Bonds & Securities (Trading) Pty Ltd v Australian Foundation Investment Co Ltd [1974] HCA 12

High Court of Australia McTiernan, Menzies, Stephen, Mason and Jacobs JJ. Bonds & Securities (Trading) Pty Ltd v Australian Foundation Investment Co Ltd [1974] HCA 12

ORDER Preliminary objection and objection to competency overruled with costs.

Cur. adv. vult.

The following written judgments were delivered:—

April 5 McTiernan J.

I am of opinion that the preliminary objection and the objection to competency should be overruled for the reasons to be handed down by Mason J.

Menzies J.

I have read the judgments of Stephen and Mason JJ., and agree with them. I would simply make one reservation which does not affect the resolution of this case. As at present advised I am not disposed to think that the appellant would have an appeal as of right merely because the order under appeal effected the transfer of property exceeding $3,000 in value to Australian Foundation Investment Co. Ltd. from the eight other companies party to the arrangement.

Stephen J.

Bonds & Securities (Trading) Pty. Ltd. seeks to appeal, as of right, from an order of the Supreme Court of Victoria approving of a scheme of arrangement entered into between a number of companies and their respective members, which companies may conveniently be described as the Capel Court Group.

Bonds & Securities, being a member of certain of these companies, was represented at the meetings of members of those companies convened to consider the scheme of arrangement, and at those meetings opposed its adoption. Notwithstanding this opposition the scheme was approved of by large majorities at meetings of the members of each of the participating companies; Bonds & Securities then opposed the application which was later made to the Supreme Court, pursuant to s. 181 of the Companies Act 1961 Vict., for its approval of the scheme. It is from the order, made on that application, approving the scheme of arrangement that it now appeals to this Court.