Australian Corporation Law
Australian corporation law is an amalgamation of two statues established in 2001, with firm roots in English Business Law. The Australian Securities and Investments Commission (ACIS) regulates Australian corporate law.
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History
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After colonists settled in Australia in 1788, the governance of corporations stayed within the power of the United Kingdom. After the federation of the commonwealth, the Australian government handled a small number of corporate activities such as trading with foreign countries. Until recently, the framework of corporations was governed by the states and territories, while the actual running of the companies was overseen by the commonwealth. This led to a confusion and resulted in the enactment of new corporations legislation.
Sources of Law
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Corporate law in Australia is regulated by corporations legislation directed by the ACIS, which communicates information to the treasurer. The Corporations Act created the regulations for incorporation, formation, registration and the overall conduct of a business.
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Considerations
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Chapter 2A of the Corporations Act regulates the formation of companies and spells out requirements for public and proprietary companies, depending on the size of the company and its available capital.
Chapter 6 notes direct rules relating corporate takeovers and covers foreign investment and employment protection regulations.
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