AMP Life Ltd v AMP Capital Funds Management Ltd & Anor [2016] NSWCA 176

Court of Appeal Supreme Court New South Wales Medium Neutral Citation: AMP Life Ltd v AMP Capital Funds Management Ltd & Anor [2016] NSWCA 176 Hearing dates: 22 July 2016 Date of orders: 22 July 2016 Decision date: 26 July 2016 Before: Bathurst CJ at [1]; Meagher JA at [3]; Barrett AJA at [4] Decision: 1. Appeal Dismissed. 2. Order that the first respondent be indemnified for its costs of the appeal out of the assets of the AMP Capital China Growth Fund. 3. Order that the second respondent's costs of the appeal be paid by the appellant. Catchwords: CORPORATIONS – registered managed investment scheme – meeting of members – voting rights of responsible entity – Corporations Act 2001 (Cth), s 253E – references therein to "the responsible entity and its associates" – whether an entity within that group is precluded from voting only if it is that entity itself that has a non-member interest in the matter before the meeting PROCEDURE – costs – question of statutory construction meriting analogy with "testator's fault" probate proceedings at first instance – whether that analogy applies on appeal Legislation Cited: Company Law Review Act 1998 (Cth) Corporate Law Economic Reform Program Act 1999 (Cth) Corporations Act 2001 (Cth) Life Insurance Act 1995 (Cth) Trustee Act 1925 (NSW) Uniform Civil Procedure Rules 2005 (NSW), Cases Cited: Australia and New Zealand Banking Group Ltd v National Nominees Ltd [1977] HCA 42; 137 CLR 252 Clunies-Ross v The Commonwealth [1984] HCA 65; 155 CLR 193 Currie v Glen [1936] HCA 1; 54 CLR 445 Elliot v Secretary, Department of Education, Employment and Workplace Relations [2008] FCA 1293; 249 ALR 182 Everest Capital Ltd v Trust Company Ltd [2010] NSWSC 231; 77 ACSR 371 Fielder v Burgess [2014] SASC 98 Fowler v Nield (1961) 61 SR (NSW) 152 Gale v Gale [1914] HCA 53; 18 CLR 560 Lippe v Hedderwick [1922] HCA 44; 31 CLR 148 McGellin v Mount King Mining NL (1998) 144 FLR 288 Project Blue Sky Inc v Australian Broadcasting Authority [1998] HCA 28; 194 CLR 355 R v Young [1999] NSWCCA 166; 46 NSWLR 681 Re AMP Capital Funds Management Limited (in its capacity as responsible entity of the AMP Capital China Growth Fund) [2016] NSWSC 986 Re Blyth (deceased) [1959] NZLR 1313 Re Great Southern Managers Australia Ltd [2009] VSC 557; 76 ACSR 146 Re McIntyre [1993] 2 Qd R 383 Re Mirvac Ltd [1999] NSWSC 457; 32 ACSR 107 Southern Wine Corporation Pty Ltd v Perera [2006] WASCA 275; 33 WAR 174 Tobin v Ezekiel [2012] NSWCA 285; 83 NSWLR 757 Trustees Executors and Agency Company Ltd v Ramsay [1920] HCA 2; 27 CLR 279 Wade v NSW Rutile Mining Co Pty Ltd [1969] HCA 28; 121 CLR 177 Wales v Wales (No 2) [2015] VSCA 365 Texts Cited: Dr Robert Eagleson, "A singular use of THEY" (Corporate Law Simplification Taskforce Paper, September 1995) Category: Principal judgment Parties: Appellant - AMP Life Limited Respondent 1 - AMP Capital Funds Management Limited (in its capacity as responsible entity of the AMP Capital China Growth Fund Respondent 2 – LIM Asia Multi-Strategy Fund Inc Representation: Counsel: Appellant – Mr J Stoljar SC, Mr JAC Potts Respondent 1 – Mr SM Nixon Respondent 2 – Mr A Leopold SC, Ms E Holmes, Mr DE Birch