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The 15th edition of Understanding Company Law has been updated throughout to include the latest developments in legislation and case law. New to this edition is an overview chapter on directors’ duties which enables lecturers to teach a shortened version of this large topic. Alternatively, the overview chapter can be used as an introduction or road map to the more detailed discussion that follows. Also new is the introduction of problem questions at the end of many chapters, intended to assist lecturers and students by providing revision and practical exercises which apply the legal principles set out in the text.
Notable legislative changes which have been incorporated include the Corporations Amendment (Short Selling) Act 2008 (Cth), which was a response to the general perception that short selling accelerated the significant falls in shares prices at the onset of the global financial crisis.
Commentary has been added on the Corporations Amendment (Improving Accountability on Termination Payments) Act 2009 (Cth), which significantly lowers the threshold at which termination benefits must be approved by shareholders. The amendments are designed to empower shareholders to disallow excessive termination benefits, particularly where the benefits are perceived to be a reward for poor performance.
Also included is discussion of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 (Cth), which aims to ensure that providers of financial services in relation to margin lending are subject to the same licensing, conduct and disclosure requirements as providers of financial services in relation to other types of financial products.
There have been a number of important cases that have been included, especially in the area of directors’ duties. The most significant of these are Bell Group v Westpac Banking Corporation (No 9) and ASIC v MacDonald (No 11).
With its incisive content and logical structure, Understanding Company Law, 15th Edition continues the tradition of earlier editions as a leading text on Australian company law.
Understanding Company Law is supported by Thomson Reuters’ mentor, an interactive online suite of student and lecturer support materials.