In the matter of Investa Listed Funds Management Limited as responsible entity for the Armstrong Jones Office Fund and the Prime Credit Property Trust

The case involved Investa Listed Funds Management Limited, acting as the responsible entity for two managed investment schemes: the Armstrong Jones Office Fund and the Prime Credit Property Trust. The entity sought judicial advice under section 63 of the Trustee Act 1925 (NSW) to determine whether it would be justified in adjourning a meeting of unitholders. The central issue before the court was whether the responsible entity was entitled to the judicial advice it sought regarding the potential adjournment of the unitholders' meeting.

The court considered whether the request for judicial advice was appropriate and whether the responsible entity had a valid basis for seeking to adjourn the meeting. The court examined the circumstances surrounding the request and whether there were any grounds that would justify the adjournment. The legal framework under which the responsible entity sought advice was also a critical aspect of the court's consideration, ensuring that the advice was sought in good faith and for the proper administration of the trusts.

After careful deliberation, the court concluded that the responsible entity's request for judicial advice was valid and should be granted. The court found that the entity had acted appropriately in seeking guidance to ensure the meeting's adjournment was justified. The court's decision provided clarity and guidance on the circumstances under which a responsible entity could seek and obtain judicial advice regarding the management of unitholders' meetings. The court's ruling was pivotal in affirming the responsible entity's right to seek judicial advice to manage the affairs of the trusts effectively.