The Info List - Corporations Act 2001

The Corporations Act 2001
Corporations Act 2001
(Cth) (the Corporations Act, or CA 2001) is an Act of the Commonwealth of Australia
which sets out the laws dealing with business entities in Australia
at federal and interstate level. It deals primarily with companies, although it also deals with other entities, such as partnerships and managed investment schemes. The Act is the primary basis of Australian corporations law. The Corporate Law Economic Reform Program Act 2004 simplified the statute, which at 3,354 pages dwarfs those of other nations such as Sweden, whose corporations statute, comparatively, is less than 200 pages long. The Corporations Act is the principal legislation regulating companies in Australia. It regulates matters such as the formation and operation of companies (in conjunction with a constitution that may be adopted by a company), duties of officers, takeovers and fundraising.


1 Constitutional basis 2 Outline of the Act

2.1 Volume 2

2.1.1 Chapters 2L–5B (ss. 283AA – 601DJ)

2.2 Volume 3

2.2.1 Chapters 5C–6D (ss. 601EA – 742)

2.3 Volume 4

2.3.1 Chapter 7 (ss. 760A – 1101J)

2.4 Volume 5 2.5 Schedules 3 and 4 2.6 Note 1 2.7 Act Notes

3 See also 4 External links

Constitutional basis[edit] Australian corporations law
Australian corporations law
was the subject of a successful High Court of Australia
challenge in New South Wales v Commonwealth (1990)
New South Wales v Commonwealth (1990)
169 CLR 482 ('The Corporations Act Case'). In that case the Commonwealth was found to have insufficient power to legislate in relation to the formation of companies. Section 51(xx) of the Australian Constitution was found to provide sufficient power for legislation applicable only to foreign corporations and corporations already formed within the Commonwealth. This decision led to the creation of a co-operative scheme, involving a referral of power from the Australian States. All Australian States
Australian States
have adopted the Corporations Act 2001
Corporations Act 2001
(Cth). Under the Corporations Agreement between the States and the Commonwealth, all changes to the Act must be referred to the Ministerial Council for Corporations (MINCO) for approval. The co-operative scheme has come under pressure in recent times as the Commonwealth Government has sought to rely on the corporations power to legislate for its industrial relations reform agenda. This has led to some Labor States threatening to withdraw from the Corporations Agreement. Outline of the Act[edit] The Act is published in five volumes covering a total of ten chapters. The chapters have multiple parts, and within each part there may be multiple divisions. Each chapter contains a collection of sections. Volume 2[edit] Chapters 2L–5B (ss. 283AA – 601DJ)[edit]

Chapter 2L—Debentures Chapter 2M—Financial reports and audit Chapter 2N—Updating ASIC information about companies and registered schemes Chapter 2P—Lodgments with ASIC Chapter 5—External administration Chapter 5A—Deregistration, and transfer of registration, of companies Chapter 5B—Bodies corporate registered as companies, and registrable bodies

Volume 3[edit] Chapters 5C–6D (ss. 601EA – 742)[edit]

Chapter 5C—Managed investment schemes Chapter 6—Takeovers Chapter 6A—Compulsory acquisitions and buy‑outs Chapter 6B—Rights and liabilities in relation to Chapter 6 and 6A matters Chapter 6C—Information about ownership of listed companies and managed investment schemes Chapter 6CA—Continuous disclosure Chapter 6D—Fundraising

Volume 4[edit] Chapter 7 (ss. 760A – 1101J)[edit]

Chapter 7—Financial services and markets

Part 7.10—Market misconduct and other prohibited conduct relating to financial products and financial services

1041A Market manipulation

Volume 5[edit] Schedules 3 and 4[edit]

Schedule 3—Penalties Schedule 4—Transfer of financial institutions and friendly societies

Note 1[edit]

Table of Acts

Act Notes[edit]

Table of Amendments Note 2 Table A

See also[edit]

Partnerships Act 1891 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Australian Takeovers Panel

External links[edit]

Corporations Act 2001, at ComLaw Corporations Regulations 2001, at ComLaw Michael Kirby (18 March 2005). "Foreword: Company Law in Australia: Principles and Applications". Retrieved 27 January 2013.  (which mentions the complexity of the Corp