ING Funds Management Ltd v ANZ Nominees Ltd; ING Funds Management Ltd v Professional Associations Superannuation Ltd [2009] NSWSC 243

New South Wales Supreme Court

CITATION : ING Funds Management Ltd v ANZ Nominees Ltd; ING Funds Management Ltd v Professional Associations Superannuation Ltd [2009] NSWSC 243

HEARING DATE(S) : 24/03/09, 25/03/09

JUDGMENT DATE : 3 April 2009

JURISDICTION : Equity Division Corporations List

JUDGMENT OF : Barrett J

DECISION : Claims by responsible entity for declaratory relief refused

CATCHWORDS : CORPORATIONS - managed investments - constitution - unilateral action by responsible entity of registered scheme to modify constitution - where constitution is in the form of a deed poll - whether instrument other than deed may modify constitution - analysis of responsible entity's limited power of modification under s 601GC(1)(b) - ascertaining corporation's state of mind - meaning of "member's rights" - distinction between rights and interests - meaning of "adversely affect" - meaning of "reasonably considers" - need for evidence showing grounds for decision and rationale for conclusion

Bank of New South Wales Act 1850, s 2 LEGISLATION CITED : Conveyancing Act 1919, s 38 Corporations Act 2001 (Cth), Parts 5.1, 5C, ss 127(1), 127(3), 136, 601GB, 601GC, 601KA Joint Stock Companies Arrangement Act 1870 (UK)

CATEGORY : Principal judgment

Attorney-General v Wylde (1946) 47 SR (NSW) 99 Australia and New Zealand Banking Group Ltd v National Mutual Life Nominees Ltd [1977] HCA 42; (1977) 137 CLR 252 Basis Capital Funds Management Ltd v BT Portfolio Services Ltd [2008] NSWSC 766; (2008) 219 FLR 157 British America Nickel Corporation Ltd v M J O'Brien Ltd [1927] AC 369 Cachia v Westpac Financial Services Ltd [2000] FCA 161; (2000) 33 ACSR 572 Chelsea and Walham Green Building Society v Armstrong [1951] Ch 853 Dainford Ltd v Lam (1985) 3 NSWLR 255 Davison v Vickery's Motors Ltd (1925) 37 CLR 1 Delma Investments Pty Ltd v Shillito [1971] VR 442 Eagle Star Trustees Ltd v Heine Management Ltd (1990) 3 ACSR 232 Follit v Eddystone Granite Quarries Ltd [1892] 3 Ch 75 George v Rockett [1990] HCA 26; (1990) 170 CLR 104 Gra-ham Australia Pty Ltd v Perpetual Trustees WA Ltd (1989) 1 WAR 65 Gypsy Jokers Motorcycle Club Inc v Commissioner of Police [2008] HCA 4; (2008) 234 CLR 532 Hoobin v Samuels (1971) 2 SASR 238 Hougham v Sandys (1837) 2 Sim 95; 57 ER 725 CASES CITED : Hughes v NM Superannuation Pty Ltd (1993) 29 NSWLR 653 Kindimindi Investments Pty Ltd v Lane Cove Council [2006] NSWCA 23; (2006) 143 LGERA 277 Macdonald v Law Union Fire & Life Insurance Co (1874) LR 9 QB 328 Nash v Armstrong (1861) 10 CB(NS) 259; 142 ER 451 Oakes v Commissioner of Stamp Duties [1954] AC 57 Pepe v City & Suburban Permanent Building Society [1893] 2 Ch 311 Presentaciones Musicales SA v Secunda [1994] Ch 271 Re A&K Holdings Pty Ltd [1964] VR 257 Re John Smith's Tadcaster Brewery Ltd [1953] Ch 308 Re Macquarie Goodman Funds Management Ltd [2004] NSWSC 1197; (2004) 52 ACSR 194 Re Portuguese Consolidated Copper Mines Ltd; Ex parte Badman & Bosanquet (1890) 45 ChD 16 Seabrook; Re Takeovers Panel and the Corporations Act [2002] FCA 1219; (2002) 21 ACLC 82 Smith v Permanent Trustee Australia Ltd (1992) 10 ACLC 906 Toal v Aquarius Platinum Ltd [2004] FCA 550 West v Blakeway (1841) 2 Man & G 751; 133 ER 940 White v Bristol Aeroplane Co Ltd [1953] Ch 65 Wilson v Meudon Pty Ltd [2005] NSWSC 448; [2006] ANZ ConvR 93 Windsor Refrigerator Co Ltd v Branch Nominees Ltd [1961] Ch 375