Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Huntley Management Limited v Australian Olives Limited (No 2) [2009] FCA 686
CORPORATIONS – managed investment scheme – removal of current responsible entity and appointment of new responsible entity – challenge by current responsible entity to its removal and replacement – new responsible entity procures itself to be registered as responsible entity by Australian Securities and Investments Commission – whether new responsible entity had a right to the books relating to the scheme merely by reason of its being registered. Held: No. Corporations Act 2001 (Cth) ss 601FJ, 601FR, 601FS, 601FT Australian Olives Limited v Stout [2007] FCA 1958 discussed H A Stephenson & Son Limited (in liq) v Gillanders, Arbuthnot & Co (1931) 45 CLR 476 referred to ING Funds Management Limited v ANZ Nominees Limited [2009] NSWSC 243 cited IN THE MATTER OF AUSTRALIAN OLIVES LIMITED (ACN 078 885 042); HUNTLEY MANAGEMENT LIMITED (ACN 089 240 513) v AUSTRALIAN OLIVES LIMITED (ACN 078 885 042)
NSD 346 of 2009
LINDGREN J
24 JUNE 2009
SYDNEY IN THE FEDERAL COURT OF AUSTRALIA
NEW SOUTH WALES DISTRICT REGISTRY NSD 346 of 2009
IN THE MATTER OF AUSTRALIAN OLIVES LIMTED (ACN 078 885 042) BETWEEN: HUNTLEY MANAGEMENT LIMITED (ACN 089 240 513)
Plaintiff
AND: AUSTRALIAN OLIVES LIMITED (ACN 078 885 042)
Defendant
JUDGE: LINDGREN J
DATE OF ORDER: 24 JUNE 2009
WHERE MADE: SYDNEY
THE COURT ORDERS THAT:
1. The following question: Is the plaintiff, by reason only of the facts stated in paragraphs 7 and 8 of orders made on 18 June 2009, the "new responsible entity", within the meaning of that expression in ss 601FR, 601FS and 601FT of the Corporations Act 2001 (Cth), of the managed investment scheme known as Australian Olives Project No 3? be answered "No". 2. The plaintiff pay the defendant's costs of the determination of the separate question. 3. The proceeding be stood over to 1 July 2009 at 9.30 am for the making of directions as to the future course of the proceeding. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules. The text of entered orders can be located using eSearch on the Court's website. IN THE FEDERAL COURT OF AUSTRALIA
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