The Corporations Act 2001 (Cth), sometimes referred to just as the Corporations Act (or informally as the 'Corps' Act), is an act of the Commonwealth of Australia that sets out the laws dealing with business entities in Australia at federal and interstate level. It focuses primarily on companies, although it also covers some laws relating to other entities such as partnerships and managed investment schemes. Look up Act on Wiktionary, the free dictionary Act may refer to: in law, a written document that attests the legality of the transaction. ... The term business entity refers generally to any organization engaged in business activities, regardless of legal structure. ... A company is, in general, any group of persons, which are known as its members, united to pursue a common interest. ... In the common law, a partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which they have all invested. ...

It is presently the largest corporations statute in the world ^{[citation needed]}. The CLERP reforms (currently at CLERP 9) are simplifying 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. Corporate Law Economic Reform Program (Audit Reform & Corporate Disclosure) Act 2004, commonly called CLERP, is the most recent reform to the Corporations Act 2001 (Commonwealth) which governs corporations law in Australia. ...

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.

Constitutional basis for the Act

The Commonwealth corporations law was the subject of a successful High Court of Australia challenge in 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 only provide sufficient power for legislation applicable 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 have adopted the Corporations Act 2001 (Cth). High Court entrance The High Court of Australia is the final court of appeal in Australia, the highest court in the Australian court hierarchy. ... New South Wales v The Commonwealth [1990] HCA 2; (1990) 169 CLR 482; 90 ALR 355, also known as the Incorporation Case, was a decision handed down in the High Court of Australia on 8 February 1990 concerning the corporations power in s51(xx) of the Commonwealth Constitution. ... Section 51(xx) of the Australian Constitution, is a subsection of Section 51 of the Australian Constitution that gives the Commonwealth Parliament the right to legislate with respect to foreign corporations, and trading for financial corporations formed within the limits of the Commonwealth. This power has become known as the... The Commonwealth of Australia Constitution Act 1900 (in full, An Act to constitute the Commonwealth of Australia) is the primary constitutional text of the Commonwealth of Australia. ... Section 51(xxxvii) of the Australian Constitution permits the Commonwealth to legislate on matters referred to the Commonwealth by any state. ... Australia, having a federal system of government, is divided into states and territories. ...

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. Section 51(xx) of the Australian Constitution, is a subsection of Section 51 of the Australian Constitution that gives the Commonwealth Parliament the right to legislate with respect to foreign corporations, and trading for financial corporations formed within the limits of the Commonwealth. This power has become known as the... The field of labor relations looks at the relationship between management and workers, particularly groups of workers represented by a labor union. ...

See also

• Partnerships Act 1891
• Income Tax Assessment Act 1936
• Income Tax Assessment Act 1997

Income Tax Assessment Act 1936 is an act of the Parliament of Australia. ... Income Tax Assessment Act 1997 is an act of the Parliament of Australia. ...

Links

• Corporations Act 2001, at ComLaw
• Corporations Regulations 2001, at ComLaw
• A speech by Justice Kirby mentioning the complexity of the Corporations Act: COMPANY LAW IN AUSTRALIA: PRINCIPLES AND APPLICATIONS, March 2005, High Court of Australia