Why and how did the corporation (an articial legal entity) evolve in our legal system? What are the methods by which a corporation can be created? Section 51(xx) of the Australian constitution has been interpreted as giving the power to regulate corporations to the States. Explain how the Corporations Act 2001 introduced the uniform regulation of company law throughout Australia. What reasons justify a national approach? What is the ASIC? What is ASIC's various functions and responsibilities