In the matter of Centuria Property Funds Limited

In the Federal Court of Australia, Centuria Property Funds Limited sought validation of a deed that extended the term of its trust. The court was asked to declare, under section 1322(4) of the Corporations Act 2001 (Cth), that the plaintiff had continued to validly operate the trust. The application arose after the plaintiff failed to lodge the deed with the Australian Securities and Investments Commission (ASIC) within the required timeframe.

The legal issues before the court were whether the court had the discretion to declare that the plaintiff had continued to validly operate the trust, and if the delay in lodging the deed with ASIC could be excused. The plaintiff argued that the court's powers under section 1322(4) were not limited by the requirement to lodge documents with ASIC. The court considered whether the delay in lodging the deed was reasonable and whether it affected the validity of the deed.

The court held that it had the discretion to make a declaration under section 1322(4) that the plaintiff had continued to validly operate the trust, even if the deed had not been lodged with ASIC. The court found that the delay in lodging the deed was not unreasonable, and that the validity of the deed was not affected by the delay. The court noted that the purpose of the requirement to lodge documents with ASIC was to ensure transparency and accountability, but that these purposes were not necessarily defeated by a minor delay. The court concluded that the delay did not deprive it of the power to make the declaration sought by the plaintiff.

The court made a declaration that Centuria Property Funds Limited had continued to validly operate the trust, notwithstanding the failure to lodge the deed with ASIC within the required timeframe.