E S GORDON PTY LTD and ANOR v IDAMENEO (No 123) PTY LTD [1997] NSWCA 98
The form of notice, including reference to funding by income from units, does not qualify or limit the obligation to pay the price for additional units—it merely states the anticipated source of funds. The appellants are liable to pay the stipulated price in full for the additional units issued to them.
- Parties
- Appellant: E S Gordon Pty Ltd; Appellant: Thomas Bateman Pty Ltd; Respondent: Idameneo (No 123) Pty Ltd
- Jurisdiction
- Australia
- Judgment Date
- 17 December 1997
- Procedural Posture
- Appeal / Appeal Judgment
- Outcome
- Appeal dismissed with costs.
- Legal Topics
- Unit Trusts, Issue of Additional Units, Construction of Notices, Trustee's Powers, Acquiescence by Unit Holders
Case Brief
Summary, issues, holding and outcome
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Parties
E S Gordon Pty Ltd
Appellant
Thomas Bateman Pty Ltd
Appellant
Idameneo (No 123) Pty Ltd
Respondent
Procedural Posture
Appeal / Appeal Judgment
Legal Issues
- 1 What is the correct construction of the trustee's notices regarding the issue of additional units?
- 2 Does the statement that the additional units are 'to be funded by income from units' qualify or limit the obligation to pay the price for those units?
Ratio Decidendi
The form of notice, including reference to funding by income from units, does not qualify or limit the obligation to pay the price for additional units—it merely states the anticipated source of funds. The appellants are liable to pay the stipulated price in full for the additional units issued to them.
Court Disposition
Appeal dismissed with costs.
Orders
- Appeal dismissed.
- Appellants to pay the costs of the appeal.
Full Case Text
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