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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.
The Commonwealth then sought to take sole responsibility for corporations law in Australia. In 2001, the current arrangement was created, after the states referred their power in respect of corporations to the Commonwealth. Australian Securities Commission Act 1989, [6] and Australian Securities & Investments Commission
The important reforms to the Corporations Act included: changes to continuous disclosure offence provisions, including giving ASIC the power to issue infringement notices. changes to financial reporting, including requiring the CEO and CFO sign-off to the board, and Management Discussion & Analysis (MD&A) disclosure in the Annual Report.
s 708(8) of the Corporations Act 2001 is found in Chapter 6D (Fundraising). It defines "sophisticated investor" so as to exclude them from certain disclosure requirements. It defines "sophisticated investor" so as to exclude them from certain disclosure requirements.
Directors also have duties under Corporations Act 2001: Section 181: Mirrors the general law duty to act in good faith, in the best interests of the company and for proper purpose. Section 182: Duty not to misuse position to gain advantage; Section 183: Duty not to misuse information to gain advantage [5]
A no-liability company in Australia (suffix NL) is a company which, under the Corporations Act 2001 (Cth), must have as its stated objects that it is solely a mining company and that it is not entitled to calls on the unpaid issue price of shares. It is a company which is restricted to mining activities and is the only sort of corporation which ...
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, 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.