Consequences
This decision had the practical effect of nullifying the intention of the Corporations Act 1989. However, not to be deterred, the Commonwealth sought the power it wanted through negotiation with the states. This process resulted in each state agreeing to pass identical registration legislation as amended from time to time and accepting the administrative control of ASIC.
In order to fully achieve the aim of a national scheme the Commonwealth and states entered a cross-vesting of jurisdiction agreement in which the Federal Court was vested with state jurisdiction to hear company law matters. Although this system functioned effectively for several years it was eventually brought to its knees by the High Court in Re Wakim; Ex parte McNally (1999) 163 ALR 270, Bond v The Queen (2000) 169 ALR 607 and The Queen v Hughes (2000) 171 ALR 155. These decisions precipitated further reform of the national corporation law scheme in 2001.
Read more about this topic: New South Wales V Commonwealth (1990)
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