Macquarie Group Limited, in the matter of Macquarie Group Limited [2010] FCA 1507

Macquarie Group Limited, in the matter of Macquarie Group Limited [2010] FCA 1507

Relief should be granted under s 1322(4) because non-compliance resulted from procedural error, steps were taken to rectify past contraventions, relevant regulators were notified, no party would suffer substantial injustice, and the circumstances justified validating otherwise void transfers/issues of shares to controlled entities.

Jurisdiction
Australia
Judgment Date
08 December 2010
Procedural Posture
Application Under Corporations Act S 1322(4) / Judgment
Outcome
Relief granted; issue or transfer of shares not void.
Legal Topics
['share Transfer Validity' 'statutory Exemption Applications' 'procedural Error Relief']
['corporations Law'] ['share Transfer Validity' 'statutory Exemption Applications' 'procedural Error Relief']

Case Brief

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Procedural Posture

Application Under Corporations Act S 1322(4) / Judgment

Legal Issues

  1. 1 ['Whether the issue or transfer of shares to controlled entities was void under s 259C(1) of the Corporations Act 2001 (Cth)' 'Whether the Court should grant relief under s 1322(4) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

Relief should be granted under s 1322(4) because non-compliance resulted from procedural error, steps were taken to rectify past contraventions, relevant regulators were notified, no party would suffer substantial injustice, and the circumstances justified validating otherwise void transfers/issues of shares to controlled entities.

Court Disposition

Relief granted; issue or transfer of shares not void.

Orders

  • ['The issue or transfer of shares (or units of shares) of Macquarie Bank Limited to the third to ninth plaintiffs during the period to 13 November 2007 is not void by reason of s 259C(1) of the Corporations Act 2001 (Cth).' 'The issue or transfer of shares (or units of shares) of Macquarie Group Limited to the third...