Young v Sal Mar Enterprises Lot Pty Ltd, in the matter of Sal Mar Enterprises Lot Pty Ltd [2005] FCA 1853

FEDERAL COURT OF AUSTRALIA

Young v Sal Mar Enterprises Lot Pty Ltd, in the matter of Sal Mar Enterprises Lot Pty Ltd [2005] FCA 1853 CORPORATIONS – application for rectification of the share register – whether agreement to issue shares – whether subscription price paid – application to invalidate shareholders resolution – power to declare resolution invalid Corporations Act 2001 (Cth), ss 175, 1322(2) Federal Court Act 1976 (Cth), ss 21 and 22 Australian Hydrocarbons NL v Green (1985) 10 ACLR 72 referred to Fountain Selected Meats (Sales) Pty Ltd v International Produce Merchants Pty Ltd (1988) 81 ALR 397 referred to Poliwka v Heven Holdings Pty Ltd (1992) 6 WAR 505 referred to Re PW Saddington & Sons Pty Ltd (1990) 19 NSWLR 674 referred to Re Waldcourt Investment Co Pty Ltd [1988] WAR 1 referred to Talbot v NRMA Holdings Limited (1996) 68 FCR 590 referred to IN THE MATTER OF SAL MAR ENTERPRISES LOT PTY LTD (ACN 109 292 266) VID 1152 OF 2005 YOUNG J 16 DECEMBER 2005 MELBOURNE

IN THE FEDERAL COURT OF AUSTRALIA

VICTORIA DISTRICT REGISTRY VID 1152 OF 2005

IN THE MATTER OF SAL MAR ENTERPRISES LOT PTY LTD (ACN 109 292 266)

BETWEEN: JOHN ANTHONY YOUNG

PLAINTIFF

AND: SAL MAR ENTERPRISES LOT PTY LTD (ACN 109 292 266)

DEFENDANT

JUDGE: YOUNG J

DATE OF ORDER: 16 DECEMBER 2005

WHERE MADE: MELBOURNE

THE COURT ORDERS THAT:

1. Pursuant to s 175 of the Corporations Act 2001 (Cth), the share register of Sal Mar Enterprises Lot Pty Ltd (ACN 109 292 266) ("Sal Mar") be rectified so as to record that:

(a) 25,000 ordinary shares of $1.00 each in the capital of Sal Mar were issued and allotted to John Anthony Young on 1 April 2005; and

(b) since 1 April 2005, John Anthony Young has held 25,000 ordinary shares of $1.00 each in the capital of Sal Mar.