Macquarie Securities (Australia) Limited, in the matter of Macquarie Securities (Australia) Limited [2014] FCA 455

Macquarie Securities (Australia) Limited, in the matter of Macquarie Securities (Australia) Limited [2014] FCA 455

Given the inadvertent and honest procedural breach, the absence of material injustice, market supervision, and practical compliance with ASIC exemption conditions, it is just, equitable and appropriate to grant relief under s 1322(4) so that the share transfers are not rendered void by reason of s 259C(1).

Jurisdiction
Australia
Judgment Date
01 May 2014
Procedural Posture
Curative Application Under Corporations Legislation / Final Judgment
Outcome
Curative relief granted; transfers of shares not void by reason of s 259C(1).
Legal Topics
['s 1322(4)(a) Application' 'invalidity of Share Transfers Under S 259 C' 'remedial Relief for Procedural Non Compliance']
['corporations Law'] ['s 1322(4)(a) Application' 'invalidity of Share Transfers Under S 259 C' 'remedial Relief for Procedural Non Compliance']

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Procedural Posture

Curative Application Under Corporations Legislation / Final Judgment

Legal Issues

  1. 1 ['Whether the transfer of Macquarie Group Limited shares to controlled entities MSAL and Belike, contrary to s 259C(1) of the Corporations Act 2001 (Cth), should be declared not void under s 1322(4).']

Ratio Decidendi

Given the inadvertent and honest procedural breach, the absence of material injustice, market supervision, and practical compliance with ASIC exemption conditions, it is just, equitable and appropriate to grant relief under s 1322(4) so that the share transfers are not rendered void by reason of s 259C(1).

Court Disposition

Curative relief granted; transfers of shares not void by reason of s 259C(1).

Orders

  • ['Pursuant to s 1322(4) of the Corporations Act 2001 (Cth), the transfers of shares of Macquarie Group Limited to the first plaintiff identified in paragraph 19 of the affidavit of Nigel Glenn Donnelly are not void by reason of s 259C(1).' 'Pursuant to s 1322(4), the transfers of shares of Macquarie Group Limited to...