The CORPORATIONS ACT 2001 (CTH) (the Corporations Act, or informally
as the 'Corps' Act) is an act of the Commonwealth of
The Corporate Law Economic Reform Program Act 2004 reforms simplified the statute. At several thousand pages long, the statute 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 1
* 2.1.1 Chapters 1–2K (ss. 1 – 282)
* 2.2 Volume 2
* 2.2.1 Chapters 2L–5B (ss. 283AA – 601DJ)
* 2.3 Volume 3
* 2.3.1 Chapters 5C–6D (ss. 601EA – 742)
* 2.4 Volume 4
* 2.4.1 Chapter 7 (ss. 760A – 1101J)
* 2.5 Volume 5 * 2.6 Schedules 3 and 4 * 2.7 Note 1 * 2.8 Act Notes
* 3 See also * 4 External links
The Commonwealth corporations law was the subject of a successful
High Court of
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
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.
Chapters 1–2K (ss. 1 – 282)
* Chapter 1—Introductory * Chapter 2A—Registering a company * Chapter 2B—Basic features of a company * Chapter 2C—Registers * Chapter 2D—Officers and employees * Chapter 2E—Related party transactions * Chapter 2F—Members’ rights and remedies * Chapter 2G—Meetings * Chapter 2H—Shares * Chapter 2J—Transactions affecting share capital * Chapter 2K—Charges
Chapters 2L–5B (ss. 283AA – 601DJ)
* 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
Chapters 5C–6D (ss. 601EA – 742)
* 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
Chapter 7 (ss. 760A – 1101J)
* 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
SCHEDULES 3 AND 4
* Schedule 3—