In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1766

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust [2018] NSWSC 1766 Hearing dates: 6 November 2018 Decision date: 16 November 2018 Jurisdiction: Equity - Corporations List Before: Black J Decision: Judicial advice given that ILFML is justified in convening extraordinary general meetings of unitholders to implement the proposed trust schemes and proceeding on the basis that the amendments made to the AJO Fund and PCP Trust constitutions are within the powers of alteration conferred by those documents and s 601GC of the Corporations Act 2001 (Cth). Catchwords: CORPORATIONS – managed investments – application for judicial advice by responsible entity under s 63 of the Trustee Act 1925 (NSW) – whether responsible entity would be justified in convening extraordinary general meetings of unitholders to implement the proposed trust schemes – whether proposed amendments are within the powers of alteration conferred by the constitutions of the managed investment schemes and s 601GC of the Corporations Act 2001 (Cth). Legislation Cited: - Corporations Act 2001 (Cth) s 601GC - Trustee Act 1925 (NSW) s 63 Cases Cited: - Macedonian Orthodox Community Church St Petka Inc v His Eminence Petar (2008) 237 CLR 66 - Re APN News & Media Ltd [2007] FCA 770; (2007) 62 ACSR 400 - Re Arthur Yates & Co Ltd (2001) 36 ACSR 758 - Re Brambles Industries Ltd (2006) 59 ACSR 501 - Re Duet Finance Ltd [2017] NSWSC 415 - Re DUET Management Company 1 Limited [2013] NSWSC 817; (2013) 95 ACSR 34 - Re Macquarie Capital Alliance Ltd [2008] NSWSC 745; (2008) 67 ACSR 484 - Re Macquarie Communications Infrastructure Group [2009] NSWSC 487 - Re Macquarie Goodman Funds Management Ltd (2004) 52 ACSR 194 - Re Mirvac Limited [1999] NSWSC 457; (1999) 32 ACSR 107 - Re SFE Corporation Ltd [2006] FCA 670; (2006) 59 ACSR 82 - Re Sydney Airport Holdings Limited [2013] NSWSC 1665 - Re The Trust Company Ltd [2013] NSWSC 1680 - Re Wridgways Australia Limited [2010] FCA 1187 Category: Principal judgment Parties: Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust (Plaintiff) Representation: Counsel: P M Wood/N M Bender (Plaintiff) R C A Higgins SC/D R Sulan (Oxford Property Group)