Book Review: An Introduction to the Security Industry Acts
| Published date | 01 June 1978 |
| Date | 01 June 1978 |
| Author | C. J. H. Thomson |
| DOI | 10.1177/0067205X7800900208 |
| Subject Matter | Book Reviews |
1978] Book Reviews 251
For
example, Iwould express somewhat differently the Australian
position as to the distinction between exclusive and concurrent powers,
and the operation
of
"inconsistency" (pages 137-138). Thus he says
that
"residual" competence
is
always exclusive,
but
this
is
so
only from
amisleadingly formal point of view; the dynamics of such systems
ensure
that
aresidual competence
is
constantly subject to being eaten
away.
Nor
can it be said
that
aconcurrent power lasts only "so long
and so
far
as the federation makes no use of its legislative competence",
unless the word "use"
is
given afairly extensive gloss. "Covering the
field"
tests require amore subtle expression. Similarly the author,
when discussing spending power problems, does not quite appreciate
the distinction which Mason J. draws between mere appropriation on
the one hand, and effective, systematic spending by the federal govern-
ment, in Victoria
v.
The Commonwealth and Hayde
(the
Australian
Assistance Plan Case)1and the consequences of t
is
for the ratio
decidendi of
that
decision. This, however,
is
a
matter
on which neither
High
Court
decision
nor
learned commentary has
as
et thrown much
light.
The
bibliography
is
the most thorough in this fi ld which Ihave
ever seen. G
OF
FREY
SAWER*
An
Introduction to the Security Industry Acts by R
BAXT,
Sir
John
Latham
Professor of Law, Monash University, H. A. J.
FORD,
Professor
of Commercial Law, University of Melbourne and G. J.
SAMUEL,
Barrister and Solicitor of the Supreme
Court
of ictoria. (Butter-
worths,
1977),
pp. i-xv, 1-232. Paperback, recommended retail price
$12.00 (ISBN:
0409
330304).
This book recognises the need
that
has existed in ustralia for two
if not seven years for areasonably priced and readily digestible collec-
tion of information and sources on the legal regulation of stock markets
and other activities constituting the securities indust
y.
It
is
not
that
there has been
or
is
ashortage of information on those subjects; quite
to the contrary.
The
four volumes of the Report of the Senate Select
Committee on Securities and Exchange, the ill-fated Corporations
and
Securities Industry Bill (together with its Explanatory
Memorandum)
and the four State Securities Industry Acts are only the base
on
which
avast quantity of opinion and comment has been erected. Although
sources suitable for those cognisant with the area are available, a
comprehensive description of the scope of current law, with adequate
but
not undue depth, has not been available. Against this background
and
in the face of imminent legislation, the initiative
of
the authors
and publisher
is
to be applauded.
1(1975) 134 C.L.R. 338.
*
Emeritus
Professor
of
Law,
Australian National lTniversity.
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