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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 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.
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.
new provisions pertaining to auditor independence, and amendments affecting the audit function and audit oversight. licensing obligations for financial services licensees to manage conflicts of interest and address analysts independence. amendments to the fundraising provisions in Chapters 6D and 7 of the Corporations Act.
Section 9 of the Corporations Act [22] defines the word "defect" to mean: “defect“, in relation to a statutory demand, includes: (a) an irregularity; and (b) a misstatement of an amount or total; and (c) a misdescription of a debt or other matter; and (d) a misdescription of a person or entity.
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.
In business, a related-party transaction is a transaction which takes place between two parties who hold a pre-existing connection prior to the transaction. An example is how a dominant shareholder may benefit from making one of their companies trade with another at advantageous prices. [1]