Full Court Minute Books

Case S275/2013

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

Case No.


Case Information

Lower Court Judgment

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

[2013] FCAFC 52


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


08/11/2013 Hearing (SLA, Sydney)

22/11/2013 Notice of appeal

26/11/2013 Submitting appearance (Second Respondent)

13/12/2013 Written submissions (Appellant)

13/12/2013 Chronology (Appellant)

17/01/2014 Written submissions (First Respondent)

31/01/2014 Reply

09/09/2014 Hearing (Full Court, Canberra) (Audio-visual recording)

05/11/2014 Judgment (Judgment summary)