Explain the sources of business law in Australia. In your answer you should refer to the federal and state systems. In light of the impact of Covid-19, in your opinion how might this impact the system...

IMPACT OF COVID-19 ON BUSINESS LAWS
Table of Contents
Brief Description of Business Laws    3
Sections of Constitution relating to Company Laws    3
Development of a statutory contract    3
Difference between the contract and the company’s constitution    4
Sections of Legislation relating to Company Laws    4
COVID-19 impact the system of business law in Australia    4
Opinion    7
References    9
Brief Description of Business Laws
The sources of business laws in Australia sheds light primarily on parliament as the source of law. This is done in accordance to the development of the Privy Council as well as the Cabinet Council. The laws are created and authorized by the Legislative Assembly as well as the decisions are mandated by the courts which is known as the common law. In addition to this there are several ordinances which are developed with regards to time by the Governor-General in relation to the Sear of Government Act that had its inception in the year 1910. It has been deemed to be fit that along with these the Australian business laws are subjected to the commonwealth constitution as well as their acts[footnoteRef:1]. [1: See the commonwealth laws, above ch. 5]
Sections of Constitution relating to Company Laws
Parliament is functional in making the constitutional monarchy which develops and qualifies as a law only if the queen ascertains it.
Companies are instrumental in the creation of the law. These are brought into existence with regards to the registration. They are provided the status pertaining to varied legal entities concerning the power of a person. The company will also cease to exist whenever there is a situation of deregistration.
There exists a memorandum of the company as well as the articles that defines the personality of the company. The laws have been instrumental in stating them extensively because of is the primary source of the construction of internal attributes pertaining to the company[footnoteRef:2]. This is instrumental in determining the composition involving the board of directors, the delegation of powers relating to the boards of directors with that of the members who are in general meeting. There happens to be rights which are attached to the shares as well as the restrictions concerning the issue and the transfer involving the shares. There happens to exist the provisions that are structured in the constitution in relation to the important source concerning the individual rights. There can be an aspect concerning the home unit companies which essentially the ownership including the shares are instrumental in conferring the right for occupying the matters that stays inside the building that is owned by the company. [2: See eg. Laws and legislations above, pg.3 ]
Development of a statutory contract
The constitutions of the company are embedded by the contractual effect induced by section 140 (1) pertaining to the Corporations Act. This therefore carves the section that is instrumental in providing a constitution concerning the effect that might exist in between a contract relating to the company and that of each member. It is therefore the company as well as each director which also involves the secretary thriving in between each member as well as that of other member.
Difference between the contract and the company’s constitution
The differences can be conceived by gaining an understanding of the formulation of the agreement that takes place in between the parties for making it legally enforceable. This has been existing as the notion that involves the constitution on the other hand have the shares which are transferred to them in terms of their appointment[footnoteRef:3]. Along with this it is also important to take note of the fact that there can be varying resolutions pertaining to the members concerning the general meeting. This is a right that has been subjected for safeguarding for prevention of any kind of oppression. There exists a variation pertaining to the class rights as well as the imposition concerning the financial liability in additional terms. This in turn sheds stark contrast to the changes pertaining to the contracts which might otherwise require the consent pertaining to all the involved parties. [3: See Legislations and the aspects of Judiciary, ch.9 ]
Sections of Legislation relating to Company Laws
The Australian colonies have been instrumental in the development of bicameral legislature which also involves a governor. They have drawn this model from that of the Parliament of United Kingdom.
The business laws especially are bound by the legislations since they are instrumental in recording the amount that is required for spending as well as raising money. This paves the way for the situational aspect deemed fit by the constitution had been functional in the development of the parliament since the law making power is depended upon them[footnoteRef:4]. Be it sections 51 or 52 there still remains a situation where the constitution is effective in describing the powers pertaining to the law involving that of the federal parliament. [4: See Parliamentary Sovereignty s 38(1)b]
COVID-19 impact the system of business law in Australia
Over the past few months COVID-19 has wreaked havoc globally causing a downfall in livability and the economy all over the world. The pandemic gives rise to the ensuing death toll that is...