Re Westfield Corporation Limited

Westfield Corporation Limited applied to the Federal Court of Australia to convene meetings of members to consider and approve proposed schemes of arrangement. The application was made under section 411 of the Corporations Act 2001 (Cth). The legal issues in the case centred around whether the requirements to order meetings under section 411 of the Act were satisfied and if the proposed amendments to the managed investment schemes were within the powers of alteration conferred by the constitution of the schemes and section 601GC of the Corporations Act.

The court examined the application for judicial advice by the responsible entity under section 63 of the Trustee Act 1925 (NSW). It considered whether the responsible entity would be justified in proposing resolutions to implement the proposed trust schemes. The court also assessed whether the proposed amendments were within the powers of alteration conferred by the constitution of the managed investment scheme and section 601GC of the Corporations Act.

In reaching its decision, the court considered the terms of the relevant statutes, the constitutions of the managed investment schemes, and the evidence presented by the parties. The court concluded that the requirements for convening meetings under section 411 of the Corporations Act were satisfied. It also found that the proposed amendments to the managed investment schemes were within the powers of alteration conferred by the constitutions of the schemes and section 601GC of the Corporations Act. The court therefore approved the application and authorised the convening of meetings to consider and approve the proposed schemes of arrangement.

The court's final orders included approving the application and authorising the convening of meetings to consider and approve the proposed schemes of arrangement. The court also directed that the responsible entity may propound resolutions to implement the proposed trust schemes, subject to the terms and conditions set out in the court's orders.