Re Perpetual Investment Management Limited as responsible entity for Perpetual's Monthly Income Fund and Perpetual's Wholesale Monthly Income Fund [2011] NSWSC 133

Re Perpetual Investment Management Limited as responsible entity for Perpetual's Monthly Income Fund and Perpetual's Wholesale Monthly Income Fund [2011] NSWSC 133

The trustee would be justified in refusing to register the transfers of units to DSPC pursuant to the documentation executed under powers of attorney where unitholders have not clearly indicated a wish for the transfer to be registered, or have opposed it; and would be justified in acting accordingly regarding...

Source-derived case information.

Jurisdiction
Australia
Judgment Date
09 March 2011
Procedural Posture
Application for Judicial Advice by Trustee / Judgment on Application for Advice
Outcome
Application for judicial advice granted; advice provided.
Legal Topics
['judicial Advice to Trustee' 'registration of Transfer of Units' 'rights of Unitholders' 'distribution of Income' 'redemption of Units']
['trusts' 'equity' 'corporate Law'] ['judicial Advice to Trustee' 'registration of Transfer of Units' 'rights of Unitholders' 'distribution of Income' 'redemption of Units']

Source-derived case record

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Procedural Posture

Application for Judicial Advice by Trustee / Judgment on Application for Advice

Legal Issues

  1. 1 ['Whether the trustee is justified in refusing to register transfers of units pursuant to documentation executed under powers of attorney granted by unitholders' "Whether advice respecting registration is within court's jurisdiction under s 63 Trustee Act 1925" 'Whether trustee is justified in making income distributions to unitholders or transferee' 'Whether trustee is justified in processing withdrawal/redemption requests by unitholders post-acceptance of transfer offers']

Ratio Decidendi

The trustee would be justified in refusing to register the transfers of units to DSPC pursuant to the documentation executed under powers of attorney where unitholders have not clearly indicated a wish for the transfer to be registered, or have opposed it; and would be justified in acting accordingly regarding income distribution and redemptions, until ordered otherwise by a court.

Court Disposition

Application for judicial advice granted; advice provided.

Orders

  • ['Trustee justified in refusing to register identified transfers to DSPC pending court order except where the unitholder has confirmed the transfer should proceed.' 'Trustee justified in distributing income and redemption proceeds to the registered unitholder.' 'Trustee entitled to indemnity for costs and expenses...