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MFS - MFS Limited

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Hey guys,
Just heard about this. Just curious to know if there is anything about this in todays papers? (fin review, etc)
If so I would be interested to read it.
As another holder of MFS I hear what your saying robert toms.

Cheers:D
 
!.

Presumably legal oversight and advice to the MFS PIF came from its legal advisers Mallesons Stephen Jaques in Brisbane. This would include one imagines what the controlling entity could and couldn’t do.



2.

Here is a list of those were on the Compliance Committee of MFS PIF. A compliance committee ensures that the fund operates in accordance with the Constitution and PDS.



Andy Esteban, Chairman, external member, resigned?

Ray Kellerman, external member, resigned?

David Kennedy, internal member, 13 Feb to 7 Mar 2008.

Mike Skepper, Compliance Mgr, left day unknown

Phil Colley, Sr. Compliance Officer left 16 April 2008



By invitation:

Craig White

Guy Hutchings

John Whateley, independent non-executive director

Guy Farrands, CEO of MFS Diversified, now called GEO Property

Craig McIntosh, CEO MFS Alternative Asset Mgt, left 7 March 2008



Here is a list of those on the MFS Related Party and Conflicts [of interest] Committee;



Jack Diamond, non-executive director, resigned 2 May 2008

Deborah Beale, non-executive director, resigned 18 Feb 2008

John Whateley, non-executive director, resigned 2 May 2008



By invitation:

Guy Hutchings, resigned 4 July

Kim Kercher, company secretary, resigned 22 Feb 2008

Tasso Corolis, resigned 12 Feb 2008, head of risk and compliance
 
Re: MFS - MFS PIF

Some rights of members of the PIF:
1.
CORPORATIONS ACT 2001 - SECT 247A
Order for inspection of books of company or registered managed investment scheme

(1) On application by a member of a company or registered managed investment scheme, the Court may make an order:

(a) authorising the applicant to inspect books of the company or scheme; or

(b) authorising another person (whether a member or not) to inspect books of the company or scheme on the applicant's behalf.

The Court may only make the order if it is satisfied that the applicant is acting in good faith and that the inspection is to be made for a proper purpose.

(2) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.

(3) A person who:

(a) is granted leave under section 237; or

(b) applies for leave under that section; or

(c) is eligible to apply for leave under that section;

may apply to the Court for an order under this section.

(4) On application, the Court may make an order authorising:

(a) the applicant to inspect books of the company; or

(b) another person to inspect books of the company on the applicant's behalf.

(5) The Court may make the order only if it is satisfied that:

(a) the applicant is acting in good faith; and

(b) the inspection is to be made for a purpose connected with:

(i) applying for leave under section 237; or

(ii) bringing or intervening in proceedings with leave under that section.

(6) A person authorised to inspect books may make copies of the books unless the Court orders otherwise.



2.
CORPORATIONS ACT 2001 - SECT 601JD
Duties of members

(1) A member of a scheme's compliance committee must:

(a) act honestly; and

(b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

(c) not make use of information acquired through being a member of the committee in order to:

(i) gain an improper advantage for the member or another person; or

(ii) cause detriment to the members of the scheme; and

(d) not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

(2) A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).

(3) A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved .

Note 2: Subsection (3) is a civil penalty provision (see section 1317E).

(4) A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection (1).

3.



Civil liability of responsible entity to members

(1) A member of a registered scheme who suffers loss or damage because of conduct of the scheme's responsible entity that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against the responsible entity whether or not the responsible entity has been convicted of an offence, or has had a civil penalty order made against it, in respect of the contravention.

(2) An action under subsection (1) must be begun within 6 years after the cause of action arises.

(3) This section does not affect any liability that a person has under other provisions of this Act or under other laws.
 
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