the creation of a co-operative scheme, involving a referral of power from the Australian States. All Australian States have adopted the Corporations Act 2001 (Cth).

Under the Corporations Agreement between the States and the Commonwealth, all changes to the Act must be referred to the Ministerial Council for Corporations (MINCO) for approval. The co-operative scheme has come under pressure in recent times as the Commonwealth Government has sought to rely on the corporations power to legislate for its Industrial Relations reform agenda. This has led to some Labor States threatening to withdraw from the Corporations Agreement.

The Act is published in five volumes covering a total of ten chapters. The chapters have multiple parts, and within each part there may be multiple divisions. Each chapter contains a collection of sections.

  • Volume 1
    • Chapters 1–2K (ss. 1 – 282)
      • Chapter 1—Introductory
      • Chapter 2A—Registering a company
      • Chapter 2B—Basic features of a company
      • Chapter 2C—Registers
      • Chapter 2D—Officers and employees
      • Chapter 2E—Related party transactions
      • Chapter 2F—Members’ rights and remedies
      • Chapter 2G—Meetings
      • Chapter 2H—Shares
      • Chapter 2J—Transactions affecting share capital
      • Chapter 2K—Charges
  • Volume 2
    • Chapters 2L–5B (ss. 283AA – 601DJ)
      • Chapter 2L—Debentures
      • Chapter 2M—Financial reports and audit
      • Chapter 2N—Updating ASIC information about companies and registered schemes
      • Chapter 2P—Lodgments with ASIC
      • Chapter 5—External administration
      • Chapter 5A—Deregistration, and transfer of registration, of companies
      • Chapter 5B—Bodies corporate registered as companies, and registrable bodies
  • Volume 3
    • Chapters 5C–6D (ss. 601EA – 742)
      • Chapter 5C—Managed investment schemes
      • Chapter 6—Takeovers
      • Chapter 6A—Compulsory acquisitions and buy‑outs
      • Chapter 6B—Rights and liabilities in relation to Chapter 6 and 6A matters
      • Chapter 6C—Information about ownership of listed companies and managed investment schemes
      • Chapter 6CA—Continuous disclosure
      • Chapter 6D—Fundraising
  • Volume 4
    • Chapter 7 (ss. 760A – 1101J)
      • Chapter 7—Financial services and markets
        • Part 7.10—Market misconduct and other prohibited conduct relating to financial products and financial services
  • Volume 5
    • Chapters 9 and 10 (ss. 1274 – 1471)
      • Chapter 9—Miscellaneous
      • Chapter 10—Transitional provisions
    • Schedules 3 and 4
      • Schedule 3—Penalties
      • Schedule 4—Transfer of financial institutions and friendly societies
    • Note 1
    • Table of Acts
    • Act Notes
    • Table of Amendments
    • Note 2
    • Table A


Advanced Search
Included Web Search Engines


Safe Search

close

Top Matching Results

Occasionally Search.com will highlight specialized results that are based on the context of your query. Examples of specialized results include specific links to news, images, or video.

Top Matching Results may highlight information from other Search.com pages, content from the CNET Network of sites, or third party content. The listings are based purely on relevance. Search.com does not receive payment for listings in this section but our partners that provide this data may get paid for listing these products.

Sponsored Links

This section contains paid listings which have been purchased by companies that want to have their sites appear for specific search terms and related content. These listings are administered, sorted and maintained by a third party and are not endorsed by Search.com.

Search Results

Search.com sends your search query to several search engines at one time and integrates the results into one list which has been sorted by relevance using Search.com's proprietary algorithm. You can customize the list of search engines included in your metasearch from the preferences.

The search engines that are used in your metasearch may allow companies to pay to have their Web sites included within the results. To view the Paid Inclusion policy for a specific search engine, please visit their Web site. Search.com does not accept payment or share revenue with any search engine partner for listings in this section.