Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Western Retirement Village Management Pty Ltd v Australian Securities and Investments Commission [2007] FCAFC 75
CORPORATIONS – unregistered managed investment scheme – order appointing receiver over scheme land – land sold and purchase price paid but land not transferred – whether purchaser entitled to transfer – effect of condition that purchaser pay stamp duty – effect of condition that purchaser pay GST Held: The payment of stamp duty and GST were not conditions precedent to the transfer. In any event, the land was part of the scheme and orders could therefore be made in respect of it. Stern v McArthur (1988) 165 CLR 489 cited Corporations Act 2001 (Cth), ss 601ED 601EE Stamps Act 1921 (WA), ss 16, 28, 63, 74 WESTERN RETIREMENT VILLAGE MANAGEMENT PTY LTD (ACN 091 443 239) v AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION VID 1322 OF 2006
SUNDBERG, GREENWOOD AND JESSUP JJ
1 JUNE 2007
MELBOURNE IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 1322 OF 2006
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: WESTERN RETIREMENT VILLAGE MANAGEMENT PTY LTD (ACN 091 443 239)
Appellant
AND: AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
Respondent
JUDGES: SUNDBERG, GREENWOOD AND JESSUP JJ DATE OF ORDER: 1 JUNE 2007
WHERE MADE: MELBOURNE
THE COURT ORDERS THAT:
1. The appeal be dismissed. 2. The appellant pay the respondent's costs of and incidental to the appeal. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 1322 OF 2006
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA
BETWEEN: WESTERN RETIREMENT VILLAGE MANAGEMENT PTY LTD (ACN 091 443 239)
Appellant
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