Beck v Tuckey [2007] NSWSC 1065

Reported Decision : 213 FLR 152

New South Wales Supreme Court

CITATION : Beck v Tuckey [2007] NSWSC 1065

HEARING DATE(S) : 1, 3 August 2007 JURISDICTION : Equity Division

JUDGMENT OF : Brereton J

EX TEMPORE JUDGMENT DATE : 3 August 2007

DECISION : Order that register be corrected to record first plaintiff as holder of share in first defendant. Order that second defendant pay plaintiffs' costs on indemnity basis.

CATCHWORDS : CORPORATIONS – Internal management – shareholders – transfer of shares – discretion to decline registration – where directors equally divided – register rectification – where discretion to decline registration not affirmatively exercised – where transfer formally defective – transfer nonetheless effective to vest beneficial interest – whether order can be made conditional upon remedying defects – COSTS – formal defects capable of cure notified only in submissions at hearing.

(CTH) Corporations Act 2001 ss 175, 1071B, 1071F LEGISLATION CITED : (CTH) Corporations Regulations reg 7.11.22 (NSW) Companies (New South Wales) Code 1986 s 186

Bothranch Pty Limited v Monitronix Limited (1989) 15 ACLR 35 Grant v John Grant & Sons (1950) 82 CLR 1 Leaver v Taxi Combined Services (Launceston) Pty Limited (2002) 10 Tas R 362; [2002] TASSC 2 Monardo v Complete Hardware Ltd (1990) 20 NSWLR 489, 2 ACSR 605 Moodie v Shepherd [1949] 2 All ER 1044; [1950] SC (HL) 60 Re Chas Jeffries & Sons Pty Ltd [1949] VLR 190 Re Hackney Pavilion Limited [1924] 1 Ch 276 CASES CITED : Re Zinotty Properties [1984] 1 WLR 1249 Roberts v Coussens (1991) 25 NSWLR 171; 9 ACLC 1403 Sutherland v Bosch (Aust) Pty Limited (2000) 33 ACSR 680 Turner v Bladin (1951) 82 CLR 463 Vaughan v Duncan [2005] NSWSC 670 Whitehouse v Capital Radio Network Pty Limited (2004) 13 Tas R 27; 48 ACSR 569 Whitehouse v Carlton Hotel Pty Limited (1982) 7 ACLR 329 Whitehouse v Carlton Hotel Pty Limited (1987) 162 CLR 285