Chase Corporation Australia P/L v Australian Securities Commission

[1992] FCA 633

JUDGMENT No. ... k3& %

NOT SUITABLE FOR DISTRIBUTION

IN THE FEDERAL COURT OF AUSTRALIA )

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NEW SOU TH WALES DISTRIC T REGIS TRY ) NG 3185 of 1992

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GENERAL DIVISION 1

BETWEEN :  CHASE CORPORATION AUSTRALIA PTY
LIMITED

Applicant

Respondent

CORAM:	Burchett J.
PLACE :	Sydney
DATE :	27 August 1992

BURCHETT J.:

In this matter, the application is made in respect of a former company, Pyaray Pty Limited, the registration of which was cancelled following its inclusion in a list of companies which were understood to be no longer carrying on business, and to be in a situation where it was appropriate for their registration to be cancelled.

meantime was entitled under security documents to give	directions in respect of the manner in which voting rights in
relation to certain shares in another company might be exercised.
It seems to me that, in these circumstances, S. 5 7 4 ( 3 ) of the cor~orations Law clearly applies, even if it be concluded that the company was not, within the meaning of the subsection, carrying on business or in operation at the time of the cancellation; I am at any rate satisfied that it is just that the registration of the company be reinstated. Accordingly, I make an order to that effect in the form which has been submitted.
I note that the Australian Securities Commission does not oppose the making of such an order, but has requested that an undertaking be given to the court that the applicant, which was, at the time of the cancellation, the owner of all the shares in the company, will ensure that all necessary officers of the company are appointed expeditiously. That undertaking has been given.

Subsequently, it transpired that the company Pyaray, as I
shall call it, in fact was entitled to receipt of a sum well
in excess of $1 million payable in October next, and in the

I make the order in the form submitted, which I have

initialled and dated, and placed with the papers.

I certify that this and the preceding page are a true copy of the Reasons for Judgment herein of his Honour Mr Justice Burchett.

Associate: b k F,-k .-, C c----
Date: 27 August 1992