MLC Ltd v Brooker [2001] FCA 845

FEDERAL COURT OF AUSTRALIA

MLC Ltd v Brooker [2001] FCA 845

Life Insurance Act 1995 s 215(1) Federal Court of Australia Act 1976 (Cth) Order 23 rule 13(1) HCF Life Insurance Co Pty Limited v Lamb 2000 FCA 573 followed MLC LTD v SHARNAH RENEE BROOKER, HAYDEN RUSSELL BROOKER, KEITH ROYSTON BROOKER, HEATHER JUNE BROOKER AND NERISSA LEE BROOKER N 267 OF 2001 HELY J 25 JUNE 2001 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 267 OF 2001

BETWEEN: MLC LTD

APPLICANT

AND: SHARNAH RENEE BROOKER

FIRST RESPONDENT

HAYDEN RUSSELL BROOKER

SECOND RESPONDENT

KEITH ROYSTON BROOKER

THIRD RESPONDENT

HEATHER JUNE BROOKER

FOURTH RESPONDENT

NERISSA LEE BROOKER

FIFTH RESPONDENT

JUDGE: HELY J

DATE OF ORDER: 25 JUNE 2001

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. Nerissa Lee Brooker be appointed as tutor for the first and second respondents for the purposes of these proceedings. 2. Nerissa Lee Brooker and National Australia Trustees Limited be appointed joint trustees of the insurance monies in the sum of $205,928.15 paid into Court by the applicant pursuant to s 215(1) of the Life Insurance Act 1995. 3. The insurance monies be paid out of Court to the Trustees pursuant to Order 23 rule 13(1) to be held by the Trustees subject to these orders and the Trusts herein declared. 4. The Trustees: (i) hold and mange the Insurance Monies on trust in equal share for the first and second respondents until the Children respectively attain the age of 18 years; (ii) invest the capital sum and interest of the Insurance Monies on behalf of the Children ("the Investment Monies"); (iii) apply the Investment Monies for the benefit of the Children during their minority as may be necessary and appropriate to the needs of the child or Children's health, welfare, education or advancement in life, subject to the requirement that any such item of expenditure sought from the investment fund which is in excess of 10 percent of the investment fund available at that time shall require the approval of a court of appropriate jurisdiction and that not more than 10 percent per annum of the available investment funds shall be so applied during the period of either child's minority without the approval of a court of appropriate jurisdiction. 5. The National Australia Trustee Limited, be entitled to the fees incurred in the management of the Insurance Monies in accordance with the schedule of fees from time to time in place by the aforesaid company in relation to the management of trusts on behalf of minors. 6. The costs of all parties to the proceedings, except insofar as they are of an unreasonable amount and except insofar as they have been unreasonably incurred, be assessed and paid out of the monies paid into Court. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.