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1 Found helpful • 24 Pages • Complete Study Notes • Year: Pre-2021
Lecture 1: Alternative Business Structures Legal personality Individuals Separate corporate identity The registered company The History of Corporate Law in Australia Prior to Federation: Australian laws copied British legislation of 1862 The main issue was who has the power to legislate? 1901: Section 51(XX) of the Constitution o Huddart Parker v Moorehead (1909) said that the Constitution does not confer complete corporate law powers on the Federal Government to regulate all aspects of corporate law o The High Court limited the Federal Government’s law-making powers to companies that had already been formed o This meant incorporations and regulation of companies was left to the states 1961: Uniform Companies Act o An attempt to deal with the problem o If each state has power, every state legislates in its own particular way o This created inconsistencies (‘conflict of laws’) o This first attempt was unsuccessful due to failure by some states to adopt statutory amendments creating the re-emergence of legislative differences Late 1970s: Corporate Affairs Commission (CAC) was created o Tried to allow states to cooperate Early 1980s: The National Co-operative Scheme o Canberra enacted legislation and then companies enacted legislation within their own state, but they could say ‘with the following alterations’ o Governance was determined by consultation with the states o However, this was the first time we saw something to register and to regulate 1989: Corporations Act o Cth passed Corporations Law in ACT and each state passed legislation applying the Cth legislation as its own law o Each state agreed to amend legislation as the ACT law changed o Gave referral of power by States to Commonwealth (regulation and creation) o The states wanted to have a reservation that the referral was only for 10 years 1991: The Corporations Law actually came into effect The two most important pieces of legislation: o The Corporations Act (2001) N.B The Corporations Act is not a Code, if the Act says something, then way it says goes; if it says nothing we look at the case law o ASIC Act (2001)
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