MTM Funds Management v Cavalane [2000] NSWSC 922

(2000) 158 FLR 121 Reported Decision : (2000) 35 ACSR 440 (2000) 18 ACLC 819

New South Wales Supreme Court

CITATION : MTM Funds Management v Cavalane [2000] NSWSC 922 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 3925/00 HEARING DATE(S) : 21 September 2000 JUDGMENT DATE : 22 September 2000

PARTIES : MTM Funds Management Limited (P) Cavalane Holdings Pty Ltd (D) JUDGMENT OF : Austin J

T E F Hughes QC with M R Tyson (P) COUNSEL : A J Myers QC with S J Gageler (D) T Lynch (ASIC) SOLICITORS : Clayton Utz (P) Atanaskovic Hartnell (D) CATCHWORDS : TRUSTS - application for judicial advice - application by responsible entity of scheme for advice as to whether resolutions at a requisitioned meeting should be put as ordinary or special resolutions - appropriateness of procedure for judicial advice - CORPORATIONS - managed investment schemes - statutory rights of members to remove responsible entity and requisition a meeting for that purpose - whether statutory rights exclude rights under constitution - whether statutory right requires a special or extraordinary resolution. CIC Insurance Limited v Bankstown Football Club Limited (1997) 187 CLR 384 Ex parte Stanford re Barber (1886) 17 QBD 259 Harrison v Mills [1976] 1 NSWLR 42 Latitude Fisheries Pty Ltd v Minister for Primary Industries and Energy (1993) 41 FCR 536 CASES CITED : R v Wallis (1949) 78 CLR 529 Re Addstone Pty Ltd (1997) 25 ACSR 357 Re GB Nathan & Co Pty Ltd (1991) 5 ACSR 73 Re Mirvac Ltd (1989) 32 ACSR 107 Walker v Wilson (1991) 172 CLR 195 DECISION : Advice that the plaintiff would not be justified in requiring that the resolutions for its removal and replacement be by special resolution or extraordinary resolution.