Lee v AMP Ltd

[2006] ACTCA 27

ACT Court of Appeal

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Interrogate

Catchwords

1. Corporations
2. › Members' rights
3. › Inspection of books
4. › Standing
5. › Whether former member entitled to seek order under s 247A
6. › Corporations Act 2001 (Cth), s 247A
1. Corporations
2. › Members' remedies
3. › Oppression
4. › Whether mismanagement affecting all shareholders equally constitutes oppression
5. › Corporations Act 2001 (Cth), ss 232, 233
1. Corporations
2. › Officers
3. › Disqualification
4. › Whether shareholder may apply for disqualification of CEO
5. › Corporations Act 2001 (Cth), s 206D
1. Corporations
2. › Derivative actions
3. › Statutory derivative action
4. › Leave to bring proceedings
5. › Whether former member satisfied requirements for leave
6. › Corporations Act 2001 (Cth), ss 236, 237

Quick Take

Section 247A of the Corporations Act 2001 (Cth) only permits current members to apply for inspection of company books; former members have no standing. Mismanagement that impacts all shareholders equally does not constitute oppression under s 232(e). Only ASIC may apply for disqualification under s 206D, and only where the corporation has failed or is insolvent.

Case Details

Citation[2006] ACTCA 27

CourtACTCA

JurisdictionAustralian Capital Territory

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The full text is available to signed-in members, including the 1 later case that cites this judgment.

Cited by1

2013Coeur de Lion Investments Pty Ltd v Kelly & OrsQCA 160

Relies on2

2002United Rural Enterprises v LopmandNSWSC 1178
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