AMP Capital Property Nominees Ltd & Anor v Westfield Management Ltd [2011] NSWCA 386

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: AMP Capital Property Nominees Ltd & Anor v Westfield Management Ltd [2011] NSWCA 386 Hearing dates: 18 November 2011 Decision date: 14 December 2011 Before: Giles JA at [1] Campbell JA at [2] Meagher JA at [3] Decision: (1)Appeal allowed. (2)Set aside the orders made by Ward J on 1 September 2011. (3)Order that the summons be dismissed and that the respondent pay the costs of the summons. (4)Order that the respondent pay the appellants' costs of the appeal. [Note: The Uniform Civil Procedure Rules 2005 provide (Rule 36.11) that unless the Court otherwise orders, a judgment or order is taken to be entered when it is recorded in the Court's computerised court record system. Setting aside and variation of judgments or orders is dealt with by Rules 36.15, 36.16, 36.17 and 36.18. Parties should in particular note the time limit of fourteen days in Rule 36.16.] Catchwords: CORPORATIONS - managed investment scheme - appeal from final injunction restraining unitholder in registered management investment scheme from voting for an extraordinary resolution to direct the winding up of the scheme pursuant to s 601NB of the Corporations Act 2001 (Cth) - construction of provisions of trust deed constituting scheme and unitholders' agreement - whether unitholder can by contract fetter or forgo right to vote at s 601NB meeting CONTRACTS - construction and interpretation - "intent and effect" of provisions - whether provision fettering exercise of right to vote unenforceable as contrary to Act or public policy Legislation Cited: Corporations Act 2001 (Cth) Corporations Law (Cth) Cases Cited: Beaufort Developments (NI) Ltd v Gilbert Ash NI Ltd [1999] 1 AC 266 Brooks v Burns Philp Trustee Co Ltd (1969) 121 CLR 432 Brown v The Queen (1986) 160 CLR 171 Byrnes v Kendle [2011] HCA 26; (2011) 243 CLR 253 Codelfa Construction Pty Ltd v State Rail Authority of NSW [1982] HCA 24; (1982) 149 CLR 337 Felton v Mulligan (1971) 124 CLR 367 Maggbury Pty Ltd v Hafele Australia Pty Ltd [2001] HCA 70; (2002) 210 CLR 181 Nullagine Investments Pty Ltd v The Western Australian Club Incorporated (1993) 177 CLR 635 Pacific Carriers Ltd v BNP Paribas [2004] HCA 35; (2004) 218 CLR 451 Project Blue Sky Inc v Australian Broadcasting Authority [1998] HCA 28; (1998) 194 CLR 355 Wilkie v Gordian Runoff Ltd [2005] HCA 17; (2005) 221 CLR 522 Zurich Australian Insurance Ltd v Metals & Minerals Pte Ltd [2009] HCA 50; (2009) 240 CLR 391 Category: Principal judgment Parties: AMP Capital Property Nominees Ltd (First Appellant) UniSuper Ltd (Second Appellant) Westfield Management Ltd (Respondent) Representation: Counsel D F Jackson QC, M I Borsky, W A D Edwards (Appellant) I M Jackman SC, J A C Potts (Respondent) Solicitors Allens Arthur Robinson (Appellant) Speed & Stracey (Respondent) File Number(s): 2011/262574 Decision under appeal Citation: Westfield Management Ltd v AMP Capital Property Nominees Ltd & Anor [2011] NSWSC 1015 Date of Decision: 2011-09-01 00:00:00 Before: Ward J File Number(s): 2011/262574