1_Lecture 1.pptx - TLAW 402(Class 1 Sources of company law...

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TLAW 402 (Class 1) Sources of company law Regulatory Framework of Australian Company Law (Role of ASIC) TLAW 402 (Class 1) Regulatory Framework of Company Law 1
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Topic 1 On 1.1 completion of this topic you should be able to: know the sources of Australian company law ; 1.2 Understand the current structure of Australian law; company 1.3 Understand how company law is administered role and powers of corporate regulator: ASIC 1.4 Explain the different types of companies and the purposes for which they are used (including the distinction between proprietary and public companies) TLAW 402 (Class 1) Regulatory Framework of Company Law 2
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Sources of Company Law General Law/case law (made up of both common law and equity) and Statute Law: Corporations Act 2001 (Cth) sets out key rules that govern or facilitate the formation, management, operation and termination of companies Passed by Federal Government in July 2001, but Act has been amended ever since; Continuous process of law reform (both statutory and through judicial development of case law) Content of company law never stands still! Over 1,500 sections. (1) (2) See: How to use the Corporations Act at Ch 1 of Australian Corporate Law (5 th ed, 2016 ) TLAW 402 (Class 1) Regulatory Framework of Company Law 3
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Sources of Company (3) Other sources includes: Law Corporations Regulations ASIC Act 2001 (Cth) sets out functions and powers of regulator (corporate Investment watchdog), Commission Australian Securities and (ASIC) ASX Listing Rules (is contractually binding on publicly listed companies) Accounting Standards TLAW 402 (Class 1) Regulatory Framework of Company Law 4
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DEVELOPMENT OF AUSTRALIAN COMPANY LAW History of company law statutes in legislative milestones) Australia (key Companies Act 1862 (UK) Uniform Companies Acts (1961) Co-operative Scheme (1981) Corporations Law Scheme (1991) Corporations Act 2001 (Cth) –single, national law governing all aspects of companies from formation to termination; Constitutional problems Until July 2001, Australia lacked a single, national law Reason: Section 51(xx) of Constitution interpreted by the High Court to give limited company law making powers to Federal Government Political solution in 2000 when States referred their corporate law making powers to the Federal Government TLAW 402 (Class 1) Regulatory Framework of Company Law 5
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AUSTRALIAN SECURITIES & INVESTMENTS • Role & functions • Registers new companies • ASCOT database Powers of investigation COMMISSION • ASIC Act 2001 Power to bring legal proceedings Education website – ww w .asic . g o v .au See : Ch 2 of Australian Corporate Law ( 5 th e d, 20 1 6 ) TLAW 402 (Class 1) Regulatory Framework of Company Law 6
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Legislation ASIC administers Corporatons Act 2001 (Cth) ASIC Act 2001 (Cth) Other statutes: [Insurance Contracts Act 1984 Superannuation (Resolution of Complaints) Act 1993 Life Insurance Act 1995 Insurance Act 1973 Retirement Savings Account Act 1997 Superannuation Industry (Supervision) Act 1993 National Consumer Credit Protection Act 2009] TLAW 402 (Class 1) Regulatory Framework of Company Law 7
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