Lancedale Holdings Pty. Ltd. & Anor. v. Heath Group Australasia Pty. Ltd. & Anor. [1999] NSWCA 460
Rule 13.1(d) expressly empowered the Committee to alter, modify, add to, or repeal the Rules, even where such alteration might adversely affect existing rights, and was effective to authorize the amendment made with retrospective effect; approval by general meeting was not required for the amendment to take effect.
- Jurisdiction
- Australia
- Judgment Date
- 13 December 1999
- Procedural Posture
- Appeal / Judgment
- Outcome
- appeal dismissed with costs
- Legal Topics
- ['construction of Contracts' 'corporate Share Buy Back' 'powers of Amendment in Trust Deeds' 'financial Assistance for Acquisition of Shares']
Case Brief
Summary, issues, holding and outcome
More case intelligence is available
Unlock the full research layer for this judgment.
Procedural Posture
Appeal / Judgment
Legal Issues
- 1 ['Whether Rule 13.1(d) of the Heath Fielding Executive Share Plan empowered the Committee to amend Rule 7.1 to derogate from accrued rights of existing participants' 'Whether the amendment was effective prior to approval by a general meeting' 'Whether the sale from Lancedale to Mrs. Langley prevented later exercise of rights under the amended Rule 7.1']
Ratio Decidendi
Rule 13.1(d) expressly empowered the Committee to alter, modify, add to, or repeal the Rules, even where such alteration might adversely affect existing rights, and was effective to authorize the amendment made with retrospective effect; approval by general meeting was not required for the amendment to take effect.
Court Disposition
appeal dismissed with costs
Orders
- ['Leave to appeal granted' 'Appeal dismissed with costs']
Full Case Text
Judgment text and source record
Sign in to read
Sign in to read the full judgment text
Sign in to read the full judgment text. Downloads and additional research tools may depend on your plan.
Sign in to read the full judgment