Report: Corporations Amendment (Sons of Gwalia) Bill 2010
23 July 2010
© Commonwealth of Australia 2010
View the report as a single document - (PDF 40KB)
23 July 2010
Senator the Hon John Hogg
President of the Senate
INQUIRY INTO THE PROVISIONS OF THE CORPORATIONS AMENDMENT (SONS OF GWALIA) BILL 2010
Background
On 23 June 2010, the Senate referred the provisions of the Corporations Amendment (Sons of Gwalia) Bill 2010 (Bill) to the Senate Legal and Constitutional Affairs Legislation Committee for inquiry and report by 24 August 2010.
The Bill sought to amend the rights of persons bringing claims for damages in relation to shareholdings under the Corporations Act 2001 by effectively reversing the High Court of Australia's decision in Sons of Gwalia Ltd v Margaretic (2007) 231 CLR 10; [2007] HCA 1.
Conduct of the inquiry
The committee advertised the inquiry in The Australian newspaper on 30 June 2010 and 14 July 2010, and invited submissions by 30 July 2010. Details of the inquiry, the Bill and associated documents were placed on the committee's website. The committee also wrote to over 20 organisations and individuals.
The committee received one submission for this inquiry.
On 19 July 2010, the Governor-General prorogued the 42nd Parliament and dissolved the House of Representatives. Accordingly, the committee has resolved not to continue its inquiry into the provisions of the Bill. This decision is consistent with the approach to inquiries during elections adopted by other Senate committees. If the Bill is reintroduced in the new parliament, the Senate can again refer it to the committee for inquiry.
Senator Trish Crossin
Chair
For further information, contact:
Committee Secretary
Senate Standing Committees on Legal and Constitutional Affairs
PO Box 6100
Parliament House
Canberra ACT 2600
Australia