Scrutiny of Acts and Regulations Committee

Report on Redundant Corporations Laws
December 2008

Chairpersons' Foreword

[Table of Contents]

The Scruiny of Acts and Regulations Committee is pleased to present its report concerning its inquiry into the repeal of certain redundant corporations laws.

The inquiry was given to the Committee pursuant to a Motion in the Legislative Assembly on 1 March 2007 and required the Committee to report to the Parliament by the last sitting day in 2008.

The laws identified for consideration in the reference and by the Committee were the –

• Companies Act 1961

• Collusive Practices Act 1965

• Marketable Securities Act 1970

• Companies Act 1975

• Securities Industry Act 1975

• Companies (Acquisitions of Shares) (Application of Laws) Act 1981

• Companies (Administration Act) 1981

• Companies (Application of Laws) Act 1981

• Companies and Securities (Interpretation and Miscellaneous Provisions) (Application of Laws) Act 1981

• Securities Industry (Application of Laws) Act 1981

• Futures Industry (Application of Laws) Act 1986

• Corporations (Victoria) Act 1990
  

In undertaking this review the age, size and importance of these enactments presented the Committee with important conflicting priorities. On the one hand the reference called on the Committee to keep in mind the desirability of modernising and rationalising the Victorian statute books by removing spent and redundant Acts and thereby reduce the regulatory burden on corporations and on the other hand, the desirability of not prematurely recommending the repeal of Acts that may still have some residual life.

In reaching its recommendations the Committee was greatly assisted by the Office of Chief Parliamentary Counsel. The Committee in particular wishes to thank Annette O’Callaghan and Adam Bushby for their analysis and helpful suggestions. The Committee also thanks Professor Ian Ramsay of the University of Melbourne for his valuable advice.

For those organisations and persons involved with or interested in corporations law it is to be hoped that this report will serve to forewarn that repeal of some or all of these Acts may be anticipated in the near future.

Scrutiny of Acts and Regulations Committee
© Parliament of Victoria