Westfield Management Ltd v AMP Capital Nominees Ltd & anor [2011] NSWSC 1015

Supreme Court New South Wales

Medium Neutral Citation: Westfield Management Ltd v AMP Capital Nominees Ltd & anor [2011] NSWSC 1015 Hearing dates: 23 August 2011 Decision date: 01 September 2011 Jurisdiction: Equity Division - Duty List Before: Ward J Decision: Injunctive relief granted Catchwords: CORPORATIONS - application for final injunction to restrain unitholder in registered management investment scheme from voting for an extraordinary resolution to wind up the scheme pursuant to ss 601NB and 601NE of the Corporations Act 2001 (Cth) - proper construction of joint venture agreement and trust deed provisions - whether statutory right to apply for winding up of scheme under s 601NB overrides a contractual provision to exercise voting rights so as to give effect to intent of a prohibition on sale of property without written consent of all unitholders - HELD - injunction granted to restrain vote in favour of proposed resolution Legislation Cited: Corporations Act 2001 (Cth) Cases Cited: Admiralty Commissioners v Valverda (Owners) [1938] AC 173 Alpha Wealth Financial Services Pty Ltd v Frankland River Olive Co Ltd (2008) 66 ACSR 594 Bidald Consulting Pty Ltd v Miles Special Builders Pty Ltd [2005] NSWSC 1235; (2005) 226 ALR 510 BP Refinery (Westernport) Pty Ltd v Hastings Shire Council (1977) 180 CLR 266 Brown v R (1986) 160 CLR 171 Byrnes v Kendle [2011] HCA 26 Capelli v Shepard (2010) 77 ACSR 35 Commonwealth of Australia v Verwayen (1990) 170 CLR 394 Cordiant Communications (Australia) Pty Ltd v The Communications Group Holdings Pty Ltd [2005] NSWSC 1005 Hooper v Lane (1859) 6 HL Cas 443; (1859) 10 ER 1368 ING Funds Management Limited v ANZ Nominees Limited [2009] NSWSC 243; (2009) 228 FLR 444 MTM Funds Management Ltd v Cavalane Holdings Pty Ltd (2000) 158 FLR 121 Puddephatt v Leith [1916] 1 Ch 200 Re Stacks Managed Investments Ltd (2005) 219 ALR 532 Royal Botanic Gardens and Domain Trust v South Sydney City Council (2002) 240 CLR 45 SA Maritime et Commerciale of Geneva v Anglo Iranian Oil Co Ltd [1954] 1 WLR 492 Seven Network (Operations) Ltd and Ors v James Warburton (No 2) [2011] NSWSC 386 Southern Wine Corporation Pty Ltd (in liq) v Frankland River Olive Co Ltd (2005) 31 WAR 162; [2005] WASCA 236 Texts Cited: Austin & Black's Annotations to the Corporations Act Category: Principal judgment Parties: Westfield Management Limited as trustee for the Westart Trust (Plaintiff) AMP Capital Property Nominees Limited as nominee of UniSuper Limited (in its capacity as trustee of the UniSuper superannuation fund) (First Defendant) UniSuper Limited (in its capacity as trustee of the UniSuper superannuation fund) (Second Defendant) Representation: Counsel I Jackman SC with J Potts (Plaintiff) P Cosgrave SC with M Borsky and W Edwards (Defendants) Solicitors Speed and Stracey Lawyers (Plaintiff) Allens Arthur Robinson (Defendants) File Number(s): 11/262574