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Corporations Act 2001
The ''Corporations Act 2001'' (Cth) is an Act of the Parliament of Australia, which sets out the laws dealing with business entities in the Commonwealth of Australia. The company is the Act's primary focus, but other entities, such as partnerships and managed investment schemes, are also regulated. The Act is the foundational basis of Australian corporate law, with every Australian state having adopted the Act as required by the Australian Constitution. The 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. Background Constitutional basis Australian corporate law was the subject of a successful legal challenge in the High Court of Australia in ''New South Wales v Commonwealth'' (1990) ('The Corporations Act Case'). In that case, the Commonwealth was found to have in ...
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Parliament Of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the governor-general), the Senate and the House of Representatives. Constitution of Australia, section 1. The combination of two elected chambers, in which the members of the Senate represent the states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a fused executive, drawn from the Westminster system.. The upper house, the Senate, consists of 76 members: twelve for each state, and two each for the territories, Northern Territory (including Christmas Island and the Cocos (Keeling) Islands) and the Australian Capital Territory (including Norfolk Island and the Jervis Bay Territory). Senators are elected ...
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Corporations Agreement
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e. by an ''ad hoc'' act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration. Corporations come in many different types but are usually divided by the law of the jurisdiction where they are chartered based on two aspects: by whether they can issue stock, or by whether they are formed to make a profit. Depending on the number of owners, a corporation can be classified as ''aggregate'' (the subject of this article) or '' sole'' (a legal entity consisting of a single incorporated office occupied by a single natural person). One of the most attract ...
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2001 In Australian Law
1 (one, unit, unity) is a number representing a single or the only entity. 1 is also a numerical digit and represents a single unit of counting or measurement. For example, a line segment of ''unit length'' is a line segment of length 1. In conventions of sign where zero is considered neither positive nor negative, 1 is the first and smallest positive integer. It is also sometimes considered the first of the infinite sequence of natural numbers, followed by  2, although by other definitions 1 is the second natural number, following  0. The fundamental mathematical property of 1 is to be a multiplicative identity, meaning that any number multiplied by 1 equals the same number. Most if not all properties of 1 can be deduced from this. In advanced mathematics, a multiplicative identity is often denoted 1, even if it is not a number. 1 is by convention not considered a prime number; this was not universally accepted until the mid-20th century. Additionally, 1 is the ...
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ComLaw
The Office of Parliamentary Counsel (OPC) is an Australian Commonwealth government agency established under the ''Parliamentary Counsel Act 1970'' (Cth) within the Commonwealth Attorney-General's portfolio. OPC drafts all government Bills that are introduced into the federal Parliament, legislative instruments made by the Governor-General, and a range of other delegated legislation. It also manages the Federal Register of Legislation (the ''Legislation'' ''Register'') to provide access to authorised, up-to-date versions of Commonwealth laws. OPC was established in 1970 and is currently led by Meredith Leigh, First Parliamentary Counsel. History Arrangements for the drafting of Commonwealth legislation were put in place at the very beginning of Australia's federation as a nation in 1901. Originally, the Secretary to the Attorney-General's Department was the Parliamentary Draftsman, with a separate position not created until 1946. By 1954, a Parliamentary Drafting Division had ...
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Australian Takeovers Panel
The Australian Takeovers Panel, a statutory authority of the Australian Government, is the primary Australian forum for resolving disputes about a takeover bid during the bid period itself. The panel is a peer review body, made up of part-time members from the Australian investment banking, legal, accounting and business communities. Its head office is located in Melbourne, Victoria. Establishment and powers The panel was established under section 171 of the Australian Securities and Investments Commission Act and is given various powers under Part 6.10 of the Corporations Act. The panel has a full-time executive base who assist its members, draft policy, and provide continuity to the panel in its decisions. The Takeovers Panel has three main powers: # to declare circumstances in relation to a takeover, or to the control of an Australian company, to be "unacceptable circumstances"; # to protect the rights of persons (especially target company shareholders) during a takeover b ...
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Income Tax Assessment Act 1997
The ''Income Tax Assessment Act 1997'' (Cth) is an Act of the Parliament of Australia introduced by the Howard government. The Act is one of a few statutes used in Australia to calculate income tax assessments. The Act was passed in an attempt to provide a rewritten income tax assessment statute, as the Income Tax Assessment Act 1936 was considered outdated. New matters relating to Australian income tax law are generally added to the Act, rather than the old 1936 Act. Background The Act Issues addressed by the act include: * Deductions for expenses incurred earning assessed income - s8(1) * Deductions for management of tax affairs - s25(5) * The definition of 'trading stock', including shares - s70(10) * The capital gains tax * A ban on deductions for expenses relating to illegally earned income - s26(54) Legacy See also * Taxation in Australia * Income tax in Australia * '' Commissioner of Taxation v La Rosa'' References * External links Income Tax Asses ...
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Income Tax Assessment Act 1936
The ''Income Tax Assessment Act 1936'' (Cth) is an Act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated. The Act is gradually being rewritten into the Income Tax Assessment Act 1997, and new matters are generally now added to the 1997 Act. The reason for rewriting the act is that amendments over the years have made it thousands of pages long, and very complex. Amendments have also created subsection upon subsection. The Act Section 260 Section 260 was the initial general anti-avoidance provision in the act, present from its inception in 1936 and operative until 27 May 1981. The section held any contract # ''altering the incidence of any income tax;'' # ''relieving any person from liability to pay any income tax or make any return;'' # ''defeating, evading, or avoiding any duty or liability imposed on any person by this Act; or'' # ''preventing the operation of this Act in any respect;'' :''to be void as against the Comm ...
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Sweden
Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, Finland to the east, and is connected to Denmark in the southwest by Øresund Bridge, a bridgetunnel across the Öresund. At , Sweden is the largest Nordic country, the third-largest country in the European Union, and the List of European countries by area, fifth-largest country in Europe. The Capital city, capital and largest city is Stockholm. Sweden has a total population of 10.5 million, and a low population density of , with around 87% of Swedes residing in urban areas in the central and southern half of the country. Sweden has a nature dominated by forests and a large amount of lakes, including List of largest lakes of Europ ...
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Corporate Law Economic Reform Program Act 2004
''Corporate Law Economic Reform Program (Audit Reform & Corporate Disclosure) Act 2004'', commonly called CLERP 9, modified the Corporations Act 2001 (Commonwealth) which governs corporate law in Australia. It was enacted in July 2004. The changes were based on the reform proposals contained in the CLERP 9 discussion paper, ''Corporation disclosure - strengthening the financial reporting framework'', which was released by the Australian government in September 2002. The 2004 amendments also enacted some reforms flowing from the recommendations in the Report of the HIH Insurance HIH Insurance was Australia's second-largest insurance company before it was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia's history, with liquidators ... Royal Commission released in April 2003. The important reforms to the Corporations Act included: * changes to continuous disclosure offence provisions, in ...
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Market Manipulation
In economics and finance, market manipulation is a type of market abuse where there is a deliberate attempt to interfere with the free and fair operation of the market; the most blatant of cases involve creating false or misleading appearances with respect to the price of, or market for, a product, security or commodity. Market manipulation is prohibited in most countries, in particular, it is prohibited in the United States under Section 9(a)(2) of the Securities Exchange Act of 1934, in the European Union under Article 12 of the ''Market Abuse Regulation'', in Australia under Section 1041A of the Corporations Act 2001, and in Israel under Section 54(a) of the securities act of 1968. In the US, market manipulation is also prohibited for wholesale electricity markets under Section 222 of the Federal Power Act and wholesale natural gas markets under Section 4A of the Natural Gas Act. The US Securities Exchange Act defines market manipulation as "transactions which create an ...
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Related Party Transaction
In business, a related party transaction is a transaction which takes place between two parties who hold a pre-existing connection prior to the transaction. An example is how a dominant shareholder may benefit from making one of their companies trade with another at advantageous prices. Related party transactions can be a reason for a Type II agency relationship (conflicts among controlling and non-controlling shareholders), as they are not necessarily in the best interest of minority shareholders. In commercial law, special regulations may apply restricting related party transactions, such as Part 2E of Australia's Corporations Act 2001, which requires companies to seek approval from their members for such a transaction to take place. International Financial Reporting Standard IAS 24 requires companies to disclose related party transactions in their financial statements. Academies (England) In England, there are restrictions and notification requirements in place regarding relate ...
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Australian Labor Party
The Australian Labor Party (ALP), also simply known as Labor, is the major centre-left political party in Australia, one of two major parties in Australian politics, along with the centre-right Liberal Party of Australia. The party forms the federal government since being elected in the 2022 election. The ALP is a federal party, with political branches in each state and territory. They are currently in government in Victoria, Queensland, Western Australia, South Australia, the Australian Capital Territory, and the Northern Territory. They are currently in opposition in New South Wales and Tasmania. It is the oldest political party in Australia, being established on 8 May 1901 at Parliament House, Melbourne, the meeting place of the first federal Parliament. The ALP was not founded as a federal party until after the first sitting of the Australian parliament in 1901. It is regarded as descended from labour parties founded in the various Australian colonies by the e ...
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