The statutory assumptions under ss 128-129 of the Corporations Act 2001 (Cth) operate only as between the person dealing with the company and the company itself; they do not bind third parties who are strangers to the dealing. An account of profits is not available as a remedy for trespass to land where the plaintiff is entitled to compensatory damages for all losses naturally and probably consequent upon the trespass, as requiring disgorgement of profits derived from the trespasser's own capital and labour would confer a windfall on the plaintiff. Upon appointment of a new trustee under the Trustees Act 1962 (WA), trust property including shares vests in the new trustee, who becomes a member of the company regardless of whether formal transfers are executed.
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