NSW Caselaw
Reported Decision : 62 ACSR 539 (2007) Aust Contract Reports 90-258
New South Wales Supreme Court
CITATION : Silver v Dome Resources NL [2007] NSWSC 455
HEARING DATE(S) : 4 – 8, 11 - 15 April, 3 & 5 May and 12 – 14 September 2005, 9, 13 & 22 June, 26 October and 6 December 2006 and 2 May 2007
JUDGMENT DATE : 9 May 2007
JURISDICTION : Equity
JUDGMENT OF : Hamilton J
DECISION : That the first plaintiff is entitled to orders for specific performance to enforce the payment of benefits upon his retirement as a director to a company associated with him against both the company from which he retired and its holding company as guarantor.
CATCHWORDS : CONTRACTS [45], [87] – General contractual principles – Parties – Rights and liabilities of third parties – Enforcement by non party beneficiary – Consideration – What amounts to consideration – Other cases – Practical benefit or disbenefit - CORPORATIONS [1228], [1241] – Management and administration – Officers of corporation – Director – Remuneration – Responsibility for fixing – Authority, rights and powers of officers of corporation – Termination payments – Entitlements on resignation – Statutory caps on quantum – Time of operation of provision prohibiting excessive entitlements - EQUITY [379] – Equitable remedies – Specific performance – The jurisdiction in general – General principles – No longer limited by particular categories – Available at suit of party to contract to enforce payment of monetary sum to non party - GUARANTEE AND INDEMNITY [20] – Discharge of surety – Departure from terms of contract with surety – Whether total failure of consideration.
Corporations (New South Wales) Act 1990 s 7 Corporations Act 1989 (Cth) s 82 LEGISLATION CITED : Corporations Law ss 9, 124, 125, 127, 128, 129, Part 2D.2 Division 2, 200A(1)(b), 200B(1), 200D(1), 200G(1)(b), 200G(2)(b), 237 and 251A(6) Corporations Act 2001 (Cth) ss 9, 124, 125, 127, 128, 129, Part 2D.2 Division 2, 200A(1)(b), 200B(1), 200D(1), 200G(1)(b), 200G(2)(b) and 251A(6) Trade Practices Act 1974 (Cth) s 52
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