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The Corporations Act 2001 is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated.
Takeovers are regulated directly by detailed and very technical rules in Chapter 6 of the Corporations Act 2001. [32] Corporate control transactions and restructurings may also be subject to anti-monopoly, foreign investment, employment protection and special industry protection legislation. [33]
The Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011 introduced in the Corporations Act 2001 new sections 250R(2), 250U-V, so that if at two consecutive meetings over 25% of shareholders vote against the directors' remuneration package, the directors have to stand for election again in 90 days.
In Australia, a proprietary company is defined under section 45A(1) of the Corporations Act 2001 (Cth). [1] The Act puts certain restrictions on proprietary companies such as not permitting them to have more than 50 members (shareholders). Another important restriction relates to fundraising.
The Insurance Act 1973 (Cth) sets minimum capital and solvency requirements for companies wanting to enter or operate in the insurance market. [1]Chapter 7 of the Corporations Act 2001 (Cth) regulates the way in which insurers and insurance agents and brokers carry on business and how they deal with the people they do business with and intend to do business with.
Under the Australian Corporations Act 2001, many entities are required to apply Australian Accounting Standards when preparing their financial statements. Some public sector entities are required to apply Australian Accounting Standards under either Commonwealth, state or territory legislation, through specific instructions to preparers or ...
Corporations Act 2001 (Corporations Act) Insurance Contracts Act 1984; National Consumer Credit Protection Act 2009 (National Credit Act) Additionally, ASIC is also responsible for administering parts of the following legislation: [3] Banking Act 1959; Life Insurance Act 1995; Medical Indemnity (Prudential Supervision and Product Standards) Act ...
In Australia, the relevant provisions for effecting a scheme of arrangement or reconstruction are located in Part 5.1 of the Corporations Act 2001 (Cth). Section 411(1) states that where a company and its creditors or shareholders propose a compromise or arrangement, the court can order a meeting or the creditors or shareholders.