I received this illuminating observation which may be of...

I received this illuminating observation which may be of
interest:

" Part of ASIC's submission to the High Court which Hutson is challenging, to me seems to show that ARL is operating under a cloud.
So until the case is decided I feel ARL operating (sic) illegally."

".... Fourthly, the appellant points to no circumstance other than the "plenary powers" clauses in the Constitution in support of the existence of agreement. There is no evidence that unit holders were ever apprised of the possibility that, as to a substantial part of the Fund, they could go from being unit holders in a registered scheme to being members of an unrelated and unlisted company that was not required to be operated in accordance with the Constitution or with Ch 5C of the Act and owed no equitable obligations as trustee to unit holders.
The notion that they have impliedly agreed in advance to becoming members of whatever company the appellant might select for them, with whatever control and under whatever circumstances, is fanciful. "

Regards,