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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
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.
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.
The main body of substantive law about securities is found in the Corporations Act 2001 (Cth), as well as the regulations made under that Act. Whilst much of the law is derived from earlier regulation (especially the bust in Australian mineral stocks of the late 1960s), the sections relating to securities regulation have been subject to recent amendment.
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.
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 ...
To that extent, the act was invalid. The Commonwealth then obtained power to legislate with respect to incorporation processes by persuading the states to refer their powers over incorporation processes to the Commonwealth. The current Corporations Act 2001 (Cth