Terms of reference
[Referral to the Commission pursuant to section 5(1)(a) of the Victorian Law Reform Commission Act 2000 (Vic) on 29 October 2013.]
Sections 232 to 234 of the Corporations Act 2001 provide a range of remedies for shareholders for oppressive conduct by a corporation. The Victorian Law Reform Commission is asked to review and report on the desirability of having similar legislative remedies in Victoria to protect the rights of the beneficiaries of trading trusts who may be subject to oppressive conduct by a trustee.
In conducting the review, the Commission is to have regard to:
• whether adequate remedies for beneficiaries subject to oppressive conduct by the trustee of a trading trust are already available under Victorian statute or the common law
• the interaction between State and Commonwealth laws, and the jurisdictional limits imposed on the Victorian Parliament
• the interests of other parties which may be involved in, or interact with trading trusts including creditors, trustees, directors and employees.
The Commission is to report by 3 February 2015.