Cleary v Australian Co-operative Foods (No.2) [1999] NSWSC 991

New South Wales Supreme Court CITATION : Cleary v Australian Co-operative Foods (No.2) [1999] NSWSC 991 CURRENT JURISDICTION : Equity FILE NUMBER(S) : 3968/99 HEARING DATE(S) : 24, 27 and 28 September 1999 JUDGMENT DATE : 12 October 1999

Patrick Cleary and Maxwell Cochrane (P) PARTIES : Australian Co-operative Foods Limited (D1) Ian A Langdon; Phillip J Bruem; Alan R Tooth; Jamie G Alison; Jeff E Ballon; Trevor R Connor; Thomas J Girgensohn; Wilf J Jarrett; Mal E Lanham; John J Mcaulay; Duncan A McInnes; Rowan R Moore; John J Reynolds; Michael D Ross; Charlie R Shearer; Ian H Zandstra (being the board of D1) (D2) Geoffrey D Boxsell (being the 'returning officer' and an employee of D1) (D3) JUDGMENT OF : Austin J

S Rares S C with S Emmett (P) COUNSEL : M Oakes SC with W Muddle (D) T Stuart (Registrar of Co-operatives) R Newlinds (ASIC) Corrs Chambers Westgarth (P) SOLICITORS : Addisons (D) I V Knight, Crown Solicitor (Registrar of Co-operatives) J Redfern, Regional General Counsel (ASIC) CATCHWORDS : CORPORATIONS - co-operatives - scheme of arrangement - misleading and deceptive conduct - disclosure of takeover proposal with commentary - commentary held to be misleading - voting by postal ballot - procedure for replacement of postal votes held to be invalid; TRADE PRACTICES - misleading and deceptive conduct - spheres of application of Trade Practices Act, Fair Trading Act, Australian Securities and Investments Commission Act and Corporations Law Australian Securities and Investments Commission Act 1900 (Cth), ss 5(3), 12AE, 12BA, 12DA, 12GE, 12GH, 12GJ Co-operatives Act 1992 (NSW), ss 6, 8, 106, 107, 112, 176, 188, 193, 194, 199, 266, 316, 354 ACTS CITED : Corporations Law, ss 9, 92, 109J, 109L, 411, 762, 995, 1022, 1114, 1322 Fair Trading Act 1987 (NSW), ss 42, 67, 70 Trade Practices Act 1974 (Cth), ss 51AF, 52, 80A Australian Electoral Commission v Towney (1994) 51 FCR 250 Bowen v Hinchcliffe (1924) 24 SR 262 Chanter v Blackwood (No 2) (1904) 1 CLR 121 Cleary v Australian Co-operative Foods [1999] NSWSC 973 Eyre v Milton Pty Ltd [1936] Ch 244 Fraser v NRMA Holding Ltd (1995) 55 FCR 452 Fraser v NRMA Holdings Ltd (1994) 14 ASCR 656 GIO Australia Holdings Ltd v AMP Insurance Investment Holdings Pty Ltd (1998) 30 ACSR 102 Kean v Kerby (1920) 27 CLR 449 NRMA Ltd v Yates [1999] NSWSC 859 Pettit v Atkinson (1994) 50 FCR 174 CASES CITED : Re Advance Bank Australia Ltd (1997) 22 ACSR 513 Re Archaean Gold NL (1997) 23 ACSR 143 Re Australian Foundation Investment Co Ltd [1974] PR 331 Re Dorman Long & Co Ltd [1934] Ch 635 Re Jessel Trust Ltd [1985] BCLC 119 Re MB Group plc [1989] BCLC 672 Re Minster Assets plc [1985] BCLC 200 Re The City Bank of Melbourne Ltd (1897) 3 ALR 220 Sengate Pty Ltd v Southern Equity Holdings Ltd [1998] SASC 6993 (FC) Tooheys Ltd v Commissioner of Stamp Duties (1960) 105 CLR 602 Webb v Bloch (1928) 41CLR 331 Woods v Sullivan (1993) 30 NSWLR 586 Yates v Whitlam [1999] NSWSC 976 DECISION : See under heading, 'Conclusion'