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Secure property rights are widely considered to be an essential prerequisite for sustained economic development; in Britain it is debated whether they have been secure since the medieval period or only established in the mid-seventeenth century. Within this context, Sean Bottomley examines wardship - the Crown's prerogative right(s) to appropriate landed estates which had descended to a legal minor until they attained their majority, to take custody of the child and, where they were unmarried, to decide their marriage partner. Bottomley demonstrates that this constituted a significant yet grossly inefficient and corrupted source of crown revenue, one that inflicted tangible economic penalties. It was also indicative of the decaying capacity of the early Stuart state and Bottomley concludes that without the constitutional changes of the mid to late seventeenth-century, Britain would not have industrialised in the eighteenth-century.
Transvaginal ultrasound scan is the mainstay of diagnosis of miscarriage. Evidence based criteria should be fulfilled in all cases, with interval scans as needed to avoid inadvertent interventions when the pregnancy may be viable. Incomplete, inevitable and complete miscarriages have specific ultrasound findings. Several ultrasound factors, including slow embryonic heart rate, small embryo or gestation sac size and an enlarged yolk sac, alone or in combination, help predict impending pregnancy loss. Uterine factors such as fibroids, adenomyosis and adhesions after previous caesarean birth may make ultrasound assessment for early pregnancy more challenging.
Inflammation and infections such as malaria affect concentrations of many micronutrient biomarkers, and hence estimates of nutritional status. We aimed to assess the relationship between malaria infection and micronutrient biomarker concentrations in pre-school children (PSC), school-age children (SAC) and women of reproductive age (WRA) in Malawi, and to examine the potential role of malaria immunity on the relationship between malaria and micronutrient biomarkers. Data from the 2015/2016 Malawi micronutrient survey were used. The associations between current or recent malaria infection, detected by rapid diagnostic test, and concentration of serum ferritin, soluble transferrin receptor (sTfR), zinc, serum folate, red blood cell (RBC) folate and vitamin B12, were estimated using multivariable linear regression. Factors related to malaria immunity including age, altitude and presence of hemoglobinopathies were examined as effect modifiers. Serum ferritin, sTfR and zinc were adjusted for inflammation using the BRINDA method. Malaria infection was associated with 68% (95% CI 51, 86), 28% (18,40) and 34% (13,45) greater inflammation-adjusted ferritin in PSC, SAC and WRA respectively (p<0.001 for each). In PSC, the positive association was stronger in younger children, in high altitude, and in children who were not carriers of the sickle cell trait. In PSC and SAC, sTfR was elevated (+ 25% (16, 29) and + 15% (9,22) respectively, p<0.001). Serum folate and RBC folate were elevated in WRA with malaria (+ 18% (3,35) and + 11% (1,23), p=0.01 and p=0.003 respectively). Malaria affects the interpretation of micronutrient biomarker concentrations and examining factors related to malaria immunity may be informative.
One of Aesop's fables tells the story of a war between the Birds and the Beasts, and the problems which this posed for the Bat. Whilst sharing characteristics in common with each set of protagonists, the Bat nevertheless did not belong to either side. Unfortunately this subtlety was not noticed by the warring parties'who each dismissed the Bat as an enemy. This image of the Bat's difficult position captures what I am attempting to do in this article. I examine the debate (“war” is too strong a word for it) between the two dominant justificatory theories of corporate governance and regulation in Australian corporate jurisprudence—the concession theory and the contract-based theories. I argue that although this debate has offered some important insights, ultimately it has proved to be either too simplistic (offering one-dimensional pictures of corporate life) or too restrictive (limiting our conception of how corporate governance and regulation might be improved). I sketch out an alternative justificatory theory which I call “corporate constitutionalism”.
The Commonwealth has since federation formed and controlled many corporations, both statutory and those created under companies legislation. In this article we explore the constitutional basis for the Commonwealth forming and controlling a Corporations Law company. This is a topic which has received little attention but it is becoming increasingly clear that a proper understanding of the Commonwealth's constitutional position, when it forms and controls companies, is necessary because of the increased emphasis on commercialisation and entrepreneurialism and the sometimes drawn-out process of privatisation of Commonwealth bodies.
It is generally assumed in this article that the Commonwealth will make use of a company for some commercial purpose, but we acknowledge this is not always the case. It is possible, and quite common, for the Commonwealth to use a company for the implementation of a policy or for some other governmental purpose not directly related to commercial activity. The use of the company form by the Commonwealth in any situation raises important questions about government responsibility and accountability. While we do not address these questions directly in this paper, our underlying concern nevertheless is that the use of a company by the Commonwealth for ordinary commercial purposes has the potential to erode the notion of governmental responsibility.
Socio-legal scholars have long recognised the importance of understanding the difference and the interaction between the ‘law in the books’ — the formal legal rules and doctrines made by parliaments and the courts, and the ‘law in action’ — the processes and practices by which those rules and doctrines are put into effect. Similarly, public lawyers and regulatory theorists have highlighted the importance of understanding the role of regulatory discretion in the enforcement of rules. The commonly understood message in these overlapping areas of research is that we cannot properly understand the law if we limit our attention to formal rules. A related point is that there is nothing necessarily improper about the exercise of regulatory discretion. Nor is there anything necessarily improper about the fact that the processes of rule enforcement can produce different outcomes than might be suggested by a simple reading of the rule itself.
Corporate regulation is front-page news in Australia. In recent years we have witnessed the unedifying debate between the Federal and State governments about how the responsibility for, and benefits of regulating companies and securities law should be allocated. Federal Parliamentary committees have conducted inquiries into the law relating to directors' duties, insider trading, and (currently) minority shareholders' rights. The chairman of the National Companies and Securities Commission and the Australian Securities Commission, Mr Tony Hartnell, has gained frequent publicity and support for his concern to “deal with the excesses of the past”.
As this brief survey indicates, the renewed concern about corporate regulation has tended to focus on the task of defining and controlling the conduct of some company personnel (directors, managers, and their advisers) in order to protect the interests of other corporate players (particularly shareholders and creditors). This focus is not surprising, but where does it leave the corporation?
Background: We evaluated vorasidenib (VOR), a dual inhibitor of mIDH1/2, in patients with mIDH1/2 glioma (Phase 3; NCT04164901). Methods: Patients with residual/recurrent grade 2 mIDH1/2 oligodendroglioma or astrocytoma were enrolled (age ≥12; Karnofsky Performance Score ≥80; measurable non-enhancing disease; surgery as only prior treatment; not in immediate need of chemoradiotherapy). Patients were stratified by 1p19q status and baseline tumor size and randomized 1:1 to VOR 40 mg or placebo (PBO) daily in 28-day cycles. Endpoints included imaging-based progression-free survival (PFS), time to next intervention (TTNI), tumor growth rate (TGR), health-related quality of life (HRQoL), neurocognition and seizure activity. Results: 331 patients were randomized (VOR, 168; PBO, 163). The median age was 40.0 years. 172 and 159 patients had histologically confirmed oligodendroglioma and astrocytoma, respectively. Treatment with VOR significantly improved PFS and TTNI. Median PFS: VOR, 27.7 mos; PBO, 11.1 mos (P=0.000000067). Median TTNI: VOR, not reached; PBO, 17.8 mos (P=0.000000019). Treatment with VOR resulted in shrinkage of tumor volume. Post-treatment TGR: VOR, -2.5% (95% CI: -4.7, -0.2); PBO, 13.9% (95% CI: 11.1, 16.8). HRQoL and neurocognition were preserved and seizure control was maintained. VOR had a manageable safety profile. Conclusions: VOR was effective in mIDH1/2 diffuse glioma not in immediate need of chemoradiotherapy.
Secure property rights are usually considered to be essential for sustained economic development. In England, it is debated whether property rights have been secure since the medieval period or if they were only established after the Glorious Revolution. In this context, the paper examines the Court of Wards, which from 1540 to 1646 administered the Crown’s right to take custody of children and their lands when these were held by feudal-military tenures. The paper shows that wardship was a common occurrence, its exactions arbitrary but often heavy, and that it reduced the value of lands held by these tenures.
Contemporary Australian Corporate Law is a highly-regarded introduction to corporate law in Australia that provides an authoritative, contextual and critical analysis of the law governing Australian corporations and financial markets. It explores the rules, principles, doctrines and policies that constitute corporate law in Australia within their legal, social, economic and political contexts. Clearly and precisely written, this edition has been thoroughly updated and refined to reflect current Australian corporate law, including recent case law, changes to the Corporations Act 2001 and the impact on the corporate sector of the Financial Services Royal Commission. Written by leading legal scholars, Contemporary Australian Corporate Law will assist students to develop a critically informed understanding of corporate law and the role of corporations in contemporary society.
Corporate law, like all law, has a context; indeed, it has many contexts. To understand corporate law today, we need to appreciate the forces—social, political, economic, global and local—which shape that law. Modern corporations and contemporary Australian corporate law should be understood as a product of, and a compromise between, various social, economic and legal ideas and philosophies. This is the focus of the first two chapters of this book.
We began Chapter 1 by emphasising the need to be aware of the different contexts within which corporations and corporate law are created and operate. We considered the historical and regulatory contexts of contemporary Australian corporate law. This chapter considers the importance of the different theoretical and ideological perspectives that assist in understanding the nature of the corporation, the role and purpose of corporations in contemporary society, and the rationales for and against the regulation of corporate activity.
This chapter is the first of two chapters that examine what can happen when a company cannot pay all or some of its debts. This chapter discusses the types of action that can be taken other than winding a company up, focusing upon receivership, schemes of arrangement and voluntary administration. This chapter commences with a consideration of the state of insolvency, and how it may be determined. This is a complex question, relying on an array of information specific to each company, beyond that company’s demonstrated assets and liabilities according to a balance sheet. Each of the actions the chapter considers are also demonstrative of different aspects of insolvency law, with different motivations and consequently vastly different outcomes.