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 The Law and Practice
of Corporate Governance
 Centralised management59
Shareholder ownership and control61
Are these features really essential?63
The company as a juristic person  63
The development of the company’s juristic personality 64
The consequences of juristic personality — attribution69
The limits on the company as a juristic person76
Theories of the nature of the company 82
Shareholder wealth maximisation 87
Management control and autonomy 89
A monitoring board90
Assessment of the nexus of contracts theory90
One size fits all 95

4 The Nature of the Limited Liability 97

The concept of limited liability 98
The development and rationale of limited liability  101
The reasons for limited liability 105
Doubtful cases109
The costs of limited liability112
Limited liability and company managers 119
Which liabilities are limited? 128

PART II THE NATURE AND FUNCTION OF THE BOARD 133

5 Board Structure and Composition 135
The legal concept of director  136
Director attributes  142
Director skills and expertise 143
Independent directors — role and rationale 145
Independence 148
Effectiveness 152
Board committees 156
Audit committee 157
Risk committee158
Remuneration committee159
Nomination committee 159
Other committees 160
Diversity in board composition 161
Gender diversity 163
Ethnic and cultural diversity169
Why a board? 170
viii
 Detailed Table of Contents

6 The Function and Powers of the Board 175

The functions of the board 177
The outside monitoring board paradigm 183
The powers of the board 186
The ‘caretaker board’ 196
Countervailing powers — the powers of the general meeting 198
Reserve powers of the general meeting 201
The balance of power 204

7 Whose Interests Does (and Should) the Company Serve? 209

In whose interests must company directors act?  210
Why has the law adopted a shareholder primacy view? 219
The interests of society 226
The legitimacy of corporate power 229
The nature and scale of corporate power 230
Justifications of corporate power236
Social responsibility and management accountability 246

PART III CONTROL STRATEGIES 255

8 A Taxonomy of Control Strategies 257
Classification of control strategies 261
Legal or market 261
Ex ante or ex post265
Trusteeship or reward268
Private enforcement or public enforcement271
Merit (substantive) or disclosure274
The balance of governance strategies  277
A summary of governance strategies 278

9 Legal Control Strategies: Directors’ Duties 281

The duty to act within powers 284
The duty to comply with the company’s constitution 285
Duty to act for a proper purpose  290
The duty to exercise independent judgment 295
The duty of care, skill, and diligence 298
The duty to act in the best interests of the company 311
Subjective or objective 312
Prescriptive or proscriptive314
The duty to avoid a conflict of interest  316
A director entering into a transaction with the company 318
A director profiting from his or her position322
ix
 The criteria for effectiveness of legal duties as
governance mechanisms 329
The balance between control and discretion 330
The meaningful enforcement of directors’ duties332

10 Market-based Control Strategies 335

The market for corporate control 337
The efficiency of the share market  340
The regulatory regime343
The market for corporate control as a governance strategy355
Reward and remuneration 356
The elements of an effective remuneration system 363
Conclusion376

11 Disclosure and Verification Strategies 379

The function of and justification for mandatory disclosure 380
The Australian financial reporting regime 386
The annual financial report 387
The directors’ report391
Continuous disclosure395
Verification of corporate disclosure — the audit 399
The Australian audit regime  401

12 The Governance Role of Shareholders 417

The role of institutional investors 421
Hedge fund activism 435
Controlling shareholder power 441
The end of the era of the publicly listed company? 451

PART IV THE REGULATORY ENVIRONMENT 455

13 Regulating Corporate Behaviour from Within 457
The concept of culture 462
Regulating corporate culture — giving the company a conscience 470
Political, moral, or social values 472
Environmental, social, and governance disclosure 478
Enforceable undertakings and deferred prosecution agreements  481
The banking executive accountability regime 487
Regulating corporate culture — will it work? 490
Mode of implementation 490
The nature of the company 493

Index497
x
 Preface
Over the course of the 175 years since the first modern companies legislation was
enacted, the company has come to dominate completely not only the conduct of
business and wealth creation, but also increasingly the social and cultural aspects of
our lives. Indeed, it is difficult to think of any aspect of our lives that is not in some
way affected by, or organised as, a company. In the era of the social media mega-
corporation, even our very identity as individuals is in some senses constructed and
owned by the activities of companies such as Facebook, Twitter, and Google. The
economic and social power that has fallen under corporate control has presented
society with a challenge in terms of the political and moral legitimacy of company
and, in particular, how such enormous power can be controlled. Over the past 50
years these questions have become more prominent as corporate influence in society
continues to expand and as we witness ever-more egregious instances of abuses
by companies of that power. It is the increasing significance and urgency of these
questions that has led to the emergence of the concept of ‘corporate governance’ as
a distinct field of inquiry.
Although the term ‘corporate governance’ is now ubiquitous in public policy
debates, academic discourse, and the general media, it emerged in a piecemeal fashion
from the learning, perspectives, and insights of a wide range of fields including law,
economics, finance, regulatory theory, and sociology, as well as industry practice.The
multi-disciplinary, multi-faceted nature of corporate governance and its hitherto
uncoordinated development pose major challenges for anyone seeking to understand
the issues presented by the need to control and regulate the activities of companies
and those who manage them.
The aim of this book, therefore, is to provide an accessible, focused, and principled
account of the governance arrangements of companies in Australia and the common
law world that is situated within the deeper policy and theoretical considerations
that inform and shape modern corporate governance law and practice. Much of the
value of this book will lie, hopefully, in its drawing together of material and learning
from these disparate sources and its distillation of the central issues posed by the
governance of companies in a coherent and conceptually informed way.
The book focuses on corporate governance in the common law world, with
particular emphasis on Australia. This is not to say that non-common law models of
the company are not important, nor that corporate governance is necessarily only
a matter of legal rules. Neither is close to being true. Rather, this focus reflects the
objective of this book as being to move beyond a mere survey of the issues and
themes encompassed by corporate governance and to explore in depth the nature,

xi
mechanisms, and effectiveness of the measures currently employed to regulate
corporate behaviour and the exercise of corporate power.
My interest in corporate governance started more than 25 years ago when my
research and teaching interests began to shift away from the lawyerly subject of
‘company law’ to the larger regulatory, economic, and philosophical questions posed
by the extent of corporate power and the ways that such power could be controlled
and legitimated. My thinking on these issues has benefited enormously from the
many students with whom I explored these issues — there is no better way to
understand how little one knows about a subject than to teach it. I am also grateful
to colleagues at a number of universities, including Queensland and Auckland, who
have generously commented on my work over many years and listened patiently as
I tried to outline my thoughts. My thanks also go to Laura Marshall for her sensitive
and professional editorial assistance in the writing of the book.
The book has benefited from work I have previously published and I have made
liberal use of that work. However, the nature of the subject matter is such that my
views on a range of matters have changed significantly over the years. Indeed, even
as I was writing, it felt as though not a week went by when there was not some
development, new evidence, or new theoretical perspective that fundamentally
challenged what I thought I knew. Accordingly, the book represents my current
research thinking.
Needless to say, I am grateful to LexisNexis for their enthusiasm in agreeing to
publish this book and to all those at LexisNexis who have assisted in its preparation.
The law is stated as of December 2019.

Ross Grantham
January 2020

xii
 Table of Cases
References are to paragraph numbers
A Attorney-General for Hong Kong v Reid
AAA v Unilever plc [2017] EWHC 371
(QB) …. 4.17
Aberdeen Railway Company v Blakie
Brothers (1854) 1 Macq 461 …. 9.51
Adams v Adams (1777) 2 Cowp 651
…. 9.10
— v Cape Industries plc [1990] Ch 433
(CA) …. 4.43, 4.45, 13.51
Adler v Australian Securities and
Investments Commission (ASIC);
Williams v Australian Securities and
Investments Commission (ASIC) [2003]
NSWCA 131 …. 9.33
AIB Group (UK) plc v Mark Redler & Co
Solicitors [2014] UKSC 58 …. 9.15
Alexander v Samyang [1975] 1 WLR 673
(HL Sc) …. 6.28
Aleyn v Belchier (1758) 1 Eden 132; 28
ER 634 …. 9.9, 9.16, 9.17
Allen v Gold Reefs of West Africa Ltd
[1900] 1 Ch 656 (CA) …. 7.6, 12.36
Allied Carpets Group plc v Nethercott
[2001] BCC 81 …. 9.14
Angas Law Services Pty Ltd (in liq)
v Carabelas [2005] HCA 23 …. 9.69
Anns v Merton London Borough Council
[1978] AC 728 …. 11.31
Anonymous Case (No 935) (1701) 88 ER
518 …. 3.16
ANZ Executors and Trustees Co Ltd
v Qintex Australia Ltd (1990) 8 ACLC
908 …. 9.7
Armitage v Nurse [1998] Ch 241 …. 3.41
Ashburton Oil NL v Alpha Minerals NL
(1971) 123 CLR 614 …. 7.10
Attorney-General v Davy (1741) 2 Atk 212
…. 12.28
— v Downing (Lady) (1767) Wilm 1
…. 9.9
xiii
[1994] 1 AC 324 (PC) …. 9.59
Australasian Centre for Corporate
Responsibility v Commonwealth Bank
of Australia [2015] FCA 785 …. 2.6,
3.19, 6.22
— v — [2016] FCAFC 80 …. 6.22, 6.27
Australian Careers Institute Pty Ltd
v Australian Institute of Fitness Pty Ltd
[2016] NSWCA 347 …. 9.65
Australian Securities and Investments
Commission v Adler (2002) 168 FLR
253; 41 ACSR 72 …. 9.31, 9.38
— v Australian Investors Forum Pty Ltd
(No 2) [2005] NSWSC 267 …. 9.69
— v Cassimatis (No 8) [2016] FCA 1023
…. 2.41, 3.41, 8.3, 9.36, 9.72
— v Citrofresh International Ltd (No 2)
[2010] FCA 27 …. 9.36, 9.38
— v Elm Financial Services Pty Ltd [2005]
NSWSC 1020 …. 9.36
— v Fortescue Metals Group Ltd [2011]
FCAFC 19 …. 11.25
— v Healey [2011] FCA 717 …. 5.10,
9.38, 9.40
— v — (No 2) [2011] FCA 1003 …. 8.29,
9.40
— v Lewski [2018] HCA 63 …. 9.45
— v Macdonald (No 11) [2009] NSWSC
287 …. 9.34, 9.35
— v Marco Realty Developments Pty Ltd
[2016] FCA 292 …. 9.69
— v Marnier Corporation Ltd [2015] FCA
589 …. 9.38
— v Maxwell [2006] NSWSC 1052
…. 9.34
— v Rich [2003] NSWSC 85 …. 2.16,
…. 9.34
— v — [2009] NSWSC 1229 …. 9.34,
9.38
— v Sino Australia Oil and Gas Ltd (in liq)
[2016] FCA 934 …. 11.27
— v Vines [2005] NSWSC 738 …. 9.36
— v Vocation Ltd (in liq) [2019] FCA 807
…. 9.36, 13.9
— v Warrenmang Ltd [2007] FCA 973
…. 9.36
Australian Securities Commission v AS
Nominees Ltd (1995) 62 FCR 504 …. 5.8
Automatic Self-Cleansing Filter Syndicate
Co Ltd v Cuninghame [1906] 2 Ch 34
…. 2.6, 4.33, 6.17, 6.18, 6.19, 6.20, 6.21,
6.22, 6.23
Aveo Group Limited v State Street Australia
Ltd in its capacity as Custodian for Retail
Employees Superannuation Pty Ltd
(Trustee) [2016] FCAFC 81 …. 6.27
Avon Chambers Ltd, Re [1978] 2 NZLR
638 …. 4.25
AWA Ltd v Daniels (trading as Deloitte
Haskins & Sells) (1992) 7 ACSR 759
(NSWSC) …. 1.4, 3.18, 5.2, 6.1, 6.6,
9.31, 9.33, 9.35, 9.39
— v — (No 2) (1992) 9 ACSR 383 …. 11.30
B 16 NSWLR 549; 7 ACLC 841 …. 3.22,
Baigent v DMcL Wallace Ltd (1984) 2
NZCLC 99,122 …. 10.14
Bailey v New South Wales Medical
Defence Union Ltd (1995) 184 CLR 399
…. 2.11
Baker v Hodder [2018] NZSC 78
…. 12.30
Bamford v Bamford [1970] 1 Ch 212 (CA)
…. 6.26, 9.23, 9.69, 12.36
Barnes v Addy (1874) LR 9 Ch App 244
…. 9.47
Barron v Potter [1914] 1 Ch 895 …. 6.28
Bell v Lever Bros [1932] AC 161 …. 9.64,
9.65
Bell Group Ltd v Westpac Banking
Corporation (No 9) [2008] WASC 239;
[2012] WASCA 157 …. 7.5, 7.6, 7.8,
7.10, 9.47
Belmont Finance Corporation v Williams
Furniture Ltd (No 2) [1980] 1 All ER
393 …. 9.14
Beloved Wilke’s Charity, Re (1851) 3 Mac
& G 440 …. 9.43
Berlei Hestia (NZ) Ltd v Fernyhough
[1980] NZLR 150 …. 9.27, 9.64
xiv
Bishopsgate Investment Management Ltd
v Maxwell (No 2) [1993] BCLR 814
…. 9.15
Black White and Grey Cabs Ltd v Fox
[1969] NZLR 824 …. 2.6
Blackmagic Design Pty Ltd v Overliese
[2011] FCAFC 24 …. 9.46, 9.52
Bligh v Brent (1836) 2 Y&C 268 …. 7.14
Boardman v Phipps [1964] 1 WLR 993;
[1967] 2 AC 46 (HL) …. 8.17, 9.48, 9.59
Booth v Booth (1838) 1 Beav 125 …. 9.9
Boulton’s Settlement Trust, Re [1928] Ch
703 …. 9.10
Brady v Brady [1988] BCLC 20 (CA)
…. 4.25, 7.5
Bray v Ford [1896] AC 44 …. 9.48
Breckland Group Holdings Ltd v London
& Suffolk Properties Ltd (1988) 4 BCC
542 …. 2.6, 4.33
Breen v Williams (1996) 186 CLR 71
…. 9.46
Brickenden v London Loan & Savings
Co [1934] 3 DLR 465 (PC) …. 8.17,
9.47
Briggs v James Hardie & Co Pty Ltd (1989)
3.24, 4.43, 4.45
Bristol and West Building Society v
Mothew [1998] Ch 1 (CA) …. 9.40
British Midland Tool Ltd v Midland
International Tooling Ltd [2003] EWHC
466 (Ch) …. 9.46
British Thomson-Houston Co Ltd v
Sterling Accessories Ltd [1924] 2 Ch 33
…. 4.18
Broderip v Salomon [1895] 2 Ch 323 (CA)
…. 3.12
Brown v British Abrasive Wheel Co [1919]
1 Ch 290 …. 12.34
Brudenell v Elwes (1801) 1 East 442
…. 9.10
BTI 2014 LLC v Sequana SA [2019]
EWCA Civ 112 …. 3.31, 7.15, 7.35, 9.4
Bull v Attorney General (NSW) (1913) 17
CLR 370; [1913] HCA 60 …. 11.27
Burland v Earle [1902] AC 83 (PC)
…. 9.71, 12.28
Burton Duke of Portland v Topham, Re
(1864) 11 HLC 32 (HL) …. 9.16
Burwell v Hobby Lobby Inc 573 US (2014)
…. 7.7, 7.37, 7.43
 Table of Cases
Buzzle Operations Pty Ltd (in liq) v Apple
Computer Australia Pty Ltd [2010]
NSWSC 233; [2011] NSWCA 109 (CA)
…. 4.25
Buzzle Operations Pty Ltd (in liq) v Apple
Computer Australia Pty Ltd [2011]
NSWCA 109 …. 5.8
C ACSR 115 …. 9.30
Camelot Resources Ltd v MacDonald
(1994) ACSR 437 …. 9.54
Campbell v Leach (1775) Ambl 740
…. 9.10
— v Paddington [1911] 1 KB 869 …. 4.40
Canadian Aero Services Ltd v O’Malley
(1973) 40 DLR (3d) 371 …. 9.3, 9.61
Caparo Industries plc v Dickman [1990] 2
AC 605 …. 11.29, 11.31
Capricornia Credit Union Ltd v Australian
Securities and Investments Commission
[2007] FCAFC 79 …. 6.22
Cardiff Savings Bank, Re [1892] 2 Ch 100
…. 6.4, 9.29
Carlen v Drury (1812) 1 V & B 154
…. 9.38
Cayne v Global Natural Resources plc
(unreported, Chancery, 1982; noted
(1982) 56 ALJ 600) …. 7.16
Chameleon Mining NL v Murchison
Metals [2010] FCA 1129 …. 5.7
Chandler v Cape plc [2011] EWHC 951
(QB) …. 4.17
Chapmans Ltd v Australian Stock Exchange
Ltd (1996) 21 ACSR 295 …. 2.14
Charterbridge Corp Ltd v Lloyds Bank Ltd
[1970] Ch 62 …. 9.27
Charterhouse Capital Ltd, Re [2015]
EWCA Civ 536 …. 12.39
Chimaera Capital Ltd v Pharmaust Ltd
[2007] FCA 539 …. 6.24
Citco Banking Corporation v Pusser’s Ltd
[2007] BCLC 483 …. 12.39
Citizens United v Federal Election
Commission 558 US 310 (2010) …. 7.43
City Equitable Fire Insurance Co Ltd, Re
[1925] Ch 407 …. 1.4, 2.7, 9.4, 9.29,
9.31, 9.33, 9.39
Clark v Workman [1920] 1 Irish Rep 107
…. 9.25, 9.26
Clifton v Mount Morgan Ltd (1940) 40 SR
(NSW) 31 …. 2.6, 3.19, 6.22, 7.33
xv
Cloutte v Storey [1911] 1 Ch 18 …. 9.13
CMS Dolphin Ltd v Simonet [2001] 2
BCLC 704 …. 9.61
Coleman v Myers [1977] 2 NZLR 225
…. 7.14
Comax Secure Business Services Ltd
v Wilson [2001] All ER (D) 222 …. 3.18
Commonwealth Bank v Frederick (1991) 5
Company, Re a (1985) BCC 99,421 (CA)
…. 3.26
Company No 008699 of 1985, Re a (1986)
2 BCC 99,024 …. 7.16, 10.14
Cook v Deeks [1916] 1 AC 554 …. 9.60
Corporate Affairs Commission v Drysdale
(1978) 141 CLR 236 …. 5.5
Cotman v Brougham [1918] AC 514 (HL)
…. 9.7
Cowan v Scargill [1985] Ch 270 …. 12.14
Creasey v Breachwood Motors Ltd [1993]
BCLC 480 …. 3.26
Crumpton v Morrine Hall Pty Ltd [1965]
NSWR 240 …. 12.39
D
Dairy Containers Ltd v NZI Bank Ltd
[1995] 2 NZLR 30 …. 3.18, 6.1
Daniels (formerly practising as Deloitte Haskin
& Sells) v Anderson (1995) 37 NSWLR
438 (CA) …. 5.35, 9.4, 9.29, 9.31, 9.35
Danish Mercantile Co Ltd v Beaumont
[1951] 1 Ch 680 …. 6.28
Darvall v North Sydney Brick & Tile Co
Ltd (1989) 15 ACLR 230; 7 ACLC 659
…. 7.8, 7.16, 9.45
Dawson v Coats Patons plc (1988) 4 BCC
305 …. 7.16, 10.14
Deloitte Haskins & Sells v National Mutual
Life Nominees Ltd [1993] 2 All ER 1015
(PC) …. 11.30
Deputy Commissioner of Taxation v Austin
(1998) 16 ACLC 1555 …. 5.7
Devaynes v Robinson (1857) 24 Beav 86
…. 9.9
DHN Food Distributors Ltd v Tower
Hamlets LBC [1976] 1 WLR 852 (CA)
…. 3.26
Dodge v Ford Motor Co 170 NW 668
(1919) (SC Mich) …. 7.7, 7.8, 7.9, 7.22
Dowse v Marks (1913) 13 SR (NSW) 332
…. 6.15
E Forge v Australian Securities and
E S Gordon Pty Ltd v Idamenco (No 123)
Pty Ltd (1994) 15 ACSR 536 …. 12.31
Eclairs Group Ltd v JKX Oil & Gas plc
[2015] UKSC 71 …. 9.17, 9.18, 9.21,
9.22
Edmunds v Brown and Tillard (1688) 1 Lev
237 …. 4.6
Edwards v Hall (1855) 6 De GM & G 74
…. 7.14
El Ajou v Dollar Land Holdings plc [1994]
2 All ER 685 …. 3.29
Eley v Positive Government Security Life
Assurance Co Ltd (1875) 1 Ex D 20
…. 2.11
— v Positive Government Security Life
Assurance Company (1976) 1 Ex D 88
…. 2.11
Elve v Boyton [1891] 1 Ch 501 …. 4.6
Entwistle v Davis (1867) 4 Eq 272 …. 7.14
Equiticorp Finance Ltd (in liq) v Bank
of New Zealand (1993) NSWLR 50
…. 9.27
Equiticorp Industries Group Ltd (in
statutory management) v Crown (No 47)
[1998] 2 NZLR 481 (HC) …. 3.16
Erlanger v New Sombero Phosphate Co
(1878) 3 App Cas 1218 (HL) …. 8.17,
9.51, 11.4
Esanda Finance Corp Ltd v Peat Marwick
Hungerfords (1997) 188 CLR 241
…. 11.29, 11.31
Evans v Coventry (1857) 8 DM & G 835
…. 9.11
F Insurance Co [1981] 2 Lloyd’s Rep 219
Facia Footwear Ltd (in administration)
v Hinchliffe [1998] 1 BCLC 218 …. 4.25
FAI Insurances Ltd v Urquhart (No 2)
(1987) 9 NSWLR 464 …. 9.23
Federal Commissioner of Taxation
v Commonwealth Aluminium Corp Ltd
(1980) 143 CLR 646 …. 6.22
Fexuto Pty Ltd v Bosnjak Holdings Pty Ltd
[2001] NSWCA 97 …. 12.30
FHR European Ventures v Cedar Capital
Partners LLC [2014] UKSC 45
…. 9.59
Fitzwood Pty Ltd v Unique Goal Pty Ltd
(in liq) (2001) 188 ALR 566 …. 9.52
xvi
Investments Commission [2001]
NSWCA 448 …. 9.69
Foss v Harbottle (1843) 2 Hare 461
…. 6.28, 8.27, 9.71, 12.30, 12.37
Foster v Foster [1916] 1 Ch 532 …. 6.28
Fray v Voules (1859) 1 E & E 839
…. 9.15
Freeman and Lockyer v Buckhurst Park
Properties (Mangal) Ltd [1964] 2 QB 480
…. 3.17
G
Gambotto v WCP Ltd (1994–1995) 182
CLR 432 …. 7.6, 9.21, 9.46, 12.28,
12.35, 12.37, 12.38
GHLM Trading Ltd v Maroo [2012]
EWHC (Ch) 61 …. 9.46
Gilford Motor Co Ltd v Horne [1933] Ch
935 …. 3.24
Gladstone Pacific Nickel Ltd, Re [2011]
NSWSC 1235 …. 9.62
Glazier v Australian Men’s Health (No 2)
[2001] NSWSC 6 …. 9.14
Gluckstein v Barnes [1900] AC 240 (HL)
…. 11.4
Gold Ribbon (Accountants) Pty Ltd
(in liq) v Sheers [2006] QCA 335
…. 9.34
Gramophone and Typewriter Ltd v Stanley
[1908] 2 KB 89 …. 6.19, 6.20
Grant-Taylor v Babcock & Brown Ltd (in
liq) [2015] FCA 149 …. 11.14, 11.27
— v — [2016] FCAFC 60 …. 11.25, 11.27
Great Atlantic Insurance Co v Home
…. 9.15
Greenhalgh v Arderne Cinemas Ltd [1951]
Ch 286 (CA) …. 7.6, 7.7, 7.8, 7.9, 7.10,
12.34
Grimaldi v Chameleon Mining NL (No 2)
[2012] FCAFC 6 …. 5.5, 5.6, 5.7
Grimshaw v Ford Motor Co 119 Cal App
3d 757 (1981) …. 13.9
Groeneveld Australia Pty Ltd v Nolten
(No 3) [2010] VSC 533
Grove v Flavel (1986) 4 ACLC 654; 11
ACLR 161 …. 4.25
Guinness plc v Saunders [1990] 2 AC 663
(HL) …. 8.17
 Table of Cases
H Imperial Mercantile Credit Association
Harlowe’s Nominees Pty Ltd v Woodside
(Lakes Entrance) Oil Co NL (1968–
1969) 121 CLR 483 …. 9.23, 12.36
Harris v Digital Pulse Pty Ltd [2003]
NSWCA 10 …. 8.17, 9.48
— v North Devon Railway Co (1855)
Beav 384 …. 9.25
Hart Security Australia Pty Ltd v Boucousis
[2016] NSWCA 307 …. 9.46
Heinl v Jyske Bank (Gibraltar) Ltd [1999]
Lloyd’s Rep Bank 511 …. 9.14, 9.15
Hely Hutchinson v Brayhead Ltd [1968] 1
QB 549 …. 3.19
Heron International Ltd v Lord Grade
[1983] BCLC 244 (CA) …. 10.14
Heydon v NRMA Ltd (2000) 51 NSWLR
1 …. 11.27
Hickman v Kent or Romney March
Sheep-Breeders’ Assn [1915] 1 Ch 881
…. 2.11
HIH Insurance Ltd (in prov liq), Re; ASIC
v Adler [2002] NSWSC 171 …. 9.33
Hilton International Ltd (in liq) v Hilton
[1989] NZLR 442 …. 4.25
Hindle v John Cotton Ltd (1919) SLR 625
…. 9.45
Hodgkinson v Simms [1994] 3 SCR 377
…. 9.47
Hogg v Cramphorn Ltd [1967] 1 Ch 254
…. 9.20
Hopkins Professional Services Pty Ltd
v Foyster Holdings Pty Ltd [2001]
NSWSC 915 …. 6.22, 6.31
Horsley & Weight Ltd, Re [1982] 3 All ER
1045 …. 4.25
Houghton v Arms [2006] HCA 59
…. 4.38
Howard Smith Ltd v Ampol Petroleum Ltd
[1974] AC 821 (PC) …. 3.19, 6.22, 7.8,
9.19, 9.20, 9.21, 9.23, 9.38, 9.44, 9.46,
10.12
Hutton v West Cork Railway Company
(1883) 23 Ch D 654 (CA) …. 3.7, 7.8,
7.9, 7.10, 9.29, 9.45, 10.26
Hydrodan (Corby) Ltd, Re [1994] 2 BCLC
180 …. 4.25, 5.8
I [1899] 2 Ch 392 (CA) …. 9.51
ICAL Ltd v McCaughan Dyson & Co Ltd
(No 2) (1987) 11 NSWLR 508 …. 10.12
xvii
v Coleman (1871) LR 6 Ch App 558
…. 9.53, 9.63
In Plus Group Ltd v Pyke [2002] EWCA
370 …. 9.65
Industrial Development Consultants Ltd
v Cooley [1972] 2 All ER 162 …. 9.61
Ingot v Capital Investments Pty Ltd
v Macquarie Equity Capital Markets
(No 6) [2007] NSWSC 124 …. 9.33
Isle of White Railway v Tahourdin (1883)
25 ChD 320 (CA) …. 3.19, 6.15, 6.17
Item Software (UK) Ltd v Fassihi [2004]
EWCA Civ 1224 …. 9.46
J
James Hardie Industries NV v Australian
Securities and Investments Commission
[2010] NSWCA 332 …. 11.23, 11.27
James Hardie Industries plc v White [2018]
NZCA 580 …. 3.24, 4.17
Japan Abrasive Materials Pty Ltd v
Australian Fused Materials Pty Ltd (1998)
6 ACLC 1172 …. 9.27
John Shaw & Sons (Salford) Ltd v Shaw
[1935] 2 KB 113 …. 3.19, 4.33, 6.20,
6.21, 6.22, 6.23, 6.26, 6.31
Jubilee Mines NL v Riley [2009] WASCA
62 …. 11.25
K
Keech v Sandford (1726) Cas T K 61
…. 9.47, 9.59
Kingston Cotton Mill (No 2), Re [1896] 2
Ch 270 …. 11.29, 11.31
Kinsela v Russell Kinsela Pty Ltd (1986) 4
NSWLR 722 (CA) …. 4.25, 7.15
Knott v Cottee (1852) 16 Beav 77 …. 9.9,
9.14
Kuwait Asia Bank v National Mutual Life
Nominees Ltd [1991] 1 AC 187 (PC)
…. 5.8
L
L S Harris Trustees Ltd v Power Packing
Services (Hermit Road) [1970] 2 Lloyd’s
Rep 65 …. 9.15
Lagunas Nitrate Co v Lagunas Syndicate
Land Credit Company of Ireland v Lord
Fermoy (1869) LR 8 Eq 7 …. 9.11
Lands Allotment Company, In re [1894] 1
Ch 616 …. 9.4
Law Society of England and Wales
v Habitable Concepts Limited [2010]
EWHC 1449 (Ch) …. 3.18
Lee v Lee’s Air Farming Ltd [1961] AC 12
(PC) …. 3.15
Leedham v Chawner (1858) 4 K & J 458
…. 9.9
Leigo v Berner [1976] 1 NSWLR 502
…. 6.22
Lennard’s Carrying Co Ltd v Asiatic
Petroleum Co Ltd [1915] AC 705 (HL)
…. 3.19, 3.29
Levin v Clark [1962] NSWR 686 …. 9.27
Linley v Taylor (1859) 1 Giff 67 …. 7.14
Liquidator of West Mercia Safetywear
v Dodd (1988) 4 BCC 30 …. 4.25
Lister v Stubbs (1890) 45 ChD 1 (CA)
…. 9.59
Lo-Line Electric Motors Ltd, Re (1988)
BCC 415 …. 5.8
London and Mashonaland Exploration Co
Ltd v New Mashonaland Exploration Co
Ltd [1891] WN 165 …. 9.64, 9.65
Lonrho Ltd v Shell Petroleum Co Ltd
[1980] 1 WLR 627 …. 4.25
M …. 8.17
M v Home Office [1992] QB 270 …. 3.16
Maguire v Makaronis (1997) 188 CLR 449
…. 9.46, 9.52
Marshall’s Valve Gear Co Ltd v Manning
Wardle & Co [1909] 1 Ch 267 …. 3.19,
6.15, 6.22, 6.28
Martin v Australian Squash Club Pty Ltd
(1996) 14 ACLC 452 …. 9.72
Massey v Wales [2003] NSWCA 212
…. 2.6, 6.28
Massingberd’s Settlement, Re; Clark
v Trelawney (1890) 63 LT 296 …. 9.9,
9.11
McGellin v Mount King Mining NL
(1998) 144 FLR 288 …. 9.54
McMaster as administrator of Eznut Pty
Ltd v Eznut Pty Ltd [2006] WASC 109
…. 6.24
McNicholas Construction Co Ltd
v Customs and Excise Commissioners
[2000] STC 553 …. 3.20
xviii
Meehan v Glazier Holdings Pty Ltd (2002)
54 NSWLR 146 …. 9.14
Mellon v Alliance Textiles Ltd (1987) 3
NZCLC 100,086 …. 7.33
Meridian Global Funds Management Asia
Ltd v Securities Commission [1995] 2
AC 500 (PC) …. 3.3, 3.16, 3.17, 3.18,
3.20, 3.21, 6.1
Metropolitan Fire Systems Pty Ltd v Miller
(1997) 23 ASCR 699 …. 9.33
Mill v Hawker (1874) LR 9 Exch 309;
(1875) LR 10 Exch 92 …. 4.40
Mills v Mills (1937–1938) 60 CLR 150
…. 9.17, 9.22
Molopo Energy Ltd v Keybridge Capital
Ltd, Re [2014] NSWSC 1864 …. 6.22
Mordecai v Mordecai (1988) 12 NSWLR
58 …. 9.64
Mortimer v Proto Resources and
Investments Ltd, Re [2015] FCA 654
…. 6.22
Motor Trades Association of Australia
Superannuation Fund Pty Ltd v Rickus
(No 3) [2008] FCA 1986 …. 9.46
Multinational Gas and Petrochemical Co
v Multinational Gas and Petrochemical
Services Ltd [1983] Ch 258 …. 3.18
Murad v Al Saraj [2005] EWCA Civ 959
Myers v Perigal (1852) 2 De GM & G 599
…. 7.14
N
National Portland Cement Co Ltd, Re
[1930] NZLR 564 …. 9.4
National Roads & Motorists’ Association
v Parker (1986) 6 NSWLR 517 …. 6.22
Nelson v Larholt [1948] 1 KB 339 …. 9.23,
12.36
New Zealand Guardian Trust Co Ltd
v Brooks [1995] 1 WLR 96 (PC) …. 4.33
Newgate Stud Co v Penfold [2008] 1
BCLC 46 …. 9.54
Ngurli Ltd v McCann (1953) 90 CLR 425
…. 7.10
Nicholson v Permakraft (NZ) Ltd [1985] 1
NZLR 242 …. 4.25, 7.15
Northside Developments Pty Ltd
v Registrar-General (1990) 170 CLR
146 …. 3.19
 Table of Cases
North-West Transportation Co Ltd
v Beatty (1887) 12 App Cas 589 (PC)
…. 9.71
NRMA Ltd v Bradley [2002] NSWSC 788
…. 6.22
O Patterson v Humfrey (2014) WASC 446
O’Donnell v Shanahan [2009] EWCA Civ
751 …. 9.62
Official Committee of Unsecured Creditors
v R F Lafferty & Co 267 F 3d 340 (3d
Cir 2001) …. 4.27
O’Halloran v R T Thomas & Family Pty
Ltd (1998) 48 NSWLR 262 …. 9.47
Olympia & York Enterprises Ltd and Hiram
Walker Resources Ltd, Re (1986) 59 OR
(2d) 254 (Ont SC, Ont Div Ct) …. 10.14
Omega Estates Pty Ltd v Ganke [1963]
NSWR 1416 …. 6.22
O’Neill v Phillips [1999] 1 WLR 1092
(HL) …. 12.27, 12.30
Ord v Belhaven Pubs Ltd [1998] 2 BCLC
447 (CA) …. 3.26
Osborne v Amalgamated Society of
Railway Servants [1909] 1 Ch 164
…. 9.26
Overend & Gurney Co v Gibb (1872) LR
5 HL 480 …. 2.7, 9.4
Oxford Benefit Building and Investment
Society, Re (1886) 35 Ch D 502
…. 9.11
P UKSC 34 …. 3.22, 3.23, 3.25, 3.26, 4.24
Pancontinential Mining Ltd v Goldfields
Ltd (1995) 13 ACLC 577 …. 10.12
Pantone 485 Ltd, Re [2002] 1 BCLC 266
…. 4.25
Papè v Westacott [1894] 1 QB 272 …. 9.15
Paramount Communications Inc v QVC
Network Inc 637 A2d 34 (1994)
…. 7.16, 10.14
Paramount Communications Inc v Time
Inc 571 A2d 1140 (1990) …. 7.16, 10.14
Paringa Mining & Exploration Co plc v
North Flinders Mines Ltd (1988) 14
ACLR 587 …. 6.24
Paris King Investments Pty Ltd v Rayhill
[2006] NSWSC 403 …. 9.62
Parke v Daily News Ltd [1962] Ch 927
…. 3.7, 7.8, 7.9, 7.10, 7.22
xix
Parker v McKenna (1874) LR 10 Ch App
96 …. 9.48
Parr v Keystone Healthcare Ltd [2019]
EWCA Civ 1246 …. 9.46, 9.47
Partco Group Ltd v Wragg [2002] 2 BCLC
323 (CA) …. 4.33
…. 9.72
Pawlet v Pawlet (1748) 1 Wils KB 224
…. 9.10
Paycheck Services 3 Ltd, Re [2009] BCLC
309 (CA) …. 4.25
Peoples Department Stores Inc (Trustee of)
v Wise [2004] 3 SCR 461 …. 4.27
Permanent Building Society (in liq)
v Wheeler (1994) 14 ACSR 109 …. 2.7,
9.4, 9.29, 9.40
Peso Silver Mines Ltd v Cropper (1966) 58
DLR (2d) 1 …. 9.61
Peters’ American Delicacy Co Ltd v Heath
(1938–1939) 61 CLR 457 …. 7.6, 7.14,
12.28, 12.33, 12.35, 12.37, 12.39
Petrodel Resources Ltd v Prest [2012]
EWCA Civ 1395 …. 3.23
Pilmer v Duke Group Ltd (in liq) (2001)
207 CLR 165 …. 7.7, 7.14, 12.4
Pine Vale Investments Ltd v McDonnell
(1983) 1 ACLC 1294 (QSC) …. 7.16,
10.14
Polyresins Pty Ltd, Re [1999] 1 Qd R 599
…. 12.30
Prest v Petrodel Resources Ltd [2013]
— v Prest [2011] EWHC 2956 (Fam)
…. 3.23
Provident International Corp
v International Leasing Corp [1969] 1
NSWR 424 …. 7.7
Prudential Assurance Co Ltd v Newman
Industries Ltd (No 2) [1981] Ch 257
…. 12.30
Q
Queensland Mines Ltd v Hudson (1978) 18
ALR 1 (PC) …. 9.62
Queensland Press Ltd v Academy
Investments No 3 Pty Ltd [1988] 2 Qd
R 575 …. 6.22
Quin & Axtens Ltd v Salmon [1909] AC
442 (HL) …. 2.6, 4.33
R Selangor United Rubber Estates Ltd
R v Cawood (1724) 2 Ld Raym 1361
…. 2.18, 3.10
— v Dodd (1808) 9 East 516 …. 3.10, 4.8
— v Varlo (1775) 1 Cowp 248 …. 12.28
Raby v Ridehalgh (1855) 7 De GM & G
104 …. 9.9
Rankine v Rankine (1995) 124 FLR 340
…. 12.31
Regal (Hastings) Ltd v Gulliver [1967] 2
AC 134n (HL) …. 8.17, 9.48, 9.58, 9.61
Residues Treatment & Trading Co Ltd
v Southern Resources Ltd (No 4) (1988)
14 ACLC 1160 …. 9.23
Revenue and Customs Commissioners
v Holland [2010] 1 WLR 2793 …. 5.7
Revlon Inc v Cripp & Lee Ltd [1980] FSR
85 …. 3.26
— v MacAndrews & Forbes Holdings Inc
506 A2d 173 (1986) …. 7.16, 10.14
Rich v Australian Securities and
Investments Commission [2004] HCA 42
…. 9.40
Richardson & Wrench Holdings Pty Ltd,
Re [2013] NSWSC 1990 …. 12.30
Roberts v Walker Developments Pty Ltd
(1997) 15 ACLC 882 …. 12.31
Rolled Steel Products (Holdings) Ltd
v British Steel Corporation [1986]
Ch 246 (CA) …. 9.8, 9.14
S [2003] SASC 318 …. 9.46
Said v Butt [1920] 3 KB 497 …. 4.31
Salmon v Quin & Axtens Ltd [1909] 1 Ch
311 (CA) …. 2.6, 4.33, 6.20, 6.31
— v The Hamborough Company (1673)
Rep t Finch 83 …. 4.6
Salomon v A Salomon & Co Ltd [1897]
AC 22 (HL) …. 2.11, 3.11, 3.12, 3.13,
3.15, 3.16, 3.22, 3.24, 3.26, 3.45
— v A Salomon & Co Ltd [1897] AC 22
(HL) …. 4.16, 7.35, 13.51
Santos Ltd v Pettingall (1979) 4 ACLR 110
(WASC) …. 6.1
Schlensky v Wrigley 237 NE2d 776 (Ill
App 1968) …. 7.8
Scott v Scott [1943] 1 All ER 582 (Ch)
…. 2.6, 4.33, 6.22
Secretary of State for Trade and Industry
v Deverell [2001] 1 Ch 340 (CA)
…. 4.25, 5.8
xx
v Cradock (No 3) [1968] 1 WLR 1555
…. 9.4, 9.11
Selwyn Mines Ltd, Re (2003) 47 ACSR
495 …. 10.17
Sevenoaks Stationers (Retail) Ltd, Re
[1991] Ch 164 (CA) …. 2.41
Shafron v Australian Securities and
Investments Commission [2012] HCA 18
…. 9.34
Sharpe, Re [1892] 1 Ch 154 (CA) …. 9.14
Shepherds Investments Ltd v Walters [2006]
EWHC 836 (Ch) …. 9.46
Short v Treasury Commissioners [1948] 1
KB 122 …. 7.33
Shuttleworth v Cox Bros Ltd [1927] 2 KB
9 (CA) …. 12.33
Sinclair Investments (UK) Ltd v Versailles
Trade Finance Ltd (In Admin Rec)
[2011] EWCA Civ 347 …. 9.59
Singularis Holdings Ltd (in liq) v Daiwa
Capital Markets Europe Ltd [2019]
UKSC 50 …. 3.20
Smith v Croft (No 2) [1988] Ch 114
…. 6.26
Smith & Fawcett Ltd, Re [1942] Ch 304
…. 7.3, 7.9, 9.18, 9.43, 9.45
Smith, Stone & Knight Ltd v Birmingham
Corporation [1939] 4 All ER 116
…. 3.24
Southern Real Estate Pty Ltd v Dellow
Speight v Gaunt (1883) 9 App Cas 1
…. 9.29
Spies v R (2000) 201 CLR 603 …. 7.15
Standard Chartered Bank v Pakistan
National Shipping Corp [2002] UKHL
43 …. 3.18, 4.38
Standard Chartered Bank of Australia Ltd
v Antico (1995) 13 ACLC 1381 …. 4.25,
5.6, 5.8
Standish v Royal Bank of Scotland plc
[2019] EWHC 3116 (Ch) …. 5.8
Stanham v National Trust of Australia
(NSW) (1989) 15 ACLR 87 …. 6.22
Statewide Tobacco Services Ltd v Morley
(1990) 2 ACSR 405 …. 9.30
Strategic Management Australia AFL Pty
Ltd v Precision Sports & Communication
Group Pty Ltd [2016] VSC 303 …. 9.18,
9.33
 Table of Cases
Swindle v Harrison [1997] 4 All ER 705
(CA) …. 9.47
Sycotex Pty Ltd v Baseler (1994) 13 ACSR
766 …. 7.15
T ACSR 162 …. 9.36, 9.39, 9.67
Taiqi Investments (Aust) Pty Ltd v Winlyn
Developments Pty Ltd [2011] NSWSC
1218 …. 6.22
Target Holdings v Redfern [1996] AC 421
…. 9.15
Tavistock Holdings Pty Ltd v Saulsman
(1990) 3 ACSR 502 …. 8.17
Teck Corporation Ltd v Millar (1973) 33
DLR (3d) 288 (BCSC) …. 9.20, 9.21,
10.14
Termite Resources NL (in liq)
v Meadows [2019] FCA 354 …. 9.36,
9.37, 9.38
Tesco Supermarkets Ltd v Nattrass [1972]
AC 153 (HL) …. 3.19, 6.1
Thomas Logan Ltd v Davis (1911) 104 LT
914 …. 2.6, 4.33, 6.15
Thompson v Howley [1977] 1 NZLR 16
…. 9.15
Thorby v Goldberg (1964) 112 CLR 597
…. 9.26
Topham v Duke of Portland (1863) 1 De G
J & S 517 (CA) …. 9.16
Transerve Pte Ltd v Blue Ridge WA Pty
Ltd [2015] FCA 953 …. 4.38
Trenwick American Litigation Trust v Ernst
& Young LLP 906 A 2d 168 (2006)
…. 4.27
Trevor v Whitworth (1887) 12 App Cas 409
(HL) …. 3.5, 8.3
Trevor Ivory Ltd v Anderson [1992] 2
NZLR 517 (CA) …. 4.33
Turner v Berner [1978] 1 NSWLR 66
…. 6.22
U Y
Ultraframe (UK) Ltd v Field [2005]
EWHC 1638 (Ch) …. 5.8
Unocal Corp v Mesa Petroleum Co 493
A2d 946 (1985) …. 7.16, 10.14
Utilicorp NZ Inc v Power
New Zealand Ltd (1997) 8 NZCLC
261,465 …. 6.24, 6.31
xxi
V
Vedanta Resources plc v Lungowe [2019]
UKSC 20 …. 3.24, 4.17
Vrisakis v Australian Securities and
Investments Commission (1993) 11
W
Waite’s Auto Transfer Ltd v Waite [1928] 3
WWR 649 …. 9.64
Walker v Wimborne (1976) 136 CLR 1
…. 4.25, 9.27
Walkovszky v Carlton 276 NYS 2d 585
(2d Cir 1966) …. 4.41, 4.43, 4.45
Wambo Coal Pty Ltd v Sumiseki Materials
Co Ltd [2014] NSWCA 326 …. 12.30
Watson v Spratley (1854) 10 Ex 222
…. 7.14
Weinberger v UOP Inc (1983) 457 A 2d
701 …. 12.37
Westpac Banking Corporation v Bell
Group (in liq) (No 3) [2012] WASCA
157 …. 7.8, 9.46, 9.47
Whaley Bridge Calico Printing Co v Green
(1879) 4 QBD 109 …. 11.4
Whitehouse v Carlton Hotel Pty Ltd
(1986–1987) 162 CLR 285 …. 7.16,
9.21, 9.22, 9.23, 9.46, 12.36
Williams v Bearing Traders Pty Ltd [2008]
NSWSC 1358 …. 5.7
— v Natural Life Health Foods Ltd [1998]
1 WLR 830 …. 4.33
Winkworth v Edward Baron Development
Ltd [1986] 1 WLR 1512; [1987] 1 All ER
114 …. 4.25
Winthrop Investments Ltd v Winns Ltd
[1975] 2 NSWLR 666 (CA) …. 2.6,
6.22, 6.26, 9.69
Woonda Nominees Pty Ltd v Chng [2000]
WASC 173 …. 6.24
Yenidje Tabacco Ltd, Re [1916] 2 Ch 426
(CA) …. 3.19
Youyang Pty Ltd v Minter Ellison Morris
Fletcher [2003] HCA 15 …. 9.9
Yukong Line Ltd of Korea v Rendesburg
Investments Corp of Liberia (The Rialto)
(No 2) [1998] 2 BCLC 485 …. 7.15
 Table of Statutes
References are to paragraph numbers

Commonwealth 5.10, 6.5, 6.13, 8.3, 8.15, 8.29, 9.40, 9.57,

Australian Prudential Regulation Authority 10.20, 10.42, 11.27, 11.30, 11.44
Act 1998 …. 12.14 Ch 2E …. 9.56
Ch 6 …. 7.16
Australian Securities and Investments Pt 2D.6 …. 5.10
Commission Act 2001 Pt 2D.8 …. 10.39
Div 2, Pt 12 …. 11.14 Pt 2F.1 …. 12.30
s 225 …. 11.14, 11.33 Pt 2F.21 …. 12.30
s 226 …. 2.14, 11.14 Pt 2J …. 6.1, 6.5
s 227 …. 11.14 Pt 6A.1 …. 12.39
Banking Act 1959 …. 13.40 Pt 6A.2 …. 12.39
Pt IIAA …. 13.39 s 9 …. 3.24, 4.25, 5.6
Commonwealth of Australia Constitution s 9(a)(i) …. 5.6
Act 1900 …. 6.4 s 9(b)(i) …. 5.7
Companies Act 1981 s 9(b)(ii) …. 5.8
s 229(2) …. 9.36 s 45A …. 11.9
s 45A(2) …. 11.9
Company Law Review Act 1998 …. 2.45, s 95A …. 11.13
9.12 s 111AC …. 11.9
s 125 …. 9.12 s 111AD …. 11.9
Sch 2, s 70 …. 6.4 s 112 …. 3.4
Competition and Consumer Act 2010 s 113(3) …. 8.5
…. 2.42 s 115 …. 2.47
Corporate Law Economic Reform s 117 …. 2.6
Program Act 1999 …. 7.16 s 125 …. 9.8
s 127 …. 3.18, 6.5
Corporate Law Economic Reform
s 128 …. 3.19
Program (Audit Reform and Corporate
s 129 …. 3.19
Disclosure) Act 2004 …. 2.7, 2.38,
s 135 …. 2.6, 6.14
8.34, 11.21, 11.27, 11.33, 11.40, 11.48,
s 136 …. 6.1
13.3, 13.13
s 136(2) …. 3.7, 8.6, 12.29
Corporate Law Reform Act 1992 …. 9.32 s 140 …. 2.11, 3.30
s 11 …. 9.32 s 140(2) …. 12.29
Corporate Law Reform Act 1994 …. 11.27 s 141 …. 2.6, 6.14
Corporate Law Review Act 1998 …. 11.20 s 153(3) …. 13.13
s 180(1) …. 2.16, 9.33, 9.36, 9.39
Corporations Act 1989 …. 6.4 s 180(2) …. 9.38, 9.39
Sch 1, Table A, reg 66 …. 6.4 s 180(2)(a) …. 9.38
Corporations Act 2001 …. 1.5, 2.11, 2.14, s 180(2)(b) …. 9.38
2.35, 2.38, 2.41, 2.42, 2.45, 2.47, 3.5, 3.6, s 180(2)(c) …. 9.38

xxiii
Corporations Act 2001 – cont’d s 293 …. 11.10
s 180(2)(d) …. 9.38 s 294 …. 11.10
s 181 …. 7.3, 7.9, 8.5, 8.13, 9.18, 9.23, s 295 …. 6.5, 11.14
9.41 s 295(1) …. 11.10
s 181(1) …. 7.3, 9.41 s 295(3) …. 11.10
s 182 …. 9.59 s 295(4) …. 2.14, 11.15
s 185 …. 9.5, 9.53 s 295A …. 11.16
s 187 …. 9.27 s 296 …. 11.14
s 191 …. 9.3, 9.54, 9.55, 9.56, 9.64 s 297 …. 11.14
ss 191–195 …. 8.9, 9.52, 9.53 s 298 …. 11.18, 11.19
ss 191–196 …. 2.40 s 299 …. 11.20
s 191(1A) …. 9.55 s 299A …. 11.20
s 191(4) …. 9.55 s 299A(1)(c) …. 7.23
s 194 …. 8.18, 9.55 s 300 …. 11.21
s 195 …. 8.18, 9.55 s 300(11B) …. 11.48
s 198A …. 2.6, 3.6, 3.7, 4.33, 5.4, s 300(11D) …. 11.21, 11.48
6.4, 6.14 s 300A …. 5.37, 6.25, 10.41,
s 199A …. 9.27 10.42, 11.21
ss 199A–199C …. 4.36 s 300A(1) …. 11.21
s 199A(1) …. 9.53 s 300A(1)(a) …. 11.21
s 201A .... 3.6, 5.4 s 300A(1)(b) .... 11.21
s 201B …. 5.6, 5.10 s 300A(1)(ba)–(e) .... 11.21
s 201E …. 8.12 s 300A(1)(g) …. 11.21
s 201G …. 3.7, 6.25 s 300A(1)(h) .... 11.21
s 201H …. 3.7, 6.25 s 301(1) …. 11.30
s 202A …. 10.26 ss 302–306 …. 11.10
s 203D …. 6.1, 6.25 s 306 …. 11.18
s 206K …. 10.39 s 307 …. 2.14, 11.17, 11.30
s 206L …. 10.39 s 307A …. 11.33
s 206M(2) …. 10.39 s 308 …. 11.30
s 208 …. 8.5 s 311 …. 11.30
s 226 …. 12.30 s 314 …. 11.22
s 232 …. 8.3, 9.72 s 314(1AA) …. 11.22
s 233 …. 12.31 s 314(2) …. 11.22
ss 236–237 …. 9.72 s 316 …. 11.22
ss 236–242 …. 6.28 s 317 …. 11.22, 11.30
s 237 …. 6.28, 12.30 s 319 …. 11.22
s 250R(2) …. 11.22 s 323CH …. 11.42
s 250S …. 6.27 s 324BA …. 11.33
s 250SA …. 10.41 s 324CA …. 11.41
s 250U …. 10.42 s 324CA(1) …. 11.41
ss 250U–250Y …. 6.25 s 324CA(2) …. 11.41
s 254U …. 6.5 s 324CD …. 11.41
s 256A …. 3.4 s 324CE(5) …. 11.43
s 256B …. 8.5, 8.6 s 324CF(5) …. 11.43
s 257A …. 3.4 s 324CG(9) …. 11.43
s 259A …. 3.5 s 324CH …. 11.43
s 260A …. 3.4 s 324DA …. 11.44
s 286(1) …. 11.10 s 325(1) …. 11.30
s 292 …. 11.15 s 327A …. 11.30
s 292(2) …. 11.10 s 327B …. 11.30

xxiv
 Table of Statutes

s 332A …. 11.48 ss 493–496 …. 4.25, 4.38

s 332B …. 11.48 Fair Work Act 2009 …. 2.42
s 334 …. 11.14
Migration Act 1958 …. 2.42
s 336 …. 11.33
s 516 …. 3.4, 4.9, 4.10 Modern Slavery Act 2018 …. 6.11, 7.23,
s 588G …. 3.24, 4.25, 4.35, 9.30, 9.68, 13.23, 13.24, 13.25
9.72, 13.42 s 16A …. 13.24
s 601SCAA …. 2.47 National Consumer Credit Protection
s 602 …. 10.25 Act 2009 …. 8.30
s 602(c) …. 10.17 s 124A …. 8.30
s 657A …. 10.17 s 133CA …. 8.30
s 657A(2)(a) …. 10.17 Sch 1, s 31A(2) …. 8.30
s 657A(3) …. 10.17 Social Security Act 1991 …. 2.42
s 674 …. 6.5, 11.27
s 674(1) …. 11.27 Superannuation Industry (Supervision)
s 674(2) …. 11.27 Act 1993
s 674(2A) …. 11.27 s 52 …. 12.14
s 676 …. 11.25 Treasury Laws Amendment (Banking
s 677 …. 11.25 Executive Accountability and Related
s 729 …. 13.42 Measures) Act 2018 …. 10.26, 10.31,
s 1043A …. 8.5 10.32, 13.39
s 1072F(3) …. 3.5 Treasury Laws Amendment (Enterprise
s 1101B(1) …. 2.14 Incentives No 2) Act 2017 …. 9.70
s 1280(2A) …. 11.33 Treasury Laws Amendment
s 1280(2B) …. 11.33 (Strengthening Corporate and
s 1317AADA …. 2.47 Financial Sector Penalties) Act 2019
s 1317G …. 9.23 …. 8.29, 9.40
s 1317H …. 9.23
s 1324 …. 9.23 Work Health and Safety Act 2001
s 27 …. 4.25, 4.38
Corporations Amendment (Improving
Accountability on Director and Workplace Gender Equality Act 2012
Executive Remuneration) Act 2011 …. 5.41
…. 10.39, 10.42 Australian Capital Territory
Corporations Legislation Amendment
(Audit Enhancement) Act 2012 …. 11.48 New South Wales
Corporations Legislation Amendment Northern Territory
(Simpler Regulatory System) Act 2007
…. 11.22 Queensland
Corporations Regulations 2001 Companies Act 1931
reg 1.0.02B …. 11.9 s 284 …. 9.30
reg 9.2.01 …. 11.33 Professional Standards Act 2004
Sch 7A …. 11.48 Pt 2 …. 4.22
Criminal Code Act 1995
Pt 7.6 …. 13.16 South Australia
Div 12 …. 3.29
Tasmania
Div 70 …. 6.11, 7.23, 13.16, 13.18
Customs Act 1901 …. 2.42 Victoria
Environmental Protection and Biodiversity Companies Act 1896
Conservation Act 1999 s 116(2) …. 9.32

xxv
Another random document with
no related content on Scribd:
 The Project Gutenberg eBook of Greatest
wonders of the world, as seen and described by
famous writers
 This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.

Title: Greatest wonders of the world, as seen and described by

famous writers

Editor: Esther Singleton

Release date: February 27, 2024 [eBook #73052]

Language: English

Original publication: New York: The Christian Herald, 1906

Credits: Brian Coe, Hannah Wilson and the Online Distributed

Proofreading Team at https://www.pgdp.net (This file
was produced from images generously made available
by the Library of Congress)

*** START OF THE PROJECT GUTENBERG EBOOK GREATEST

WONDERS OF THE WORLD, AS SEEN AND DESCRIBED BY
FAMOUS WRITERS ***
 THE GREATEST
WONDERS
OF THE
WORLD

MER DE GLACE, MONT BLANC. Frontispiece.

 GREATEST
WONDERS
of the WORLD

AS SEEN AND DESCRIBED

BY FAMOUS WRITERS

EDITED AND TRANSLATED

By ESTHER SINGLETON
AUTHOR OF
“TURRETS, TOWERS AND TEMPLES,” “GREAT PICTURES,”
“PARIS,” AND “A GUIDE TO THE OPERA,” AND TRANSLATOR
OF THE MUSIC DRAMAS OF RICHARD WAGNER

WITH NUMEROUS ILLUSTRATIONS

NEW YORK
THE CHRISTIAN HERALD
LOUIS KLOPSCH, Proprietor
Nos. 91 to 115 BIBLE HOUSE

Copyright, 1900, By Dodd, Mead & Co.

Copyright, 1906, By Louis Klopsch
 Preface
In my former collections of objects of interest to the tourist, I have
confined myself to masterpieces of painting and architecture. The
success of those books has encouraged me to carry the idea still
further and make a compilation of pleasurable and striking
impressions produced upon thoughtful travellers by a contemplation
of the wonders of nature.
The range is somewhat limited, for I have confined myself to the
description of the grand, the curious and the awe-inspiring in nature,
leaving the beauties of landscape for future treatment. Those who
miss the Lakes of Killarney or the vine-clad hills of the Rhine
therefore will remember that in the following pages I have purposely
neglected beautiful scenery.
The professional traveller, by which I mean the emissary of a
scientific society, appears very seldom here, because it is the effect
produced rather than the topographical or detailed description that I
have sought. I hope this book will appeal to that large class of
readers that takes pleasure in travelling by imagination, as well as to
those who have actually seen the objects described and pictured
here.
It is interesting to note the difference between the old and the
modern travellers. The day of the Marco Polos has passed; the
traveller of old seemed to feel himself under an obligation to record
marvels and report trifling details, while the modern traveller is more
concerned about describing or analyzing the effect produced upon
himself. He feels it encumbent upon him to exhibit æsthetic
appreciation. For this tendency we have to thank Gautier and his
humble follower D’Amicis. Thackeray and Dickens write of their
journeyings in a holiday spirit; Kipling is a stimulating combination of
the flippant and the devout; Shelley is quite up to date; and
Fromentin and Gautier always speak in terms of the palette. Thus we
get an additional pleasure from the varied literary treatment of
nature’s wonders—apart from their intrinsic interest.
Though there is a great deal of information in the following pages, I
have generally avoided what is simply instructive; my aim has been
to suit all tastes.
For the kind permission to use The Mammoth Cave, Fuji-San and
The Antarctic, and The Yellowstone, my best thanks are due to
Messrs. G. P. Putnam’s Sons, Messrs. Longmans, Green and Co.,
and Mr. Rudyard Kipling.
E. S.
New York, September, 1900.
 Contents
The Blue Grotto of
1
Capri
Alexandre Dumas.
Mount Blanc and
7
Chamouni
Percy Bysshe Shelley.
The Dead Sea 15
Pierre Loti.
Mount Vesuvius 25
Charles Dickens.
The Falls of the Rhine 39
Victor Hugo.
In Arctic and Antarctic
46
Seas
I. Lord Dufferin.
II. W. G. Burn Murdoch.
The Desert of Sahara 55
Eugène Fromentin.
Fingal’s Cave 62
I. Sir Walter Scott.
II. John Keats.
In the Himalayas 71
G. W. Steevens.
Niagara Falls 79
I. Anthony Trollope.
II. Charles Dickens.
Fuji-San 90
Sir Edwin Arnold.
The Cedars of Lebanon 98
Alphonse de Lamartine.
The Giant’s Causeway 103
William Makepeace
Thackeray.
The Great Glacier of the
113
Selkirks
Douglas Sladen.
Mauna Loa 118
Lady Brassey.
Trollhätta 129
Hans Christian Andersen.
The Grand Canyon of
134
the Colorado
C. F. Gordon-Cumming.
The Rock of Gibraltar 139
Augustus J. C. Hare.
Thingvalla 144
Lord Dufferin.
Land’s End and Logan
152
Rock
John Ayrton Paris.
Mount Hekla 160
Sir Richard F. Burton.
Victoria Falls 169
David Livingstone.
The Dragon-Tree of
179
Orotava
Alexander von Humboldt.
Mount Shasta 183
J. W. Boddam-Wheatham.
The Lagoons of Venice 189
John Ruskin.
The Cataracts of the
199
Nile
Amelia B. Edwards.
In the Alps 205
Théophile Gautier.
The Vale of Kashmir 212
Andrew Wilson.
The Lake of Pitch 220
Charles Kingsley.
The Lachine Rapids 228
Douglas Sladen.
Lake Rotorua 232
H. R. Haweis.
The Big Trees of
239
California
C. F. Gordon-Cumming.
Gersoppa Falls 248
W. M. Yool.
Etna 254
Alexandre Dumas.
Pike’s Peak and the
263
Garden of the Gods
Iza Duffus Hardy.
The Great Geysir of
268
Iceland
Sir Richard F. Burton.
The Rapids of the
275
Danube
William Beattie.
The Mammoth Cave 283
Bayard Taylor.
Stromboli 295
Alexandre Dumas.
The High Woods 302
Charles Kingsley.
The Yo-semité Valley 323
C. F. Gordon-Cumming.
The Golden Horn 342
Alphonse de Lamartine.
The Yellowstone 352
Rudyard Kipling.
 Illustrations
Mer de
Glace, Mont Switzerland Frontispiece
Blanc
FACING
PAGE
Blue Grotto Italy 4
Chamouni,
Mer de Switzerland 12
Glace
The Dead
Palestine 20
Sea
Mount
Italy 28
Vesuvius
The Falls of
Germany 40
the Rhine
An Ice Floe Antarctic 52
The Desert
Africa 60
of Sahara
Fingal’s Cave Scotland 64
The
India 72
Himilayas
Niagara North
80
Falls America
Niagara
North
Falls in 88
America
Winter
Fuji-San Japan 92
The Cedars
Syria 100
of Lebanon
The Giant’s
Loom,
Ireland 104
Giant’s
Causeway
The
Keystone,
Ireland 108
Giant’s
Causeway
The Great
Glacier of Canada 116
the Selkirks
Lava Cascade
Hawaii 124
Flow
Trollhätta Sweden 132
Canyon of
North
the 136
America
Colorado
The Rock of
Spain 140
Gibraltar
The Rock of
Spain 144
Gibraltar
Thingvalla Iceland 148
Rocking
Stones, England 156
Land’s End
Falls of the
Africa 172
Zambesi
The Dragon- Teneriffe 180
Tree
Mount North
184
Shasta America
The City of
Italy 192
the Lagoons
First
Cataract of Africa 200
the Nile
Mont Blanc Switzerland 208
Aiguille du
Switzerland 210
Dru, Alps
The Vale of
India 216
Kashmir
The Lachine
Canada 228
Rapids
Lake New
232
Rotorua Zealand
The Big
North
Trees of 240
America
California
Gersoppa
India 248
Falls
Etna Sicily 256
The Garden
America 264
of the Gods
The Iron
Gates of the Turkey 280
Danube
The High South
304
Woods America
The Yo- North 328
semité America
Valley
The Golden
Turkey 344
Horn
Costing
North
Springs, 352
America
Yellowstone
WONDERS OF THE WORLD
 THE BLUE GROTTO OF CAPRI
(ITALY)
ALEXANDRE DUMAS
We were surrounded by five and twenty boatmen, each of whom
exerted himself to get our custom: these were the ciceroni of the
Blue Grotto. I chose one and Jadin another, for you must have a
boat and a boatman to get there, the opening being so low and so
narrow that one cannot enter unless in a very small boat.
The sea was calm, nevertheless, even in this beautiful weather it
broke with such force against the belt of rocks surrounding the island
that our barks bounded as if in a tempest, and we were obliged to lie
down and cling to the sides to avoid being thrown into the sea. At
last, after three-quarters of an hour of navigation, during which we
skirted about one-sixth of the island’s circumference, our boatmen
informed us of our arrival. We looked about us, but we could not
perceive the slightest suspicion of a grotto until we made out with
difficulty a little black, circular point above the foaming waves: this
was the orifice of the vault.
The first sight of this entrance was not reässuring: you could not
understand how it was possible to clear it without breaking your head
against the rocks. As the question seemed important enough for
discussion, I put it to my boatman, who replied that we were perfectly
right in remaining seated now, but presently we must lie down to
avoid the danger. We had not come so far as this to flinch. It was my
turn first; my boatman advanced, rowing with precaution and
indicating that, accustomed as he was to the work, he could not
regard it as exempt from danger. As for me, from the position that I
occupied, I could see nothing but the sky; soon I felt myself rising
upon a wave, the boat slid down it rapidly, and I saw nothing but a
rock that seemed for a second to weigh upon my breast. Then,
suddenly, I found myself in a grotto so marvellous that I gave a cry of
astonishment, and I jumped up so quickly to look about me that I
nearly capsized the boat.
In reality, before me, around me, above me, under me, and behind
me were marvels of which no description can give an idea, and
before which, the brush itself, the grand preserver of human
memories, is powerless. You must imagine an immense cavern
entirely of azure, just as if God had amused himself by making a
pavilion with fragments of the firmament; water so limpid, so
transparent, and so pure that you seemed floating upon dense air;
from the ceiling stalactites hanging like inverted pyramids; in the
background a golden sand mingled with submarine vegetation; along
the walls which were bathed by the water there were trees of coral
with irregular and dazzling branches; at the sea-entrance, a tiny
point—a star—let in the half-light that illumines this fairy palace;
finally, at the opposite end, a kind of stage arranged like the throne
of a splendid goddess who has chosen one of the wonders of the
world for her baths.
At this moment the entire grotto assumed a deeper hue, darkening
as the earth does when a cloud passes across the sun at brightest
noontide. It was caused by Jadin, who entered in his turn and whose
boat closed the mouth of the cavern. Soon he was thrown near me
by the force of the wave that had lifted him up; the grotto recovered
its beautiful shade of azure; and his boat stopped tremblingly near
mine, for this sea, so agitated and obstreperous outside, breathes
here as serenely and gently as a lake.
In all probability the Blue Grotto was unknown to the ancients. No
poet speaks of it, and certainly, with their marvellous imagination, the
Greeks would not have neglected making of it the palace of some
sea-goddess with a musical name and leaving some story to us.
Suetonius, who describes for us with so much detail the Thermes
and baths of Tiberius, would certainly have devoted a few words to
this natural pool which the old emperor would doubtless have
chosen as the theatre for some of his monstrous pleasures. No, the
ocean must have been much higher at that epoch than it is at
present, and this marvellous sea-cave was known only to Amphitrite
and her court of Sirens, Naïads, and Tritons.
But sometimes Amphitrite is angered with the indiscreet travellers
who follow her into this retreat, just as Diana was when surprised by
Actæon. At such times the sea rises suddenly and closes the
entrance so effectually that those who have entered cannot leave. In
this case, they must wait until the wind, which has veered from east
to west, changes to south or north; and it has even happened that
visitors, who have come to spend twenty minutes in the Blue Grotto,
have had to remain two, three, and, even four, days. Therefore, the
boatmen always carry with them a certain portion of a kind of biscuit
to nourish the prisoners in the event of such an accident. With regard
to water, enough filters through two or three places in the grotto to
prevent any fear of thirst. I bestowed a few reproaches upon my
boatman for having waited so long to apprise me of so disquieting a
fact; but he replied with a charming naïveté:
“Dame! excellence! If we told this to the visitors at first, only half
would come, and that would make the boatmen angry.”
I admit that after this accidental information, I was seized with a
certain uneasiness, on account of which I found the Blue Grotto
infinitely less delightful than it had appeared to me at first.
Unfortunately, my boatman had told me these details just at the
moment when I was undressing to bathe in this water, which is so
beautiful and transparent that to attract the fisherman it would not
need the song of Goethe’s poetical Undine. We were unwilling to
waste any time in preparations, and, wishing to enjoy ourselves as
much as possible, we both dived.