Colonial First State Investments Limited as responsible entity for Colonial First State Mortgage Income Fund - Entry Fee Option and Colonial First State Mortgage Income Fund - Nil Entry Fee Option

Colonial First State Investments Limited, as the responsible entity for two mortgage income funds, sought judicial advice regarding the refusal to register a transfer of units. The transfer was executed under powers of attorney granted by the unitholders. The dispute was heard by the Supreme Court of New South Wales. The central issue for the court was whether the trustee was justified in refusing to register the transfer of units, despite the transfer documentation being executed under powers of attorney. The court had to consider the relevant legal principles and previous judicial decisions to provide guidance on this matter.

The court examined the relevant statutory provisions, specifically section 63 of the Trustee Act 1925, which grants the Supreme Court the authority to provide judicial advice to trustees. The court also considered the reasoning in two previous cases, Re Perpetual Investment Management Limited [2011] NSWSC 133 and Re Challenger Managed Investments Limited [2011] NSW 213, to determine whether the same judicial advice should be given in this case. The court found that, subject to minor adjustments, the reasoning in the previous cases was applicable to the current situation. Therefore, the court concluded that the trustee was justified in refusing to register the transfer of units in this case, aligning with the advice given in the earlier cases.

In conclusion, the Supreme Court of New South Wales provided judicial advice to the trustee, affirming that the refusal to register the transfer of units was justified. The court's reasoning was based on the statutory provisions and the precedent set in the previous cases, with minor adjustments to account for the specific circumstances of this case. The final orders of the court were that the trustee was justified in refusing to register the transfer of units, as per the advice given.