list and explain three main sources of corporate law in aust

list and explain three main sources of corporate law in australai?

Solution

International sources

International Treaties

Governments may sign International Conventions and Treaties; but these normallybecome binding only when they are ratified. Most conventions come into force only when a stated number of signatories have ratified the final text. An international convention may be incorporated into a statute (e.g. Hague-Visby Rules in Carriage of Goods by Sea Act 1971; e.g. the Salvage Convention in the Merchant Shipping Act 1995). The Council of Europe’s European Convention on Human Rights is enforced by the ECHR in Strasbourg.

European Community Law

The European Union is special example of international law. European nations that join the EU thereby adopt all EC Law to date (the acquis communautaire), namely: treaty provisions, regulations, directives, decisions, and precedents. Member States become subject to “Brussels” and to the binding precedent decisionsof the European Court of Justice in Luxembourg.

National sources

Legislation

Legislation is the prime source of law. and consists in the declaration of legal rules by a competent authority. Legislation can have many purposes: to regulate, to authorize, to enable, to proscribe, to provide funds, to sanction, to grant, to declare or to restrict. A parliamentary legislature frames new laws, such as Acts of Parliament, and amends or repeals old laws. The legislature may delegate law-making powers to lower bodies. In the UK, such delegated legislation includes Statutory Instruments, Orders in Council, & Bye-laws. Delegated legislation may be open to challenge for irregularity of process; and the legislature usually has the right to withdraw delegated powers if it sees fit.

Most legislatures have their powers restricted by the nation\'s Constitution, and Montesquieu\'s theory of the separation of powers typically restricts a legislature\'s powers to legislation. Although the legislature has the power to legislate, it is the courts who have the power to interpret statutes, treaties and regulations. Similarly, although parliaments have the power to legislate, it is usually the executivewho decides on the legislative programme. The procedure is usually that a bill is introduced to Parliament, and after the required number of readings, committee stages and amendments, the bill gains approvaland becomes an Act.