Wellington Capital Limited v. Australian Securities & Investments Commission and Anor

Lower Court Judgment

28/05/2013 Federal Court of Australia (Jacobson J, Gordon J, Robertson J)

[2013] FCAFC 52

Catchwords

Corporations Law - Corporations Act 2001 (Cth) ("the Act") - Appellant responsible entity of registered scheme sold portion of managed investment scheme to listed company in return for entire issued share capital of that company - Appellant then distributed in specie to unit holders of fund in proportion to their holdings - Whether appellant was permitted to make an in specie distribution of shares to unit holders - Whether appellant's power to make distributions of income or capital in cash only limited general trustee powers outlined in Fund's constitution - Whether question must be approached through prism of trust law.

Corporations law - Membership - Whether unit holders had consented to becoming members of relevant corporation pursuant to s 231 of the Act by virtue of shares being transferred to them.

Equity - Equitable remedies - Whether Full Court erred in exercising discretion to grant purely declaratory relief.

Short Particulars