Ensuring balance in corporate governance : parts 2F.1 and 2F.1A of the Corporations Law

Effective corporate governance must balance the competing, and at times conflicting, objectives of efficient endeavour and accountability. The CLERP amendments to the Corporations Law introduced on 13 March 2000 go a long way towards providing this balance. While the business judgement rule was introduced to promote efficient endeavour, Pts 2F.1 and 2F.1A maintain corporate accountability. This article compares Pts 2F.t and 2F.1A of the Corporations Law. It is argued that, although there are procedural and substantive differences between the two parts that need to be understood by practitioners, the importance of the two Parts is that they work together to provide for a much-needed improvement and enhancement of shareholder rights and remedies, thus upholding accountability in corporate governance.

Ambiguities and inconsistencies in relation to the obligations of proxies under corporations law: a model for reform

This article reconsiders the important question which came to light as a result of the controversial 2002 Coles Myer annual general meeting: do directors that are appointed as proxy have an obligation to vote as directed (and indeed should they)? A recent decision of the New South Wales Supreme Court, which was subsequently approved on appeal, stands for the proposition that proxy holders are agents of the shareholders that appointed them. However, currently the Corporations Act only requires a Chairman appointed as proxy to vote as directed — not an ordinary director. This article briefly explains the present state of the law in Australia on this issue, and then explores some interesting recent judicial remarks which may suggest that ordinary directors appointed as proxy must vote as directed in order to satisfy their director’s duties (both common law and statutory) to the company. We finally outline a proposed statutory reform initiative which seeks to remove the present uncertainty in the law by introducing a blanket requirement that all proxy holders must vote as directed.

Concise corporations law

This highly regarded exposition of Australia's complex corporations law has been rewritten to take account of changes to September 2000, including most notably the CLERP Act 1999 and the decisions in "Re Wakim and Hughes". Includes succinct, plain language explanations and case summaries.

Corporations law text and essential cases

Corporations Law: Text and Essential Cases is designed as a student text but will be a useful book for practitioners seeking a good, current, concise book on corporations law. Author Julie Cassidy is a proven, successful author and has carefully ensured that the case extracts in this book are long enough to be useful to lawyers needing to cite case authorities in opinions and court submissions.

Concise corporations law

The purpose of this text is to provide a comprehensive, yet succinct, examination of the most significant areas of corporations law. By identifying the key elements underlying the pertinent statutory provisions, writing in a plain English style, and using a simple format, the text seeks to make corporations law more accessible to students and practitioners.

Corporations law : text and essential cases

Corporations Law: Text and Essential Cases is designed specifically to meet the needs of students undertaking one-semester, case-based courses in Corporations Law. The 13 chapters each contain extracts from the leading cases supported by commentary, further readings, and review questions.

New York laws affecting business corporations, containing the Business corporations law, General corporation law, Stock corporation law, applying provisions of the Tax law, including the Stock transfer tax act, and the Uniform stock transfer act and a synoptic analysis. Revised to May 10, 1924.

Mode of access: Internet.

Litigiousness in Australia: Lessons from comparative law

How litigious are Australians? Although quantitative studies have comprehensively debunked the fear of an Australian civil justice system in crisis, the literature has yet to address the qualitative public policy question of whether Australians are under- or over-using the legal system to resolve their disputes. On one view, expressed by the insurance industry, the mass media and prominent members of the judiciary, Australia is moving towards an American-style hyper-litigiousness. By contrast, Australian popular culture paints the typical Australian as culturally averse to formal rights assertion. This article explores the comparative law literature on litigiousness in two jurisdictions that have attracted significant scholarly attention — the United States and Japan. More specifically, it seeks to draw lessons from this literature for both understanding litigiousness in modern Australia and framing future research projects on the issue.

Modern American law; a systematic and comprehensive commentary on the fundamental principles of American law and procedure, accompanied by leading illustrative cases and legal forms, with a rev. ed. of Blackstone's Commentaries;

v. I. The modern democracy, the citizen and the law - Legal ethics - Law : its origin, nature, development - Courts : federal and state - Law of contracts -- v. 2. Law of torts -- v. 3. Criminal Law - Law of criminal procedure - Law of persons and domestic relations -- v. 4. Personal property and bailments - Law of liens and pledges - Law of agency - Law of sales of personal property -- v. 5. Law of real property -- v. 6. Law of descent and distribution, wills and administration, guardian and ward - Law of landlord and tenant - Law of irrigation and water rights - Law of mines and mining -- v. 7. Equity - Law of trusts - Law of quasi-contacts - Law of estoppel -- v. 8. Law of negotiable instruments - Law of suretyship and guaranty - Law of mortgages : real and chattel - Interpretation of statutes -- v. 9. Law of private corporations - Law of partnership - law of banks, banking and trust companies - Law of receivers -- v. 10. Pleadings in civil actions at common law and under modern statutes - Practice in civil actions - Law of equity pleading - Law of evidence - Laws of attachment and garnishments - Law of judgments and executions - Law of extraordinary remedies - Law of habeas corpus -- v. 11. Constitutional law : definitions and general principles - Organization and powers of the United States Government - Constitutional guaranties of fundamental rights - Eminent domain - Taxation - Naturalization -- v. 12. Conflict of laws - International law - Law of interstate commerce - Law of bankruptcy - Law of patents - Law of copyright - Law of trademarks - Unfair competition and good-will -- v. 13. Law of public service companies, especially common carriers - Law of municipal corporations - Law of public officers and elections - Parliamentary law -- v. 14. Law of damages - Law of insurance - Admiralty law - Medical jurisprudence - Forms -- v. 15. Blackstone's Commentaries.

Nonprofit Boards in Australia: A Distinctive Governance Appoach

This article reports the findings into patterns of governance on nonprofit boards in Australia. The research surveys 118 boards, upon which serve a total of 1405 directors. The findings indicate that nonprofit boards can mimic some aspects of a shareholder approach to governance. But nonprofit boards, in the main, indicate priorities and activities of a stakeholder approach to governance. The features of `isomorphism' that arise largely stem from legislative requirements in corporate governance. Generally, nonprofit directors are influenced by agenda and motivations that can be differentiated from the influences upon director activity in the corporate sector. The study indicates that nonprofit boards prize knowledge and loyalty to the sector when considering board composition. The survey suggests nonprofits ``compensate'' for the demands placed upon them about fiduciary duty and due diligence responsibilities with the diverse intellectual expertise of non-executive directors. Nonprofit boards possess greater diversity than boards in the corporate sector; they include more women as directors than corporate boards and they include a greater proportion of directors from minority groups. While strategic issues feature significantly as a task of the nonprofit board, they distinguish themselves from their corporate counterparts by engaging in operational management. The findings indicate that, in the main, directors on nonprofit boards deliberate and operate in ways distinctive from their corporate counterparts. Such findings offer a contribution to the reform of Corporations Law in other countries and the likely consequence on boards outside the corporate sector.

Auditor independence : an analysis of the adequacy of selected provisions in CLERP 9

Worldwide corporate collapses in the past have highlighted various weaknesses in corporate governance, which included auditor independence. This thesis advocates the use of private interest theory as a framework to evaluate proposals for law reform related to the independence of external company auditors. This study argues that the current regulation of auditor independence falls short of the 'ideal independence' required by the general public. This is because the regulation was developed, in some instances, to serve the private interests of powerful lobby groups rather than the public interest. This research concludes that there is a case for reform of the existing requirements in the Corporations Act 2001 (Cth) in respect of auditor independence.

Kumarina and bidders voting in transfer schemes

Transfer schemes are an alternative means of acquiring control of a company to making a takeover bid under the provisions in Ch 6 of the Corporations Act 2001 (Cth). The recent decision Re Kumarina Resources Ltd [2013] FCA 549 overturned long-standing practice in relation to a certain type of transfer scheme. If followed, the decision would allow a “bidder” to vote at scheme meetings where the scheme consideration for the acquisition of the target shares are shares in another company, and the scheme results in a merger. But the bidder is not allowed to vote where the scheme consideration is cash. The article points out the difficulties arising from this decision and argues that it should not be followed. In providing a “no objection” statement, the Australian Securities and Investments Commission (ASIC) has created uncertainty as to the approach it will take towards the bidders being allowed to vote at scheme meetings where the scheme consideration for the acquisition of target shares are shares in another company. The article also points out that in providing the no objection statement in Kumarina, ASIC appears to have ignored breaches of s 606(1) of the Corporations Act. There is a pressing need for ASIC to clarify its position and, in particular, whether or not it will provide a no objection statement in respect of future transfer schemes where a bidder (or its parent company) votes at the scheme meeting.