Reynolds & Co v Australian Stock Exchange & Anor [2003] NSWSC 33

Reported Decision : (2003) 44 ACSR 612 (2003) 21 ACLC 920

New South Wales Supreme Court

CITATION : Reynolds & Co v Australian Stock Exchange & Anor [2003] NSWSC 33 HEARING DATE(S) : 12/12/02-16/12/02 JUDGMENT DATE : 24 February 2003 JURISDICTION: Equity JUDGMENT OF : Campbell J DECISION : National Adjudicatory Tribunal has jurisdiction concerning charges arising from alleged conduct commencing 30 July 1990. Orders seeking to prevent charges being heard refused

CATCHWORDS : ADMINISTRATIVE LAW - particular tribunals or bodies - National Adjudicatory Tribunal of Australian Stock Exchange Limited - jurisdiction to hear charges relating to conduct occurring prior to 13 October 1998 - jurisdiction to hear charges relating to conduct occurring prior to 25 October 1993 - ASSOCIATIONS AND CLUBS - disciplinary tribunals - construction of transitional provisions in relation to jurisdiction of tribunal - whether duplicity is a ground for invalidity of a charge - requirements of fair procedure - PROFESSIONS AND TRADES - stockbrokers - disciplinary proceedings - when bringing of charges is an abuse of process - requirements of fair procedure - WORDS AND PHRASES - "things and circumstances created by or under the Articles of Association" - extends to alleged breach of Articles concerning which no disciplinary action was taken before repeal of Articles - extends to Rules made under authority of Articles of Association before those Articles were repealed Crimes (Sentencing Procedure) Act 1999 Companies Act 1958 Companies Act 1961 LEGISLATION CITED : Corporations Act 2001 (Cth) Corporations Law Interpretation Act 1901 (Cth) Interpretation Act 1987 (NSW) Limitation Act 1969 Alcatel Australia Ltd v Scarcella (1998) 44 NSWLR 349 Attorney General (NSW) v Quin (1990) 170 CLR 1 Brisbane South Regional Health Authority v Taylor (1996) 186 CLR 541 Burger King Corp v Hungry Jacks Pty Ltd [2001] NSWSC 187 Burns v TAFE Commission of NSW (Spender AJ, Supreme Court of New South Wales, 15 November 1994, unreported) Byrne v Garrisson [1965] VR 523 Chapmans Ltd v Australian Stock Exchange Limited (1995) 17 ACSR 524 Codelfa Construction Pty Limited v State Rail Authority of News South Wales (1982) 149 CLR 337 Cooke v Purcell (1988) 14 NSWLR 51 Cox v Caloundra Golf Club Inc (Thomas J, Supreme Court of Queensland, 27 September, 1995 unreported) Duncan v Medical Practitioners Disciplinary Committee [1986] 1 NZLR 513 Electricity Meter Manufacturing Co Ltd v Manufacturers Producers Pty Ltd (1930) 30 SR (NSW) 422 Etherton v Public Service Board [1983] 3 NSWLR 297 Gee v General Medical Council [1987] 1 WLR 564 Herron v McGregor (1986) 6 NSWLR 246 Hughes Bros Pty Ltd v Trustees of the Roman Catholic Church (1993) 31 NSWLR 91 Hudson Securities Proprietary Limited v Australian Stock Exchange Limited (2000) 35 ACSR 55; [2000] NSW SC 203 Hume v Higgins (1949) 78 CLR 116 CASES CITED : Jacobsen v Nurses Tribunal (Dunford J, Supreme Court of NSW, 3 October 1997, unreported) Manton v Parabolic Pty Ltd (1985) 2 NSWLR 361 Maxwell v Murphy (1957) 96 CLR 261 McClelland v Burning Palms Surf Life Saving Club [2002] NSWSC 470 McKinlay v Dodds (1984) 3 BPR 9259 McLachlan v Australian Stock Exchange Ltd (1998) 30 ACSR 139 McLachlan v Australian Stock Exchange Ltd (1999) 32 ACSR 524 Mitchell v Royal New South Wales Canine Council Limited (2001) 52 NSW 242 Minister for Immigration v Kurtovic (1990) 21 FCR 193 Overlook v Foxtel [2002] NSWSC 17 Peatfield v General Medical Council [1986] 1 WLR 243 Peters (WA) Limited v Petersville Limited (2001) 75 ALJR 1385 Polley, Ex parte; Re McLennan (1947) 47 SR (NSW) 391 Public Service Board of New South Wales v Etherton (1985) 1 NSWLR 430 R v Scarlett; ex parte McMillan (1972) 20 FLR 349 Renard Constructions (ME) Pty Ltd v Minister for Public Works (1992) 26 NSWLR 234 Reza v General Medical Council [1991] 2 AC 182 Rose and Burgess v Commissioner of Stamps (SA) (1979) 21 SASR 84 S v The Queen (1989) 168 CLR 266 Walton v Gardiner (1993) 177 CLR 378 Reynolds & Company Pty Limited (Plaintiff) PARTIES : Australian Stock Exchange Limited (First Defendant) The Chairperson of National Adjudicatory Tribunal of the Australian Stock Exchange Limited (Second Defendant) FILE NUMBER(S) : SC 5436/02 COUNSEL : R McKeand (Plaintiff) J Griffiths SC (Defendants) SOLICITORS : Holman Webb (Plaintiff) Allens Arthur Robinson (Defendant)