Australian Securities Commission v Bank Leumi Le-Israel & Ors [1995] FCA 1012

CATCHWORDS CORPORATIONS - Shares - Secondary Notices issued by Australian Securities Commission to foreign corporation - Compliance risks breach of foreign law - whether foreign corporations bound to comply with notices under Corporations Law, s.722. Secondary Notices - whether notices can be given to foreign corporations where to do so contravenes foreign law - whether notices can be served by fax under Corporations Law, s.719. Secondary Notices - whether letters constitute "request" for exemption under Corporations Law, s.721 - whether decision on request vitiated by pre-judgment or failure to take into account relevant considerations. Substantial Shareholder Notices - whether foreign corporation obliged to give notice if to do so risks contravention of foreign law - whether foreign corporation is a "bare trustee" of shares for the purposes of Corporations Law s.39(b). Secondary Notices - failure to comply - power to excuse non-compliance under Corporations Law, s.743 - whether foreign corporations should be excused from non-compliance - nature of relief to be granted. Corporations Law, ss 39(b), 109X, 110D, 603, 613, 708, 709, 719, 721, 722, 741, 742, 743, 744. Polites v The Commonwealth (1945) 70 CLR 60. Re North Broken Hill Holdings Pty Ltd (1986) 10 ACLR 270. Arhill Pty Ltd v General Terminal Co Pty Ltd (1990) 23 NSWLR 545. De Beeche v The South American Stores (Gath and Chaves) Ltd [1935] AC 148. Societe Internationale Pour Participations Industrielles et Commerciales, SA v Rogers 357 US 197 (1958). Federal Trade Commission v Compagnie de Saint-Gobain-Pont-A-Mousson 636 F2d 1300 (1980). Adsteam Building Industries Pty Ltd v The Queensland Cement and Lime Company Ltd (No.4) [1985] 1 Qd R 127. Hastie & Jenkerson v McMahon [1990] 1 WLR 1575. Electronic Rentals Pty Ltd v Anderson (1971) 124 CLR 27. Little v Minister for Land Management (1992) 77 LGRA 346. Air-India v Wiggins [1980] 1 WLR 815. Corumo Holdings Pty Ltd v C. Itoh Pty Ltd (1991) 24 NSWLR 370 Regazzoni v K C Sethia (1944) Ltd [1958] AC 301. Federal Trade Commission v Comagnie de Saint-Gobain-Pont-A-Mousson 636 F2d 1300 (1980) Attorney-General (United Kingdom) v Heinemann Publishers Australia Pty Ltd (1988) 165 CLR 30. NM Superannuation Pty Ltd v Hughes (1992) 27 NSWLR 26. Laws v Australian Broadcasting Tribunal (1990) 170 CLR 70. AUSTRALIAN SECURITIES COMMISSION v BANK LEUMI LE-ISRAEL & ORS NG 3201 of 1995 Sackville J. Sydney 14 December, 1995