In the matter of Qantas Airways Limited [2024] NSWSC 1507

In the matter of Qantas Airways Limited [2024] NSWSC 1507

The Court held that it was just and equitable, and would result in no substantial injustice, to make an order under s 1322(4)(a) of the Corporations Act validating the share issues and transfers to QSL, as their potential invalidity under s 259C could cause market disruption and prejudice to unidentifiable third parties, whereas validation would prejudice no one.

Parties
First Plaintiff: Qantas Airways Limited; Second Plaintiff: Qantas Superannuation Limited
Jurisdiction
Australia
Judgment Date
26 November 2024
Procedural Posture
Corporations – Application for Curative Orders / Final Hearing and Orders
Outcome
Order made validating share issues/transfers
Legal Topics
Curative Orders, Validation of Share Transactions, Section 259 C Corporations Act, Trustee's Beneficial Interest, ASIC Exemption
Corporations Law Equity Curative Orders Validation of Share Transactions Section 259 C Corporations Act Trustee's Beneficial Interest ASIC Exemption

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 14 Party arguments 1 Amounts and remedies 6
Sign in to unlock

Parties

Qantas Airways Limited

First Plaintiff

Qantas Superannuation Limited

Second Plaintiff

Procedural Posture

Corporations – Application for Curative Orders / Final Hearing and Orders

Legal Issues

  1. 1 Whether share issues or transfers to Qantas Superannuation Limited as trustee are void by operation of section 259C of the Corporations Act 2001 (Cth)
  2. 2 Whether the Court should validate the share transactions pursuant to section 1322(4)(a) of the Corporations Act 2001 (Cth)

Ratio Decidendi

The Court held that it was just and equitable, and would result in no substantial injustice, to make an order under s 1322(4)(a) of the Corporations Act validating the share issues and transfers to QSL, as their potential invalidity under s 259C could cause market disruption and prejudice to unidentifiable third parties, whereas validation would prejudice no one.

Court Disposition

Order made validating share issues/transfers

Orders

  • Pursuant to section 1322(4)(a) of the Corporations Act 2001 (Cth), the issue or transfer to the Second Plaintiff of shares (or units of shares) in the First Plaintiff in the period 31 July 1995 to 16 June 2024 are not void by reason of the operation of section 259C of the Corporations Act 2001 (Cth) (in respect to...