Queensland Law Society

2019 Call to Parties Statement

14. Review of Corporations Act 2001

Queensland Law Society calls for a commitment to:

  • a review of section 127 of the Corporations Act 2001 and the Electronic Transactions Act 1999 (Cth) with respect to how it operates in the world of e-commerce to provide clarity about how it applies
  • a review of the Corporations Act 2001 generally to modernise and update the legislation in a coordinated manner
  • a considered review of the legislation imposing obligations and liabilities on directors and officers – there is a concerning trend to include ad hoc obligations and liabilities in various individual acts rather than a centralised approach in the Corporations Act 2001 – this approach:
    • complicates the statute book
    • makes the law inaccessible
    • introduces unnecessary inconsistency of drafting which makes interpretation and application difficult

 

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