Searle v Australian Securities & Investments Commission [2006] FCA 208

FEDERAL COURT OF AUSTRALIA

Searle v Australian Securities & Investments Commission [2006] FCA 208

CORPORATIONS – application for leave to manage a corporation under section 206G of the Corporations Act 2001 (Cth) – where the Australian Securities and Investments Commission intervened in the proceeding – where the Australian Securities and Investments Commission did not object to the granting of leave but sought the imposition of appropriate conditions on the applicant - where applicant and intervenor agreed on appropriate conditions - whether court should exercise discretion to grant leave Corporations Act 2001 (Cth), ss 206G, 206B Re Magna Alloys and Research Pty Ltd (1975) 1 ACLR 203 - followed RONALD WESLEY SEARLE v AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION NSD 1009 OF 2005 RARES J 23 FEBRUARY 2006 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD 1009 OF 2005

BETWEEN: RONALD WESLEY SEARLE

APPLICANT

AND: AUSTRALIAN SECURITIES & INVESTMENTS COMMISSION

INTERVENOR JUDGE: RARES J

DATE OF ORDER: 23 FEBRUARY 2006

WHERE MADE: SYDNEY

THE COURT:

1. Grants leave to the applicant pursuant to section 206G of the Corporations Act 2001 (Cth) to manage Transtar Express Pty Ltd ACN 001 150 563, Kagua Pty Ltd ACN 001 130 856, Edgely Pty Ltd ACN 089 763 646 and Nitestar Express Pty Ltd ACN 103 144 378 ('the Transtar Group').

2. The grant of leave in Order 1 is conditional upon the following terms:

(a) Mr John Wesley Searle is to continue to be a director of the companies in the Transtar Group until at least 18 January 2010.

(b) The applicant is to report to Mr John Weslyn Searle as Managing Director on all activities of the Transtar Group until 18 January 2010.

(c) Within three weeks of leave being granted to the applicant to manage companies in the Transtar Group, the companies in the Transtar Group are to appoint an auditor who is a registered company auditor.