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Corporate law is the area of law that deals with the formation, operation, and regulation of corporations and other business entities. Corporate law regulates the rights and responsibilities of shareholders, directors, and officers of a corporation, as well as the relationships between the corporation and other stakeholders such as employees, creditors, and the government.
In Victoria, Australia, corporate law is primarily governed by the Corporations Act 2001 (Cth) which is the federal legislation that applies throughout Australia. The Act provides a framework for the formation, registration, operation, and regulation of companies and other types of business entities such as partnerships and trusts.
The Act includes provisions that regulate issues such as the incorporation of a company, the rights and responsibilities of directors, the management of the company, the responsibilities of the auditor, and the governance of the company.
The Act also provides for regulation of the securities market through the Australian Securities and Investments Commission (ASIC), which is responsible for enforcing the Act and other laws related to corporate governance, financial services, and consumer protection.
It's important to note that in addition to the Corporations Act, companies operating in Victoria are also subject to other state and federal laws, such as the Australian Consumer Law and the Fair Work Act 2009.