In the matter of Australian Unity Property Limited as responsible entity for Australian Unity Diversified Property Fund [2021] NSWSC 1494

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Australian Unity Property Limited as responsible entity for Australian Unity Diversified Property Fund [2021] NSWSC 1494 Hearing dates: 11 November 2021 Date of orders: 11 November 2021 Decision date: 19 November 2021 Jurisdiction: Equity - Corporations List Before: Black J Decision: Direct that the Plaintiff is justified in convening meetings of unitholders in fund to consider proposed trust scheme. Direct that the Plaintiff is justified in proceeding on the basis that, if approved by unitholders, consequential amendments to the constitution of the fund would be within powers conferred by each constitution and s 601GC of the Corporations Act. Catchwords: CORPORATIONS – Managed investments – Judicial advice sought under s 63 of the Trustee Act 1925 (NSW) by responsible entity – Whether to convene meetings of unitholders – Whether responsible entity would be justified in treating consequential constitution amendments as within power. Cases Cited: - Macedonian Orthodox Church St Petka Inc v His Eminence Petar (2008) 237 CLR 66; (2008) 249 ALR 250; [2008] HCA 42 - Re APN News & Media Ltd (2007) 62 ACSR 400 - Re Arthur Yates & Co Ltd (2001) 36 ACSR 758; [2001] NSWSC 40 - Re Coles Group Ltd (2007) 25 ACLC 1380; [2007] VSC 389 - Re DUET Finance Ltd (2013) 95 ACSR 34; [2017] NSWSC 415 - Re DUET Management Company 1 Ltd [2013] NSWSC 817 - Re Hostworks Group Ltd (2008) 26 ACLC 137; [2008] FCA 64 - Re Macquarie Capital Alliance Ltd (2008) 67 ACSR 484 - Re Macquarie Private Capital A Ltd (2008) 26 ACLC 366 - Re Magellan Asset Management Ltd (as responsible entity of Magellan Global Fund) (2020) 150 ACSR 23; [2020] NSWSC 1535 - Re Mirvac Funds Management Ltd [2014] NSWSC 1569 - Re Mirvac Ltd (1999) 32 ACSR 107; [1999] NSWSC 457 - Re SFE Corporation Ltd (2006) 59 ACSR 82; [2006] FCA 670 - Re Spark Infrastructure RE Ltd [2021] NSWSC 1385 - Re Sydney Airport Holdings Ltd [2013] NSWSC 1665 - Re Villa World Ltd [2019] NSWSC 1207 - Re Walsh & Company Investments Ltd [2020] NSWSC 1509 Category: Principal judgment Parties: Australian Unity Property Limited as responsible entity for Australian Unity Diversified Property Fund Representation: Counsel: D Thomas SC (Plaintiff) J Giles SC (Interested Person)