MacarthurCook Fund Management Limited & Anor v. TFML Limited

Lower Court Judgment

3/09/2013 Supreme Court of New South Wales (Court of Appeal) (McColl JA, Macfarlan JA, Meagher JA)

[2013] NSWCA 291

Catchwords

Corporations – Corporations Act 2001 (Cth) Ch 5C, Part 5C.6 – Managed investment schemes – Subscribed units held by appellant provided for redemption after 12 months - Respondent suspended withdrawals of trust units – Whether Part 5C.6 governs all exits from managed investment scheme – Whether prohibition in s 601KA(3)(b) applies to every power of compulsory redemption of units in registered managed investment scheme – Whether concept of “withdrawal” used in Part 5C.6 requires element of volition by withdrawing member.

Short Particulars