In the matter of Aurora Funds Management Limited [2019] NSWSC 630

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Aurora Funds Management Limited [2019] NSWSC 630 Hearing dates: 26 & 27 March 2019 Decision date: 30 May 2019 Jurisdiction: Equity - Corporations List Before: Rees J Decision: Judgment for the plaintiff: see [170] Catchwords: CORPORATIONS — Managed investment schemes — Meetings of members — Validity — Where meeting called by members under Corporations Act 2001 (Cth), s 252D — Where members sought to replace responsible entity of scheme — Responsible entity refused to provide register — Whether insufficient notice — Whether unreasonable time and place — Where notice did not identify members calling meeting — Whether notice and explanatory memorandum misleading — Procedural and substantive irregularities — Declarations of invalidity made. Legislation Cited: Company Law Review Act 1998 Corporations Act 2001 (Cth), ss 9,12, 168, 169, 173,174, 177, 249F, 249L, 252A, 252B, 252D, 252F, 252G, 252J, 252L, 252 N, 252P, 601FC, 602, 604, 606, 608, 609, 610, 611, 671B, 672A, 673, 1019D, 1322, 1325A Civil Procedure Act 2005 (NSW), s 63 Evidence Act 1995 (NSW), s 140 Australian Consumer Law, s 18, 237 Corporations Law, s 1309 Corporations Regulations 2001 (Cth), reg 2C.1.02, 2C.1.03, 2C.1.04 Uniform Civil Procedure Rules 2005, r 6.23 Cases Cited: Adams v Adhesives Pty Ltd (1932) 32 SR (NSW) 398 Allen v Hagger (1983) 4 IR 100 Allied Mining & Processing Ltd v Boldbow Pty Ltd (2002) 26 WAR 355; [2002] WASC 195 Australian Innovation Ltd v Petrovsky (1996) 21 ACSR 218; (1996) 14 ACLC 1357 Australian Securities Commission v Marlboro Goldmines Ltd (1993) 177 CLR 485; [1993] HCA 15 Briginshaw v Briginshaw (1938) 60 CLR 336; [1938] HCA 34 Browne v Panga Pty Ltd (1995) 14 WAR 393; (1995) 17 ACSR 75 Bulfin v Bebarfalds Ltd (1938) 38 SR (NSW) 423 BWN Industries Pty Ltd v Downey (1993) 11 ACSR 777; (1993) 11 ACLC 1191 CellOS Software Ltd v Wong (2017) 118 ACSR 501; [2017] FCA 95 Cleary v Australian Co-operative Foods (No 3) (1999) 32 ACSR 701; [1999] NSWSC 1062 Cordiant Communications (Aust) Pty Ltd v Communications Group Holdings Pty Ltd (2005) 55 ACSR 185; [2005] NSWSC 1005 Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) 230 CLR 89; [2007] HCA 22 Finance Corporation of Australia v Bentley (1991) 5 BPR 97,412 Flinders Diamonds Ltd v Tiger International Resources Inc (2004) 88 SASR 281; [2004] SASC 119 Fraser v NRMA Holdings Ltd (1995) 55 FCR 452; (1995) 15 ACSR 590 Gambotto v WCP Ltd (1995) 182 CLR 432; [1995] HCA 12 Humes Ltd v Unity APA Ltd (No 1) [1987] VR 467; (1987) 11 ACLR 641 In the matter of DUET Management Company 1 Limited (2013) 95 ACSR 34; [2013] NSWSC 817 King v Fulton (1876) 2 VLR (Eq) 100 Korda, in the matter of Stockford Limited (2004) 140 FCR 424; [2004] FCA 1682 Mamouney v Soliman (1992) 9 ACSR 63 MDA National Ltd v Medical Defence Australia Ltd (No 2) (2014) 225 FCR 476; [2014] FCA 1071 Molopo Energy Limited 01 & 02 [2017] ATP 10 Molopo Energy Limited 03R, 04R & 05R [2017] ATP 12 Re Carlton Football Club Limited [2004] VSC 379 Re Freehouse Pty Ltd; Jordan v Avram (1997) 26 ACSR 662 Re Islamic Association Western Suburbs Sydney Inc [2015] NSWSC 638 Re Wave Capital (2003) 47 ACSR 418; [2003] FCA 969 Ross v Lane Cove Council (2014) 86 NSWLR 34; [2014] NSWCA 50 Scottish & Colonial Ltd v Australian Power & Gas Co Ltd (2007) 65 ACSR 313; [2007] NSWSC 1266 Sipad Holding ddpo v Popovic (1995) 61 FCR 205; (1995) 18 ACSR 436 Snowside Pty Ltd v Boart Longyear Limited (2017) 121 ACSR 377; [2017] NSWSC 75 Westralia Property Management Ltd v Davison [2006] WASCA 203 Texts Cited: ASIC Regulatory Guide 128, Collective Action by Investors, (June 2015) Austin and Black's Annotations to the Corporations Act (LexisNexis, looseleaf) Brown, A History of Canberra (Cambridge University Press, 2014) Lang, Horsley's Meetings, Procedure, Law and Practice (7th ed., LexisNexis, 2015) LexisNexis Australia, Practical Guidance Australia – Corporations Shackleton on the Law and Practice of Meetings (14th ed., Sweet & Maxwell, 2017) Category: Principal judgment Parties: Aurora Funds Management Limited ACN 092 626 885 (Plaintiff)