AvSuper Pty Ltd v Commonwealth Managed Investments Limited [2010] NSWSC 1499

Reported Decision : 81 ACSR 218

New South Wales Supreme Court

CITATION : AvSuper Pty Ltd v Commonwealth Managed Investments Limited [2010] NSWSC 1499

HEARING DATE(S) : 5 August 2010

JUDGMENT DATE : 22 December 2010

JURISDICTION : Equity

JUDGMENT OF : White J

DECISION : Order that the plaintiffs' amended originating process be dismissed.

CATCHWORDS : CORPORATIONS – construction of constitution of registered managed investment scheme – operation of provisions governing redemptions of units – where constitution provided for staggered redemptions of units at particular dates – where scheme illiquid at redemption dates – whether redemption right suspended during illiquidity until scheme becomes liquid – effect of Corporations Act 2001 (Cth), s 601KA on members' right of withdrawal – when redemption is "effected" or "satisfied" – price payable for redemption of units

LEGISLATION CITED : Corporations Act 2001 (Cth)

CATEGORY : Principal judgment

Lion Nathan Australia Pty Ltd v Coopers Brewery Limited [2006] FCA FC 144; (2006 156 FCR 1 CASES CITED : Brambles Holdings Limited v Bathurst City Council [2001] NSWCA 61; (2001) 53 NSWLR 153 Basis Capital Funds Management Limited v BT Portfolio Services Limited [2008] NSWSC 766; (2008) 67 ACSR 297 ING Funds Management Limited v ANZ Nominees Limited [2009] NSWSC 404; (2009) 72 ACSR 67

1st Plaintiff: AvSuper Pty Ltd & Anor (ACN 050 431 797) PARTIES : 2nd Plaintiff: National Nominees Limited ((ACN 004 278 899) 1st Defendant: Commonwealth Managed Investments Limited (ACN 084 098 180) 2nd Defendant: Colonial First State Property Limited (ACN 085 313 926)