Corporations Legislation 2016


Corporations Legislation 2016

Feb 2016

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Corporations Legislation 2016 has an outstanding reputation for accuracy, dependability and reliability. This fully consolidated legislation book includes the Corporations Act 2001Australian Securities and Investments Commission Act 2001 and associated Acts and legislation, capturing the latest amendments up to 1 January 2016.

Designed for use by practitioners, business professionals and anyone with an interest in corporations law, the Corporations Act 2001 is supplemented with key section annotations updated by Sydney barrister Edmund Finnane. These section specific commentary notes provide additional guidance for the most important provisions. In addition, in the “Year in Review” feature, Professor Robert Baxt highlights significant corporations law developments since January 2015.

Cross-references are included to indicate where particular sections of the Corporations Act have been affected by the Corporations Regulations, and to note related ASIC materials.

 Key highlights:

  • Amendments by the Corporations Legislation Amendment (Deregulatory and Other Measures) Act 2015  which included amongst other changes the abolition of the 100 member rule and changes to the reporting requirements in relation to executive remuneration.
  • Decision by the High Court which held that once an order had been made granting an extension of time for bringing an application under s 588FF (3) (b) had expired, the rules of the State Courts and Territories could not apply to extend the time: Grant Samuel Corporate Finance Pty Ltd v Fletcher [2015] HCA 8.
  • Decision by the High Court which upheld the availability of “shelf orders” for the extension of time to bring proceedings under  s 588F(3)(b):  Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2015] HCA 10.
  • The Federal Court’s  decision covering takeovers and director’s duties in ASIC v Mariner Corporation [2015] FCA 589, in particular the statutory business judgment rule and clarifying the operation of s 631 (2).
  • Exploration of what constitutes “oppression” under s 232 canvassed in Donaldson v Natural Springs Australia Limited [2015] FCA 498.
  • Wide-ranging judgment with implications for how the Australian Takeovers Panel will consider declarations of unacceptable circumstances: Queensland North Australia Pty Ltd v Takeovers Panel  [2015] FCAFC 68