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CORPORATIONS AND
FINANCIAL MARKETS LAW
Thomson Reuters (Professional) Australia Limited
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CORPORATIONS AND
FINANCIAL MARKETS LAW
PAUL REDMOND AM
Sir Gerard Brennan Professor
Faculty of Law, University of Technology Sydney
Emeritus Professor
Faculty of Law, University of New South Wales
SEVENTH EDITION
LAWBOOK CO. 2017

Published in Sydney by
Thomson Reuters (Professional) Australia Limited ABN 64
058 914 668
19 Harris Street, Pyrmont, NSW
First edition .................................................. 1988

Second edition .................................................. 1992
Third edition .................................................. 2000
Fourth edition .................................................. 2005
Fifth edition .................................................. 2009
Sixth edition .................................................. 2013
National Library of Australia
Cataloguing-in-Publication entry
Redmond, Paul.
Corporations and financial markets law /
Paul Redmond AM.
7th ed.
Includes index.
ISBN 978 0 455 23794 7
Corporation Law—Australia.
© 2017 Paul Redmond
This publication is copyright. Other than for the purposes of and subject to the conditions prescribed under the
Copyright Act, no part of it may in any form or by any means (electronic, mechanical, microcopying,
photocopying, recording or otherwise) be reproduced, stored in a retrieval system or transmitted without prior
written permission. Inquiries should be addressed to the publishers.
All legislative material herein is reproduced by permission but does not purport to be the official or authorised
version. It is subject to Commonwealth of Australia copyright. The Copyright Act 1968 permits certain
reproduction and publication of Commonwealth legislation. In particular, s 182A of the Act enables a complete
copy to be made by or on behalf of a particular person. For reproduction or publication beyond that permitted
by the Act, permission should be sought in writing. Requests should be submitted online at www.ag.gov.au/cca,
faxed to (02) 6250 5989 or mailed to Commonwealth Copyright Administration, Attorney-General’s
Department, Robert Garran Offices, National Circuit, Barton ACT 2600.
Editor: Lara Weeks

Product Developer: Elizabeth Gandy
Publisher: Robert Wilson
Typeset by Thomson Reuters (Professional) Australia Pty Ltd
Printed by Ligare Pty Ltd, Riverwood, NSW
This book has been printed on paper certified by the Programme for the Endorsement of Forest Certification
(PEFC). PEFC is committed to sustainable forest management through third party forest certification of
responsibly managed forests. For more info: http://www.pefc.org
PREFACE
The preface to the first edition of this book quoted Lord Wedderburn of Charlton, doyen of English
company and labour law scholars, describing company law as “that part of our law which sets down
conditions upon which personified aggregations of capital may operate in our society”. Those words
emphasise that corporations law, in common with other legal ordering, derives its purpose and
legitimacy from the social ends which it serves.
This seventh edition is again animated by the belief that the study of the law governing corporations
and financial markets involves not only close attention to the increasingly voluminous statute, case law
and administrative and market regulation but also to underlying values, policies and theories, and the
contexts in which law and regulation operate. Corporations law grants entity status to aggregations of
capital and regulates relations between those who supply capital, those who manage the capital fund,
the third parties with whom they deal and the societies and communities who support them and bear
the impacts of their operations and activities. As the corporation has become the principal vehicle for
economic relations, employment generation and wealth accumulation, corporations law has assumed
a social significance to match its technical complexity. Adolph Berle’s claim over 60 years ago that
corporations law would become the constitutional law of the new economic state no longer seems
fanciful, if it ever did. This book considers not only the legal rules and structures created in response to
the technical problems of large-scale enterprise but also the social issues posed by the rise of the
corporation in this age of economic and cultural globalisation which it has so powerfully shaped.
Financial markets have assumed a social significance to match their size and technical complexity. The
growth of compulsory occupational superannuation and its investment through financial markets
strengthens the social interest in, and financial dependency upon, their operation. Adapting Keynes,
Peter Drucker claimed in the year before the Australian compulsory superannuation scheme was
introduced that we are all pension fund socialists now. The financial crisis of 2008 and its lingering
aftermath highlight the stake that so many Australians who think themselves remote and disconnected
from financial markets have in their success and integrity.
Of course, the book also recognises that most companies are engaged in small or medium enterprise
in which those who supply or organize the operating capital also manage or direct the business and
often work closely in its operations. They do not resort to public capital markets and their ownership
interests may not be traded. This diversity of company types, with the distinct legal, financial and
social issues that they raise, adds to the richness of the subject for those who study and work in the
discipline. The title highlights the twin concerns of the book—the core principles of corporations law
and the advanced treatment of corporate finance, corporate fundraising, financial market regulation
and takeovers.
This book is primarily addressed to law students. The book has at its core a personal communication
born of deep affection for students, the fruit of so many happy years spent in legal education. I hope
that they will sense in these pages both the concern for their learning and the love of the subject which
have shaped the book. I am especially grateful to the generations of law students at the University of
New South Wales and the University of Technology Sydney from whom I have learned so much. This
book bears their stamp on almost every page. I am also deeply grateful to colleagues in the supportive
community of Australian corporate law scholars; they have stimulated, inspired and encouraged me
for well over a quarter-century.
v
Corporations and Financial Markets Law
At Thomson Reuters, I am particularly grateful to have had Lara Weeks as editor. Lara’s editorial skills
have been exemplary, with an eye for detail and advocacy for clear expression. She has been a
gracious companion on the project and the final work bears her mark. Elizabeth Gandy, as academic
product developer, has been singularly effective in ensuring that the project did not falter despite
obstacles. I am grateful for her encouragement, support and sometime forbearance. I am also grateful
to Luke Redmond for permission to use his photography on the book cover. Finally, the greatest debt
in this and all previous editions is to my wife, Ann. Her support is the book’s cornerstone, as it is mine.
PAUL REDMOND
22 May 2017
vi
TABLE OF CONTENTS
Preface .............................................................................................................................................. v
Table of Cases .................................................................................................................................. ix
Table of Statutes .......................................................................................................................... xxxv
1: Partnership ............................................................................................................ .. 1
2: The Historical, Institutional and Social Context of Corporations Law ......... 25
3: The Corporate Life Cycle .................................................................................... 101
4: Some Consequences of Corporate Personality ............................................. .. 161
5: Directors and Managers ..................................................................................... 227
6: Shareholders Acting Collectively: The Company in General Meeting ......... 347
7: The Duties and Liabilities of Directors and Managers ................................ .. 383
8: Shareholder Remedies ........................................................................................ 579
9: Corporate Finance ............................................................................................... 673
10: Corporate Fundraising ................................................................................... .. 771
11: Financial Market Regulation ......................................................................... .. 827
12: Takeovers ............................................................................................................ 913
Index .................................................................... .. ................................................................. 1009
vii
TABLE OF CASES
[Where an extract from a case is reproduced the name of the case and the paragraph number
on which the reproduction commences appears in bold type.]
.au Domain Administration Ltd v Domain Names Australia Pty Ltd [2004] FCA 424 ................ 10.230
A & BC Chewing Gum Ltd, Re [1975] 1 WLR 579 .......................................................... 5.195, 8.162
A Company, Re [1983] 1 WLR 927 ............................................................................................ 8.145
A Company, Re [1985] BCLC 333 ............................................................................................... 4.70
A Company, Re (1986) 2 BCC 99,191 ...................................................................................... 8.145
A Company, Re [1987] BCLC 133 ............................................................................................. 8.220
A Company, Re [1987] BCLC 82 ............................................................................................... 8.125
A F & M E Pty Ltd v Aveling (1994) 14 ACSR 499 ........................................................................ 3.11
A P Smith Mfg Co v Barlow 98 A 2d 581 ................................................................................... 2.200
AAPT v Cable & Wireless Optus Ltd (1999) 32 ACSR 63 .......................................................... 10.115
ABC Developmental Learning Centres Pty Ltd v Wallace [2007] VSCA 138 ................................ 4.182
ABC Plastik Pty Ltd, Re (1975) 1 ACLR 446 ............................................................................... 5.194
AC Acquisitions Corp v Anderson, Clayton & Co 519 A 2d 103 ................................................. 7.115
ACCC v Signature Security Group Pty Ltd [2003] FCA 3; (2003) ATPR 41-908 ........................ 10.230
ACCC v Universal Music Australia Pty Limited (No 2) [2002] FCA 192 ....................................... 5.235
ASC v Bank Leumi Le-Israel (Switzerland) (1996) 21 ACSR 474 ............................................... 12.220
ASC v AS Nominees Ltd (1995) 133 ALR 1; 18 ACSR 459 ...................................... 7.50, 8.145
ASC v Gallagher (1993) 10 ACSR 43 .................................................................................. 7.75, 7.95
ASC v Graco (1991) 5 ACSR 1 ................................................................................................... 11.95
ASC v Marlborough Gold Mines Ltd (1993) 10 ACSR 230 ........................................................... 2.85
ASC v Nomura International Plc (1998) 29 ACSR 473 ............................................................. 11.195
ASC v SIB Resources NL (1991) 5 ACSR 411 ................................................................................ 3.70
ASIC v Adler (2002) 168 FLR 253; 41 ACSR 72; [2002] NSWSC 171 ........ 5.30, 5.230, 5.235,
7.75, 7.82, 7.89, 7.95, 7.105, 7.130, 9.340, 9.345
ASIC v Axis International Management Pty Ltd (No 5) (2011) 81 ACSR 631 ...... 10.65, 10.70, 10.140
ASIC v Burke [2000] NSWSC 694 ........................................................................................... 11.120
ASIC v Burnard (2007) 64 ACSR 360 ....................................................................................... 11.120
ASIC v Carey (2006) 57 ACSR 307 .......................................................................................... 11.120
ASIC v Cassimatis (No 8) [2016] FCA 1023 ........................................................................ 7.75, 7.82
ASIC v Doyle (2001) 38 ACSR 606 .............................................................................................. 7.82
ASIC v Edensor Nominees Pty Ltd (2001) 177 ALR 329 ............................................................... 2.85
ASIC v Fortescue Metals Group Ltd (2011) 81 ACSR 563 ............................................... 7.105, 7.110
ASIC v Healey (2011) 83 ACSR 484 ................................................................. 5.30, 7.89, 7.100
ASIC v Healey (No 2) (2011) 196 FCR 430 ............................................................................... 7.100
ASIC v Ingleby (2013) 93 ACSR 274 ........................................................................................... 7.65
ASIC v Kingsley Brown Properties Pty Ltd [2005] VSC 506 ........................................................ 8.145
ASIC v Macdonald (No 11) (2009) 71 ACSR 368 ...................................................................... 7.100
ASIC v Mariner Corp Ltd (2015) 106 ACSR 343 ............................................................. 7.86, 12.135
ASIC v Mauer-Swisse Securities Ltd (2002) 42 ACSR 605 .......................................................... 8.135
ASIC v Maxwell (2007) 59 ACSR 373 ............................................................................... 7.86, 7.250
ASIC v Parkes [2001] 38 ACSR 355 ........................................................................................... 5.235
ASIC v Petsas [2005] FCA 88 ................................................................................................... 11.250
ASIC v Plymin (No 1) (2003) 175 FLR 124 ................................................................................ 7.150
ASIC v Reid (2005) 55 ACSR 152 .............................................................................................. 5.238
ASIC v Rich (2003) 44 ACSR 341 ................................................................................................ 7.82
ASIC v Rich (2009) 236 FLR 1; 75 ACSR 1 ............... 5.30, 7.75, 7.82, 7.86, 7.105, 7.110, 7.130
ASIC v Soust [2010] FCA 68 .................................................................................................... 11.195
ASIC v Southcorp Ltd (No 2) (2003) 130 FCR 406 .................................................................. 11.150
ASIC v Terra Industries Inc (1999) 163 ALR 122 ...................................................................... 12.105
ASIC v Vines (2007) 62 ACSR 1 ................................................................................................... 7.82
ASIC v Vizard (2005) 54 ACSR 394 ........................................................................................... 5.230
ix
ASIC v Warrenmang Ltd (2007) 63 ACSR 623 ............................................................................. 7.86

ASIC v v Green Pacific Energy Ltd [2006] FCA 1254 .................................................................. 8.177
AWA Ltd v Daniels t/as Deloitte Haskins & Sells (1992) 7 ACSR 759 .................................... 7.80, 7.90
AWB Ltd v ASIC [2008] FCA 1877 ............................................................................................. 11.90
AWB Ltd, Re (2008) 68 ACSR 374 ............................................................................................... 7.65
Aas v Benham [1891] 2 Ch 244 ................................................................................................ 7.480
Abbey Malvern Wells Ltd v Ministry of Local Government and Planning [1951] Ch 728 .............. 4.45
Aberdeen Railway Co v Blaikie Bros (1854) 1 Macq 461 ..................................... 1.150, 1.155, 7.360
Adams v ASIC (2003) 46 ACSR 68 ............................................................................................ 5.237
Adams v Adhesives Ltd (1932) 32 SR (NSW) 398 ........................................................................ 6.35
Adams v Cape Industries Plc [1990] 2 WLR 657 ............................................................. 4.105, 4.127
Adams v Yindjibarndi Aboriginal Corporation RNTBC [2014] WASC 467 ..................................... 6.35
Addlestone Linoleum Co Ltd, Re (1887) 37 Ch D 191 ................................................. 8.123, 10.225
Adler v ASIC (2003) 179 FLR 1; [2003] NSWCA 131 .................................. 5.235, 7.95, 7.440, 9.345
Adler v ASIC [2004] HCATrans 182 ........................................................................................... 5.235
Adler v DPP (Cth) (2004) 51 ACSR 1 ........................................................................................... 7.65
Adsteam Building Industries Pty Ltd v The Queensland Cement and Lime Co Ltd (No 4)
(1984) 2 ACLC 829 ................................................................................................... 12.65, 12.75
Advance Bank, Re (1997) 22 ACSR 513 .................................................................................... 9.270
Advance Bank Australia Ltd v FAI Insurances Ltd (1987) 12 ACLR 118 ................................ 6.65, 6.85
Affleck v ASIC [2015] QSC 236 ................................................................................................. 5.237
Agriculturist Cattle Insurance Co, Re; Ex parte Spackman (1849) 1 Mac & G 170; 41 ER
1228 .................................................................................................................................... 8.145
Agriculturist Cattle Insurance Co (Baird’s Case), Re (1870) 5 Ch App 725 ................................... 2.45
Airpeak Pty Ltd v Jetstream Aircraft Ltd (1997) 23 ACSR 715 ..................................................... 8.135
Airservices Australia v Ferrier (1996) 185 CLR 483 ..................................................................... 3.210
Alati v Kruger (1955) 94 CLR 216 ........................................................................................... 10.225
Albazero, The [1977] AC 774 .................................................................................................... 4.105
Albert E Touchet Inc v Touchet 163 NE 184 (Mass 1928) ............................................................ 6.20
Albert Gardens (Manly) Pty Ltd v Mercantile Credits Ltd (1973) 131 CLR 60 ............................ 5.380
Albert Street Properties Ltd, Re (1997) 23 ACSR 318 ...................................................... 9.240, 9.255
Albion Insurance Co Ltd v Government Insurance Office (NSW) (1969) 121 CLR 342 ............... 3.120
Alexander v Automatic Telephone Co [1900] 2 Ch 56 .............................................................. 7.225
Alexander v Simpson (1889) 43 Ch D 139 ............................................................................... 6.105
Alexander Ward & Co Ltd v Samyang Navigation Co Ltd [1975] 1 WLR 673 ............................ 5.150
Allen v Atalay (1993) 11 ACSR 753 ........................................................................................... 8.135
Allen v Gold Reefs of West Africa [1900] 1 Ch 656 .............................. 5.245, 7.270, 8.15, 8.45, 8.63
Allen v Hyatt (1914) 30 TLR 444 ....................................................................... 7.540, 7.542, 11.260
Allied Mining and Processing ltd v Boldbow Pty Ltd (2002) 26 WAR 355 .................................. 5.240
Amalgamated Pest Control Pty Ltd v McCarron (1994) 12 ACLC 171 ....................................... 5.240
Ammonia Soda Co Ltd v Chamberlain [1918] 1 Ch 266 ............... 9.365, 9.380, 9.382, 9.395
Ananda Marga Pracaraka Samgha Ltd v Tomar (No 6) (2013) 94 ACSR 199 ............................. 8.210
Anderson v James Sutherland (Peterhead) Ltd [1941] SC 203 ................................................... 5.245
Anderson’s Case (1877) 7 Ch D 75 ........................................................................................... 9.220
Andrews v Mockford [1896] 1 QB 372 ................................................................................... 10.225
Anfrank Nominees Pty Ltd v Connell (1989) 1 ACSR 365 .......................................................... 3.200
Angas Law Services Pty Ltd (in liq) v Carabelas (2005) 226 CLR 507 ..................... 5.192, 7.75, 7.500
Anglo-French Co-operative Society; ex p Pelly (1882) 21 Ch D 492 .......................................... 7.225
Ansett v Butler Air Transport (No 1) (1958) 75 WN (NSW) 299 ................................................ 8.125
Ansett, Re (1990) 9 ACLC 277 .................................................................................................. 5.237
Antonio Gramsci Shipping Corp v Stepanovs [2011] EWHC 333 (Comm); [2011] 1 Lloyd’s
Law Reports 647 .................................................................................................................. 4.105
Aqua-Max Pty Ltd v MT Associates Pty Ltd (2001) 3 VR 473 ..................................................... 5.270
Archibald Howie Pty Ltd v Commissioner of Stamp Duties (NSW) (1947) 77 CLR 143 ................ 3.95
Argentum Reductions (UK) Ltd, Re [1975] 1 WLR 186 .............................................................. 5.150
Ariadne Australia Ltd, Re (1990) 2 ACSR 791 .............................................................................. 6.35
Aronson v Lewis 473 A 2d 805 (Del 1984) ................................................................................ 7.120
Arthur Guinness, Son & Co (Dublin) Ltd v Owners of the Motor Vessel Freshfield (The Lady
Gwendolen) [1965] P 294 ................................................................................................... 4.155
Ascot Investments Pty Ltd v Harper (1981) 148 CLR 337 ............................................................ 4.42
x
Table of Cases
Ashburton Oil NL v Alpha Minerals NL (1971) 123 CLR 614 ..................................................... 8.125
Atkins v St Barbara Mines Ltd (1997) 15 ACLC 800 .................................................................... 6.85
Attorney-General v Davey (1741) 2 Atk 212; 26 ER 531 ................................................... 3.150, 5.95
Attorney-General (Can) v Standard Trust Co of New York [1911] AC 498 .................................. 3.240
Attorney-General (Cth) v Alinta Ltd (2008) 64 ACSR 507 .......................................................... 12.30
Attorney General (Belize) v Belize Telecom Ltd [2009] 1 WLR 1485 .......................................... 5.327
Atwool v Merryweather (1867) LR 5 Eq 464 ............................................................................... 8.25
Augold NL, Re [1987] 2 Qd R 297 ............................................................................................ 5.295
August Investments Pty Ltd v Poseidon Ltd (1971) 2 SASR 71 .................................................. 9.305
Ausdoc Group Ltd [2002] ATP 9 .............................................................................................. 12.180
Australasian Centre for Corporate Responsibility v Commonwealth Bank of Australia [2016]
FCAFC 80 .............................................................................................................................. 6.65
Australasian Memory Pty Ltd v Brien (2000) 200 CLR 270 ........................................................ 3.190
Australasian Oil Exploration Ltd v Lachberg (1958) 101 CLR 119 ................................... 9.387, 9.392
Australasian Temperance and General Life Assurance Society Ltd v Howe (1922) 31 CLR 290 ..... 4.20
Australia and New Zealand Banking Group Ltd v Frenmast Pty Ltd [2013] NSWCA 459 ............ 5.360
Australian Capital Television Pty Ltd v Commonwealth (1992) 177 CLR 106 ............................... 4.20
Australian Capital Television Pty Ltd v Minister for Transport and Communications (1989) 7
ACLC 525 ............................................................................................................................ 5.360
Australian Coal & Shale Employees’ Federation v Smith (1937) 38 SR (NSW) 48 ............... 2.10, 8.75
Australian Consolidated Investments Ltd v Rossington Holdings Pty Ltd (No 2) (1992) 7
ACSR 341 .......................................................................................................................... 12.200
Australian Fixed Trusts Pty Ltd v Clyde Industries Ltd (1959) 59 SR (NSW) 33 ......... 8.60,
8.63, 8.170
Australian Growth Resources Corp Pty Ltd v van Reesema (1988) 13 ACLR 261 ........................ 7.250
Australian Hydrocarbons NL v Green (1985) 10 ACLR 72 .......................................................... 9.275
Australian Innovation Ltd v Petrovsky (1996) 21 ACSR 218 ....................................... 6.15, 6.35, 7.95
Australian Institute of Fitness Pty Ltd v Australian Institute of Fitness (Vic/Tas) (No 3) (2016)
109 ACSR 369 .......................................................................................................... 8.195, 8.210
Australian Leisure & Hospitality Group Limited 01 [2004] ATP 19 ............................................ 12.195
Australian Metropolitan Life Assurance Co Ltd v Ure (1923) 33 CLR 199 ..... 7.235, 7.260,
8.125
Automatic Self-Cleansing Filter Syndicate Co Ltd v Cuninghame [1906] 2 Ch 34 .... 5.125,
5.135, 5.192, 7.10, 7.285, 8.75
Aztech Science Pty Ltd v Atlanta Aerospace (Woy Woy) Pty Ltd (2005) 55 ACSR 1 ....................... 3.75
B v B (Matrimonial Proceedings: Discovery) [1978] Fam 18 ........................................................ 4.42

Back 2 Bay 6 Pty Ltd, Re (1994) 12 ACSR 614 ........................................................................... 8.210
Badeley v Consolidated Bank (1888) 38 Ch D 238 ......................................... 1.20, 1.40, 1.75
Bagnall v Carlton (1877) 6 Ch D 371 ....................................................................................... 3.220
Bailey v New South Wales Medical Defence Union Ltd (1995) 18 ACSR 521;132 ALR 1 ............ 5.245,
5.263
Baillie v Oriental Telephone and Electric Co Ltd [1899] 1 Ch 870 ............................................... 6.95
Baillie v Oriental Telephone and Electrical Co Ltd [1915] 1 Ch 503 ............................................. 8.85
Bain & Co Nominees Pty Ltd v Grace Bros Holdings Ltd (1983) 7 ACLR 777 .................... 6.90, 6.105
Baird v Henry Lees 1924 SC 83 ................................................................................................. 8.150
Baker v Palm Bay Island Resort Pty Ltd (No 2) [1970] Qd R 210 ................................................ 7.387
Ballantyne v Raphael (1889) 15 VLR 538 .................................................................................... 1.20
Ballarat Goldfields NL [2002] ATP 7 ......................................................................................... 12.180
Ballard v Multiplex Ltd (2008) 68 ACSR 208 ............................................................................. 8.110
Bamford v Bamford [1968] 2 All ER 655 .......................................................... 8.30, 8.35, 8.37
Bamford v Bamford [1970] Ch 212 ........................................................................ 5.190, 8.25, 8.30
Bancorp Investments Ltd v Primac Holdings Ltd (1984) 9 ACLR 263 ....................... 6.90, 6.95, 8.125
Bank of Tokyo Ltd v Karoon (Note) [1987] AC 45 ....................................................................... 4.65
Bank of Western Australia Ltd v Ocean Trawlers Pty Ltd (1995) 16 ACSR 501 ............................ 12.75
Banque Brussels Lambert SA v Australian National Industries Ltd (1989) 21 NSWLR 502 ........... 4.127
Barclays Finance Holdings Ltd v Sturgess (1985) 3 ACLC 662 ................................................... 5.360
Barnes v Addy (1874) LR 9 Ch App 244 ..................................................... 1.155, 7.30, 7.472, 9.350
xi
Barnes & Co Ltd v Sharpe (1910) 11 CLR 462 ............................................................................ 4.20

Barrack Mines Ltd v Grants Patch Mining Ltd (No 2) [1988] 1 Qd R 606 .................................. 5.295
Barron v Potter [1914] 1 Ch 895 ................................................................................... 5.140, 5.275
Basic v Levinson 485 US 224 (1988) .......................................................................... 10.202, 12.200
Bateman v Newhaven Park Stud Ltd (2004) 48 ACSR 454; [2004] NSWSC 392 ........................ 11.65
Bateman v Newhaven Park Stud Ltd (2004) 49 ACSR 597; [2004] NSWSC 566 ........................ 12.75
Bay Marine Pty Ltd v Clayton Country Properties Pty Ltd (No 2) (1987) 5 ACLC 38 .................... 4.20
Beattie v E & F Beattie Ltd [1938] Ch 708 ................................................................................. 8.123
Beck v Weinstock (2013) 93 ACSR 251 ............................................................................ 9.75, 9.225
Beconwood Securities Pty Ltd v ANZ Banking Group Ltd (2008) 66 ACSR 116 ........................ 11.176
Beecham Group Ltd v Bristol Laboratories Pty Ltd (1968) 118 CLR 618 .................................... 8.105
Bell v Lever Bros Ltd [1932] AC 161 .......................................................................................... 7.527
Bell Group (in liq) Ltd v Westpac Banking Corp (2008) 70 ACSR 1 ............................................ 7.225
Bell Group Ltd (in liq) v Westpac Banking Corporation (No 10) (2009) 71 ACSR 300 .................. 7.70
Bellman and Western Approaches Ltd, Re (1981) 130 DLR (3d) 193 ......................................... 8.105
Belmont Finance Corp Ltd v Williams Furniture Ltd [1979] Ch 250 ........................................... 4.178
Belmont Finance Corp Ltd v Williams Furniture Ltd (No 2) [1980] 1 All ER 393 .............. 7.455, 9.350
Bennett, Ex parte (1805) 10 Ves Jun 381; 32 ER 893 ................................................................. 7.375
Bennetts v Board of Fire Commissioners of NSW (1967) 87 WN (Pt 1) (NSW) 307 ................... 7.337
Berkey v Third Ave Ry Co 155 NE 58 ........................................................................................... 4.45
Berlei Hestia (NZ) Ltd v Fernyhough [1980] 2 NZLR 150 ........................... 5.300, 7.50, 7.337, 7.527
Bernhardt v Beau Rivage Pty Ltd (1989) 15 ACLR 160 .............................................................. 8.145
Biala Pty Ltd v Mallina Holdings Ltd (1994) 15 ACSR 1 ............................................................... 7.95
Biggerstaff v Rowatt’s Wharf Ltd [1896] 2 Ch 93 ........................................................... 5.327, 5.355
Billabong International Ltd [2013] ATP 9 ................................................................................. 12.100
Birch v Cropper (1889) 14 App Cas 525 ................................................................. 9.80, 9.90, 9.100
Bird Precision Bellows Ltd, Re [1986] 2 WLR 158 ...................................................................... 8.215
Birmingham City District Council v O [1983] AC 578 ............................................................... 5.305
Birtchnell v Equity, Trustees, Executors and Agency Ltd (1929) 42 CLR 384 ............. 1.60,
1.135, 1.140, 1.150, 1.155
Bisgood v Henderson’s Transvaal Estates [1908] 1 Ch 759 ........................................................ 8.120
Bison Ltd v Cellante [2002] VSC 504 ........................................................................................ 5.240
Black v Smallwood (1966) 117 CLR 52 ....................................................................................... 3.75
Blackburn v Industrial Equity Ltd (1976) 2 ACLR 8 .................................................................... 9.392
Blackburn v Industrial Equity Ltd (1980) ACLC 40-604 ..................................................... 7.10, 9.395
Blacktown City Council v Macarthur Telecommunications Pty Ltd (2003) 47 ACSR 391 ............ 3.190
Blisset v Daniel (1853) 10 Hare 493; 68 ER 1022 ...................................................................... 8.155
Blue Arrow plc, Re (1987) 3 BCC 618 ....................................................................................... 8.162
Bluebird Investments Pty Ltd v Graf (1994) 13 ACSR 271 ........................................................... 4.90
Bluebottle UK Ltd v DCT (2007) 232 CLR 598 .......................................................................... 9.360
Bodikian v Sproule (2009) 72 ACSR 598; [2009] NSWSC 599 ................................................... 5.192
Bognor Regis UDC v Campion [1972] 2 QB 169 ......................................................................... 4.20
Bond v Barrow Haematite Steel Co [1902] 1 Ch 353 ..................................................... 9.360, 9.382
Borax Co, Re [1901] 1 Ch 326 .................................................................................................. 5.105
Boughey v R (1986) 161 CLR 10 ............................................................................................. 11.210
Boulting v Association of Cinematograph, Television and Allied Technicians [1963] 2 QB 606 .... 7.337,
7.387, 7.510
Bowman v Secular Society Ltd [1917] AC 406 ............................................................................ 3.70
Boyd Knight v Purdue [1999] 2 NZLR 278 .............................................................................. 10.202
Bradley Egg Farm Ltd v Clifford [1943] 2 All ER 378 ......................................................... 1.125, 3.25
Bray v Ford [1896] AC 44 ......................................................................................................... 1.155
Breen v Williams (1996) 186 CLR 1 ........................................................................................... 7.225
Brick and Pipe Industries Ltd v Occidental Life Nominees Pty Ltd (1990) 3 ACSR 649 ............... 5.265
Brick and Pipe Industries Ltd v Occidental Life Nominees Pty Ltd (1991) 6 ACSR
464 .................................................................................................................................... 5.365
Bridgewater Navigation Co, Re [1891] 2 Ch 317 ........................................................................ 9.90
Briess v Woolley [1954] AC 333 ................................................................................................ 7.542
Briggs v James Hardie & Co Pty Ltd (1989) 7 ACLC 841 ......................... 4.105, 4.120, 4.127
Briggs, Ex parte (1866) LR 1 Eq 483 ....................................................................................... 10.225
Bright Pine Mills Pty Ltd, Re [1969] VR 1002 .................................................................. 8.210, 8.215
xii
Table of Cases
Briginshaw v Briginshaw (1938) 60 CLR 336 .............................................................................. 7.65

British Murac Syndicate v Alperton Rubber Co [1915] 2 Ch 186 ............................................... 5.220
British Thomson-Houston Co v Federated European Bank Ltd [1932] 2 KB 176 ........................ 5.355
British and American Trustee and Finance Corp Ltd v Couper [1894] AC 399 ............................. 9.90
Broadcasting Station 2GB Pty Ltd, Re [1964-65] NSWR 1648 ................................................... 7.337
Broadway Motors Holdings Pty Ltd (in liquidation), re (1986) 6 NSWLR 45 .............................. 9.275
Broken Hill Proprietary Co Ltd v Bell Resources Ltd (1984) 8 ACLR 609 ..................................... 8.135
Brooker v Friend & Brooker Pty Ltd [2006] NSWCA 385 ........................................................... 8.145
Brookton Co-operative Society Ltd v Federal Commissioner of Taxation (1981) 147 CLR 441 .... 9.360
Browne v La Trinidad (1887) 37 Ch D 1 .................................................... 5.125, 5.270, 8.75, 8.120
Brunninghausen v Glavanics (1999) 32 ACSR 294 ............................................ 7.535, 7.542, 11.260
Brunswick NL, Re (1990) 3 ACSR 625 ....................................................................................... 8.135
Buenos Ayres Great Southern Railway Co Ltd, Re [1947] Ch 384 .............................................. 9.102
Bugle Press Ltd, Re [1961] Ch 270 .............................................................................................. 4.58
Bulawayo Market and Offices Co Ltd, Re [1907] 2 Ch 458 ............................................. 5.215, 5.225
Bulfin v Bebarfield’s Ltd (1938) 38 SR (NSW) 424 ................................................... 6.90, 6.95, 6.120
Burland v Earle [1902] AC 83 ................................................. 7.220, 7.460, 7.465, 8.75, 8.80, 8.125
Burton v Palmer [1980] 2 NSWLR 878 ...................................................................................... 9.340
Burton v Wookey (1822) 6 Madd 367; 56 ER 1131 ................................................................... 1.150
Bushell v Faith [1970] AC 1099 ...................................................................................... 5.240, 9.110
Buttonwood Nominees Pty Ltd v Sundowner Minerals NL (1986) 10 ACLR 360 .............. 6.95, 6.100
Buzzle Operations Pty Ltd (in liq) v Apple Computer Australia Pty Ltd (2010) 77 ACSR 410 ........ 7.40
Buzzle Operations Pty Ltd (in liq) v Apple Computer Australia Pty Ltd (2011) 82 ACSR 703 ......... 7.40
Byrnes v R (1995) 183 CLR 501 ................................................................................................ 7.500
CAC v Drysdale (1978) 141 CLR 236 ................................................................................. 7.30, 7.32

CAC v Papoulias (1990) 20 NSWLR 503 ................................................................................... 7.250
CMI Ltd [2011] ATP 4 ............................................................................................................... 12.75
CMI Ltd 01R [2011] ATP 5 ........................................................................................................ 12.75
CSR Ltd v Wren (1997) 44 NSWLR 463 ..................................................................................... 4.127
Caason Investments Pty Ltd v Cao (2015) 108 ACSR 578 ....................................................... 10.202
Camden & Atlantic Railroad v Elkins 37 NJ Eq (10 Stew) 273 ...................................................... 6.20
Campaign Holdings Pty Ltd, Re (1989) 15 ACLR 762 ................................................................ 9.250
Campbell v Australian Mutual Provident Society (1908) LJPC 117 ............................................... 6.65
Campbell v Backoffice Investments Pty Ltd (2008) 66 ACSR 359 .............. 8.195, 8.210, 8.212, 8.215
Campbell v Backoffice Investments Pty Ltd (2009) 238 CLR 304 .................................. 8.145, 10.202
Campbell v Lowe’s Inc 134A (2d) 852 (Del Ch 1957) ................................................................. 6.20
Campbell v Rofe [1933] AC 91 ................................................................................................. 5.105
Campbell Printing Corp v Reid 392 US 286 (1968) ..................................................................... 4.20
Campomar Sociedad Limitada v Nike International Ltd (2000) 202 CLR 45 ............... 10.230, 11.143
Canadian Aero Service Ltd v O’Malley (1973) 40 DLR (3d) 371 ............. 1.155, 7.477, 7.490
Canadian Dredge and Dock Co Ltd v The Queen (1985) 19 DLR (4th) 314 ............... 4.160,
4.175, 4.178
Canadian Land Reclaiming and Colonizing Co, Re (1880) 14 Ch D 660 ..................................... 7.30
Cane v Jones [1980] 1 WLR 1451 ............................................................................................. 5.195
Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance) Pty Ltd (1974)
131 CLR 321 .......................................................................................................................... 1.20
Cape Breton Co v Fenn (1881) 17 Ch D 198 ............................................................................ 8.100
Cape Breton Co, Re (1885) 29 Ch D 795 ...................................................................... 7.385, 7.460
Capricorn Diamonds Investments Pty Ltd v Catto [2002] VSC 105 ......................................... 12.260
Capricornia Credit Union Ltd v ASIC (2007) 62 ACSR 671 .............................................. 5.110, 7.550
Caratti v Mammoth Investments Pty Ltd (2016) 113 ACSR 31 .................................................. 5.360
Caratti Holding Co Pty Ltd v Zampatti (1979) 52 ALJR 732 ............................................ 8.123, 8.160
Caratti Holdings Ltd, Re (1975) 1 ACLR 87 .................................................................... 8.123, 8.160
Cardiff Savings Bank (Marquis of Bute’s Case), Re [1892] 2 Ch 100 ............................................ 7.75
Cargill Inc v Hardin 452 F 2d 1154 (1971) .............................................................................. 11.235
Carlen v Drury (1812) 1 Ves & B 154; 35 ER 61 ........................................................................ 7.220
Carlton Cricket and Football Social Club v Joseph [1970] VR 487 .............................................. 1.125
xiii
Carpathian Resources Ltd v Highmoor Business Corp [2010] FCA 1294 ...................................... 6.25
Carpenter v Pioneer Park Pty Ltd (2008) 66 ACSR 564 .............................................................. 8.100
Carre v Owners Corporation Strata Plan–SP 53020 (2003) 58 NSWLR 302; [2003] NSWSC
397 ........................................................................................................................................ 8.75
Carrier Australasia Ltd v Hunt (1939) 61 CLR 534 ..................................................................... 5.263
Carruth v Imperial Chemical Industries Ltd [1937] AC 707 ....................................................... 6.105
Cashflow Finance Pty Ltd v Westpac Banking Corp [1999] NSWSC 671 ...................................... 7.95
Cassegrain v Gerard Cassegrain & Co Pty Ltd [2008] NSWSC 976 ............................................ 8.100
Cassegrain v Gerard Cassegrain & Co Pty Ltd (2012) 88 ACSR 358 ............................... 7.105, 8.210
Castlereagh Securities Ltd, Re [1973] 1 NSWLR 624 ...................................................... 6.105, 12.05
Catalano v Managing Australia Destinations Pty Ltd [2014] FCAFC 55 ...................................... 8.195
Catto v Ampol Ltd (1989) 16 NSWLR 342 ................................................................................ 9.255
Cawthorn v Keira Constructions Pty Ltd (1994) 33 NSWLR 607 ................................................ 3.190
Cayne v Global Natural Resources Plc [1984] 1 All ER 225 ........................................................ 7.290
Cayne v Global Natural Resources Plc (unreported, Chancery Division, 12
August 1982) ........................................................................................................ 7.235, 7.290
Central Piggery Co Ltd v McNicoll (1949) 78 CLR 594 .................................................... 3.95, 3.165
Chahwan v Euphoric Pty Ltd (2008) 65 ACSR 661 .................................................................... 8.100
Chan v Zacharia (1984) 154 CLR 178 ................................................ 1.60, 1.155, 7.225, 7.455
Chan Siew Lee v TYC Investment Pte Ltd [2015] 5 SLR 409 ...................................................... 5.140
Chandler v Cape plc [2012] EWCA Civ 525 .............................................................................. 4.127
Charitable Corporation, The v Sutton (1742) 2 Atk 400; 26 ER 642 .......................... 2.35, 5.95, 7.75
Charterbridge Corp Ltd v Lloyd’s Bank Ltd [1970] Ch 62 ......................................................... 4.105
Charterhouse Investment Trust Ltd v Tempest Diesels Ltd [1986] PCLC 1 ...................... 9.340, 9.345
Chequepoint Securities Ltd v Claremont Petroleum NL (1987) 11 ACLR 94 ............ 6.90, 6.95, 6.100
Chew v The Queen (1992) 173 CLR 626 ................................................................................ 11.255
Chime Corp Ltd, Re [2004] 7 HKCFA 546 ................................................................................. 8.215
Choc v Hudbay Minerals Inc 2013 ONSC 1414 ............................................................. 4.105, 4.127
Christensen v Scott [1996] 1 NZLR 273 .................................................................................... 8.110
Citizens United v Federal Election Commission 558 US 310 (2010) ............................................ 4.20
City Equitable Fire Insurance Co Ltd, Re [1925] Ch 407 ...................... 7.10, 7.75, 7.95, 7.102, 9.395
City Meat Co Pty Ltd, Re (1984) 8 ACLR 673 ...................................................... 8.145, 8.160, 9.365
Claremont Petroleum NL (No 2), Re [1990] 2 Qd R 310 ........................................................... 5.295
Clark v Dodge 269 NY 410; 199 NE 641 (1936) ....................................................................... 5.195
Clark v R (2004) 50 ACSR 592 .................................................................................................. 7.500
Clarkson Co Ltd v Zhelka (1967) 64 DLR (2d) 457 ...................................................................... 4.68
Clemens v Clemens Bros Ltd [1976] 2 All ER 268 ........................................................................ 8.63
Clements Marshall Consolidated Ltd v ENT Ltd (1988) 13 ACLR 90 .......................................... 12.90
Clifton v Mount Morgan Ltd (1940) 40 SR (NSW) 31 ................................ 5.100, 5.120, 5.135, 8.35
Coal Economising Gas Co (Gover’s Case), Re (1875) 1 Ch D 182 ............................................. 3.238
Coates v Classic Minerals Ltd [2016] WASC 371 ....................................................................... 5.295
Cobra Resources Ltd, Re [2003] ATP 23 ......................................................................... 12.230
Colarc Pty Ltd v Donarc Pty Ltd (1991) 4 ACSR 155 ................................................................... 8.37
Coleman v Myers [1977] 2 NZLR 225 ......... 7.350, 7.472, 7.535, 7.540, 7.542, 10.100, 11.260
Colhoun v Green [1919] 1 VLR 196 .......................................................................................... 6.100
Collie Power Co Pty Ltd, Re (1952) 54 WALR 44 ....................................................................... 9.102
Colorado Products Pty Ltd (in prov liq), Re (2014) 97 ACSR 581 ............................................... 8.100
Comberland Holdings, Re (1976) 1 ACLR 361 .......................................................................... 8.177
Commercial Bank of Australia Ltd v Amadio (1983) 151 CLR 447 ............................................. 5.270
Commonwealth Bank of Australia v Friedrich (1991) 5 ACSR 115 ...................................... 7.75, 7.95
Community Press Pty Ltd, Re (1980) 4 ACLR 782 ..................................................................... 8.152
Compaction Systems Pty Ltd, Re (1976) 2 ACLR 135; 2 NSWLR 477 ...... 5.175, 6.55, 9.275
Compagnie de Mayville v Whitley [1896] 1 Ch 788 ....................................................... 5.105, 5.270
Condraulics Pty Ltd v Barry and Roberts Ltd (1984) 8 ACLR 915 ............................................... 8.125
Connell v National Companies and Securities Commission (1990) 8 ACLC 70 ........................ 11.120
Connor v South Queensland Broadcasting Holdings Pty Ltd (1976) 1 ACLR 355 ....................... 5.300
Conservators of the River Tone v Ash (1829) 10 B & C 349; 109 ER 479 .......................... 3.150, 5.95
Const v Harris (1824) Tur & Rus 496; 37 ER 1191 ..................................................................... 8.155
Consul Development Pty Ltd v DPC Estates Pty Ltd (1975) 132 CLR 373 ....................... 1.155, 9.350
Continental Tyre and Rubber Co (GB) Ltd v Daimler Co Ltd [1915] 1 KB 893 .................. 3.150, 4.20
xiv
Table of Cases
Conway v Petronius Clothing Company Ltd [1978] 1 All ER 185; 1 WLR 72 ................... 5.300, 5.305
Cook v Deeks [1916] 1 AC 554 ........ 3.230, 7.387, 7.455, 7.465, 7.467, 7.472, 8.20, 8.25, 8.37
Cooke v Fairbairn [2003] NSWSC 232 ...................................................................................... 8.235
Coomber; Coomber v Coomber [1911] 1 Ch 723 .................................................................... 1.155
Coombs v Dynasty Pty Ltd (1994) 14 ACSR 60 ........................................................................... 6.20
Coopers Brewery Ltd 03R [2005] ATP 23 ................................................................................... 12.75
Coopers Brewery Ltd 04R [2005] ATP 24 ................................................................................... 12.75
Corbett v Corbett Court Pty Ltd (2016) 109 ACSR 296 ............................................................. 8.210
Coronation Syndicate Ltd v Lilienfeld [1903] TS 489 ................................................................. 5.195
Corporate Affairs, Commissioner for v Bracht (1989) 7 ACLC 40; [1989] VR 821 .............. 5.238, 7.40
Corporate Affairs, Commissioner for v Ekamper (1987) 12 ACLR 519 ........................................ 5.235
Corporate Affairs Commission v Glauber Co Ltd (1985) 3 ACLC 492 ....................................... 11.120
Corporate Affairs Commission (NSW) v Transphere Pty Ltd (No 2) (1985) 9 ACLR 1005 ........... 5.365
Corporate Affairs Commission (SA) v Australian Central Credit Union (1985) 157 CLR 201 ....... 10.35
Costa Rica Railway Co v Forwood (1901) 1 Ch 746 .................................................................. 1.150
Cotman v Brougham [1918] AC 514 ........................................................................................ 8.150
County Life Assurance Co, Re (1870) LR 5 Ch App 288 ............................................................. 5.355
Cowan v Scargill [1985] Ch 270 ............................................................................................... 2.207
Cox v Hickman (1860) 8 HLC 302 ................................................................... 1.40, 1.50, 1.75, 1.95
Crabtree-Vickers Pty Ltd v Australian Direct Mail Advertising and Addressing
Co Pty Ltd (1975) 133 CLR 72 ..................................................... 5.335, 5.338, 5.365, 5.375
Craig v Lake Asbestos of Quebec Ltd 843 F (2d) 145 [3rd Circ (1988) ...................................... 4.120
Crichton’s Oil Co, Re [1902] 2 Ch 86 ....................................................................................... 9.102
Crumpton v Morrine Hall Pty Ltd (1965) 82 WN (Pt 1) (NSW) 456; [1965] NSWR 240 ........... 5.185,
8.15, 8.63, 9.117
Cumberland Holdings Ltd v Washington Soul Pattinson & Co Ltd (1977) 13 ALR 561 .............. 8.177
Cumberland Holdings Ltd, Re (1976) 1 ACLR 361 ......................................................... 8.170
Cumbrian Newspapers Group Ltd v Cumberland and Westmorland Herald
Newspaper and Printing Co Ltd [1987] Ch 1 ....................................... 9.105, 9.100, 9.117
Cussen as Liquidator of Akai Pty Ltd (in liq) v Commissioner of Taxation (2004) 51 ACSR
530 ...................................................................................................................................... 3.210
Czerwinski v Syrena Royal Pty Ltd (No 1) (2000) 34 ACSR 245 ................................................. 5.295
DCT v Austin (1998) 28 ACSR 565 .............................................................................................. 7.35

DHN Distributors Ltd v Tower Hamlets London Borough Council [1976] 1 WLR 852 .... 4.105, 4.120,
4.127
DPP v Kent and Sussex Contractors Ltd [1944] KB 146 .................................................. 4.160, 4.165
DPP (Cth) v JM (2013) 94 ACSR 1 .............................................................................. 11.190, 11.195
DPP Reference No 1 of 2000 [2001] NTSC 91 .......................................................................... 4.130
DR Chemicals Ltd, Re (1989) 5 BCC 39 .................................................................................... 8.212
Dafen Tinplate Co Ltd v Llanelly Steel Co (1907) Ltd [1920] 2 Ch 124 ....................................... 8.55
Daimler Co Ltd v Continental Tyre and Rubber Co Ltd [1916] 2 AC 307 ..................................... 4.20
Dairy Containers Ltd v NZI Bank Ltd (1995) 13 ACLC 3,211 ............................................ 4.127, 7.52
Dalkeith Investments Pty Ltd, Re (1985) 3 ACLC 74 ....................................................... 8.160, 8.210
Dalkeith Resources Pty Ltd v Regis Resources Ltd [2012] VSC 288 ............................................. 5.240
Daniels v Anderson; (1995) 37 NSWLR 438 ........................................ 7.75, 7.80, 7.95, 7.102, 7.135
Daniels v Daniels [1978] Ch 406 ................................................................................................ 8.80
Danish Mercantile Co Ltd v Beaumont [1951] Ch 680 .............................................................. 5.150
Darby, Re; Ex parte Brougham [1911] 1 KB 95 ....................................................... 3.242, 4.58, 4.65
Darvall v North Sydney Brick and Tile Co Ltd (No 2) (1989) 16 NSWLR 260 ............................. 7.313
Davies v Barlow (1881) 2 LR (NSW) 66 ..................................................................................... 1.105
Day v Mead [1987] 2 NZLR 443 ................................................................................................. 7.90
Dean v MacDowell (1878) 8 Ch D 345 ............................................................................. 1.145
Deangrove Pty Ltd (recs and mgrs apptd) v Buckby (2006) 56 ACSR 630; [2006] FCA 212 ....... 7.130
Delmenico v Brannelly [2008] QCA 74 ................................................................................... 10.225
Dempsey v CAC (1989) 7 ACLC 370 ........................................................................................ 5.237
Denham and Co, Re (1883) 25 Ch D 752 ................................................................................... 7.75
Dennis Willcox Pty Ltd v Federal Commissioner of Taxation (1988) 14 ACLR 156 ........................ 4.68
xv
Derry v Peek (1889) 14 App Cas 337 ...................................................................................... 10.225

Designbuild Australia Pty Ltd v Endeavour Resources Ltd (1980) 5 ACLR 610 ............................ 11.65
Devereaux Holdings Pty Ltd v Parry Corp Ltd (1985) 9 ACLR 837 ............................................... 6.90
Devereaux Holdings Pty Ltd v Pelsart Resources NL (unreported, Supreme Court of New
South Wales, Equity Division, No Eq 4206/1985, Cohen J) ................................................... 7.350
Devereaux Holdings Pty Ltd v Pelsart Resources NL (No 2) (1985) 9 ACLR 956 ...... 6.90, 6.95, 6.105,
6.120
Dick v Convergent Telecommunications Ltd (2000) 46 ACSR 86 ............................................... 5.240
Dimbula Valley (Ceylon) Tea Co Ltd v Laurie [1961] 1 Ch 353 ............... 9.103, 9.118, 9.365,
9.390, 9.392
Dividend Fund Inc (in liq), Re [1974] VR 451 ............................................................... 8.123, 10.225
Dodge v Ford Motor Co 170 NW 668 ...................................................................................... 9.365
Dome Resources NL v Silver (2008) 68 ACSR 458 ..................................................................... 5.105
Donaldson v Natural Springs Australia Ltd [2015] FCA 498 ....................................................... 8.210
Donoghue v Stevenson [1932] AC 562 ....................................................................................... 7.70
Dorman Long & Co Ltd, Re [1934] 1 Ch 635 ....................................................... 6.85, 6.105, 6.120
Dovey v Cory [1901] AC 488 .................................................................................................... 9.380
Dowling v Colonial Mutual Life Assurance Society (1915) 20 CLR 509 ...................................... 8.105
Doyle v ASIC (2005) 227 CLR 18 .............................................................................................. 7.500
Dressy Frocks Pty Ltd v Bock (1951) 51 SR (NSW) 390 ............................................................. 9.350
Drillsearch Energy Ltd v McKerlie [2009] NSWSC 517 .............................................................. 7.350
Dromana Estate Ltd 01R [2006] ATP 8 ...................................................................................... 12.75
Drown v Gaumont-British Picture Corp Ltd [1937] Ch 402 ......................................................... 8.95
Duff’s Settlements, Re [1951] Ch 923 ....................................................................................... 9.390
Duke Group Ltd (in liq) v Pilmer (1998) 27 ACSR 1 .................................................................. 3.145
Dungowan Manly Pty Ltd v McLaughlin (2012) 90 ACSR 62 .................................................... 9.117
Dunn v Australian Society of Certified Practising Accountants (1998) 29 ACSR 1 ....................... 3.145
Dunn v Shapowloff [1978] 2 NSWLR 235 ................................................................................. 7.155
Duomatic Ltd, Re [1969] 2 Ch 365 ......................................... 5.170, 5.175, 5.185, 5.192, 6.55
E H Dey Pty Ltd v Dey [1966] VR 464 ....................................................................................... 9.350

EBM Co Ltd v Dominion Bank [1937] 3 All ER 555 .................................................................... 5.355
ENT Pty Ltd v Sunraysia Television Ltd (2007) 61 ACSR 626 .................... 5.295, 6.90, 6.125
East v Bennett Bros Ltd [1911] 1 Ch 163 .................................................................................... 6.70
Ebrahimi v Westbourne Galleries Ltd [1973] AC 360 ......... 8.63, 8.145, 8.155, 8.160, 8.162,
8.212
Eden Energy Ltd v Drivetrain USA Inc (2012) 90 ACSR 191 ....................................................... 5.360
Edensor Nominees Pty Ltd v ASIC (2002) 41 ACSR 325 ....................... 12.95, 12.105, 12.120
Edman v Ross (1922) 22 SR (NSW) 351 .............................................................. 5.295, 5.300, 5.305
Edwards v Halliwell [1950] 2 All ER 1064 ........................................................................... 8.75, 8.90
Ehsman v Nutectime International Pty Ltd (2006) 58 ACSR 705 ............................................... 8.100
El Ajou v Dollar Land Holdings plc [1994] 1 All ER 685 .............................................................. 4.178
El Sombrero Ltd, Re [1958] 3 All ER 1 ................................................................................ 6.50, 6.55
Elder v Elder and Watson Ltd 1952 SC 49 ................................................................................. 8.195
Elders IXL Ltd v NCSC [1987] VR 1 ................................................................................ 12.30, 12.75
Elders Trustee and Executor Co Ltd v Commonwealth Homes and Investment Co Ltd (1941)
65 CLR 603 ........................................................................................................................ 10.225
Elders Trustee and Executor Co Ltd v E G Reeves Pty Ltd (1987) 78 ALR 193 ............................. 3.238
Eley v Positive Government Security Life Assurance Co Ltd (1875) 1 Ex D 20 ..... 8.120, 8.123, 8.212,
9.110
Eley v Positive Life Assurance Co (1876) 1 Ex D 88 .................................................................... 8.120
Elkin & Co Pty Ltd v Specialised Television Installations Pty Ltd [1961] SR (NSW) 165 ................. 1.20
Elkington v CostaExchange Ltd [2011] VSC 501 ....................................................................... 9.355
Elliott v ASIC (2004) 48 ACSR 621 ............................................................................................ 7.140
Ellis v Joseph Ellis & Co [1905] 1 KB 324 ..................................................................................... 1.85
Emanuel Management Pty Ltd v Foster’s Brewing Group Ltd (2003) 178 FLR 1 ........................ 7.150
Emlen Pty Ltd v St Barbara Mines Ltd (1997) 24 ACSR 303 ....................................................... 8.135
Emma Silver Mining Co Ltd v Grant (1879) 11 Ch D 918 ......................................................... 3.220
xvi
Table of Cases
Emma Silver Mining Co Ltd v Lewis & Son (1879) 4 CPD 396 ....................................... 3.230, 3.238
English & Scottish Mercantile Investment Co Ltd v Brunton [1892] 2 QB 1 ................................ 9.55
Environmental Protection Authority v Caltex Refining Co Pty Ltd (1993) 178 CLR 477 ............... 4.20
Ephstathis v Greek Orthodox Community of St George (1988) 13 ACLR 691 ............................ 8.130
Equiticorp Finance Ltd (in liq) v Bank of New Zealand (1993) 32 NSWLR 50 ............................ 7.325
Erlanger v New Sombrero Phosphate Co (1878) 3 App Cas 1218 .............. 3.220, 3.230, 3.238, 4.30
Ernest v Nicholls (1857) 6 HLC 401; 10 ER 1351 ........................... 5.340, 5.345, 5.357, 5.360
Ernst & Young (Reg) v Tynski Pty Ltd (rec & mgrs apptd) (2004) 47 ACSR 433 ......................... 3.195
Errichetti Holdings Pty Ltd v Western Plaza Hotel Corporation Pty Ltd [2006] WASC 113 .......... 5.360
Escott v Barchris Construction Corp 283 F Supp 643 (1968) ................................................... 10.205
Esplanade Developments Ltd v Dinive Holdings Pty Ltd (1980) 4 ACLR 826 .................. 7.387, 7.542
European Assurance Society (Manistry’s Case), Re (1873) 17 Sol Jo 745 ................................... 7.225
European Assurance Society (Grain’s Case), Re (1875) 1 Ch D 307 ............................................. 2.45
Evling v Israel and Oppenheimer Ltd [1918] 1 Ch 101 .................................................. 9.102, 9.360
Exeter and Crediton Railway Co v Buller (1847) 16 LJ Ch 449 ................................................... 5.120
Expo International Pty Ltd (in liq) v Chant [1979] 2 NSWLR 820 .............................................. 7.207
Express Engineering Works Ltd, Re [1920] 1 Ch 466 .......... 5.95, 5.155, 5.160, 5.165, 5.175,
5.192, 5.194, 5.365
F de Jong & Co Ltd, Re [1946] Ch 211 ..................................................................................... 9.102

FAI Insurances Ltd v Pioneer Concrete Services Ltd (No 2) (1986) 10 ACLR 801 ...... 11.65,
11.70
Fame Decorator Agencies Pty Ltd v Jeffries Industries Ltd (1998) 28 ACSR 58 ...... 11.200,
11.220, 11.235
Farrow’s Bank Ltd, Re [1921] 2 Ch 164 .................................................................................... 3.200
Fast Financial Services Pty Ltd v Crawford (2012) 88 ACSR 650 ................................................ 1.140
Faure Electric Accumulator Co, Re (1888) 40 CH D 141 ............................................................ 7.455
Featherstone v Cooke (1873) LR 16 Eq 298 .............................................................................. 5.140
Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd [2001] NSWCA 97 ........................................ 8.145, 8.195
Firestone Tyre and Rubber Co Ltd v Lewellin [1957] 1 WLR 464 ............................................... 4.127
First National Bank of Boston v Bellotti 435 US 765 .................................................................... 4.20
Fitzsimmons v R (1997) 23 ACSR 355 ............................................................................ 7.250, 7.355
Five Minute Car Wash Service Ltd, Re [1966] 1 WLR 745 .......................................................... 8.212
Flavel v Roget (1990) 1 ACSR 595 ........................................................................................... 11.140
Flemying v Hector (1836) 2 M & W 172; 150 ER 716 ............................................................... 1.120
Flinders Diamonds Ltd v Tiger International Resources Ltd (2004) 88 SASR 281 .......... 12.35, 12.100,
12.105
Flitcroft’s Case (1882) 21 Ch D 519 .......................................................................................... 7.455
Florence Land and Public Works Co (Nicol’s Case), Re (1885) 19 Ch D 421 ................................ 3.95
Forest of Dean Mining Co, Re (1879) 10 Ch D 451 .................................................................... 7.10
Forge v ASIC (2004) 52 ACSR 1; [2004] NSWCA 448 .............................................. 7.75, 7.500, 8.37
Forrest v ASIC (2012) 247 CLR 486; [2012] HCA 39 ................ 10.215, 7.110, 11.141, 11.143
Foss v Harbottle (1843) 2 Hare 461; 67 ER 189 .... 5.95, 8.75, 8.80, 8.85, 8.90, 8.110, 8.125, 8.130,
8.132, 8.135, 8.215
Foster v Foster [1916] 1 Ch 532 .................................................................................... 5.105, 5.140
Foster v New Trinidad Lake Asphalt Co Ltd [1901] 1 Ch 208 .................................................... 9.387
Fowlers Vacola Manufacturing Co Ltd, Re [1966] VR 97 ................................................. 9.230, 9.240
Francis v United Jersey Bank 432 A 2d 814 (1981) ...................................................................... 7.80
Fraser v NRMA Holdings Ltd (1995) 15 ACSR 590; 127 ALR 543 .... 6.90, 6.95, 6.105, 6.120,
6.125, 10.200, 10.210, 10.215
Fraser v Whalley (1864) 2 H & M 10; 71 ER 361 ...................................... 7.220, 7.275, 7.285, 8.125
Freeman v Laventhol & Horwath 915 F 2d 193 (1990) ........................................................... 11.235
Freeman and Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB
480 .................................................................................................. 5.320, 5.327, 5.330, 5.338
Funerals of Distinction Pty Ltd, Re [1963] NSWR 614 ................................................................ 5.300
Furs Ltd v Tomkies (1936) 54 CLR 583 .......... 1.155, 7.345, 7.455, 7.460, 7.472, 7.497, 7.527,
8.20
xvii
G J Mannix Ltd, Re [1984] 1 NZLR 309 ....................................................................................... 4.20

G Jeffrey (Mens Store) Pty Ltd, Re (1984) 9 ACLR 193 ................................................... 8.160, 8.210
GIGA Investments Pty Ltd (in admin), Re (1995) 17 ACSR 472 .................................................. 5.275
GIO Australia Holdings Ltd v AMP Investment Insurance Ltd (1998) 29 ACSR 584 ................... 10.115
GPG (Australia Trading) Pty Ltd v GIO Australia Holdings Ltd (2001) 117 FCR 23 .................... 11.150
Gaiman v National Association for Mental Health [1971] Ch 317 .......................... 7.310, 7.312, 8.63
Galbraith v Merito Shipping Co 1947 SC 446 ........................................................................... 8.150
Galloway v Halle Concerts Society [1915] 2 Ch 233 ................................................................. 8.125
Gamble v Hoffman (1997) 24 ACSR 369 .................................................................................. 7.100
Gambotto v WCP Ltd (1995) 182 CLR 432 ........... 8.15, 8.65, 8.67, 8.68, 9.235, 9.250, 9.255,
12.275
Gamlestaden Fastigheter AB v Baltic Partners Ltd [2007] 4 All ER 164 ....................................... 8.215
Gantry Acquisition Corp v Parker & Parsley Petroleum Australia Pty Ltd (1994) 51 FCR 554 .... 12.200
Garcia v National Australia Bank Ltd (1998) 194 CLR 395 ......................................................... 5.270
Garden City, The [1982] 2 Lloyd’s Rep 382 ................................................................... 4.150, 4.155
Garvie v Axmith (1962) 31 DLR (2d) 65 .................................................................................... 6.120
Geller v Transamerica Corp 53 F Supp 625 ............................................................................... 4.120
Geneva Finance Ltd, Re; Quigley v Cook (1992) 7 ACSR 415 .................................................... 5.300
George Newman & Co, Re [1895] 1 Ch 674 ........................................... 5.155, 5.160, 5.165, 7.390
Gibbs and Webb’s Case (1870) LR 10 Eq 312 ........................................................................... 5.105
Gilford Motor Co Ltd v Horne [1933] 1 Ch 935 ....................................................... 4.50, 4.55
Gillfillan v ASIC (2013) 92 ACSR 460 ......................................................................................... 5.275
Gladstone Pacific Nickel Ltd, Re (2011) 86 ACSR 432 ............................................................... 8.100
Glandon Pty Ltd v Strata Consolidated Pty Ltd (1993) 11 ACSR 543 ......................................... 7.542
Glencore International AG v Takeovers Panel (2005) 54 ACSR 708 ................................. 12.30, 12.35
Glencore International AG v Takeovers Panel (2006) 56 ACSR 753 ............................................ 12.30
Glenville Pastoral Co Pty Ltd (in liq) v Commissioner of Taxation (Cth) (1963) 109 CLR 199 ..... 9.382
Gloucester Coal 01 [2009] ATP 6 .............................................................................................. 12.45
Gloucester Coal 01R [2009] ATP 9 ............................................................................................ 12.45
Gluckstein v Barnes [1900] AC 240 ................................................................................ 3.220, 3.240
Gold Ribbon (Accountants) Pty Ltd (in liq) v Sheers [2006] QCA 335 ....................................... 7.130
Golden Gate Petroleum Ltd, Re (2010) 77 ACSR 17 ....................................................... 10.65, 10.75
Goldex Mines Ltd v Revill (1974) 54 DLR (3d) 672 ..................................................................... 6.95
Goozee v Graphic World Group Holdings Pty Ltd (2002) 170 FLR 451; 42 ACSR 534 ..... 8.100, 8.195
Gorton v FCT (1965) 113 CLR 604 ............................................................................................. 4.68
Gothard v Fell (2012) 88 ACSR 328 .......................................................................................... 11.90
Goudberg v Herniman Associates Pty Ltd [2007] VSCA 12 .......................................................... 1.20
Goulburn Valley Butter Factory Co Pty Ltd v Bank of New South Wales (1900) 25 VLR 702 ....... 5.355
Gramophone and Typewriter Ltd v Stanley [1908] 2 KB 89 .................................. 4.60, 5.120, 5.135
Grant v John Grant & Sons Pty Ltd (1950) 82 CLR 1 ............. 5.380, 7.265, 7.295, 8.35, 8.90, 8.125,
8.132
Grant v United Kingdom Switchback Railway Co (1888) 40 Ch D 135 ..................................... 5.145
Grant-Taylor v Babcock & Brown Ltd (2016) 113 ACSR 362 ....................................... 11.135, 11.140
Gray v Lewis (1873) LR 8 Ch App 1035 ...................................................................................... 8.75
Gray v New Augarita Porcupine Mines Ltd [1952] 3 DLR (2d) 1 ................................. 7.380
Great Eastern Railway Co v Turner (1872) LR 8 Ch App 149 ....................................................... 7.10
Great Investments Ltd v Warner (2016) 114 ACSR 33 ............................................................... 5.360
Great Wheal Polgooth Co Ltd, Re (1883) 53 LJ Ch 42 ............................................................... 3.238
Greenhalgh v Arderne Cinemas Ltd [1946] 1 All ER 512 ............................................................ 9.118
Greenhalgh v Arderne Cinemas Ltd [1951] Ch 286 ............ 7.240, 7.270, 7.300, 7.310, 8.55,
8.63, 8.170, 8.212
Greenwell v Porter [1902] 1 Ch 530 ......................................................................................... 5.195
Gregor v British-Israel-World Federation (2002) 41 ACSR 641 ................................................... 8.145
Griffin, Re; Ex parte Board of Trade (1890) 60 LJQB 235 ............................................................. 1.20
Grimaldi v Chameleon Mining NL (No 2) (2012) 87 ACSR 260; [2012] FCAFC 6 ......... 7.30,
7.37, 7.225
Grindley v Barker (1798) 1 Bos & Pul 229; 126 ER 875 ............................................................... 5.95
Grove v Flavel (1986) 43 SASR 410 ................................................................................ 7.312, 7.500
xviii
Table of Cases
H A Stephenson & Son Ltd (in liq) v Gillanders Arbuthnot & Co (1931) 45 CLR 476 ........ 3.70, 8.150
H H Vivian & Co Ltd, Re [1900] 2 Ch 654 ................................................................................. 5.105
H L Bolton (Engineering) Co Ltd v T J Graham & Sons Ltd [1957] 1 QB 159 .................. 4.165, 5.355
H R Harmer Ltd, Re [1959] 1 WLR 62 ............................................................................. 8.185, 8.215
HIH Insurance Ltd, Re (2016) 113 ACSR 318 ........................................................................... 10.202
HNA Irish Nominee Ltd v Kinghorn (2010) 78 ACSR 553 ............................................................ 3.95
HNA Irish Nominee Ltd v Kinghorn (No 2) (2012) 88 ACSR 427; [2012] FCA 228 ......... 8.145, 9.392
Halifax Sugar Refining Co Ltd v Francklyn (1890) 59 LJ Ch 591 ................................................ 5.270
Hall v Poolman (2007) 65 ACSR 123 ..................................................................... 7.150, 7.207
Hallett v Dowdall (1852) 18 QB 2; 118 ER 1 ............................................................................... 2.50
Halliburton Co et al v Erica P John Fund Inc 134 S Ct 2398 (2014) ......................................... 10.202
Hamilton v Whitehead (1988) 65 ALJR 80 ........................................................................ 4.42, 4.185
Hamilton v Wright (1980) 5 ACLR 391 ..................................................................................... 7.145
Hamilton-Irvine, Re (1990) 2 ACSR 616 .................................................................................... 5.237
Hampson v Price’s Patent Candle Co (1876) 45 LJ Ch 437 ....................................................... 5.105
Hannes v MJH Pty Ltd (1992) 7 ACSR 8 .................................................................................... 7.245
Hanson Trust PLC v ML SCM Acquisition Inc 781 F 2d 264 (2d Cir 1986) ................................. 7.120
Hapytoz Pty Ltd (in liq), Re [1937] VLR 40 ................................................................................ 5.355
Harben v Phillips (1883) 23 Ch D 14 .................................................................... 5.120, 5.270, 6.85
Harkness v Commonwealth Bank of Australia (1993) 12 ACSR 165 ........................................... 7.387
Harlowe’s Nominees Pty Ltd v Woodside (Lakes Entrance) Oil Company NL
(1968) 121 CLR 483 ............................................................ 7.215, 7.220, 7.230, 7.265, 8.125
Harris v Shepherd (1976) 2 ACLR 51 ........................................................................ 7.35, 7.40, 7.50
Hawkesbury Development Co Ltd v Landmark Finance Pty Ltd [1969] 2 NSWR 782 ................. 3.195
Hawkins v Bank of China (1992) 7 ACSR 349 ............................................................................ 7.145
Hayes v Bristol Plant Hire Ltd [1957] 1 WLR 499 ....................................................................... 5.275
Haywood v Roadknight [1927] VLR 512 ................................................................................... 7.385
He Kaw The v R (1985) 157 CLR 523 ........................................................................................ 4.182
Heide Pty Ltd (t/as Farmhouse Smallgoods) v Lester (1991) 3 ACSR 159 .................................. 7.150
Helmore v Smith (1890) 15 App Cas 223; (1886) 35 Ch D 436 ................................................ 1.150
Helwig v Jonas [1922] VLR 261 ................................................................................................... 6.90
Hely-Hutchinson v Brayhead Ltd [1968] 1 QB 549 ............ 5.315, 5.325, 5.327, 5.357, 5.365,
5.375
Heron v Port Huon Fruitgrowers Co-op (1922) 30 CLR 315 ...................................................... 8.123
Herrman v Simon (1990) 4 ACSR 81 ...................................................................... 5.185, 5.192
Heydon v NRMA [2000] NSWCA 374 ..................................................................................... 11.150
Hibblewhite v McMorine (1839) 5 M & W 462; 151 ER 195 ................................................... 11.170
Hickey v Axelford [2003] NSWSC 185 ...................................................................................... 5.270
Hickman v Kent or Romney Marsh Sheep-Breeders’ Association [1915] 1 Ch 881 .... 8.120,
8.123
Hill v Permanent Trustee Co of New South Wales Ltd [1930] AC 720 ........................................ 9.390
Hillhouse v Gold Copper Exploration NL (No 2) (1988) 6 ACLC 351 ......................................... 8.130
Hillhouse v Gold Copper Exploration NL (No 3) (1988) 14 ACLR 423 ....................................... 11.65
Hilton International Ltd v Hilton [1989] 1 NZLR 442 ................................................................ 9.395
Hilton International Ltd (in liq) v Hilton (1988) 4 NZCLC 64,721 ............................................. 9.365
Hindle v John Cotton Ltd (1919) 56 Sc LR 625 ......................................................................... 7.260
Hirsche v Sims [1894] AC 654 .................................................................................................. 7.270
Hivac Ltd v Park Royal Scientific Instruments Ltd [1946] Ch 169 ............................................... 7.527
Ho Tung v Man On Insurance Co Ltd [1902] AC 232 .......................................... 5.180, 5.192
Hoare & Co Ltd, Re [1904] 2 Ch 208 ....................................................................................... 9.382
Hogg v Cramphorn Ltd [1967] Ch 254 .............. 7.235, 7.275, 7.285, 7.295, 8.25, 8.37, 8.212
Holmes v Life Funds of Australia Ltd [1971] 1 NSWLR 860 .................................... 5.240, 6.90, 9.275
Holpitt Pty Ltd v Swaab (1992) 33 FCR 474 ................................................................................ 7.45
Homer District Consolidated Gold Mines, Re; Ex parte Smith (1888) 39 Ch D 546 ................... 5.270
Hooker Investments Pty Ltd v Baring Bros Halkerston & Partners Securities Ltd (1986) 5
NSWLR 157; 10 ACLR 462 ................................................................................................. 11.255
Hooker Investments Pty Ltd v Email Ltd (1986) 10 ACLR 443 .................................................... 8.125
Hordern v Hordern [1910] AC 465 ........................................................................................... 1.155
xix
Horn v Faulder & Co (1908) 99 LT 524 ..................................................................................... 5.275

Hosken v ASIC (1998) 28 ACSR 542 .......................................................................................... 5.237
Hospital Products Ltd v United States Surgical Corp (1984) 156 CLR 41 ........................ 1.140, 7.542
Host-Plus Pty Ltd v Australian Hotels Association [2003] VSC 145 .............................................. 8.145
Hotel Terrigal Pty Ltd v Latec Investments Ltd (No 2) [1969] 1 NSWR 676 ............................... 4.105
Houghton v Saunders [2014] NZHC 2229 .............................................................................. 10.225
Houghton-Le Touzel v Mecca Ltd [1950] 2 KB 612 ..................................................................... 4.20
Houghton & Co v Nothard Lowe and Wills [1927] 1 KB 246 .................................................... 5.355
House of Fraser Plc v ACGE Investments Ltd [1987] AC 387 ...................................................... 9.117
Howard v Mechtler (1999) 30 ACSR 434 ........................................................................... 6.15, 6.35
Howard Smith Ltd v Ampol Petroleum Ltd [1974] AC 821 ......... 7.235, 7.285, 7.312, 8.125
Huang v Wang [2016] NSWCA 164 .......................................................................................... 8.100
Huddart, Parker & Co Ltd v Moorehead (1909) 8 CLR 330 .............................................. 2.75, 2.105
Hudson Conway Ltd, Re (1993) 12 ACSR 668 .......................................................................... 9.230
Humes Ltd v Unity APA Ltd (1987) 11 ACLR 641 ......................................................................... 6.35
Hunter Resources Ltd, Re (1992) 7 ACSR 436 ........................................................................... 9.230
Hurley v BGH Nominees Pty Ltd (No 2) (1984) 2 ACLC 497 ..................................................... 7.542
Hussein v Good (1990) 1 ACSR 710 .......................................................................................... 7.145
Huth v Clarke (1890) 25 QBD 391 ........................................................................................... 5.275
Hutton v West Cork Railway Co (1883) 23 Ch D 654 ............................... 5.245, 7.240, 7.300, 7.390
Hydrodam (Corby) Ltd, Re [1994] 2 BCLC 180 ........................................................................... 7.40
Hymix Concrete Pty Ltd v Garrity (1977) 2 ACLR 559 .................................................... 7.150, 7.207
ICAL Ltd v County Natwest Securities Aust Ltd (1988) 13 ACLR 129 ....................................... 12.200
IOC Australia Pty Ltd v Mobil Oil Australia Ltd (1975) 11 ALR 417 ............................................. 8.105
Idyllic Solutions Pty Ltd, Re (2013) 93 ACSR 421 ...................................................................... 8.135
Impact Datascape Pty Ltd v McIntosh (unreported, 3 October 1990) ....................................... 4.125
Imperial Chemical Industries Ltd, Re [1936] 1 Ch 587 .............................................................. 6.105
Imperial Hydropathic Hotel Co (Blackpool) v Hampson (1882) 23 Ch D 1 ..................... 5.240, 8.120
In Plus Group Ltd v Pyke [2002] EWCA Civ 370 ........................................................................ 7.527
Independent Steels Pty Ltd v Ryan (1989) 15 ACLR 518 ............................................................ 9.353
Industrial Development Consultant Ltd v Cooley [1972] 1 WLR 443 .............. 7.455, 7.482,
7.485
Industrial Equity Ltd v Blackburn (1977) 137 CLR 567 ............................. 4.105, 4.120, 9.360, 9.392
Inkerman Grazing Pty Ltd, Re (1972) 1 ACLR 102 ..................................................................... 5.105
Inland Revenue Commissioners v Thornton Kelley & Co Ltd [1957] 1 WLR 482 ........................ 9.390
Intercapital Holdings Ltd v MEH Ltd (1988) 13 ACLR 595 ......................................................... 5.295
International Hospitality Concepts Pty Ltd v National Marketing Concepts Inc (No 2) (1994)
13 ACSR 368 ....................................................................................................................... 8.145
Introductions Ltd, Re [1970] Ch 199 .......................................................................................... 3.75
Investment Trust Corp Ltd v Singapore Traction Co Ltd [1935] Ch 615 .................................... 5.200
Ireland v Retallack [2011] NSWSC 846 ..................................................................................... 8.210
Irvine v Union Bank of Australia (1887) 2 App Cas 366 ............................................................. 5.145
Isle of Thanet Electricity Supply Co Ltd, Re [1950] Ch 161 .......................................... 9.100
(1884) 25 Ch D 320 ...................................................................................................... 5.120, 5.125
Iso Lilodw’ Aliphumeleli Pty Ltd (in liq) v Commissioner of Taxation (2002) 42 ACSR 561 ......... 7.150
J Spurling Ltd v Bradshaw [1956] 1 WLR 461 .......................................................................... 10.230

J W Broomhead (Vic) Pty Ltd (in liq) v J W Broomhead Pty Ltd [1985] VR 891 ........................... 5.365
Jackson v The Munster Bank Ltd (1884) 13 LR Ir 118 .................................................................. 6.95
Jacobus Marler Estates Ltd v Marler (1913) 85 LJPC 167n ......... 3.230, 3.250, 3.255, 7.385,
7.460
James v Buena Ventura Nitrate Grounds Syndicate Ltd [1896] 1 Ch 456 ..................................... 8.90
James, Ex parte (1803) 8 Ves Jun 337; 32 ER 385 ..................................... 1.155, 7.460, 7.470, 7.490
James Hardie Industries NV v ASIC [2010] NSWCA 332; (2011) 81 ACSR 1 .... 11.140, 11.195, 11.210
xx
Table of Cases
James Lumbers Ltd, Re (1925) 58 OLR 100 ............................................................................... 8.145

Jarrett, Re (1999) 32 ACSR 23 ................................................................................................... 5.237
Jeffree v National Companies and Securities Commission (1989) 15 ACLR 217 ......................... 7.500
Jenkins v Enterprise Gold Mines NL (1992) 6 ACSR 539 .......................... 8.108, 8.215, 8.225
Jervois Mining Ltd, Re; Campbell v Jervois Mining Ltd [2009] FCA 316 ..................................... 5.295
John Alexander’s Clubs Pty Ltd v White City Tennis Club Ltd (2010) 241 CLR 1 ........................ 1.140
John Henshall (Quarries) Ltd v Harvey [1965] 2 QB 233 ........................................................... 4.165
John J Starr (Real Estate) Pty Ltd v Robert R Andrew (A’Asia) Pty Ltd (1991) 6 ACSR 63 ............ 8.145,
8.210, 8.235
John Labatt Ltd, Re (1959) 20 DLR (2d) 159 ............................................................................... 8.65
John Shaw & Sons (Salford) Ltd v Shaw [1935] 2 KB 113 ............ 5.110, 5.130, 5.135, 5.150
Johnny Oceans Restaurant Pty Ltd v Page [2003] NSWSC 952 .................................................. 8.163
Johns v Australian Securities Commission (1993)11 ACSR 467 .................................................. 11.90
Johnson v Gore Wood & Co [2001] 2 WLR 72 .......................................................................... 8.110
Johnson v Lyttle’s Iron Agency (1877) 5 Ch D 687 .................................................................... 8.120
Johnson Corp Ltd, Re (1980) 5 ACLR 227 ................................................................................. 8.152
Johnston v McGrath [2007] NSWCA 231 ................................................................................ 10.202
Joint Stock Discount Co v Brown (1869) LR 8 Eq 381 ................................................................. 7.90
Jones v Jones (2009) 27 ACLC 1,021 ........................................................................................ 7.542
Jones v Lipman [1962] 1 WLR 832 ...................................................................................... 4.55
Jubilee Mines NL v Riley (2009) 226 FLR 201 ...................................... 11.140, 11.141, 11.142
KGD Investments Pty Ltd v Placard Holdings Pty Ltd (2016) 110 ACSR 399 .............................. 9.355
Kathleen Investments (Australia) Ltd v Australian Atomic Energy Commission (1978) 52 ALJR
45 ........................................................................................................................................ 8.125
Kaye v Croydon Tramways Co [1898] 1 Ch 358 ..................................................... 6.95, 6.100, 8.90
Keech v Sandford (1726) Sel Cas Ch 61; 25 ER 223 ...................... 7.470, 7.472, 7.475, 7.477, 7.480
Keith Henry & Co Pty Ltd v Stuart Walker & Co Pty Ltd (1958) 100 CLR 342 ............................ 1.155
Keith Smith East West Transport Pty Ltd (In liq) v Australian Taxation Office (2002) 42 ACSR
501 ...................................................................................................................................... 7.150
Keller v LED Technologies Pty Ltd [2010] FCAFC 55 .................................................................... 7.15
Kelner v Baxter (1866) LR 2 CP 174 ............................................................................................ 3.75
Keneally, Re (2015) 107 ACSR 172 ........................................................................................... 5.270
Kerry v Maori Dream Gold Mines Ltd (1898) 14 TLR 402 ......................................................... 7.225
Killen v Marra Developments Ltd (Kearney J ............................................................................. 6.105
Kingston Cotton Mill (No 2), Re [1896] 2 Ch 279 .................................................................... 9.185
Kinsela v Russell Kinsela Pty Ltd (In Liq) (1986) 4 NSWLR 722 .... 5.190, 5.192, 7.312, 8.37
Kinwat Holdings Pty Ltd v Platform Pty Ltd (1982) 6 ACLR 398 .............................................. 11.255
Kirby v Wilkins [1929] 2 Ch 444 ............................................................................................... 9.295
Kirton Investments Pty Ltd v CC Bottlers Ltd (1984) 10 ACLR 167 ............................................ 8.125
Kitson & Co Ltd, Re [1946] 1 All ER 435 ................................................................................... 8.150
Kleinwort Benson Ltd v Malaysia Mining Corp Berhad [1989] 1 WLR 379 ................................. 4.127
Knightswood Nominees Pty Ltd v Sherwin Pastoral Co Ltd (1989) 15 ACLR 151 ....................... 5.295
Kodak Ltd v Clark [1903] 1 KB 505 ............................................................................................. 4.68
Kokotovich Constructions Pty Ltd v Wallington (1995) 17 ACSR 478 .................. 7.245, 8.145, 8.160
Kornblums Furnishings Ltd, Re (1981) 6 ACLR 456 ................................................................... 5.200
Kornblums Furnishings Ltd, Re [1982] VR 123 .......................................................................... 12.80
Kounis v Kounis (1987) 11 ACLR 854 ........................................................................................ 8.160
Krakowski v Eurolynx Properties Ltd (1995) 183 CLR 563 ....................................................... 10.225
Kraus v J G Lloyd Pty Ltd [1965] VR 232 .......................................................................... 5.150, 8.90
Krecichwost v R [2012] NSWCCA 101 ...................................................................................... 9.392
Kreditbank Cassel GmbH v Schenkers [1927] 1 KB 826 ............................................................ 5.355
Krejci, Re (2006) 58 ACSR 403 .................................................................................................. 3.190
Kriewaldt v Independent Direction Ltd (1995) 14 ACLC 73 ...................................................... 5.300
Kuwait Asia Bank EC v National Mutual Life Nominees Ltd [1991] 1 AC 187 ...................... 7.45, 7.52
xxi
L C O’Neil Enterprises Pty Ltd v Toxic Treatments Ltd (1986) 4 NSWLR 660 ............................... 6.25
Lady Gwendolen, The (Arthur Guinness, Son & Co (Dublin) Ltd v Owners of the Motor
Vessel Freshfield [1965] P 294 .............................................................................................. 4.155
Lagunas Nitrate Co v Lagunas Syndicate [1899] 2 Ch 392 ......................... 3.225, 3.240, 3.245, 7.75
Lands Allotment Co, Re [1894] 1 Ch 616 ......................................................................... 7.10, 7.455
Ledir Enterprises Pty Ltd, Re (2014) 96 ACSR 1 ............................................................. 8.205
Lee v Lee’s Air Farming Ltd [1961] AC 12 ........................................... 4.35, 4.42, 4.185, 5.245
Lee v Neuchatel Asphalte Co (1889) 41 Ch D 1 ............................. 9.365, 9.370, 9.377, 9.380
Lee Behrens & Co Ltd, Re [1932] 2 Ch 46 ................................................................................ 5.245
Leeds and Hanley Theatres of Varieties Ltd, Re [1902] 2 Ch 809 .................................... 3.245, 3.255
Lees v Laforest (1851) 14 Beav 250; 51 ER 283 ......................................................................... 1.155
Lennard’s Carrying Co Ltd v Asiatic Petroleum Co Ltd [1915] AC 705 ........... 4.150, 4.160,
4.165
Levin v Clark [1962] NSWR 686 ..................................................................................... 7.335, 7.337
Lew v Coles Myer Ltd [2002] VSC 535 ........................................................................................ 6.85
Lewis v Daily Telegraph Ltd [1964] AC 234 ................................................................................. 4.20
Lewis (as liq of Doran Constructions Pty Ltd (in liq)) v Doran [2005] NSWCA 243 .................... 3.210
Link Agricultural Pty Ltd v Shanahan [1999] 1 VR 466; (1998) 28 ACSR 498 ........... 5.240, 6.80, 8.90
Links Golf Tasmania Pty Ltd v Sattler (2012) 90 ACSR 288 ........................................................ 7.527
Lion Nathan Australia Pty Ltd v Coopers Brewery Ltd (2005) 55 ACSR 583 ............................... 6.125
Lionsgate Australia Pty Ltd v Macquarie Private Portfolio Management Ltd (2007) 62 ACSR
178 ...................................................................................................................................... 12.35
Lionsgate Australia Pty Ltd v Macquarie Private Portfolio Management Ltd (2007) 62 ACSR
522 ...................................................................................................................................... 12.05
Liquidators of the Imperial Mercantile Credit Association, The v Coleman
(1873) LR 6 HL 189 .............................................................................................. 3.242, 7.370
Lister v Romford Ice and Cold Storage Co Ltd [1957] AC 555 ..................................................... 7.75
Little v Australian Securities Commission (1996) 22 ACSR 226 .................................................... 3.70
Littlewoods Mail Order Stores Ltd v IRC [1969] 1 WLR 1241 ..................................................... 4.105
Littlewoods Organisation Ltd v Harris [1977] 1 WLR 1472 ........................................................ 4.105
Loch v John Blackwood Ltd [1924] AC 783 ............................................................................... 8.145
London & Mediterranean Bank, Wright’s Case, Re (1868) 37 LJ Ch 529 ..................................... 6.90
London City Equities Ltd v Penrice Soda Holdings Ltd (2011) 84 ACSR 573 .............................. 5.295
London and Mashonaland Exploration Co Ltd v New Mashonaland Exploration
Co Ltd [1891] WN 165 ........................................................................................ 7.525, 7.527
Long Park v Trenton-New Brunswick Theatres Co 77 NE 2d 633 (1948) ................................... 5.195
Lonhro Ltd v Shell Petroleum Co Ltd [1980] 2 WLR 367 ....................................... 4.42, 4.105, 4.127
Lord Bruce’s Case (1728) 2 Strange 819; 93 ER 870 ................................................................. 5.240
Lubbock v British Bank of South America [1892] 2 Ch 198 .............................. 9.365, 9.385
Lucy v Lomas [2002] NSWSC 448 ............................................................................................ 8.210
Lyford v Media Portfolio Ltd (1989) 7 ACLC 271 ....................................................................... 5.360
MIS Funding No 1 Pty Ltd v Buckley (2014) 96 ACSR 691 ........................................................ 10.85
MMAL Rentals Pty Ltd v Bruning [2004] NSWCA 451 ............................................................... 8.145
MacDougall v Gardiner (1875) 1 Ch D 13 ................................................... 8.75, 8.90, 8.120, 8.130
MacLeod v The Queen (2003) 214 CLR 230 ............................................................................... 4.42
MacarthurCook Limited [2008] ATP 20 ................................................................................... 12.247
Macarthurcook Ltd, Re (2008) 67 ACSR 345; [2008] ATP 20 ................................................... 12.240
Macaura v Northern Assurance Co [1925] AC 619 ...................................................................... 4.40
Macquarie Investments Pty Ltd, Re (1975) 1 ACLR 40 ............................................................... 5.237
Madrid Bank Ltd v Bayley (1866) LR 2 QB 37 ........................................................................... 3.200
Magna Alloys & Research Pty Ltd, Re (1975) 1 ACLR 203 .............................................. 5.235, 5.237
Magna Plant v Mitchell (unreported, 27 April 1966) ................................................................. 4.165
Maher v Honeysett & Maher Electrical Contractors Pty Ltd [2005] NSWSC 859 ........................ 8.100
Mahony v East Holyford Mining Co (1875) LR 7 HL 869 .......................... 5.330, 5.338, 5.355, 5.357
xxii
Table of Cases
Majestic Resources NL v Caveat Pty Ltd [2004] WASCA 201 ...................................................... 5.295
Mallan v Lee (1949) 80 CLR 198 .............................................................................................. 4.185
Maloney v New South Wales National Coursing Association Ltd (No 2) (1978) 3 ALCR 404 ...... 5.240
Manning River Co-operative Dairy Co Ltd v Shoesmith (1915) 19 CLR 714 .............................. 7.313
Manpac Industries Pty Ltd v Ceccattini [2002] NSWSC 330 ........................................... 7.150, 7.175
Mansfield v The Queen [2012] HCA 49 ................................................................................... 11.240
March v E & M H Stramare Pty Ltd (1991) 171 CLR 506 ............................................................ 7.90
Marchesi v Barnes [1970] VR 434 ............................................................................................. 7.250
Maritime Union of Australia v Patrick Stevedores No 1 Pty Ltd (1998) 27 ACSR 497 .................... 4.85
Maronis Holdings Pty Ltd v Nippon Credit Aust Pty Ltd (2001) 38 ACSR 404 ............................ 7.327
Marra Developments Ltd v B W Rofe Pty Ltd [1977] 2 NSWLR 616 ........................................... 9.360
Marra Developments Ltd, Re (1976) 1 ACLR 470 ............................................................. 6.95, 6.105
Marshall’s Valve Gear Co Ltd v Manning Wardle & Co Ltd [1909] 1 Ch 267 ............................. 5.135
Mason v Harris (1879) 11 Ch D 97 ............................................................................................. 8.37
Massey v Wales (2003) 57 NSWLR 718 .......................................................................... 5.140, 5.150
McCausland v Surfing Hardware International Holdings Pty Ltd [2013] NSWSC 902 ................ 8.210
McDougall v On Q Group Ltd (2007) 25 ACLC 910 ................................................................. 5.300
McGellin v Mount King Mining NL (1998) 144 FLR 288 ........................................................... 7.350
McKerlie v Drillsearch Energy Ltd (2009) 74 NSWLR 673 .......................................... 6.25, 6.70, 6.80
McLaren v Thompson [1917] 2 Ch 231 ...................................................................................... 6.85
McLellan v Carroll (2009) 76 ACSR 67 ...................................................................................... 7.175
McMillan v Toledo Enterprises International Pty Ltd (1995) 18 ACSR 603 ........... 8.145, 8.160, 8.210
McQuade v Stoneham 263 NY 323; 189 NE 234 (1936) .......................................................... 5.195
Measures Bros Ltd v Measures [1910] 2 Ch 248 ....................................................................... 7.527
Medefield Pty Ltd, Re (1977) 2 ACLR 406 ...................................................................... 5.195, 8.123
Medical Committee for Human Rights v Securities and Exchange Commission 432 F 2d 659
(1970) ................................................................................................................................. 5.138
Megevand, Re; Ex parte Delhasse (1878) 7 Ch D 511 ............................................. 1.20, 1.70
Meinhard v Salmon 249 NY 458; 164 NE 545 (1928) ......................................... 1.140, 1.135, 7.455
Melcann Ltd v Super John Pty Ltd (1995) 13 ACLC 92 ................................................... 9.240, 9.255
Melhado v Porto Alegre Railway Co (1874) LR 9 CP 503 ........................................................... 8.120
Mendes v Commissioner of Probate Duties (Vic) (1967) 122 CLR 152 ........................................ 5.95
Menier v Hooper’s Telegraph Works (1874) LR 9 Ch App 350 ................................. 7.465, 8.15, 8.20
Mercantile Trading Co, Stringer’s Case, Re (1869) LR 4 Ch App 475 ......................................... 9.355
Meridian Global Funds Management Asia Ltd v Securities Commission [1995] 2
AC 500 ........................................................................................................ 4.160, 4.170, 4.178
Mesa Minerals Ltd v Mighty River International Ltd (2016) 111 ACSR 289 ................................ 5.295
Mesenberg v Cord Industrial Recruiters (Nos 1 & 2) (1996) 19 ACSR 483 ................................. 8.135
Metropolitan Fire Systems Ltd v Miller (1997) 23 ACSR 699 ..................................................... 7.140
Metropolitan Fire Systems Pty Ltd v Miller (1997) 23 ACSR 699 ..................................... 7.155, 7.170
Metyor Inc v Queensland Electronic Switching Pty Ltd (2002) 42 ACSR 398 ............................. 8.109
Mhanna v Sovereign Capital Ltd [2004] FCA 1040 ................................................................... 8.100
Midgley v Midgley [1893] 3 Ch 282 ........................................................................................... 7.50
Milburn v Pivot Ltd (1997) 78 FCR 472 .................................................................................... 9.340
Miles v Sydney Meat Preserving Co Ltd (1912) 12 SR (NSW) 98 ............................................... 9.365
Miller v Miller (1995) 16 ACSR 73 .................................................................................. 8.25, 12.245
Mills v Mills (1938) 60 CLR 150 ........................................................ 7.10, 7.235, 7.270, 7.285, 8.35
Mills v Northern Railway of Buenos Ayres Co (1870) LR 5 Ch App 621 ...................................... 9.355
Minnitt v Lord Talbot de Malahide (1881) 7 LR (Ir) 407 ............................................................ 1.125
Mirror Newspapers Ltd v Harrison (1982) 149 CLR 293 .............................................................. 4.20
Mistmorn Pty Ltd (in Liq) v Yasseen (1996) 21 ACSR 173 ............................................................ 7.35
Mollwo March & Co v Court of Wards (1872) LR 4 PC 419 ........................................................ 1.40
Molomby v Whitehead (1985) 63 ALR 282 .......................................................... 5.305, 7.337
Molopo Energy Ltd; Molopo Energy Ltd v Keybridge Capital Ltd (2015) 104 ACSR 46 ............. 9.250
Moore v I Bresler Ltd [1944] 2 All ER 515 ............................................................ 4.160, 4.170, 4.178
Morgan v 45 Fleurs Ave Pty Ltd (1986) 10 ACLR 692 ................................................................ 8.195
Morgan v Babcock and Wilcox Ltd (1929) 43 CLR 163 ............................................................. 4.142
Morgan v Flavel (1983) 1 ACLC 831 ......................................................................................... 7.250
Morley v ASIC (2010) 81 ACSR 285 ............................................................................................ 7.89
Morris v Kanssen [1946] AC 459 .................................................................................... 5.355, 5.380
xxiii
Moss v Elphick [1910] 1 KB 846 ............................................................................................... 1.115

Motel Marine Pty Ltd v IAC (Finance) Pty Ltd (1964) 110 CLR 9 ................................................. 4.20
Motherwell v Schoof [1949] 4 DLR 812 .................................................................................... 5.195
Mott v Mount Edon Gold Mines (Aust) Ltd (1994) 12 ACSR 658 ................................................ 6.95
Mount Edon Gold Mines (Aust) Ltd v Burmine Ltd (1994) 12 ACSR 727 ..................................... 4.90
Mousell Bros Ltd v London and Northwestern Railway Co [1917] 2 KB 836 ............. 4.135,
4.140, 4.142, 4.160
Movitex Ltd v Bulfield (1986) 2 BCC 99,403 ............................................................................ 7.550
Mozley v Alston (1847) 1 Ph 790; 41 ER 833 .............................................................................. 8.75
Mt Gibson Iron Ltd [2008] ATP 4 .............................................................................................. 12.75
Multinational Gas and Petrochemical Co v Multinational Gas and Petrochemical Services Ltd
[1983] Ch 258 ..................................................................................................................... 4.105
Mutual Life and Citizen’s Assurance Co Ltd v Evatt [1971] AC 793 .................... 4.105, 7.540, 10.225
N Slater Co Ltd, Re [1947] 2 DLR 311 ...................................................................................... 6.120

NCR Australia v Credit Connection [2004] NSWSC 1 ................................................................ 9.350
NCSC v Brierley Investments Ltd (1988) 14 NSWLR 273; 14 ACLR 177 ............. 4.90, 12.55,
12.105, 12.115
NCSC v Industrial Equity Ltd (1981) 6 ACLR 1 .......................................................................... 11.65
NCSC v Monarch Petroleum NL [1984] VR 733 ...................................................................... 11.225
NCSC v News Corp Ltd (1984) 156 CLR 296 ............................................................................ 11.85
NRMA v Bradley [2002] NSWSC 788 .......................................................................................... 6.40
NRMA v Morgan (1999) 31 ACSR 435 .................................................................................... 11.150
NRMA v Parker (1986) 6 NSWLR 517; 11 ACLR 1 ........................................................................ 6.40
NRMA v Snodgrass (2002) 42 ACSR 371; [2002] NSWSC 811 ........................................... 6.40, 6.65
NRMA Limited v Parkin [2004] NSWCA 153 ............................................................................... 6.40
NRMA Limited v Scandrett [2002] NSWSC 1123 ............................................................... 6.35, 6.40
NZ Flock and Textiles Ltd, Re [1976] 1 NZLR 192 ..................................................................... 9.392
Nassar v Innovative Precasters Group Pty Ltd [2009] NSWSC 342 ................................. 8.145, 8.195
National Australia Bank v Bond Brewing Holdings Ltd (1990) 169 CLR 271 ................................ 9.70
National Australia Bank Ltd v Bond Brewing Holdings Ltd [1991] 1 VR 386 ............................... 3.195
National Can Industries 01(R) [2003] ATP 40 .......................................................................... 12.180
National Discounts Ltd, Re (1951) 52 SR (NSW) 244 ................................................................ 8.170
National Dwellings Society Ltd, Re (1898) 78 LT 144 ................................................................ 9.117
National Exchange Pty Ltd (ACN 006 079 974) v ASIC (2004) 49 ACSR 369 ........... 10.200,
10.215, 10.230
National Foods Ltd [2005] ATP 8 .............................................................................................. 12.75
National Grocers Co Ltd, Re [1938] 3 DLR 106 ......................................................................... 6.120
National Portland Cement Co Ltd, Re [1930] NZLR 564 ........................................................... 8.150
National Provincial Marine Insurance Co, Re; Gilbert’s Case (1870) 5 Ch App 559 .................... 7.225
Nelson v Nelson (James) & Sons Ltd [1914] 2 KB 770 ........................................ 5.250, 5.255, 5.262
Nestegg Holdings Pty Ltd v Smith [2001] WASC 227 ................................................................ 8.110
Netbush Pty Ltd v Fascine Developments Pty Ltd [2005] WASC 73 ........................................... 8.177
New Brunswick & Canada Railway & Land Co v Muggeridge (1860) 1 Dr & Sm 363; 62 ER
418 .................................................................................................................................... 10.225
New Pinnacle Grove Silver Mining Co NL, Re (1897) 18 LR (NSW) Eq 168 ............................... 8.125
New South Wales v Commonwealth (1990) 169 CLR 482 ............................................... 2.85, 2.105
New South Wales Aboriginal Land Council v Jones (1998) 43NSWLR 300 ................................... 4.20
New South Wales Henry George Foundation Ltd v Booth (2002) 54 NSWLR 433 ........................ 6.85
New World Alliance Pty Ltd, Re; Sycotex Pty Ltd v Baseler (1994) 51 FCR 425 ............................ 7.45
New World Alliance Pty Ltd, Re; Sycotex Pty Ltd v Baseler (No 2) (1994) 122 ALR 531 .............. 7.312
New York Central and Hudson R v US 212 US 481 (1909) ........................................................ 4.175
New Zealand Netherlands Society “Oranje” Inc v Kuys [1973] 1 WLR 1126 .............................. 1.155
Newark Pty Ltd (in liq), Re; Taylor v Carroll (1991) 9 ACLC 1,592 .................................. 7.150, 7.207
Newspaper Proprietary Syndicate Ltd, Re [1900] 2 Ch 349 ....................................................... 5.245
Ngurli Ltd v McCann (1953) 90 CLR 425 ..........................................................................................
....... 5.300, 7.225, 7.235, 7.240, 7.270, 7.285, 7.312,
8.15, 8.20, 8.25, 8.35, 8.37, 8.125, 8.170
Nicholson v Permakraft (NZ) Ltd (in liq) (1985) 3 ACLC 453 .................................................... 5.190
xxiv
Table of Cases
Nicron Resources Ltd v Catto (1992) 8 ACSR 219 .......................................................... 9.240, 9.275
Nissho Iwai Australia Ltd v Malaysian International Shipping Corporation, Berhad (1989)
167 CLR 219 .......................................................................................................................... 7.45
Noble Investments Pty Ltd v Southern Cross Exploration NL [2008] FCA 1963 ......................... 8.215
Nokes v Doncaster Amalgamated Collieries Ltd [1940] AC 1014 ............................................... 1.125
Normandy v Ind Coope & Co Ltd [1908] 1 Ch 84 .................................................................... 5.245
North v Marra Developments Ltd (1981) 148 CLR 42; 37 ALR 341; 6 ACLR 386 ..... 11.200,
11.230, 11.235
North-West Transportation Co Ltd v Beatty (1887) 12 App Cas 589 ......... 7.375, 7.387, 7.465, 8.15,
8.20, 8.25
North Broken Hill Holdings Ltd, Re (1986) 10 ACLR 270 ......................................................... 12.220
North End Hotel (Huntley) Ltd, Re [1976] 1 NZLR 446 ............................................................. 8.162
North Sydney Brick and Tile Co Ltd v Darvall (1986) 5 NSWLR 681 .......................................... 12.90
Northern Counties Securities Ltd v Jackson and Steeple Ltd [1974] 2 All ER 625 ............ 5.195, 7.387
Northside Developments Pty Ltd v Registrar-General (1990) 170 CLR 146 .............. 5.265,
5.315, 5.338, 5.340, 5.355, 5.357, 5.375, 7.325
Nova Scotia Trust Co v Rudderham (1969) ................................................................................. 8.65
O’Brien v Walker (1982) 1 ACLC 59 .......................................................................................... 7.455

O’Neill v Phillips [1999] 2 All ER 961; 1 WLR 1092 .............................................. 8.160, 8.195, 8.210
Oates v Consolidated Capital Services Ltd (2008) 66 ACSR 277 ................................................ 8.100
Oates v Consolidated Capital Services Pty Ltd (2009) 72 ACSR 506 ............................... 8.100, 8.109
Ogden’s Ltd v Weinberg (1906) 95 LT 567 ............................................................................... 7.145
Old Silkstone Collieries Ltd, Re [1954] Ch 169 ............................................................... 5.185, 9.117
On the Street Pty Ltd v Cott (1990) 3 ACSR 54 ......................................................................... 7.527
One.Tel Ltd (in liq) v Rich (2005) 53 ACSR 623 ........................................................................... 7.65
Online Advantage Ltd, Re [2002] ATP 14 ................................................................................ 12.100
Ooregum Gold Mining Company of India Ltd v Roper [1892] AC 125 ................ 9.205, 9.215, 9.220
Osborne v Amalgamated Society of Railway Servants [1909] 1 Ch 163 ..................................... 7.510
Osborne v Australian Mutual Growth Fund [1972] 1 NSWLR 100 ........................................... 11.170
Oswal v Yara Aust Pty Ltd (No 3) (2011) 86 ACSR 1 .................................................................. 5.195
Overend and Gurney Co v Gibb (1872) LR 5 HL 480 ......................................................... 7.10, 7.80
Overton Holdings Pty Ltd, Re (1984) 2 ACLC 777 ..................................................................... 8.215
Oxted Motor Co Ltd, Re [1921] 3 KB 32 .................................................................................. 5.175
Pacific Carriers Ltd v BNP Paribas (2004) 218 CLR 451 ............................................................. 5.338
Palmer Leisure Coolum Pty Ltd v Takeovers Panel (2016) 110 ACSR 425 ................................... 12.30
Pancontinental Mining v Goldfields Ltd (1995) 16 ACSR 463 .................................................. 12.200
Panorama Developments v Fidelis Fabrics [1971] 2 QB 711 ...................................................... 5.355
Paradise Constructors Pty Ltd (admin apptd); Pong Property Development Pty Ltd v
Sleiman (2004) 8 VR 171 ..................................................................................................... 3.190
Parkdale Custom Built Furniture Pty Ltd v Puxu Pty Ltd (1982) 149 CLR 191 .......................... 10.230
Parke v Daily News Ltd [1962] Ch 927 .................................................................. 7.240, 7.300
Parker v McKenna (1874) LR 10 Ch App 96 .......................................................... 7.10, 7.345, 7.455
Parker v NRMA (1992) 11 ACSR 370 ......................................................................................... 8.108
Parker and Cooper Ltd v Reading [1926] Ch 975 .......................................................... 5.165
Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia (1998) 27 ACSR
521 ........................................................................................................................................ 4.85
Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia (No 3) (1998) 27
ACSR 535 .............................................................................................................................. 4.85
Patterson v Humfrey (2015) 103 ACSR 152 .............................................................................. 8.210
Pavlides v Jensen [1956] Ch 565 ........................................................................................ 7.75, 8.25
Peate v Federal Commissioner of Taxation (1962-1964) 111 CLR 443 ......................................... 4.42
Peckham v Moore [1975] 1 NSWLR 353 ................................................................. 1.125, 3.25
Peek v Gurney (1873) LR 6 HL 377 ......................................................................................... 10.225
xxv
Peel v London & North Western Railway Co [1907] 1 Ch 5 ................................................ 6.65, 6.90
Pell v Marshall (1984) 8 ACLR 1015 .......................................................................................... 9.102
Pell’s Case (1869) LR 8 Eq 222 ................................................................................................. 9.220
Pender v Lushington (1877) 6 Ch D 70 ....................................................... 8.15, 8.90, 8.120, 8.125
Peninsular and Oriental Steam Navigation Co Ltd v Johnson (1938) 60 CLR 189 .... 3.255,
7.385, 7.387, 7.467, 7.497
People’s Department Store Inc v Wise [2004] 3 SCR 461 .......................................................... 7.130
Percival v Wright [1902] 2 Ch 421 ............................................................................................ 7.540
Pereira v DPP (1988) 63 ALJR 1 ................................................................................................. 9.345
Permanent Building Society (in liq) v Wheeler (1994) 11 WAR 187 .......... 7.70, 7.75, 7.90,
7.95, 7.355
Perpetual Custodians Ltd v IOOF Investment Management Ltd (2013) 91 ACSR 530; [2013]
NSWCA 231 ............................................................................................................. 12.65, 12.75
Peruvian Railways Co, Re (1867) 2 Ch App 617 ........................................................................ 5.105
Peso Silver Mines Ltd (NPL) v Cropper (1966) 58 DLR (2d) 1 ..... 1.155, 7.475, 7.477, 7.482
Peter Buchanan Ltd v McVey [1955] AC 516n ........................................................................... 9.365
Peters v Australian Institute of Food Science and Technology (1986) 10 ACLR 547 ...................... 4.20
Peters’ American Delicacy Co Ltd v Heath (1939) 61 CLR 457 ......... 6.95, 7.225, 8.15, 8.37,
8.40, 8.50, 8.63, 8.68, 8.123, 8.200, 9.210
Petsch v Kennedy (1971) CLC 40-015; [1971] 1 NSWLR 494 ........................................ 5.270, 5.275
Phillips v Manufacturers’ Securities Ltd (1917) ............................................................................ 8.65
Phipps v Boardman [1967] 2 AC 46 ........................... 1.155, 7.455, 7.477, 7.480, 7.482, 7.485
Piercy v S Mills & Co Ltd [1920] 1 Ch 77 ................................................. 7.275, 7.285, 7.295, 8.125
Pilmer v The Duke Group Ltd (in liq) (2001) 207 CLR 165 ........................................................ 7.225
Pinnacle VRB Ltd (No 8), Re (2001) 39 ACSR 55 .................................. 12.30, 12.240, 12.245
Pioneer Concrete Services Ltd v Yelnah Pty Ltd (1987) 5 NSWLR 254 ....................................... 4.105
Playfair Development Corp Pty Ltd v Ryan [1969] 2 NSWR 661 .................................................. 1.20
Poliwka v Heven Holdings Pty Ltd (No 2) (1992) 8 ACSR 747 ........................................ 5.192, 5.275
Pooley v Driver (1876) 5 Ch D 458 ............................................................................................. 1.75
Portuguese Consolidated Copper Mines Ltd, Re (1889) 42 Ch D 160 ....................................... 5.270
Poseidon Ltd v Adelaide Petroleum NL (1994) 68 ALJR 313 ........................................................ 7.90
Pottie v Dunkley [2011] NSWSC 166 ........................................................................................ 8.100
Powell v Fryer (2001) 37 ACSR 589 .......................................................................................... 7.155
Power v Ekstein [2010] NSWSC 137 ......................................................................................... 8.100
PowerTel Ltd (No 1) [2003] ATP 25 ........................................................................................... 12.45
Praetorin Pty Ltd v TZ Ltd (2009) 76 ACSR 236;[2009] NSWSC 1237 ....................................... 5.295
Premier Gold NL v Ocean Resources NL (1994) 14 ACSR 695 ................................................... 8.135
Presidential Security Services of Australia Pty Ltd v Brilley (2008) 67 ACSR 692; [2008]
NSWCA 204 .................................................................................................. 4.130, 4.135, 4.178
Prest v Petrodel Resources Ltd [2013] 2 AC 415 .............................................................. 4.65
Print Mail Logistics Ltd, Re [2012] NSWSC 792 .......................................................................... 6.80
Pritchard’s case (1873) LR 8 Ch 956 ......................................................................................... 8.120
Property Force Consultants Pty Ltd, Re (1995) 13 ACLC 1051 .................................................... 7.95
Prudential Assurance v Newman Industries [1982] Ch 204 ....................................................... 8.110
Prudential Assurance Co Ltd v Newman Industries Ltd (No 2) [1981] Ch 257 .................. 8.80, 8.100
Puddephatt v Leith [1916] 1 Ch 200 ........................................................................................ 5.195
Pulbrook v Richmond Consolidated Mining Co (1878) 9 Ch D 610 ...... 5.275, 5.280, 8.123
Punt v Symons & Co Ltd [1903] 2 Ch 506 ......................................................... 7.275, 7.285, 8.125
Pyle Works, Re (1890) 44 Ch D 534 .......................................................................................... 3.110
Pyle Works (No 2), Re [1891] 1 Ch 173 .................................................................................... 5.105
QBE Insurance Group Ltd v ASC (1992) 8 ACSR 631 ........................................... 9.355, 9.365, 9.392
QIW Retailers Ltd v Davids Holdings Pty Ltd (No 1) (1992) 36 FCR 386; 8 ACSR 245 .............. 12.200
QIW Retailers Ltd v Davids Holdings Pty Ltd (No 2) (1992) 8 ACR 333 ..................................... 8.135
Qintex Australia Finance Ltd v Schroders Australia Ltd (1990) 3 ACSR 267 ............. 4.105,
4.125
Quancorp Pty Ltd v Macdonald (1999) 32 ACSR 50; [1999] WASCA 33 .................................... 11.65
Queensland Bacon Pty Ltd v Rees (1966) 115 CLR 266 .................................................. 5.360, 7.155
xxvi
Table of Cases
Queensland Mines Ltd v Hudson (1978) 52 ALJR 399 ................... 7.482, 7.495, 7.497, 7.545
Queensland Press Ltd v Academy Investments No 3 Pty Ltd (1987) 11 ACLR 419 ....................... 6.40
Quin and Axtens Ltd v Salmon [1909] AC 442 .......................................................................... 5.110
R v Australasian Films Ltd (1921) 29 CLR 195 ........................................................................... 4.142

R v British Steel Plc [1995] 1 WLR 1356 .................................................................................... 4.182
R v Byrnes (1995) 183 CLR 501 ..................................................................................... 7.500, 7.527
R v Cawood (1724) 2 Ld Ray 1361; 92 ER 386 ........................................................................... 2.45
R v District Council of Victor Harbor; Ex parte Costain Australia Ltd (1983) 34 SASR 188 .......... 7.350
R v Dodd (1808) 9 East 516; 103 ER 670 .................................................................................... 2.45
R v Farris (2015) 107 ACSR 26 ................................................................................................ 11.240
R v Firns (2001) 38 ACSR 223 ................................................................ 11.135, 11.240, 11.255
R v Gateway Foodmarkets Ltd [1997] 2 All ER 78 ...................................................................... 4.182
R v Goodall (1975) 11 SASR 94 .................................................................................................. 4.42
R v H M Coroner for East Kent; Ex parte Spooner (1989) 88 Cr App R 10 ................................. 4.130
R v Hannes [2000] NSWCCA 503 ........................................................................................... 11.255
R v Holden [1974] 2 NSWLR 548 ............................................................................................ 11.255
R v Hughes (2000) 202 CLR 535 ..................................................................................... 2.85, 2.105
R v ICR Haulage Ltd [1944] KB 551 .................................................................... 4.130, 4.160, 4.165
R v J G Hammond & Co [1914] 2 KB 866 ................................................................................... 4.20
R v Kirby; Ex parte Boilermakers’ Society of Australia (1956) CLR 254 ......................................... 2.85
R v McDonnell [1966] 1 QB 233 ................................................................................................ 4.42
R v McMahon (1976) 2 ACLR 543 ............................................................................................ 4.105
R v Merchant Tailors’ Company (1831) 2 B & Ad 115; 109 ER 1086 ......................................... 5.295
R v Murray Wright Ltd [1970] NZLR 476 .................................................................................. 4.130
R v OC (2015) 108 ACSR 80 ..................................................................................................... 11.90
R v P & O European Ferries (Dover) Ltd (1991) 93 Cr App R 73 ................................................ 4.130
R v Registrar of Companies; Ex parte Attorney-General (unreported, Divisional Court,
Queen’s Bench Division, 17 December 1980) ........................................................................ 3.70
R v Richardson (1758) 1 Burr 517; 97 ER 426 ........................................................................... 5.240
R v Varlo (1775) 1 Cowp 248; 98 ER 1068 ....................................................................... 3.150, 5.95
R v de Berenger (1814) 3 Maule & S 67; 105 ER 536 .............................................................. 11.190
R R Drury (1985) 48 MLR 644 .................................................................................................... 3.70
RCA Corporation v Custom Cleared Sales Pty Ltd (1978) 19 ALR 123 ....................................... 5.360
RJR Nabisco, Inc Shareholders Litigation, In re [1988-1989 Transfer Binder] Fed Sec L Rep
(CCH) 94,194 ...................................................................................................................... 7.120
Ragless v IPA Holdings Pty Ltd (in liq) (2008) 65 ACSR 700 ....................................................... 8.100
Rainham Chemical Works Ltd v Belvedere Fish Guano Co Ltd [1921] 2 AC 465 .......................... 4.68
Rama Corp Ltd v Proved Tin and General Investments Ltd [1952] 2 QB 147 ............................. 5.355
Rathner in his capacity as Official Liquidator of Kalimand Pty Ltd (in liq) v Hawthorn [2014]
FCA 1067 ............................................................................................................................. 3.210
Rayfield v Hands [1960] Ch 1 ............................................................................. 8.123, 9.110, 9.117
Re M Dalley & Co Pty Ltd v Sims (1968) 1 ACLR 489 ................................................................ 8.210
Read v Astoria Garage (Streatham) Ltd [1952] WN 185 ................................... 5.250, 5.260
Read v Astoria Garage (Streatham) Ltd [1952] Ch 637 .......................... 5.255, 5.260, 5.262
Refrigerated Express Lines (A/Asia) Pty Ltd v Australian Meat and Live-Stock Corporation
(1979) 42 FLR 204 ................................................................................................................. 7.65
Regal (Hastings) Ltd v Gulliver [1967] 2 AC 134n ............ 7.470, 7.472, 7.475, 7.477, 7.497,
7.527, 8.20, 8.25
Reid v Explosives Co Ltd (1887) LR 19 QBD 264 ....................................................................... 3.195
Reid House Pty Ltd v Beneke (1986) 5 ACLC 451 ...................................................................... 9.117
Reiffel v ACN 075 839 226 Ltd (2003) 45 ACSR 67 ................................................................. 10.205
Rejfek v McElroy (1965) 112 CLR 517 ....................................................................................... 7.140
Remrose Pty Ltd v Allsilver Holdings Pty Ltd [2005] WASC 251 ................................................. 8.195
Repco Ltd v Bartdon Pty Ltd [1981] VR 1; (1980) 4 ACLR 787 ........................................ 5.200, 11.65
Residues Treatment and Trading Co Ltd v Southern Resources Ltd (1988) 14
ACLR 569; 51 SASR 177 ................................................................................ 8.37, 8.75, 8.130
Resource Generation Ltd [2015] ATP 12 .................................................................................. 12.100
xxvii
Resource Generation Ltd 01R [2015] ATP 13 ........................................................................... 12.100

Reynolds Bros (Motors) Pty Ltd v Esanda Ltd (1983) 1 ACLC 1,333 ............................................. 9.50
Rich v ASIC (2004) 220 CLR 129; 50 ACSR 242 ............................................................... 5.230, 7.55
Richard Brady Franks Ltd v Price (1937) 58 CLR 112 ................................ 5.360, 7.215, 7.295, 8.200
Richfield Ltd, Re [2003] ATP 41 ................................................................................................. 12.35
Rilgar Nominees v BHA Holdings Pty Ltd [2014] VSC 632 ......................................................... 5.192
Ringuet v Bergeron (1960) 24 DLR (2d) 449; [1960] SCR 672 .................................................. 5.195
Rio Tinto Zinc Corp v Westinghouse Electric Corp [1978] AC 547 ............................................... 4.20
Riteway Express Pty Ltd v Clayton (1987) 10 NSWLR 238 ......................................................... 7.527
Roach v Winnote Pty Ltd (2006) 57 ACSR 138 .......................................................................... 8.100
Rochfort v Trade Practices Commission (1981) 53 FLR 364 ......................................................... 3.25
Rolloswin Investments Ltd v Chromolit Portugal Cutelaris E Produtos Metalicos SARL [1970]
1 WLR 912 ............................................................................................................................. 4.20
Roma Industries Ltd v Bliim (1983) 1 ACLC 1079 ...................................................................... 9.275
Ross v Caunters [1980] Ch 297 .............................................................................................. 10.225
Ross v GVC Homes Pty Ltd (admin appt) (2016) 110 ACSR 60 .................................................. 5.360
Rossfield Group Operations Pty Ltd, Re [1981] Qd R 372 .......................................................... 7.350
Rowland v Meudon Pty Ltd (2008) 66 ACSR 83 ........................................................................ 5.295
Royal British Bank v Turquand (1856) 6 E & B 327; 119 ER 886 ........... 5.340, 5.350, 5.355,
5.357
Ruben v Great Fingall Consolidated [1906] AC 439 .................................................................. 5.355
Ruddock, Re (1879) 5 VLR (IP & M) 51 ....................................................................................... 1.45
Rural Press Ltd v ACCC [2003] HCATrans 291 ........................................................................... 12.65
Russian Ironworks Co, Re (1867) LR 3 Eq 795 ......................................................................... 10.225
Ruut v Head (1996) 20 ACSR 160 ............................................................................................. 8.145
Ryan v Edna May Junction Goldmining Co NL (1916) 21 CLR 487 ................................... 6.90, 6.105
SEC v Chenery Corp 318 US 80 .................................................................................................. 7.10

SEC v Ralston Purina Co 346 US 119 (1953) ............................................................................. 10.35
SGH Ltd v Commissioner of Taxation (2002) 210 CLR 51 ......................................................... 7.337
Sadler v Whiteman [1910] 1 KB 868 ........................................................................................... 1.85
St Barbara Mines Ltd v ASIC (2001) 37 ACSR 92 ....................................................................... 12.35
St James’ Court Estates Ltd, Re [1944] Ch 6 .............................................................................. 9.225
Salmon v Quin and Axtens Ltd [1909] 1 Ch 311 ............................................................ 8.120, 8.123
Salomon v Salomon & Co Ltd [1897] AC 22 .... 3.240, 4.25, 4.30, 4.42, 4.45, 4.65, 4.70, 4.95,
4.120, 4.185, 5.155, 5.215, 9.220
Salomons v Pender (1865) 3 H & C 639; 159 ER 682 ............................................................... 7.385
Saltdean Estate Co Ltd, Re [1968] 1 WLR 1844 ......................................................................... 9.103
Samic Ltd v Metals Exploration Ltd (1993) 60 SASR 300 ......................................................... 12.200
Sandell v Porter (1996) 115 CLR 666 ........................................................................................ 7.150
Sanford v Sanford Courier Service Pty Ltd (1986) 10 ACLR 549 ............................ 8.65, 8.210, 8.215
Sanford v Sanford Courier Service Pty Ltd (No 2) (1987) 11 ACLR 373 ..................................... 8.215
Santos Ltd v Pettingell (1979) 4 ACLR 110 ................................................................................ 5.220
Savoy Corp Ltd v Development Underwriting Ltd (1963) 80 WN (NSW) 1021 ......................... 8.125
Scarcel Pty Ltd v City Loan & Credit Corp Pty Ltd (1988) 12 ACLR 730 .................................... 8.100
Scarel Pty Ltd v City Loan & Credit Corp Pty Ltd (1988) 12 ACLR 730 ...................................... 8.135
Scholey v Central Railway Co of Venezuela (1868) LR 9 eq 266n ............................................ 10.225
Scott v Brown Doering McNab & Co [1892] 2 QB 724 .............................................. 11.230, 11.190
Scott v Frank Scott (London) Ltd [1940] Ch 794 ...................................................................... 8.123
Scott v Scott [1943] 1 All ER 582 .............................................................................................. 5.135
Scottish & Colonial Ltd v Australian Power & Gas Co Ltd (2007) 215 FLR 100 .......................... 5.240
Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 ........ 7.50, 7.337, 7.527, 8.185,
8.215
Scottish Insurance Corp Ltd v Wilsons and Clyde Coal Co Ltd [1949] AC 462 ............ 9.80,
9.90, 9.100, 9.103, 9.117
Scottish Loan and Finance Co Ltd, Re (1944) 44 SR (NSW) 461 ................................................ 5.355
Seaton v Federal Hotels Ltd (1981) 6 ACLR 214 ........................................................................ 9.102
Secretary of State for Trade and Industry v Deverell [2001] Ch 340 ............................................ 7.40
xxviii
Table of Cases
Seddon v North Eastern Salt Co Ltd [1905] 1 Ch 326 ............................................................. 10.225

Selangor United Rubber Estates Ltd v Cradock (No 3) [1968] 1 WLR 1555 ................................. 7.50
Selig v Wealthsure Pty Ltd (2015) 105 ACSR 552 .................................................................... 10.215
Severn and Wye and Severn Bridge Railway Co, In re [1896] 1 Ch 559 ..................................... 9.360
Shafron v ASIC (2012) 88 ACSR 126 .................................................................................. 7.30, 7.88
Sharp v Dawes (1876) 2 QBD 26 ................................................................................................ 6.70
Sheahan (as liquidator of South Australian Service Stations) (In liq) v Verco (2001) 37 ACSR
117 ........................................................................................................................................ 7.95
Shearer Transport Co Pty Ltd v McGrath [1956] VLR 316 .......................................................... 9.350
Shears v Chisholm (1992) 9 ACSR 691 ....................................................................................... 6.95
Sheldon, Re; Re Whitcoulls Group Ltd (1987) 3 NZCLC 100,058 ................................................ 8.65
Shindler v Northern Raincoat Co Ltd [1960] 1 WLR 1038 ................................. 5.260, 5.262
Shum Yip Properties Development Ltd v Chatswood Investment & Development Co Pty Ltd
(2002) 40 ACSR 619 ............................................................................................................ 8.210
Shuttleworth v Cox Bros & Co (Maidenhead) Ltd [1927] 2 KB 9 ............................ 5.262, 8.55, 8.63
Sidebottom v Kershaw Leese & Co Ltd [1920] 1 Ch 154 ........................................ 7.225, 8.55, 8.65
Sims v ABC Tissue Products Pty Ltd [2008] NSWSC 192 ............................................................ 3.210
Simto Resources Ltd v Normandy Capital Ltd (1993) 10 ACSR 776 ............................................. 4.20
Sino Australia Oil and Gas Ltd (in liq), Re [2016] FCA 934 ....................................................... 10.205
Skilled Group Ltd, Re (2016) 113 ACSR 525 ............................................................................. 9.340
Smith v Anderson (1880) 15 Ch D 247 .............................................................................. 1.20, 3.11
Smith v Butler [2012] EWCA Civ 314 ............................................................................... 5.327
Smith v Cock (1911) 12 CLR 30; [1911] AC 317 ....................................................................... 1.155
Smith v Hancock [1894] 2 Ch 377 ............................................................................................. 4.50
Smith v Kay (1859) 7 HLC 750; 11 ER 299 ............................................................................. 10.225
Smith v Sadler (1997) 25 ACSR 672 .................................................................................... 6.20
Smith v Van Gorkom 488 A 2d 858 (Del 1985) ......................................................................... 7.120
Smith v Yarnold [1969] 2 NSWR 410 .......................................................................................... 3.25
Smith Stone and Knight Ltd v Birmingham Corporation (1939) 161 LT 371 .... 4.60, 4.68,
4.120, 4.127
Smith and Fawcett Ltd, Re [1942] Ch 304 ..................................... 7.230, 7.255, 7.312, 8.125
Smolarek v Liwszyc [2006] WASCA 50 ...................................................................................... 8.195
Sodeman v R (1936) 55 CLR 192 .............................................................................................. 7.140
Sons of Gwalia Ltd v Margaretic (2007) 231 CLR 160 .................................................... 3.90, 10.195
South Hetton Coal Co Ltd v North Eastern News Assoc Ltd [1894] 1 QB 133 ............................. 4.20
Southard & Co Ltd, Re [1979] 1 WLR 1198 .............................................................................. 4.105
Southern v Watson [1940] 3 All ER 439 ....................................................................................... 4.68
Southern Cross Interiors Pty Ltd (in liq) v DCT (2001) 53 NSWLR 213 ...................................... 7.150
Southern Foundries (1926) Ltd v Shirlaw [1940] AC 701 .................................... 5.245, 5.250, 5.260
Southern Resources Ltd v Residues Treatment & Trading Co Ltd (1990) 3 ACSR 207 ................ 7.250
Southern Resources Ltd, Re; Residues Treatment & Trading Co Ltd v Southern Resources Ltd
(1989) 15 ACLR 770 .............................................................................................................. 7.90
Sovereign Life Assurance Co v Dodd [1892] 2 QB 573 .............................................................. 9.235
Soyfer v Earlmaze Pty Ltd [20005] NSWSC 1068 ...................................................................... 5.360
Spackman v Evans (1868) LR 3 HL 171 ..................................................................................... 7.225
Spargos Mining NL, Re (1990) 3 ACSR 1 ............................................................... 8.215, 8.220
Spicer v Mytrent Pty Ltd (1984) 8 ACLR 711 ............................................................................. 5.270
Spies v R (2000) 201 CLR 603 .................................................................................................. 7.312
Standard Chartered Bank of Australia Ltd v Antico (1995) 131 ALR 1 .......................................... 7.50
Standard Chartered Bank of Australia Ltd v Antico (1995) 38 NSWLR 290 ....... 7.45, 7.52
Stanton v Drayton Commercial Investment Co Ltd [1983] 1 AC 501 ........................................ 9.222
Staples v Eastman Photographic Materials Co [1896] 2 Ch 303 ................................................ 9.102
State Bank of South Australia v Barrett (1995) 13 ACLC 1369 ................................................... 5.300
State Street Australia Ltd v Retirement Villages Group Management Pty Ltd (2016) 113
ACSR 483 ............................................................................................................................ 5.240
Statewide Tobacco Services Ltd v Morley (1990) 2 ACSR 405 ..................................................... 7.75
Steinfield v Gibbons [1925] WN 11 .......................................................................................... 5.140
Stekel v Ellice [1973] 1 WLR 191 ........................................................................................ 1.45, 1.55
Stena Line v Merchant Navy Ratings Pension Fund Trustees Ltd [2010] EWCA Civ 543 ............. 5.327
Stevens v Commonwealth General Assurance Corp Ltd (1938) 55 WN (NSW) 120 ................... 5.225
xxix
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CAPITOLO VIII.
I DISTRUTTORI DI MACCHINE.
Poco tempo prima che Ernesto si presentasse come candidato al

Congresso, nella lista socialista, il babbo solennizzò ciò che egli
stesso chiamava, a porte chiuse: «la serata dei profitti e delle
perdite», e il mio fidanzato: «la serata dei distruttori di macchine».
In realtà, era un pranzo di uomini di affari, di piccola gente d’affari,
naturalmente. Non credo che alcuno, fra loro, fosse interessato in
un’impresa il cui capitale superasse i duecentomila dollari.
Rappresentavano perciò perfettamente la classe media del traffico.
C’era il signor Owen, della Casa Silverberg, Owen e C. una
importante ditta di drogheria, con numerose succursali, di cui noi
eravamo clienti. C’erano i soci del grande deposito di prodotti
farmaceutici Kowalt e Washburn; c’era il signor Asmunsen,
proprietario d’un’importante cava di granito nella Contea di Contra
Costa, e parecchi altri della stessa specie, proprietari e
comproprietari di piccole industrie, di piccoli commerci e di piccole
imprese: in una parola, piccoli capitalisti.
Erano persone abbastanza interessanti, con i loro visi furbi, e il loro
linguaggio semplice e chiaro. Si lamentavano, all’unanimità, dei
consorzi e la loro parola d’ordine era: «Uccidiamo i trusts!». Questi,
secondo loro, erano la fonte di tutte le oppressioni; e tutti, senza
eccezione, ripetevano lo stesso lamento. Avrebbero voluto che il
Governo si impossessasse delle grandi imprese, come le Ferrovie e
le Poste e i Telegrafi, ed essi predicevano lo stanziamento di tasse
enormi, e ferocemente progressive sulle entrate, allo scopo di
distruggere i grandi accumulamenti di capitali. Essi lodavano anche,
come un possibile rimedio alle miserie locali, la proprietà municipale
delle imprese di pubblica utilità, come l’acqua, il gas, i telefoni, e i
tranvai.
Il signor Asmunsen narrò, in modo particolarmente interessante, le
sue vicissitudini di proprietario di cava. Confessò che questa sua
cava non gli aveva dato mai nessun utile, nonostante l’enorme
quantità di ordinazioni che gli aveva procurato la distruzione di San
Francisco. La ricostruzione di questa città, era durata sei anni,
durante i quali, il numero dei suoi affari era stato quadruplicato, ma
egli non era, per questo, più ricco di prima.
— La Compagnia delle Ferrovie è al corrente de’ miei affari meglio di
me, — spiegò. — Conosce fino al centesimo, le spese di
sfruttamento, e sa, a memoria, i termini de’ miei contratti. Come mai
è così bene informata? Non so immaginarlo. Deve certo avere delle
spie pagate fra i miei stessi impiegati e avere accesso presso i miei
soci. Perchè, ascoltate bene questo: appena ho firmato un grosso
contratto, favorevole a me, e che mi assicura un buon guadagno, i
prezzi di trasporto aumentano come per incanto. Non mi si dànno
spiegazioni, ma la ferrovia si prende il mio guadagno. In simili casi,
non ho mai potuto decidere la Compagnia a rivedere le sue tariffe,
mentre, in seguito ad incidenti o ad aumenti di spesa di sfruttamento,
o dopo la firma di contratti meno vantaggiosi per me, sono sempre
riuscito ad ottenere un ribasso. Insomma, la Ferrovia si prende tutti i
miei guadagni, siano essi grandi o piccoli.
Ernesto lo interruppe per chiedergli:
— Ciò che vi rimane, in fin dei conti, equivale presso a poco, senza
dubbio, allo stipendio che la Compagnia vi darebbe come direttore,
se fosse essa la proprietaria della cava?
— È proprio così, — rispose il signor Asmunsen. — Or non è molto,
ho fatto fare uno specchietto dei miei conti in questi ultimi due anni,
ed ho constatato che i miei guadagni erano precisamente come lo
stipendio di un direttore. Non ci sarebbe stato assolutamente nulla di
diverso se la Compagnia avesse posseduto la mia Cava e mi avesse
pagato per sfruttarla.
— Però, con questa differenza, — disse Ernesto ridendo, — che la
Compagnia avrebbe dovuto caricarsi dei rischi che avete avuto la
bontà di assumere per lei.
— È vero, — ammise il signor Asmunsen, con tristezza.
Dopo aver lasciato esprimere ad ognuno ciò che aveva da dire,
Ernesto rivolse delle domande agli uni e agli altri. Cominciò prima
dal signor Owen.
— Sono circa sei mesi che avete aperta una succursale, qui, a
Berkeley?
— Sì, — rispose il signor Owen.
— E da allora, ho osservato che tre piccoli droghieri del rione hanno
chiuso bottega. La vostra succursale ne è, senza dubbio, la causa?
— Non avevano nessuna probabilità di riuscita lottando contro di noi,
— affermò il signor Owen, con soddisfazione.
— Perchè no?
— Avevamo un capitale più forte. Nel grosso commercio, la perdita è
sempre minima, e il guadagno più grande.
— Dimodochè il vostro negozio assorbiva i guadagni delle tre piccole
botteghe. Capisco. Ma ditemi: che è avvenuto dei proprietarii delle
bottegucce?
— Uno conduce i nostri camions di scarico. Non so che cosa
facciano gli altri.
Ernesto si voltò repentinamente verso il signor Kowalt.
— Voi vendete spesso al prezzo di costo, spesso perfino in
perdita [53]. Che ne è dei proprietarî delle piccole farmacie che avete
messo con le spalle al muro?
— Uno di essi, il signor Haasfurther, è attualmente a capo del nostro
servizio di ordinazioni.
— E voi avete assorbito i guadagni che stavano per realizzare?
— Certamente: per questo siamo negli affari.
— E voi, — disse bruscamente Ernesto al signor Asmunsen. — Voi
siete offeso, non è vero, perchè le Ferrovie vi sottraggono i
guadagni?
Il signor Asmunsen accennò di sì col capo.
— Vorreste invece intascar voi i vostri guadagni?
Nuovo segno di assentimento.
— A spese degli altri?
Nessuna risposta. Ernesto insistette:
— A spese degli altri?
— In questo modo si guadagna, — replicò seccamente il signor
Asmunsen.
— Dunque, il gioco degli affari consiste nel guadagnare a detrimento
degli altri, e ad impedire agli altri di guadagnare a spese vostre. È
così, non è vero?
Ernesto dovette ripetere la sua domanda e il signor Asmunsen alla
fine rispose:
— Sì, è così; senonchè, noi non opponiamo difficoltà perchè gli altri
facciano pure i loro guadagni, purchè non siano esorbitanti.
— Per esorbitanti intendete, senza dubbio, grossi guadagni. Però
non vedete nessun inconveniente nel fare grossi guadagni per
vostro conto... non è vero?
Il signor Asmunsen confessò facilmente la sua debolezza su questo
punto. Allora Ernesto si rivolse a un altro, un certo signor Calvin, un
tempo grosso proprietario di latterie.
— Qualche tempo fa, combattevate il trust del latte. — gli disse
Ernesto, — ed ora partecipate alla politica agricola [54], al Partito
delle Fattorie. Come mai questo cambiamento?
— Oh! non ho abbandonato la lotta, — rispose il personaggio, che
infatti aveva un’aria aggressiva. — Io combatto il trust sull’unico
terreno ove sia possibile combatterlo, sul terreno politico. Vi spiego:
qualche anno fa, noi lattai, facevamo ciò che volevamo.
— Ma voi facevate concorrenza gli uni agli altri, — interruppe
Ernesto.
— Sì, e perciò i guadagni erano a un livello basso. Allora tentammo
di organizzarci, ma c’erano sempre dei lattai indipendenti che
guastavano i nostri disegni. Poi venne il trust del latte.
— Sovvenzionato dal capitale esuberante, della Standard Oil, [55] —
disse Ernesto.
— È vero, — ammise il signor Calvin. — Ma non lo sapevamo, a
quel tempo. I suoi agenti ci affrontarono con la mazza in mano, e ci
posero questo dilemma: o entrare nella lega, e ingrassarci, o star
fuori, e perire. La maggior parte di noi entrò nel trust; gli altri
creparono di fame. Oh! in principio, quanto danaro!... Il latte fu
aumentato, di un cent al litro, e un quarto di quel cent era nostro. Gli
altri tre quarti andavano al trust. Poi il latte fu aumentato di un altro
cent, ma di questo non toccò nulla a noi. Le nostre lagnanze furono
inutili. Il trust era divenuto il padrone. Ci accorgemmo che eravamo
delle semplici pedine sulla scacchiera. Infine anche il quarto di cent
addizionale ci fu tolto. Poi il trust cominciò a stringere le viti. Che
cosa potevamo fare? Fummo spremuti. Non c’erano più lattai, non
rimaneva che un trust del latte.
— Ma col latte aumentato di due cents, mi pare che avreste potuto
sostenere la concorrenza, — suggerì Ernesto con malizia.
— Lo credevamo anche noi. Abbiamo tentato. — Il signor Calvin
fece una pausa. — E fu la nostra rovina. Il trust poteva mettere il
latte sul mercato a un prezzo inferiore al nostro. Poteva ancora
avere un piccolo guadagno quando noi eravamo in pura perdita. Ho
speso cinquantamila dollari in quell’affare. La maggior parte di noi ha
dichiarato fallimento [56]. Le latterie sono state distrutte.
— Dimodochè, avendo il trust preso i vostri guadagni, — disse
Ernesto, — voi vi siete dato alla politica, affinchè una nuova
legislazione distrugga a sua volta il trust e vi permetta di riprendere
le latterie?
Il viso del signor Calvin si rischiarò.
— È proprio quanto ho detto nelle mie conferenze ai fittavoli. Voi
concentrate tutto il nostro programma in un guscio di noce.
— Però il trust dà il latte a miglior condizioni dei lattai indipendenti?
— Perbacco, può ben farlo, con l’organizzazione e il macchinario
ultimo modello che può avere con i suoi capitali.
— Questo è fuori di discussione. Può certamente farlo, e, ciò che più
conta, lo fa, — concluse Ernesto.
Il signor Calvin si lanciò allora in un’arringa politica per esporre il suo
modo di vedere. Parecchi altri lo seguirono con calore, e il loro grido
unanime era che bisognava distruggere i trusts.
— Poveri di spirito! — mi bisbigliò Ernesto. — Ciò che vedono, lo
vedono bene; solamente, non vedono più in là del loro naso.
Dopo un poco riprese la direzione della discussione, e, secondo la
sua abituale caratteristica, la tenne per tutta la sera.
— Vi ho ascoltati con attenzione, — cominciò, — e vedo
perfettamente che seguite il gioco degli affari in maniera ortodossa.
Per voi, la vita si riassume nel guadagno. Voi avete la convinzione
ferma e tenace di essere stati creati e messi al mondo con l’unico
scopo di guadagnare molto danaro. Soltanto, c’è un ostacolo: sul più
bello della vostra attività proficua, ecco il trust che vi taglia i vostri
guadagni. Eccovi in un dilemma apparentemente contrario al fine
della creazione; e voi non vedete altro mezzo di salvezza oltre
l’annientamento di questo disastroso intervento.
«Ho seguito con cura le vostre parole, e vi voglio dire l’unico epiteto
che possa definirvi: Siete dei distruttori di macchine. Sapete che vuol
dir ciò? Permettetemi di spiegarvelo. In Inghilterra, nel secolo XVIII,
uomini e donne tessevano il panno su telai a mano, nelle loro
casette. Era un procedimento lento, maldestro e costoso, quel
sistema di manifattura a domicilio. Poi venne la macchina a vapore,
col suo corteo di ordigni per economizzare il tempo. Un migliaio di
telai riuniti in una grande officina e messi in moto da una macchina
centrale, tessevano il panno a molto minor prezzo dei tessitori che
possedevano telai a mano. Nell’officina si affermava la
combinazione davanti alla quale si cancella la concorrenza. Gli
uomini e le donne che avevano lavorato da soli, con telai a mano,
andavano nelle fabbriche, e lavoravano ai telai a vapore, non più per
loro stessi, ma per i proprietarii capitalisti. Ben presto anche i
fanciulli si affaticarono attorno ai loro telai meccanici, in cambio di
salari ridotti, e sostituirono gli uomini. I tempi divennero duri per
questi. Il loro livello di benestare si abbassò rapidamente. Morivano
di fame e dicevano che tutto il male proveniva dalle macchine.
Allora, vollero rompere le macchine. Non vi riuscirono; erano dei
poveri illusi.
«Voi non avete ancora capito questa lezione; ed ecco, dopo un
secolo e mezzo, volete anche voi distruggere le macchine. Avete
confessato voi stessi che le macchine del trust fanno un lavoro più
efficace e a minor prezzo del vostro; per questo non potete lottare
contro di esse; e nondimeno vorreste distruggerle. Siete ancora più
illusi dei semplici lavoratori d’Inghilterra. E mentre voi ripetete che
bisogna ristabilire la concorrenza, i trusts continuano a distruggervi.
«Dal primo all’ultimo raccontate la stessa storia, la scomparsa della
rivalità e l’avvento della unione. Voi stesso, signor Owen, avete
distrutto la concorrenza, qui, a Berkeley, quando la vostra succursale
ha fatto chiudere bottega a tre piccoli droghieri, perchè il vostro
mercato era più vantaggioso. Ma, appena sentite sulle vostre spalle
il peso di altre industrie più forti, quelle dei trusts, voi vi mettete a
urlare.
«Questo, perchè non siete una società forte, ecco tutto. Se formaste
un trust di prodotti alimentari per tutti gli Stati Uniti, cantereste
un’altra canzone, e la vostra antifona sarebbe: «Siano benedetti i
trusts!» Eppure, non soltanto la vostra piccola industria non è un
consorzio, ma avete voi stesso la coscienza della sua poca forza.
Cominciate a presentire la vostra fine. Vi accorgete che, nonostante
tutte le vostre succursali, non rappresentate che un gettone sul
tavolo del gioco. Vedete gli interessi madornali inalzarsi e crescere di
giorno in giorno; sentite le mani guantate di ferro dei profittatori
impadronirsi dei vostri guadagni, e prendervi un pizzico di qui, un
pizzico di là: così il trust delle ferrovie, il trust del petrolio, il trust
dell’acciaio, il trust del carbone; e voi sapete che alla fine vi
distruggeranno, vi prenderanno fin l’ultimo centesimo dei vostri
mediocri guadagni.
«Ciò prova, signore, che siete un cattivo giocatore. Quando avete
strozzato i tre piccoli droghieri di qui, vi siete gonfiato, avete vantato
la efficacia e lo spirito dell’impresa, avete mandato vostra moglie in
Europa, con i guadagni che avete fatto divorando quei poveri
negozietti. È la legge del cane contro cane, e voi avete mangiato in
un sol boccone i vostri rivali.
«Ma ecco che alla vostra volta siete morsicato da molossi, e urlate
come una puzzola. E quanto dico di voi, è vero per tutti coloro che
sono seduti qui attorno. Urlate tutti. State giocando una partita, e la
perdete. Questo vi fa gridare.
«Soltanto, lamentandovi, non siete sinceri; non confessate che vi
piace sfruttare gli altri, smungendoli, e che fate tutto questo chiasso
perchè altri tentano di fare lo stesso con voi. No, siete troppo scaltri
per questo, e dite tutt’altra cosa. Fate i discorsi politici dei piccoli
borghesi, come il signor Calvin, poco fa. Che cosa diceva? Ecco
alcune delle sue frasi che ricordo: «I nostri principî originarî sono
solidi». «Questo paese deve ritornare ai metodi americani
fondamentali, e ognuno sia libero di approfittare delle occasioni
aventi uguali probabilità...«. «Lo spirito di libertà secondo il quale è
sorta questa nazione... Ritorniamo ai principii dei nostri avi!...».
«Quando parlava dell’uguaglianza delle probabilità per tutti, alludeva
alla facoltà di spremere dei guadagni, licenza che gli è ora tolta dai
grandi trusts. E l’illogicità è in questo: che, a furia di ripetere queste
frasi, voi avete finito col credere in esse. Desiderate l’occasione per
svaligiare i vostri simili uno alla volta e vi ipnotizzate al punto di
credere che volete la libertà. Siete ingordi e insaziabili; ma persuasi
dalla magìa delle vostre frasi, di fare, invece, opera di patriottismo.
Mutate il desiderio di guadagno, che è puro e semplice egoismo, in
sollecitudine altruistica per l’umanità sofferente. Vediamo un po’ qui
fra noi, siate sinceri una volta, guardate la cosa in faccia e ditela con
termini giusti.
Intorno alla tavola si vedevano visi congestionati che esprimevano
una grande irritazione, mista a una certa inquietudine. Erano tutti un
poco spaventati da quel giovanotto dal viso glabro, e dal suo modo
di parlare e dirigere le parole, nonchè dalla sua terribile maniera di
chiamare le cose col loro nome. Il signor Calvin si affrettò a
rispondere:
— E perchè no? — chiese. — Perchè non potremmo ritornare ai
costumi dei nostri padri che hanno fondato questa repubblica? Avete
detto molte cose vere, signor Everhard, per quanto duro ci possa
esser stato l’inghiottirle. Ma qui, fra noi, possiamo parlarci chiaro.
Togliamo le maschere, ed accettiamo la verità come il signor
Everhard l’ha chiaramente detta.
«È vero che noi piccoli capitalisti diamo la caccia al guadagno, e che
il trust ce lo toglie. È vero che vogliamo distruggere i trusts per poter
conservare i nostri profitti. E perchè non lo faremmo? Perchè no,
ditemi, perchè non lo faremmo?
— Ah! eccoci all’ultima parola della quistione, — disse Ernesto, con
aria soddisfatta. — Perchè no? Cercherò di dirvelo, quantunque non
sia facile. Voialtri, vedete, avete studiato gli affari nella vostra cerchia
ristretta, ma non avete affatto approfondita la questione
dell’evoluzione sociale. Siete in pieno periodo di transizione
nell’evoluzione economica, ma voi non ci capite nulla, e da questo
deriva tutto il caos. Mi chiedete perchè non potete ritornare indietro?
Semplicemente perchè non è possibile.
«Non potete far risalire un fiume verso la sorgente. Giosuè fermò il
sole sopra Gedeone, ma voi vorreste sorpassare Giosuè; voi
sognate di far ritornare indietro il sole. Aspirate a far camminare il
tempo a ritroso, dal mezzodì all’aurora.
«Davanti a delle macchine che risparmiano il lavoro, alla produzione
organizzata, all’efficacia crescente delle società, voi vorreste
ritardare il sole economico di una o più generazioni, e farlo ritornare
ad un’epoca in cui non c’erano nè grandi ricchezze, nè grandi
macchine, nè strade ferrate: in cui le legioni di piccoli capitalisti
lottavano l’una contro l’altra, nell’anarchia industriale; in cui la
produzione era primitiva, dispendiosa e non organizzata. Credetemi:
il compito di Giosuè era più facile, ed egli aveva inoltre Jehova per
aiuto! Ma voi, piccoli borghesi, siete abbandonati da Dio. Il vostro
sole declina, e non risorgerà mai più, e non è neppure in vostro
potere fermarlo ora nel suo corso. Siete perduti, condannati a sparire
completamente dalla faccia della terra.
«È il fiat dell’evoluzione, il comando divino. L’associazione è più forte
della rivalità. Gli uomini primitivi erano poveri esseri schiavi che si
nascondevano nelle fessure delle rocce, ma un giorno si unirono per
lottare contro i loro nemici carnivori. Le fiere avevano il solo istinto
della rivalità, mentre l’uomo era dotato di un istinto di cooperazione;
per questo egli stabilì la sua supremazia su tutti gli altri animali. E da
allora non ha fatto che creare associazioni sempre più vaste. La lotta
dell’organizzazione contro la concorrenza data da un migliaio di
secoli, e sempre ha trionfato l’organizzazione. Coloro che si
arruolano nel campo della concorrenza sono destinati a perire.
— Però i trusts stessi sono nati dalla concorrenza. — interruppe il
signor Calvin.
— Giustissimo! — rispose Ernesto. — E i trusts, infatti, l’hanno
distrutta. Per questo appunto, a quanto avete voi stessi confessato,
non siete più nella bambagia.
Alcune risate corsero per la tavola, e furono le prime in tutta la sera,
ed il signor Calvin non fu l’ultimo a partecipare dell’ilarità che aveva
egli stesso provocato.
— Ed ora, poichè siamo al capitolo dei trusts, cerchiamo di chiarire
un dato numero di punti, — riprese Ernesto. — Vi voglio esporre
alcuni assiomi; e se non vi vanno, non avrete che a dirlo. Il vostro
silenzio implicherà il vostro consenso.
«È vero che un telaio meccanico tesse il panno in maggiore quantità
e a minor prezzo di un telaio a mano?
Successe una pausa, ma nessuno prese la parola.
— Per conseguenza, non è profondamente stolto distruggere i telai
meccanici per ritornare al processo grossolano e costoso della
tessitura a mano?
Le teste si agitarono in segno di assentimento.
— È vero che l’associazione d’interessi conosciuta sotto il nome di
trust produce, più praticamente e più economicamente, quanto non
produce un migliaio di piccole imprese rivali?
Nessuna obiezione s’udì.
— Dunque, non è irragionevole distruggere questa associazione
d’interessi economici e pratici?
Nuovo silenzio, che durò un momento, poi il signor Kowalt domandò:
— Che fare allora? Distruggere i trusts è la nostra sola via di
salvezza, per sfuggire al loro dominio.
Subito Ernesto parve animato da una fiamma ardente.
— Ve ne indico un’altra, — esclamò. — Invece di distruggere quelle
macchine meravigliose, prendiamone la direzione. Approfittiamo del
loro buon andamento e del loro buon mercato. Soppiantiamo i
proprietarî attuali, e facciamole agire noi stessi. Questo, signori, è il
socialismo; una combinazione più vasta di trusts, un’organizzazione
sociale più economica di quante sieno esistite finora sul nostro
pianeta. Essa continua l’evoluzione in linea retta. Affrontiamo le
associazioni con un’associazione superiore. Abbiamo buone carte in
mano. Venite con noi e siate i nostri compagni di vittoria.
Immediatamente si manifestarono segni e mormorii di protesta.
— Preferite essere degli anacronismi, — disse Ernesto ridendo, —
ecco il vostro affare. Preferite fare i padri nobili. Siete condannati a
sparire come tutte le reliquie della tradizione. Vi siete mai chiesti che
cosa vi capiterà, quando nasceranno delle associazioni d’interessi
più formidabili delle attuali società? Non vi siete mai preoccupati di
ciò che diventerete quando i consorzi si fonderanno con il trust dei
trusts, in una organizzazione sociale, economica e politica insieme?
E voltosi improvvisamente verso il signor Calvin:
— Dite se non ho ragione. Sarete obbligati a formare un nuovo
partito politico, perchè i vecchi partiti sono nelle mani dei trustisti.
Questi costituiscono il principale ostacolo alla vostra propaganda
agricola, al vostro partito delle fattorie. Ogni noia che incontrate, ogni
colpo che vi tocca, ogni sconfitta che subite, tutto deriva dai trusts.
Non è forse vero?
Il signor Calvin taceva imbarazzato.
— Se non è vero, ditemelo. — insistette Ernesto con voce
incoraggiante.
— È vero, — confessò il signor Calvin. — Ci eravamo impadroniti del
potere legislativo dello Stato dell’Oregon ed avevamo fatto
approvare ottime leggi protezioniste, ma il governatore, che è una
creatura dei trusts, ha opposto il veto. Invece, al Colorado, avevamo
eletto un governatore che non potè entrare in funzione, per
opposizione del potere legislativo.
«Due volte abbiamo fatto passare un’imposta nazionale sul reddito,
e due volte la Corte Suprema l’ha rigettata come contraria alla
Costituzione. Le Corti sono nelle mani delle associazioni; noi, il
popolo, noi non paghiamo i nostri giudici abbastanza bene. Ma verrà
un giorno...
— In cui l’associazione dei cartels dirigerà tutta la legislazione, —
interruppe Ernesto, — in cui l’associazione dei trusts formerà il
Governo.
— Mai! mai! — esclamarono i presenti, eccitati e combattivi.
— Mi volete dire che cosa farete, quando sarà venuto quel giorno?
— chiese Ernesto.
— Ci solleveremo con tutta la nostra forza, — esclamò il signor
Asmunsen, la cui risolutezza fu salutata da nutrite approvazioni.
— Sarà la guerra civile, — osservò Ernesto.
— E sia la guerra civile! — rispose Asmunsen, approvato da nuove
acclamazioni. — Noi non abbiamo dimenticato le gesta dei nostri
antenati. Per la nostra libertà siamo pronti a combattere e a morire.
Ernesto, sorridendo, disse:
— Non dimenticate, signori, che poco fa eravamo tacitamente
d’accordo che la parola libertà, nel caso vostro, significa licenza di
spremere gli altri per ricavarne un utile.
Tutti i convitati erano infuriati, animati da uno spirito bellicoso. Ma la
voce di Ernesto dominò il tumulto:
— Ancora una domanda: dite che vi solleverete con tutta la vostra
forza quando il Governo fosse strumento dei trusts; per
conseguenza, il Governo adopererebbe contro la vostra forza
l’esercito regolare, la marina, la milizia, la polizia, in una parola tutta
la grande macchina della guerra organizzata dagli Stati Uniti. Dove
sarebbe allora la vostra forza?
Sui volti apparve una profonda costernazione.
Senza lasciar loro il tempo di riflettere, Ernesto lanciò un nuovo
assalto:
— Or non è molto, ricordatevene, il nostro esercito regolare era di
soli cinquantamila uomini. Ma i suoi effettivi sono stati aumentati da
un anno: ed ora conta trecentomila uomini.
E rinnovò il suo attacco:
— Non basta: mentre vi lanciavate all’inseguimento del vostro
fantasma favorito, il guadagno, e improvvisavate delle omelie sulla
vostra cara mascotte, la concorrenza, delle verità ancor più potenti e
crudeli sono state inalzate dalla associazione: c’è la milizia.
— È la nostra forza. — esclamò il signor Kowalt. — Con lei
respingeremo l’attacco dell’Esercito regolare.
— Cioè, farete parte voi stessi della milizia, — replicò Ernesto. — e
sarete mandati nel Maine o nella Florida, nelle Filippine, o in altro
luogo, per domare i vostri compagni rivoltosi, in nome della libertà.
Nello stesso tempo i vostri compagni del Kansas, del Wisconsin, o di
un altro Stato, faranno parte anch’essi della milizia e verranno in
California, per soffocare nel sangue la vostra stessa guerra civile.
Questa volta i presenti rimasero addirittura scandalizzati e muti.
Finalmente, il signor Owen mormorò:
— Non ci arruoleremo nella milizia. È semplicissimo: non saremo
così ingenui.
Ernesto scoppiò in una schietta risata.
— Voi non capite affatto il gioco stabilito. Non potrete difendervi:
sarete incorporati a forza nella milizia.
— Esiste una cosa che si chiama diritto civile, — insistette il signor
Owen.
— Ma non quando il Governo proclama lo stato d’assedio. Il giorno
in cui parlaste di sollevarvi in massa, la vostra stessa massa si
leverebbe contro di voi. Sareste compresi nella milizia, volenti e
nolenti. Sento qualcuno pronunziare le parole: habeas corpus. Come
habeas corpus, avreste, post mortem, in fatto di garanzia, l’autopsia.
Se rifiutaste di entrare nella milizia o di obbedire, una volta
incorporati, sareste tradotti davanti a un Consiglio di guerra
improvvisato e sareste fucilati come cani. È la legge.
— Non è la legge, — affermò con autorità il signor Calvin. — Non
esiste una legge simile. Quanto avete detto, l’avete sognato,
giovanotto. Ma come? Parlate di spedire la milizia alle Filippine?
Sarebbe contro la Costituzione. La Costituzione specifica
espressamente che la milizia non potrà mai essere mandata
all’estero.
— Come c’entra la Costituzione? — chiese Ernesto. — La
Costituzione è interpretata dalle Corti, e queste, come ha detto il
signor Asmunsen, sono strumento dei trusts. Inoltre, come ho
affermato, la legge vuole così. È legge, da anni, da nove anni,
signori.
— È legge, — chiese il signor Calvin, con aria incredula, — che si
possa essere trascinati a forza nella milizia... e fucilati da un
Consiglio di guerra improvvisato, se ci rifiutiamo di marciare?
— Precisamente, — rispose Ernesto.
— Come mai allora non abbiamo mai sentito parlare di questa
legge? — chiese mio padre; e capii benissimo che anche a lui la
cosa riusciva nuova.
— Per due motivi, — disse Ernesto. — Primo, perchè non si è mai
presentata l’occasione di applicarla: se fosse stato necessario, ne
avreste già sentito parlare. Secondo, perchè questa legge è stata
approvata frettolosamente dal Congresso e in segreto dal Senato:
per modo di dire, cioè, senza discussione. Naturalmente i giornali
non ne hanno fatto mai cenno. Noi socialisti lo sapevamo e
l’abbiamo pubblicato nei nostri giornali. Ma voi non leggete mai i
nostri giornali.
— Ed io sostengo che sognate, — disse il signor Calvin, con
ostinazione. — Il Paese non avrebbe mai permesso una cosa simile.
— Eppure, il Paese l’ha permessa di fatto, — replicò Ernesto. — E
quanto al sognare, ditemi se di questa stoffa sono fatti i sogni.
E, tratto di tasca un opuscolo, l’aprì e si mise a leggere:
«Sezione I., ecc., ecc.: È decretato, ecc., ecc., che la milizia si
compone di tutti i cittadini validi, di età superiore ai diciotto anni e
inferiore ai quarantacinque, abitanti i diversi Stati o territorî, come il
distretto di Columbia...
«Sezione VII. Che ogni ufficiale o uomo arruolato nella milizia —
ricordate, signori, che secondo la Sezione I, siete tutti arruolati —
che rifiuterà o non si presenterà all’Ufficiale di reclutamento, dopo
essere stato chiamato com’è prescritto qui contro, sarà tradotto
davanti a un Consiglio di guerra e passibile di pene pronunciate dal
detto Consiglio...
«Sezione IX. ... che la milizia, quando sarà convocata in servizio
attivo, per gli Stati Uniti, sarà soggetta agli stessi regolamenti e
articoli di guerra delle truppe regolari degli Stati Uniti».
— Ecco a che punto siamo, signori, cari concittadini americani e
compagni di milizia. Nove anni or sono, noi socialisti pensavamo che
questa legge fosse rivolta contro i lavoratori, ma sembra che sia
rivolta anche contro voialtri.
«Il congressista Wiley, nella breve discussione, quale fu permessa,
dichiarò che il disegno di legge «procurava una forza di riserva per
prendere la plebe alla gola». La plebe siete voi, signori, «e per
proteggere ad ogni costo la vita, la proprietà, la libertà». E in
avvenire, quando vi solleverete con tutta la vostra forza, ricordate
che vi rivolterete contro la proprietà dei trust e contro la libertà
legalmente accordata ai trusts, di sfruttarvi. Signori, vi hanno
strappato i denti, vi hanno tagliato le unghie. Il giorno in cui
insorgerete, armati solo della forza della vostra virilità, ma sprovvisti
di unghie e denti, sarete inoffensivi come una legione di molluschi.
— Non credo una sola parola di questo. — esclamò il signor Kowalt.
— Una simile legge non esiste. È una storia inventata da voialtri
socialisti.
— Il disegno di legge è stato presentato alla Camera il 30 luglio del
1902 dal rappresentante dell’Ohio. È stato discusso rapidamente e
approvato dal Senato il 14 gennaio del 1903. E proprio sette giorni
dopo, la legge è stata approvata dal Presidente degli Stati Uniti [57].
CAPITOLO IX.
LA MATEMATICA DI UN SOGNO.
Fra la costernazione provocata dalla sua rivelazione, Ernesto riprese

la parola:
— Una dozzina di voi, questa sera, ha proclamato impossibile il
socialismo. Poichè avete dichiarato ciò che è inattuabile,
permettetemi ora di dimostrarvi ciò che è inevitabile: ossia, la
scomparsa non solo di voi piccoli capitalisti, ma anche di grossi
capitalisti e perfino dei trusts, a un certo momento. Ricordate che il
progresso dell’evoluzione non permette ritorni al passato. Senza
riflusso, essa procede dalla rivalità all’associazione, dalla piccola
cooperazione alla grande, dalle vaste combinazioni alle
organizzazioni colossali, sino al socialismo che è la più gigantesca di
tutte le organizzazioni.
«Voi mi dite che sogno. Benissimo! Vi esporrò i dati matematici del
mio sogno. Anzi, vi sfido in anticipo a dimostrare la falsità dei miei
calcoli. Voglio esporre davanti a voi il carattere fatale del crollo del
sistema capitalistico, e dedurre, matematicamente, la causa della
sua fatale decadenza. Coraggio, e abbiate pazienza se il punto di
partenza è un po’ lontano dall’argomento.
«Esaminiamo, dapprima, i procedimenti di un’industria privata, e non
esitate ad interrompermi se dico cosa che voi non potete ammettere.
Prendiamo, ad esempio, una fabbrica di scarpe. Questa fabbrica
compera il cuoio e lo trasforma in scarpe. Ecco del cuoio per cento
dollari, che passa in fabbrica e ne esce in forma di scarpe, per un
valore di cento dollari, supponiamo. Che cos’è avvenuto? È stato
aggiunto al valore del cuoio un altro valore di cento dollari. Come
mai? Il capitale e il lavoro hanno aumentato il valore iniziale.
«Il capitale ha procurato la fabbrica, la macchina e ha pagato le
spese. La mano d’opera ha dato il lavoro, lo sforzo combinato del
capitale e del lavoro ha incorporato un valore di cento dollari al
valore della merce. Siamo d’accordo?
Le teste si curvarono, affermativamente.
— Il lavoro e il capitale, avendo prodotto cento dollari, si danno da
fare per la ripartizione della somma. Le statistiche che trattano delle
divisioni di questo genere, segnano sempre numerose frazioni: ma
ora noi, per maggiore comodità, ci accontenteremo di
un’approssimazione poco rigorosa, ammettendo che il capitale
prenda per sè cinquanta dollari e che il lavoro riceva, come salario,
una somma uguale. Non litigheremo per questa divisione [58],
qualunque siano i contratti, si finisce sempre col mettersi d’accordo,
a un tasso o a un altro. E non dimenticate che ciò che io dico per
un’industria, si applica a tutte. Mi seguite?
I convitati approvarono.
— Ora supponiamo che il lavoro, avendo ricevuto la sua quota di
cinquanta dollari, voglia ricomperare delle scarpe. Potrà comperarne
solo per cinquanta dollari, non è vero?
«Passiamo ora da questa operazione particolare a tutte le operazioni
che si compiono negli Stati Uniti, non soltanto col cuoio, ma con tutte
le materie grezze, coi trasporti, e col commercio in generale.
Diciamo, in cifra tonda, che la produzione annuale della ricchezza,
negli Stati Uniti, è di quattro miliardi di dollari. Il lavoro riceve
dunque, come salario, una somma di due miliardi l’anno. Dei quattro
miliardi prodotti, il lavoro può riscattarne due. Non c’è nessuna
discussione in proposito, ne sono sicuro: la mia valutazione è molto
larga. A causa di ingerenze capitalistiche d’ogni sorta, il lavoro non
ottiene la metà del prodotto totale.
«Ma sorvoliamo su ciò, ed ammettiamo che il lavoro ottenga i due
miliardi. È evidente, allora, che il lavoro può consumare solo due
miliardi, mentre bisogna render conto degli altri due miliardi che il
lavoro non può nè riscattare nè consumare.
— Il lavoro non consuma neppure i suoi due miliardi, — dichiarò il
signor Kowalt. — Se li spendesse, non avrebbe depositi nelle Casse
di risparmio.
— I depositi nelle Casse di risparmio, sono una specie di fondo di
riserva, che può essere speso in fretta, come in fretta è stato
accumulato. Sono le economie messe da parte per la vecchiaia, le
malattie, gli accidenti e le spese dei funerali. Sono il boccon di pane
conservato nella madia, per il domani. No, il lavoro assorbe la totalità
del prodotto che può riscattare con i suoi guadagni.
«Due miliardi sono lasciati al capitale. Dopo aver pagato le spese,
consuma il resto? Il capitale divora i suoi due miliardi?
Ernesto si interruppe e rivolse apertamente la domanda a parecchi,
che alzarono la testa.
— Non ne so niente, — disse francamente uno di essi.
— Ma sì, voi lo sapete, — rispose Ernesto. — Riflettete un istante.
Se il capitale consumasse la sua parte, la somma totale del capitale
non potrebbe aumentare: resterebbe costante. Esaminate invece la
storia economica degli Stati Uniti, e vedrete che il capitale aumenta
continuamente. Dunque, il capitale non divora la sua parte.
«Ricordatevi dell’epoca in cui l’Inghilterra possedeva molte delle
nostre azioni delle ferrovie. Con l’andar degli anni le abbiamo
riscattate. Che cosa si deve concludere, se non che la parte del
capitale impiegato ha permesso questo? Oggi i capitalisti degli Stati
Uniti possiedono centinaia e centinaia di milioni di dollari di azioni
messicane, russe, italiane e greche: che cosa sono esse se non un
po’ di quella parte che i capitalisti non hanno consumato? Fin dalle
origini del sistema capitalistico, il capitale non ha mai consumato
tutta la sua parte.
«E ora siamo al punto: quattro miliardi di ricchezza vengono prodotti
annualmente negli Stati Uniti. Il lavoro ne riscatta e ne consuma due
miliardi; resta perciò una forte eccedenza che non viene distrutta.
Che cosa si può fare? Il lavoro non può sottrarne perchè ha già
consumato i suoi guadagni. Il capitale non se ne serve, perchè già,
secondo la sua natura, ha assorbito tutto quanto poteva. E
l’eccedenza resta. Che cosa se ne può fare? Che cosa se ne fa?
— Si vende all’estero, — dichiarò spontaneamente il signor Kowalt.
— Precisamente, — assentì Ernesto. — Da questo soprappiù nasce
il nostro bisogno d’uno sbocco esteriore. Si vende all’estero; si è
obbligati a venderlo all’estero; non c’è altro mezzo per impiegarlo. E
quest’eccedenza venduta all’estero costituisce ciò che noi
chiamiamo: la bilancia commerciale in nostro favore. Siamo intesi su
ciò?
— Certamente, perdiamo il tempo trattando di questo A. B. C. del
commercio, — disse il signor Calvin, con dispetto. — Lo sappiamo
tutti a memoria.
— Se ho posto tanta cura nell’esporvi queste norme elementari, è
perchè mi servono per confondervi. — replicò Ernesto. — È questa
la parte piccante della cosa. E vi confonderò completamente.
«Gli Stati Uniti sono un paese capitalistico che ha sviluppato le sue
risorse. In virtù del suo sistema industriale, possiede un ramo di
produzione superflua di cui deve sbarazzarsi all’estero [59].
«Ciò che è vero per gli Stati Uniti, lo è pure per tutti i paesi
capitalistici le cui risorse sono sviluppate. Ognuno di questi paesi
dispone di un superfluo ancora intatto. Non dimenticate che hanno
già trafficato gli uni con gli altri e che, ciò nonostante, c’è un
superfluo disponibile. In tutti questi paesi il lavoro ha speso i suoi
guadagni e non può più comperare nulla; in tutti, il capitale ha
consumato solo ciò che gli permette la sua natura. E il rimanente è
un peso morto, perchè non possono scambiarselo fra loro. Come se
ne libereranno?
— Vendendolo ai paesi le cui risorse non sono sviluppate, — suggerì
il signor Kowalt.

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Corporations Financial Markets Law

Redmond on Dismissal Law A Guide to Irish Law Third

Banking and Financial Markets: How Banks and Financial

Financial markets and institutions Eakins

Behavioral Finance Investors Corporations and Markets

Financial Markets and Institutions 5th Edition Coll.

EU securities and financial markets regulation Niamh

Financial Markets and Institutions 11th Edition Jeff

C for Financial Markets 1st Edition Daniel J. Duffy

INTERNATIONAL AGENTS & DISTRIBUTORS

NORTH AMERICA ASIA PACIFIC

LATIN AMERICA EUROPE

LAWBOOK CO. 2017

First edition .................................................. 1988

© 2017 Paul Redmond

Editor: Lara Weeks

Table of Cases .................................................................................................................................. ix

Table of Statutes .......................................................................................................................... xxxv

2: The Historical, Institutional and Social Context of Corporations Law ......... 25

3: The Corporate Life Cycle .................................................................................... 101

4: Some Consequences of Corporate Personality ............................................. .. 161

5: Directors and Managers ..................................................................................... 227

6: Shareholders Acting Collectively: The Company in General Meeting ......... 347

7: The Duties and Liabilities of Directors and Managers ................................ .. 383

8: Shareholder Remedies ........................................................................................ 579

9: Corporate Finance ............................................................................................... 673

10: Corporate Fundraising ................................................................................... .. 771

11: Financial Market Regulation ......................................................................... .. 827

12: Takeovers ............................................................................................................ 913

Index .................................................................... .. ................................................................. 1009

ASIC v Warrenmang Ltd (2007) 63 ACSR 623 ............................................................................. 7.86

B v B (Matrimonial Proceedings: Discovery) [1978] Fam 18 ........................................................ 4.42

Barnes & Co Ltd v Sharpe (1910) 11 CLR 462 ............................................................................ 4.20

Briginshaw v Briginshaw (1938) 60 CLR 336 .............................................................................. 7.65

CAC v Drysdale (1978) 141 CLR 236 ................................................................................. 7.30, 7.32

DCT v Austin (1998) 28 ACSR 565 .............................................................................................. 7.35

Derry v Peek (1889) 14 App Cas 337 ...................................................................................... 10.225

E H Dey Pty Ltd v Dey [1966] VR 464 ....................................................................................... 9.350

F de Jong & Co Ltd, Re [1946] Ch 211 ..................................................................................... 9.102

G J Mannix Ltd, Re [1984] 1 NZLR 309 ....................................................................................... 4.20

Horn v Faulder & Co (1908) 99 LT 524 ..................................................................................... 5.275

J Spurling Ltd v Bradshaw [1956] 1 WLR 461 .......................................................................... 10.230

James Lumbers Ltd, Re (1925) 58 OLR 100 ............................................................................... 8.145

Moss v Elphick [1910] 1 KB 846 ............................................................................................... 1.115

N Slater Co Ltd, Re [1947] 2 DLR 311 ...................................................................................... 6.120

O’Brien v Walker (1982) 1 ACLC 59 .......................................................................................... 7.455

R v Australasian Films Ltd (1921) 29 CLR 195 ........................................................................... 4.142

Resource Generation Ltd 01R [2015] ATP 13 ........................................................................... 12.100

SEC v Chenery Corp 318 US 80 .................................................................................................. 7.10

Seddon v North Eastern Salt Co Ltd [1905] 1 Ch 326 ............................................................. 10.225

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