THE fall-out from the profligate 1980s continues. The response from the Federal Government was to tighten up. This meant a plethora of new law and bodies to administer them. In turn this has led to a debate about the best way to regulate corporations.
Last week, the retiring head of the Australian Securities Commission, Tony Hartnell, made a novel contribution to that debate.
But first some background. On one hand, we have the proponents of what is charmingly called black-letter law these are essentially the Federal bureaucracy and the parliamentary drafters. Black-letter law is the unintelligible language of Australian statute law. It arose because crooks found loopholes in simply worded laws: they obeyed the letter of it, not its spirit. Courts, very stupidly allowed them to get away with it. They applied the letter of the law, rather than the spirit. That made life more certain, the judges said.
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