Magellan Asset Management Limited as responsible entity for the Magellan Global Fund [2023] NSWSC 1332

Supreme Court New South Wales

Medium Neutral Citation: Magellan Asset Management Limited as responsible entity for the Magellan Global Fund [2023] NSWSC 1332 Hearing dates: 30 October, 1 November 2023 Date of orders: 1 November 2023 Decision date: 07 November 2023 Jurisdiction: Equity - Corporations List Before: Black J Decision: The request dated 13 October 2023 is invalid and ineffective and the Plaintiff is not required to comply with the request. Costs are to be paid out of the fund assets. Catchwords: EQUITY — Trusts and trustees — Construction of a managed investment scheme's constitution — Where constitution adopts the mechanisms for the call of meetings from Part 2G.4 of the Corporations Act 2001 (Cth) — Where a minority of unitholders requested a meeting be called to consider a resolution to wind up the fund — Whether the proper construction of the constitution or the Corporations Act 2001 (Cth) requires the responsible entity to comply with the request. Legislation Cited: - Corporations Act 2001 (Cth), Ch 5C, Pt 2G.4, ss 252B, 252D, 252E - Supreme Court Act 1970 (NSW), s 75 - Trustee Act 1925 (NSW), s 63 Cases Cited: - Ali v Insurance Australia Ltd [2022] NSWCA 174 - Australian Centre for Corporate Responsibility v Commonwealth Bank of Australia (2016) 248 FCR 280; [2016] FCAFC 80 - Australian Pipeline Ltd v Hastings Funds Management Ltd (2014) 103 ACSR 343 - Charter Reinsurance Co Ltd v Fagan [1997] AC 313 - HDI Global Specialty SE v Wonkana No. 3 Pty Ltd [2020] NSWCA 296 - Electricity Generation Corporation (t/as Verve Energy) v Woodside Energy Ltd (2014) 251 CLR 640; 306 ALR 25; [2014] HCA 7 - HNA Irish Nominee Ltd v Kinghorn (2010) 78 ACSR 553; [2010] FCAFC 57 - Lion Nathan Australia Pty Ltd v Coopers Brewery Ltd (2006) 156 FCR 1; [2006] FCAFC 144 - Mount Bruce Mining Pty Ltd v Wright Prospecting Pty Ltd (2015) 256 CLR 104; 325 ALR 188; [2015] HCA 37 - Neeta (Epping) Pty Ltd v Phillips (1974) 131 CLR 286 at 307; [1974] HCA 18 - New South Wales Aboriginal Land Council v Minister Administering the Crown Lands Act (2016) 260 CLR 232 - Price (as executor of the estate of Price (dec'd)) v Spoor (as trustee) (2021) 391 ALR 532; [2021] HCA 20 - SIF Holdings Pty Ltd v CRC Gosford Pty Ltd [2021] NSWCA 174 - Toll (FGCT) Pty Ltd v Alphapharm Pty Ltd (2004) 219 CLR 165; 211 ALR 342; [2004] HCA 52 Texts Cited: - J D Heydon et al, Meagher, Gummow and Lehane's Equity, Doctrines and Remedies (LexisNexis, 5th ed, 2015) Category: Principal judgment Parties: Magellan Asset Management Limited as responsible entity of the Magellan Global Fund (Plaintiff) Keybridge Capital Limited (Defendant) Representation: Counsel: D Thomas SC/B Michael (Plaintiff) C N Bova SC/K Petch (Defendant)