OAL Superannuation Fund Pty. Ltd. v Olivetti Australia Pty. Ltd. [1999] NSWSC 151

OAL Superannuation Fund Pty. Ltd. v Olivetti Australia Pty. Ltd. [1999] NSWSC 151

The trustee’s resolution of 27 January 1998 gave members present entitlement to the distribution of surplus; this entitlement constituted accrued rights which could not be withdrawn by subsequent action or withdrawal of consent.

Jurisdiction
Australia
Judgment Date
04 March 1999
Procedural Posture
Civil / Judgment
Outcome
Summons dismissed; declarations and orders made as sought in paragraph 1 and 2 of the first cross-claim; other cross-claims dismissed except paragraph 1(A), fixed for later hearing.
Legal Topics
['distribution of Surplus' 'accrued Rights in Fund Members' 'amendments to Trust Deed']
['trusts' 'superannuation'] ['distribution of Surplus' 'accrued Rights in Fund Members' 'amendments to Trust Deed']

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 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 ['Whether trustee is bound to distribute surplus to fund members pursuant to 27 January 1998 resolution' "Whether the trustee's resolution conferred accrued rights in members" 'Whether consent to distribution could be withdrawn' 'Whether trustee was bound to distribute surplus to employer']

Ratio Decidendi

The trustee’s resolution of 27 January 1998 gave members present entitlement to the distribution of surplus; this entitlement constituted accrued rights which could not be withdrawn by subsequent action or withdrawal of consent.

Court Disposition

Summons dismissed; declarations and orders made as sought in paragraph 1 and 2 of the first cross-claim; other cross-claims dismissed except paragraph 1(A), fixed for later hearing.

Orders

  • ["Declaration of members' rights pursuant to paragraph 1 of the first cross-claim" 'Order giving effect to that declaration as sought in paragraph 2 of first cross-claim' 'Dismissal of claims in second cross-claim other than paragraph 1(A)']