Section 53 of the Corporations Act 2001 (Cth) puts beyond doubt that the court's jurisdiction and powers under the statutory oppression provisions (ss 232-233) are not circumscribed in respect of trustee companies, and the court may order a buy-out of units in a unit trust as a remedy for oppression where the company acts as trustee and the oppression relates to the affairs of the trust. The Kizquari line of authority, which held that the oppression remedy could not be used to remedy oppression in a company that is a bare trustee, should not be followed in light of s 53. A financial controller who devises and controls a corporate/trust structure owes fiduciary duties arising from the nature of the authority conferred, including duties to pay proper regard to the interests of each entity and to avoid conflicts of interest.
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