Australia Contract Law Summary.docx
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Australia Contract Law Summary.docx
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AustraliaContractLawSummary
---CorporationsAct2001(Cth)---
Chapter 2B—Basicfeaturesofacompany
Part 2B.1—Companypowersandhowtheyareexercised
124Legalcapacityandpowersofacompany
(1)Acompanyhasthelegalcapacityandpowersofanindividualbothinandoutsidethisjurisdiction.Acompanyalsohasallthepowersofabodycorporate,includingthepowerto:
(a)issueandcancelsharesinthecompany;
(b)issuedebentures(despiteanyruleoflaworequitytothecontrary,thispowerincludesapowertoissuedebenturesthatareirredeemable,redeemableonlyifacontingency,howeverremote,occurs,orredeemableonlyattheendofaperiod,howeverlong);
(c)grantoptionsoverunissuedsharesinthecompany;
(d)distributeanyofthecompany’spropertyamongthemembers,inkindorotherwise;
(e)grantasecurityinterestinuncalledcapital;
(f)grantacirculatingsecurityinterestoverthecompany’sproperty;
(g)arrangeforthecompanytoberegisteredorrecognisedasabodycorporateinanyplaceoutsidethisjurisdiction;
(h)doanythingthatitisauthorisedtodobyanyotherlaw(includingalawofaforeigncountry).
Acompanylimitedbyguaranteedoesnothavethepowertoissueshares.
Note:
Foracompany’spowertoissuebonus,partly—paid,preferenceandredeemablepreferenceshares,seesection 254A.
(2)Acompany’slegalcapacitytodosomethingisnotaffectedbythefactthatthecompany’sinterestsarenot,orwouldnotbe,servedbydoingit.
(3)Fortheavoidanceofdoubt,thissectiondoesnot:
(a)authoriseacompanytodoanactthatisprohibitedbyalawofaStateorTerritory;or
(b)giveacompanyarightthatalawofaStateorTerritorydeniestothecompany.
125Constitutionmaylimitpowersandsetoutobjects
(1)Ifacompanyhasaconstitution,itmaycontainanexpressrestrictionon,oraprohibitionof,thecompany’sexerciseofanyofitspowers.Theexerciseofapowerbythecompanyisnotinvalidmerelybecauseitiscontrarytoanexpressrestrictionorprohibitioninthecompany’sconstitution.
(2)Ifacompanyhasaconstitution,itmaysetoutthecompany’sobjects.Anactofthecompanyisnotinvalidmerelybecauseitiscontrarytoorbeyondanyobjectsinthecompany’sconstitution.
126Agentexercisingacompany’spowertomakecontracts
(1)Acompany’spowertomake,vary,ratifyordischargeacontractmaybeexercisedbyanindividualactingwiththecompany’sexpressorimpliedauthorityandonbehalfofthecompany.Thepowermaybeexercisedwithoutusingacommonseal.
(2)Thissectiondoesnotaffecttheoperationofalawthatrequiresaparticularproceduretobecompliedwithinrelationtothecontract.
127Executionofdocuments(includingdeeds)bythecompanyitself
(1)Acompanymayexecuteadocumentwithoutusingacommonsealifthedocumentissignedby:
(a)2directorsofthecompany;or
(b)adirectorandacompanysecretaryofthecompany;or
(c)foraproprietarycompanythathasasoledirectorwhoisalsothesolecompanysecretary—thatdirector.
Note:
Ifacompanyexecutesadocumentinthisway,peoplewillbeabletorelyontheassumptionsinsubsection129(5)fordealingsinrelationtothecompany.
(2)Acompanywithacommonsealmayexecuteadocumentifthesealisfixedtothedocumentandthefixingofthesealiswitnessedby:
(a)2directorsofthecompany;or
(b)adirectorandacompanysecretaryofthecompany;or
(c)foraproprietarycompanythathasasoledirectorwhoisalsothesolecompanysecretary—thatdirector.
Note:
Ifacompanyexecutesadocumentinthisway,peoplewillbeabletorelyontheassumptionsinsubsection129(6)fordealingsinrelationtothecompany.
(3)Acompanymayexecuteadocumentasadeedifthedocumentisexpressedtobeexecutedasadeedandisexecutedinaccordancewithsubsection
(1)or
(2).
(4)Thissectiondoesnotlimitthewaysinwhichacompanymayexecuteadocument(includingadeed).
Part 2B.2—Assumptionspeopledealingwithcompaniesareentitledtomake
128Entitlementtomakeassumptions
(1)Apersonisentitledtomaketheassumptionsinsection 129inrelationtodealingswithacompany.Thecompanyisnotentitledtoassertinproceedingsinrelationtothedealingsthatanyoftheassumptionsareincorrect.
(2)Apersonisentitledtomaketheassumptionsinsection 129inrelationtodealingswithanotherpersonwhohas,orpurportstohave,directlyorindirectlyacquiredtitletopropertyfromacompany.Thecompanyandtheotherpersonarenotentitledtoassertinproceedingsinrelationtothedealingsthatanyoftheassumptionsareincorrect.
(3)Theassumptionsmaybemadeevenifanofficeroragentofthecompanyactsfraudulently,orforgesadocument,inconnectionwiththedealings.
(4)Apersonisnotentitledtomakeanassumptioninsection 129ifatthetimeofthedealingstheykneworsuspectedthattheassumptionwasincorrect.
129Assumptionsthatcanbemadeundersection 128
Constitutionandreplaceablerulescompliedwith
(1)Apersonmayassumethatthecompany’sconstitution(ifany),andanyprovisionsofthisActthatapplytothecompanyasreplaceablerules,havebeencompliedwith.
Directororcompanysecretary
(2)Apersonmayassumethatanyonewhoappears,frominformationprovidedbythecompanythatisavailabletothepublicfromASIC,tobeadirectororacompanysecretaryofthecompany:
(a)hasbeendulyappointed;and
(b)hasauthoritytoexercisethepowersandperformthedutiescustomarilyexercisedorperformedbyadirectororcompanysecretaryofasimilarcompany.
Officeroragent
(3)Apersonmayassumethatanyonewhoisheldoutbythecompanytobeanofficeroragentofthecompany:
(a)hasbeendulyappointed;and
(b)hasauthoritytoexercisethepowersandperformthedutiescustomarilyexercisedorperformedbythatkindofofficeroragentofasimilarcompany.
Properperformanceofduties
(4)Apersonmayassumethattheofficersandagentsofthecompanyproperlyperformtheirdutiestothecompany.
Documentdulyexecutedwithoutseal
(5)Apersonmayassumethatadocumenthasbeendulyexecutedbythecompanyifthedocumentappearstohavebeensignedinaccordancewithsubsection127
(1).Forthepurposesofmakingtheassumption,apersonmayalsoassumethatanyonewhosignsthedocumentandstatesnexttotheirsignaturethattheyarethesoledirectorandsolecompanysecretaryofthecompanyoccupiesbothoffices.
Documentdulyexecutedwithseal
(6)Apersonmayassumethatadocumenthasbeendulyexecutedbythecompanyif:
(a)thecompany’scommonsealappearstohavebeenfixedtothedocumentinaccordancewithsubsection127
(2);and
(b)thefixingofthecommonsealappearstohavebeenwitnessedinaccordancewiththatsubsection.
Forthepurposesofmakingtheassumption,apersonmayalsoassumethatanyonewhowitnessesthefixingofthecommonsealandstatesnexttotheirsignaturethattheyarethesoledirectorandsolecompanysecretaryofthecompanyoccupiesbothoffices.
Officeroragentwithauthoritytowarrantthatdocumentisgenuineortruecopy
(7)Apersonmayassumethatanofficeroragentofthecompanywhohasauthoritytoissueadocumentoracertifiedcopyofadocumentonitsbehalfalsohasauthoritytowarrantthatthedocumentisgenuineorisatruecopy.
(8)Withoutlimitingthegeneralityofthissection,theassumptionsthatmaybemadeunderthissectionapplyforthepurposesofthissection.
130InformationavailabletothepublicfromASICdoesnotconstituteconstructivenotice
ApersonisnottakentohaveinformationaboutacompanymerelybecausetheinformationisavailabletothepublicfromASIC.
Part 2B.3—Contractsbeforeregistration
131Contractsbeforeregistration
(1)Ifapersonentersinto,orpurportstoenterinto,acontractonbehalfof,orforthebenefitof,acompanybeforeitisregistered,thecompanybecomesboundbythecontractandentitledtoitsbenefitifthecompany,oracompanythatisreasonablyidentifiablewithit,isregisteredandratifiesthecontract:
(a)withinthetimeagreedtobythepartiestothecontract;or
(b)ifthereisnoagreedtime—withinareasonabletimeafterthecontractisenteredinto.
(2)Thepersonisliabletopaydamagestoeachotherpartytothepreregistrationcontractifthecompanyisnotregistered,orthecompanyisregisteredbutdoesnotratifythecontractorenterintoasubstituteforit:
(a)withinthetimeagreedtobythepartiestothecontract;or
(b)ifthereisnoagreedtime—withinareasonabletimeafterthecontractisenteredinto.
Theamountthatthepersonisliabletopaytoapartyistheamountthecompanywouldbeliabletopaytothepartyifthecompanyhadratifiedthecontractandthendidnotperformitatall.
(3)Ifproceedingsarebroughttorecoverdamagesundersubsection
(2)becausethecompanyisregisteredbutdoesnotratifythepreregistrationcontractorenterintoasubstituteforit,thecourtmaydoanythingthatitconsidersappropriateinthecircumstances,includingorderingthecompanytodo1ormoreofthefollowing:
(a)payallorpartofthedamagesthatthepersonisliabletopay;
(b)transferpropertythatthecompanyreceivedbecauseofthecontracttoapartytothecontract;
(c)payanamounttoapartytothecontract.
(4)Ifthecompanyratifiesthepre—registrationcontractbutfailstoperformallorpartofit,thecourtmayorderthepersontopayallorpartofthedamagesthatthecompanyisorderedtopay.
132Personmaybereleasedfromliabilitybutisnotentitledtoindemnity
(1)Apartytothepre—registrationcontractmayrelease
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