AGL Gas Networks Limited (Application of) [2001] NSWSC 165

(2001) 160 FLR 269 (2001) 37 ACSR 441 Reported Decision : (2001) 19 ACLC 743 [2001] NSWSC 165 [2001] ACL Rep 120 NSW 40

New South Wales Supreme Court

CITATION : AGL Gas Networks Limited (Application of) [2001] NSWSC 165 revised - 10/05/2001 CURRENT JURISDICTION: Equity FILE NUMBER(S) : SC 5173/00 HEARING DATE(S) : 26 February 2001 JUDGMENT DATE : 20 March 2001

PARTIES : In the matter of AGL GAS NETWORKS LIMITED (formerly AGL Sydney Limited): AGL GAS NETWORKS LIMITED (formerly AGL Sydney Limited) (ACN 003 004 322) (Plaintiff) JUDGMENT OF : Santow J

COUNSEL : C R C Newlinds (Plaintiff) SOLICITORS : Minter Ellison (Plaintiff) CATCHWORDS : CORPORATIONS — PROCEDURE — Rectification and validation of scheme for reconstruction and amalgamation — Scheme never became operative according to its terms contrary to the assumptions upon which everyone has acted since 1994 — Slip rule — Authorisation under the Gas Act delivered a few seconds too late — Circularity of conditions involving scheme conditions and transfer of scheme assets — Does the Court have power and jurisdiction to make rectifying and validating orders — Possible application of s1322(4) and (2) of Corporations Law. - WORDS AND PHRASES — Meaning of "in relation to". Corporations Law s195; s411; 413; s1322 LEGISLATION CITED : Gas Act 1986 (NSW) s16 Supreme Court Rules Pt 2 r 3; Pt 20 r 10 (the 'slip rule') A.S.C. v Marlborough Gold Mines Ltd (1993) 177 CLR 485 Arnett v Holloway [1960] VR 22 Australasian Memory Pty Ltd and Anor v Brien and Anor [2000] 34 ACSR 250 Bailey v. Marinoff (1971) 125 CLR 592 Bond Corporation Holdings v State of Western Australia (No.2) (1992) 7 WAR 61 B.T.S. Bearings Pty Ltd v Transmission Supplies Pty Ltd (1983) 1 ACLC 923, 8 ACLR 287 Caratti v Hillman [1974] WAR 92 Diversified Mineral Resources NL v Amusmet Investments Pty Ltd (1991) 9 ACLC 1047, 5 ACSR 465 El Ali v GIO (1998) 15 NSWLR 303 Elyard Corporation Pty Limited v DDB Needham Sydney Pty Limited (1995) 133 ALR 206 CASES CITED : Galler and Others v DDS Investments Pty Limited (Federal Court of Australia, Victoria District Registry, 7 March 1997, unreported) Hill v Anderson Meat Industries Limited [1971] 1 NSWLR 868 Kempe v Ambassador Insurance Co [1998] 1 WLR 271 Re Matine Limited & Others (1998) 28 ACSR 268 Morgan v 45 Flyers Avenue Pty Ltd (1987) 11 NSWLR 573 Re Park Lane Jewellers Pty Limited (1985) 10 ACLR 138 Paino v Hofbauer (1998) 13 NSWLR 193 Schafer v Blyth [1920] 3 KB 140 Southern Cross Exploration NL v Fire & All Risks Insurance Co Limited (1986) 7 NSWLR 319 — affirmed on appeal (1988) 165 CLR 268 Tooheys Limited v Commissioner of Stamp Duties (1960) 105 CLR 602 Workers' Compensation Board (Qld) v Technical Products Pty Ltd (1988) 165 CLR 642 DECISION : Rectifying orders made as set out in para 62.