MLC Limited, in the matter of MLC Limited [2006] FCA 1357

MLC Limited, in the matter of MLC Limited [2006] FCA 1357

The Court, satisfied that the breaches of s 259C and exemption conditions were inadvertent, honest, and would not cause substantial injustice, made orders validating the relevant transactions under s 1322(4)(a) of the Act. Only one of the conditions in s 1322(6)(a) needs to be met, and it is just and equitable to make the orders.

Jurisdiction
Australia
Judgment Date
18 October 2006
Procedural Posture
Corporations – Application for Validation of Irregularities / Judgment After Hearing
Outcome
Orders made validating transactions entered into in breach of s 259C and exemption conditions.
Legal Topics
['validation of Irregularities' 'self Acquisition or Control of Shares' 'corporate Exemptions']
['corporations Law'] ['validation of Irregularities' 'self Acquisition or Control of Shares' 'corporate Exemptions']

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Procedural Posture

Corporations – Application for Validation of Irregularities / Judgment After Hearing

Legal Issues

  1. 1 ['Whether transactions entered into in breach of s 259C of the Corporations Act 2001 (Cth) can be validated under s 1322(4)(a)' 'Whether the plaintiffs satisfy the conditions in s 1322(6) for such orders' 'Consequences of non-compliance with exemption conditions granted under s 259C(2)']

Ratio Decidendi

The Court, satisfied that the breaches of s 259C and exemption conditions were inadvertent, honest, and would not cause substantial injustice, made orders validating the relevant transactions under s 1322(4)(a) of the Act. Only one of the conditions in s 1322(6)(a) needs to be met, and it is just and equitable to make the orders.

Court Disposition

Orders made validating transactions entered into in breach of s 259C and exemption conditions.

Orders

  • ['Transactions entered into in breach of s 259C during lapse and breach of exemption conditions validated pursuant to s 1322(4)(a) of the Corporations Act 2001 (Cth).']