Corporations Law Assignment Help

Corporations Act

Corporations law in Australia has greatly borrowed from the company law of the United Kingdom, giving it a concrete shape by enacting the Corporations Act 2001, which bears a single national regulatory authority all over the country, administered by the Australian Securities Investments Commission (ASIC). Since the Corporations law of Australia is heavily influenced by the laws of the United Kingdom, hence, it is quite common for referring back to precedents or judge-made laws of the UK. We, at MyAssignmentHelp.com, are always working forward to improve the experience of the students who ask for corporate law assignment help. Our subject matter experts have been selected after a stringent academic process only to address the complicated areas of corporate law assignment.

In Australia, the most common form of the corporate body comprises public and private or proprietary companies, both are of limited liability nature.

On achieving the status of a Federation in the year 1901, the Australian Constitution gave limited power to the Parliament in regard to the Australian Corporations. The Parliament only bore the power to enact laws for the good governance of the Commonwealth, which included trade and commerce and corporations, among many others. Nevertheless, several political and administrative crises led to the delay of forming a compact national legislation, comprising of all major and most relevant provisions guiding different forms of corporations in the country.

With the failure of the Uniform National Companies Code, legislated in 1962 throughout all states, due to its insufficiency, inefficiency, and lack of uniformity throughout the country, an urge to form a new legislation that covered the flaws of the Companies Code. The case of Strickland v Rocla Concrete Pipes Ltd, also called the Concrete Pipes Case, held that the laws having a connection to trading activities in regard to corporations are valid.

Subsequent to this case, the National Companies and Securities Commission (NCSC) was established (presently known as the Australian Securities and Investment Commission). Yet, the absence of an integrated law and the disadvantages faced from the missing provisions led to the enactment of the Corporations Act 2001 (Cth), having a jurisdiction all over the country, taking back individual state jurisdictions of the Companies code.

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Corporations Act 2001

The Corporations Act 2001 (Cth) or the CA 2001 is a Commonwealth legislation of Australia having a jurisdiction all over the country. It has been set out to deal with business entities in the country, at both federal and state level, including interstate corporate matters. Although it primarily deals with companies, yet it also lays down certain provisions for partnership and investment schemes, thus becoming the integral part of the corporation law assignment in Australia.

It is the principal legislation that regulates companies, thereby determining their formation and operation of the companies, their registration, the duties vested upon the directors and other officers, the penalties for infringement, fundraising, takeovers, et cetera.

The CA 2001was originally published in 5 volumes, comprising of 10 chapters, which further have multiple parts and such parts having multiple divisions, however it has been recently amended and there has been an addition of a 6^th volume.

Volume 1

It comprises of section 1 to 260E, giving the basic outlook to the Act, with definitions and simple provisions in regard to formation of different types of companies in its chapters.

Volume 2

Lays down about Debentures in chapter 2L, finance assignment help reports and audit in chapter 2M, External administration under chapter 5.

Volume 3

Chapter 5C has provisions relating to Managed Investment Schemes, Takeovers under chapter 6, compulsory acquisitions in chapter 6A, fundraising under chapter 6D.

Volume 4

Chapter 7 talks about different financial markets and services while chapter 7.10 provides for the provisions for market misconducts.

Volume 5

Chapter 7 talks about different financial markets and services are continued in volume 5 as well.

Volume 6

Volume 6 lists down several Schedules, laying down provisions for Insolvency practice under schedule 2, Penalties under schedule 3 and Transfer of financial institutions under schedule 4. In addition, it comprises of the 10^th Chapter of the Act, naming it transitional services.

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Business Corporations Act

Companies or Corporations are thus formed under the Corporations Act, which is a separate legal entity under the Australian Corporations law, like its UK counterpart. Although company formation requires a number of entities who take up the role of members and shareholders, yet the Corporations Act recognises ‘Corporation Sole’ or one-man company, which is solely run by a single person as the owner, however, not enjoying the facility of limited liability. In such cases, the sole owner or trader shall be held liable for the debts and losses of his company, unlike a limited liability company that does not hold its members and shareholders liable for the debts incurred by the limited liability companies.

The Australian companies are required to be registered under the Australian Securities and Investments Commission (ASIC), marking it whether a proprietary (private) or a public company, along with choosing the type of liability bore by the shareholders: limited by shares, limited by guarantee, unlimited with share capitals or no liability. Limited by shares is the most common type of company entity in Australia.

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Non-profit Corporations Act

The Non-profit or not-for-profit Corporations Act is an American federal legislation that regulates the function and operation of non-profit corporations in the country. Non-profit or not-for-profit refers to a cause other than making a profit through the business, thus enjoying certain benefits, unlike other kinds of corporations.

The purpose of this legislation is to regulate the operation of a non-profit corporation and to check whether they are abiding by federal laws. By virtue of this Act, the non-profit organizations are required to register with the states by filling out paperwork pertaining to its incorporation with the Secretary of the State Office.

This Act requires the non-profit organizations to have their own by-laws which would be including the rules and regulations of the internal working of such organizations. This Act ensures that non-profit organizations invest the money that they receive from donors, charitable institutions, fundraisers, gifts, et cetera in a proper way.

It allows such organizations, however, to invest in endowment funds so that they use the amount to pay for their future expenses. The non-profit corporations would be required to renew their status with the authorities where they had registered themselves, annually.

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