(1) ​Write a brief history of the development of company law and administration

in Australia
In 1788, Australia was settled by British colonies; hence most of the laws implemented in Australia
are colonial in nature. As colonies gained more independence, they developed laws regulating
different aspects of the governance; corporation and company law is one of them. Australian
Company law has truly acquired from UK company law. Its legitimate structure now comprises of the
Corporations Act 2001. The statute is controlled by a solitary national administrative authority, the
Australian Securities and Investments Commission.

The Companies Act 2001, in conjunction with different statutes and case law, sets out an irreducible
minimum core of mandatory and required rights for shareholders, creditors, workers and others by
which all corporations and entities must comply.

The corporation act 2001 has provisions regulating various aspects and explicitly describing the ways
of operating the corporations such as: the Company constitutions tells us the rules of removal of a
director, the Shareholder rights tell us about authority and fiduciary rights shareholders have in a
certain corporation, the Directors’ duties sections tell us about the loyalty and duty of care every
director must show and have towards the company and also how a director is supposed to act in the
best interest of the company. Other than these laws, the Corporation act of Australia has one part
different from the law of England in the way that it has share holders litigation according to which a
member can file a suit against the company in case of any breach of duty.

Although Courts have worked out many substantive rights and duties of creditors, directors and
shareholders, the corporation law its defining features coming out of the statutory reform and
commercial reactions and these are the historical basis of these laws.

A "company" is a different legitimate body established and controlled by acts, legislation or charters.
Just like English law, Australian law, acknowledges this sort of legitimate entity as the corporation
sole. Nonetheless, there are few instances of such companies, the corporation sole is prohibited
from the Australian statutory meaning of corporation.

Under Corporations Act 2001, An exclusive organization is one which has "Pvt Ltd" at the end of its
title and which is not permitted to raise capital in general value market.

This type of business substance has similar qualities to the Limited Liability Company, or LLC, that is
a usually utilized term in different jurisdictions the world over. A portion of the attributes of an
Australian “PVT Ltd” Company include: i) Full remote possession is allowed, ii) requires least of 1
shareholder and 1 chief, iii) requires one executive to be occupant in Australia and office deliver to
be in Australia, iv) benefits can be repatriated, v) a annual review is required and vi) shareholders
have restricted risk​ (Wikipedia)

(2) ​Critically analysis whether Australia’s regularity and administrative bodies should be further
harmonized to create one ‘super’ regulator? You will need to discuss the positive and the
negatives of such an idea. What other solutions are there?

The regularity and administrative bodies in Australia include Australian Security and Investment
Commission, Australian Security Exchange, Australian Competition and Consumer Commission,
Australian Taxation Office, Australian Transaction Reports and Analysis centre, Foreign Investment
Review Board, Australian Communications and Media Authority, Insolvencies and Trustee Services
Australia, Therapeutic Goods Administration, IP Australia and so many more. These Commissions
and bodies regulate companies, financial markets and make sure they comply with the requirements
of Corporation Acts 2001. Apart from this, these bodies carry out multiple functions such as;
releasing details reports on market, promoting fair competition and trading in the market place,
collecting revenue for the Australian government, ensuring transparency in money by regulating
anti-money laundering and counter terrorism measures, examining proposals of foreign investors
investing on the country, promoting self-regulation and competition in the communication industry,
administering carbon emission, monitoring activities to ensure therapeutic goods available in
Australia are of an acceptable standard. These bodies carry out these functions to ensure that all the
companies and entities working in Australia comply with the Corporation act 2001; enacted in the
country, so that a transparent system is carried out which will help in upbringing the economy of the
country.

When all these bodies working separately will be joined together to form a single regulating body; it
will cause a lot of trouble and confusion to regulate function of different entities simultaneously,
because merging together will cause a lot of overlap and confusion with regards to functions
assigned to each body. Employees will get confused which department they are working for and
similarly, transparency within the body will become difficult to enact. Apart from this, there will be
no checks and balances for the workings of departments; hence a lot of confusion will be caused
because every department will be working on its own. Therefore, it would be better to keep these
bodies separate and let them carry out their own functions.

However, this overlap and confusion as to the distribution of work can be avoided by distributing the
work of the departments in a way that each department should continue what it was doing before
the joining in, and at the point of overlap of the functions a rule or principle should be made
according to which the superior body should carry out that function. And as far as the question of
accountability is concerned, an independent body should be formed which keep checks and balances
of the function of each departments, this will help in ensuring transparency and will avoid
overlapping.

Alternatively, one solution can be that bodies having similar functions join together and form a single
body; in this way we can have multiple bodies but each regulating body will have a unique functions
and there will not be any overlap or confusion because there will be a department within each body
which will ensure there is no overlap and one major body to keep a track of the functions of these
major bodies and to check that all bodies are working independently and properly. This system is
different form Single regulator in a way that it has multiple bodies carrying out different functions
rather than one single regulating body, which will be more efficient and less time consuming.