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ORDER
JUDGE:
Justice Jacobson
DATE OF ORDER:
28 May 2013
WHERE MADE:
Sydney
THE COURT ORDERS THAT:
1. The appeal be allowed.
2. The orders made by Jagot J on 17 October 2012 be set aside and orders 3 and 4 below be made in lieu thereof.
THE COURT DECLARES THAT:
3. The in specie transfer of the shares in Asset Resolution Limited (Shares) from Wellington Capital Limited (Wellington) as Responsible Entity of the Premium Income Fund (Fund) to the unit holders of the Fund was beyond the power of Wellington under the constitution of the Fund.
4. By making an in specie transfer of the Shares to the unit holders of the Fund, Wellington did not operate the Fund and perform the functions conferred on it by the Fund’s constitution, and contravened s 601FB(1) of the Corporations Act 2001 (Cth).