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Historic start of new Corporations Law.



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Joint News Release

Attorney-General

The Hon. Daryl Williams AM QC MP

Minister for Financial Services and Regulation

The Hon. Joe Hockey MP

13 July 2001

HISTORIC START OF NEW CORPORATIONS LAW

The new federal corporations law will commence on Sunday 15 July 2001.

The Corporations Act 2001 and related legislation is the product of Commonwealth, State and Territory co-operation to fix the problems with the current Corporations Law scheme identified by the High Court last year.

The legislation is a great achievement of Australian federalism. It will put Australia’s system of corporate regulation on a secure constitutional foundation and provide long-term security for Australian companies.

The new legislation involves the most significant reference of constitutional power from the States to the Commonwealth in Australia's history. In effect, it re-enacts the current array of eight separate Commonwealth, State and Territory laws as a single federal law. It provides a smooth transition from the current Corporations Law, including retention of the same provision numbers. For the convenience of users, the Corporations Regulations are also being re-made to reflect the new legislation.

The federal law restores the corporations jurisdiction of the Federal Court and preserves the jurisdiction of the State and Territory courts.

The Commonwealth legislation is accessible now at http://scaleplus.law.gov.au.

 

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