In the Matter of R G Capital Radio Pty Ltd (formerly Sea FM Ltd); Peninsula Gold Pty Ltd & Ors v R G Capital Radio Pty Ltd (formerly Sea FM Ltd); [1998] FCA 71

FEDERAL COURT OF AUSTRALIA CORPORATIONS - application to correct register of shareholders - compulsory acquisition of shares by takeover - whether large number of transfers should have been registered on day before Part A statement was served - Listing Rules of Stock Exchange - whether transfer by person not yet registered as shareholder was "in registrable form" - obligation of company under the Listing Rules to "give effect to [a] transfer within 5 business days" - obligation "not [to] prevent, delay or in any way interfere with the registration of a paper-based transfer in registrable form" - meaning of rules - effect of electronic CHESS registration not communicated to the company - discussion of proposition that a person is not a member till registered in the company's share register - power of ASC to vary the provisions of s 701 in a particular case - inutility of relief once ASC exercised that power. WORDS AND PHRASES - "delay". Corporations Law, ss 701, 730, 777 Stock Exchange Listing Rules, rules 3D(2), 3D(3B)(b), 3Y(6) Maddocks v D.J.E. Constructions Proprietary Limited (1982) 148 CLR 104, applied National WestminsterBank Plc v Inland Revenue Commissioners [1995] 1 AC 119, applied Premier Pacific Pharmaceutical Industries Ltd v Australian Stock Exchange Ltd (1995) 129 ALR 661, applied Leaney v Olmstead Pty Ltd (1994) 51 FCR 240, referred to Xu v Liu (Branson J, unreported, 31 July 1997), referred to Bermuda Cablevision Ltd v Colica Trust Co Ltd [1998] 2 WLR 82, applied Rands Development Pty Limited v Davis (1975) 133 CLR 26, applied I.A.C. (Finance) Pty Limited v Courtenay (1963) 110 CLR 550, applied Peninsula Gold Pty Ltd v ASC (1996) 14 ACLC 1435, referred to Otter Gold Mines Ltd v Australian Securities Commission (1997) 25 ACSR 382, referred to Ainsworth v Criminal Justice Commission (1992) 175 CLR 564, referred to Peninsula Gold Pty Ltd v Sunbeam Victa Holdings Ltd (1996) 14 ACLC 1089, referred to