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The function of a corporation charter is to establish the basic elements for an incorporated business enterprise. For example, a corporation charter sets forth the activities the corporation intends to engage in once established.
A commonwealth company is a Corporations Act company that the Commonwealth (the legal entity of Australia) controls. For more information, see the Commonwealth Authorities and Companies Act 1997, Section 34 (CAC Act). Chart of 87 bodies operating under the CAC Act (pg 2).