Re Perpetual Investment Management Ltd

The application before the court was brought by a unitholder of Perpetual Investment Management Limited, seeking an order for costs incurred in relation to a prior judicial advice application. The respondent, Perpetual Investment Management Limited, contested the claim. The case was heard in the Supreme Court of New South Wales, specifically in the Equity Division. The unitholder argued that the costs should be borne by the Fund, citing section 93(2) of the Trustee Act 1925 (NSW). The central issue before the court was whether the unitholder was entitled to have their costs paid from the Fund under the provisions of the Trustee Act. The court needed to determine the appropriate party responsible for the costs incurred during the judicial advice application.

The court considered the statutory framework provided by the Trustee Act and relevant case law to address the issue of costs. It examined the wording of section 93(2) and its applicability to the circumstances of the case. The court found that the statutory provision allowed for the payment of costs out of the Fund when a unitholder seeks judicial advice and the application is deemed to be in the interests of the Fund. Given that the unitholder's application for judicial advice was considered to be in the interests of the Fund, the court ruled that the costs should be paid out of the Fund. The court's decision was based on the interpretation of the statutory language and its alignment with the objectives of the Trustee Act.

The Supreme Court of New South Wales determined that the unitholder's costs incurred during the judicial advice application should be paid out of the Fund. The court's decision was grounded in the statutory provision of section 93(2) of the Trustee Act 1925 (NSW) and the interpretation of the legislative intent. The court concluded that the application for judicial advice was in the interests of the Fund, thereby justifying the payment of costs from the Fund. The final orders of the court mandated that the costs incurred by the unitholder be reimbursed from the Fund as per the statutory provision.