NSW Caselaw
Reported Decision : 69 ACSR 711
New South Wales Supreme Court
CITATION : Wallace Funds Management Pty Ltd v Wallace Absolute Return Ltd [2009] NSWSC 190
HEARING DATE(S) : 11, 12 and 13 February 2009
JUDGMENT DATE : 24 March 2009
JURISDICTION : Equity Division
JUDGMENT OF : Palmer J
DECISION : Summons dismissed.
CATCHWORDS : CONTRACTS – Whether Plaintiff as manager of Defendant's investment fund procured breach by Defendant of ASX "related party transaction" rules – whether Defendant's notice requiring Plaintiff to rectify breaches of Management Agreement valid – whether Defendant elected against enforcing right to terminate Management Agreement – whether Plaintiff had rectified breaches of Management Agreement. - ASX LISTING RULES – CONSTRUCTION – Meaning of "acquire".
LEGISLATION CITED : Corporations Act 2001 (Cth) – s 228 Trustee Act 1925 (NSW) – s 14A
CATEGORY : Principal judgment
- Alghussein Establishment v Eton College [1988] 1 WLR 587 - Armitage v Nurse [1998] Ch 241 - Batson v De Carvalho (1948) 48 SR (NSW) 417 CASES CITED : - Fouche v Superannuation Fund Board (1952) 88 CLR 609 - L. Schuler AG v Wickman Machine Tool Sales Ltd [1974] AC 235, at 249 per Lord Reid - Speight v Gaunt (1883) 9 App Cas 1 - TCN Channel 9 Pty Ltd v Hayden Enterprises Pty Ltd (1989) 16 NSWLR 130
PARTIES : Wallace Funds Management Pty Ltd (Plaintiff) Wallace Absolute Return Limited (Defendant)
FILE NUMBER(S) : SC 6301/08
COUNSEL : F.M. Douglas QC, G.E. Underwood, W.A.D. Edwards (Plaintiff) I.M Jackman SC, J.A. Arnott (Defendant)
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