Australian Securities and Investments Commission v McNamara [2002] FCA 1005

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v McNamara

[2002] FCA 1005 CORPORATIONS LAW – whether defendants contravened the Corporations Law Act – whether the defendants carried on a business of dealing in securities - application of the Corporations Act to the defendants' partnership – whether the defendants offered or issued a financial product without giving a product disclosure statement - whether the managed investment scheme operated by the defendants should be wound up – whether the Corporations Act 2001 (Cth) is inconsistent with the Partnership Act 1892 (NSW) Australian Constitution; s 109 Corporations Act 2001 (Cth); ss 9, 93, 68, 601EB(5), 601EE, 761A, 761D(1) and (7), 761F, 764A(1), 766A(1), 766C, 780(1), 911A(1), 1011B, 1012B(3), 1013B, 1013C, 1013E, 1013G Federal Court Rules; O 32 r 2(1)(d), O 35 r 7, O 36 Financial Services Reform Act 2001 (Cth) Judiciary Act 1903 (Cth); s 78B Partnership Act 1892 (NSW) Corporations (Common Law Powers) Act 2001 (NSW); s 3 Australian Softwood Forests Pty Ltd v Attorney-General (NSW); Ex Relatione Corporate Affairs Commission (1981) 148 CLR 121 – referred to Taylor v White (1964) 110 CLR 129 – referred to Hyde v Sullivan (1955) 56 SR (NSW) 113 – referred to Yorke v Lucas (1985) 158 CLR 661 – referred to Australian Securities and Investment Commission v Pegasus Leveraged Options Group Pty Ltd (2002) 41 ACSR 561 – referred to Australian Securities and Investment Commission v Chase Capital Management Pty Ltd (2001) 36 ACSR 778 – referred to Australian Securities and Investments Commission v Koala Produce Ltd (2002) 41 ACSR 628 – referred to Australian Securities Commission v AS Nominees Ltd (1995) 62 FCR 504 – referred to Australian Securities and Investments Commission v Austimber Pty Ltd (1999) 17 ACLC 893 – referred to McDonald v McDonald (1965) 113 CLR 529 – referred to Bailey v Marinoff (1971) 125 CLR 529 – referred to Jovanovic v The Queen (1999) 92 FCR 580 – referred to Donkin v AGC (Advances) Ltd [1995] FCA 696 – referred to Commonwealth Bank of Australia v Quade (1991) 178 CLR 134 – referred to AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION v JOHN JOSEPH MCNAMARA and ADELAIDE AUSTRALIAN INVESTMENT SERVICE PTY LTD (ACN 061 333 284) and BERNOLD GLASER and MAUREEN CAPP and GARY JOHN JOHNSTONE S.3008 of 2002 MANSFIELD J 19 AUGUST 20002 ADELAIDE