Alston v Cormack Foundation Pty Ltd

The case of Alston v Cormack Foundation Pty Ltd involved a dispute over shares in the Cormack Foundation, an entity that was established to hold a radio broadcasting licence. The parties were in contention regarding whether the shares were held on trust for the Liberal Party, the validity of the trust, and the consequences of any breach of trust. The court was tasked with determining the validity of the trust, whether the shares were held in trust for the Liberal Party, and the appropriate remedies for any breach of trust. The court held that the shares were indeed held on trust for the Liberal Party, that the cancellation of those shares was invalid, and that the shares should be transferred to nominees of the Liberal Party. The court also noted that the plaintiffs were entitled to some measure of success, but refrained from making a definitive order on costs, reserving the matter for further submissions from the parties. The court's decision hinged on the objective theory of ascertaining intention, the validity of the trust, and the equitable remedies available for breach of trust.