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Write an essay about the Corporation Law.
The Corporations Act, 2001 is a commonwealth law, but due to many constitutional difficulties, the Act became a combination of territory, state and commonwealth legislation. The source of law that is important for understanding Australian company law is common law and the terms are often used interchangeably[1]. The Australian Securities Exchange (ASX), earlier that known as Australian Stock Exchange, played a very vital role in the regulation of the laws and rules in the area of Australian Companies. However, due to major changes the responsibility was shifted to Australian Securities and Investments Commission (ASIC)[2]. The ASX shall continue to play a major role in the listing of exchange and securities. Other regulators who are responsible for overlooking the operations of companies are their directors, officers and the Reserve Bank of Australia. This essay shall discuss about the duties of directors of companies and it shall also discuss about the implications of contravention of duties of the directors[3]. read more
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