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Abstract

Attention has been focused on the stock exchange rules by amendments made to sections 777 and 1114 of the Corporations Law in 1994, designed to widen the operation of the rules, and the decisions in Chapmans' case (1994-1995), which have narrowed their operation. This article analyses these developments, including the definition of "rules", and rejects the view expressed in Chapmans' case that the stock exchange Articles of Association are not part of the stock exchange's contract with a listed company. It supports the view that stock exchange decisions under the rules are subject to judicial review under Commonwealth administrative law because of their statutory significance, and that decisions under the rules import a duty to give reasons if required by fairness.

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