Australian Securities & Investments Commission v Aboriginal Community Benefit Fund Pty Ltd [2004] FCA 963

FEDERAL COURT OF AUSTRALIA

Australian Securities & Investments Commission v Aboriginal Community Benefit Fund Pty Ltd [2004] FCA 963

CORPORATIONS – prohibition on unsolicited offering of financial products – consequential orders sought following finding that conduct contravened s 992A of the Corporations Act 2001 (Cth) – power of Court to make orders under s 1324 of the Act – whether sufficient power exists – whether discretion should be exercised to decline to make orders – orders not made Corporations Act 2001 (Cth) s 992A, 1324, 1324(1), 1325 Corporations Regulations 2001 (Cth) Regulation 7.1.07D Australian Securities & Investments Commission Act 1989 (Cth) s 12DA, 12GD Constitution Chapter III Australian Securities & Investments Commission v Aboriginal Community Benefit Fund Pty Ltd [2004] FCA 178 referred to Harris v Caladine (1991) 172 CLR 84 referred to Leon Fink Holdings Pty Ltd v Australian Film Commission (1979) 141 CLR 672 cited Medibank Private Ltd v Cassidy (2002) 124 FCR 40 applied AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION v ABORIGINAL COMMUNITY BENEFIT FUND PTY LTD & ANOR N 3056 OF 2003 HELY J 26 JULY 2004 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 3056 OF 2003

BETWEEN: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION

PLAINTIFF

AND: ABORIGINAL COMMUNITY BENEFIT FUND PTY LTD

(ACN 055 222 565)

FIRST DEFENDANT

ABORIGINAL COMMUNITY BENEFIT FUND NO 2 PTY LTD

(ACN 054 951 923)

SECOND DEFENDANT

JUDGE: HELY J

DATE OF ORDER: 26 JULY 2004

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. The defendants pay the plaintiff's costs of the proceedings up to and including 30 March 2004. 2. The plaintiff pay the defendants' costs of the proceedings after 30 March 2004. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.