matter, scope and purpose of the provision may enable the court to determine that a particular exercise of the power would be definitely extraneous to any object the legislature could have had in mind. In determining what is definitely extraneous regard must be had to the non-exhaustive list of permissible kinds of orders in ss 233(1)(a) ‑ (j).
Section 233(1) of the Corporations Act does not prescribe the basis on which the price for shares is to be fixed if a compulsory purchase order or a buy-back order is made. As [name withheld], [name withheld], [name withheld] and [name withheld] stated in [name withheld] v Backoffice Investments Pty Ltd:
In looking to the 'fair value' one must look at all the circumstances of the case and seek to put the oppressed in the same position as nearly as can be if there had been no oppression, erring, if there is to be any erring, on the side of the oppressed.
There is no hard rule as to the selection of the valuation date. The question is what is the fair time for valuation of the shares having regard to the overriding requirement of justice and fairness to both parties in all the circumstances of the case. As was said by [name withheld] ([name withheld] agreeing) in Foody v Horewood:
Case Details
Citation[2022] WASC 372
CourtWASC
JurisdictionWestern Australia
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