In the matter of Ardon Maroon Asia Fund (IOL) - Judgment
Interpretation of redemption provisions in fund articles under Cayman Companies Law section 37; Authority of directors to determine redemption procedures inconsistent with fund articles; Whether redemption of feeder fund shares automatically triggers redemption in master fund; Waiver of redemption notice requirements under fund constitutional documents; Application of market practice in interpreting fund constitutional documents; Priority of redeemed versus unredeemed shareholders in liquidation; Implication of terms into articles of association based on commercial practice; Limits of extrinsic evidence in interpreting company constitutional documents.
| Neutral Citation | [2020] CICA (Civil) Appeal No 19 of 2018 |
|---|---|
| Cause Number | Civ App 0019/2018 |
| Court | CICA (Civ) |
| Judge | Goldring P, Martin JA, Morrison JA |
| Parties | In the matter of Ardon Maroon Asia Fund (IOL) - Judgment |
| Judgment Date | 2020-05-20 |
| Subject | Interpretation of redemption provisions in fund articles under Cayman Companies Law section 37; Authority of directors to determine redemption procedures inconsistent with fund articles; Whether redemption of feeder fund shares automatically triggers redemption in master fund; Waiver of redemption notice requirements under fund constitutional documents; Application of market practice in interpreting fund constitutional documents; Priority of redeemed versus unredeemed shareholders in liquidation; Implication of terms into articles of association based on commercial practice; Limits of extrinsic evidence in interpreting company constitutional documents. |
| Filename (current) | 20-05-20_ardon_maroon_asia_master_fund_iol.pdf |
| Statute | Sections cited | Mentions |
|---|---|---|
| Companies Act | 37, 37(1) | 3 |
| Companies Winding Up Rules (subordinate) | — | 1 |
| Companies Winding Up Rules, 2008 (subordinate) | — | 1 |
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