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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.
Then, under the Corporations Amendment (Improving Accountability on Director and Executive Remuneration) Act 2011, new sections were introduced, [23] 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.
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 ...
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
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.
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.
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 ...
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.