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Beneficial owners of shares entitled to challenge state investment in financial institution.
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High Court refuses preliminary application made by respondent in relation to locus standi of applicants to set aside directions order, and holds that beneficial owners of shares were entitled to make the relevant application.
Preliminary application - locus standi - application by respondent to dismiss application - s. 9 of the Credit Institutions (Stabilisation) Act 2010 - ex parte order for directions - order to facilitate investment by Minister for Finance in public limited company - application to set aside directions order - s 11, 2010 Act - standing of certain applicants to bring application under s 11 - whether applicants were members of relevant institutions on relevant dates - holding of shares in electronic form - applicants not on register of members - holding through nominee shareholder - definition of "member", s 11, 2010 Act - different definition in Companies Act 1963 - statutory interpretation - ambiguous interpretation - s 5, Interpretation Act 2005 - effect of s 9 order on beneficial owners of shares - rights of shareholder pending registration.
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