Colonial Mutual Life Assurance Society Ltd v Wilson Neill Ltd - [1994] 2 NZLR 152

Commercial law — Securities Amendment Act 1988 — Allegations of insider trading of shares — Barrister's opinion obtained — Application under Securities Amendment Act 1988 for leave to bring proceeding against insider in the name of the public issuer — Whether necessary to establish that arguable case existed before leave granted — Whether there is good reason for not bringing the actions — Factors relevant to constitution of a good reason — Meaning of "inside information" — Meaning of "likely to affect materially the price of the security" — Observations as to scheme of Securities Amendment Act 1988 — Securities Amendment Act 1988, ss 2, 7, 9, 17 and 18.

Practice and procedure — Parties — Securities Amendment Act 1988 — Allegations of insider trading of shares — Barrister's opinion obtained — Application under Securities Amendment Act 1988 for leave to bring proceeding against insider in name of public issuer — Whether necessary to establish that arguable case existed before leave granted — Whether there is good reason for not bringing the actions — Factors relevant to constitution of a good reason — Securities Amendment Act 1988, ss 2, 7, 9, 17 and 18.