The court noted, without deciding, that it would assume in favour of the respondents that they were entitled to mount a collateral constitutional challenge to the fund rules and were not barred by the principle of subsidiarity from doing so, because a just decision required determination of the constitutional merits and the issue was of importance beyond the parties. The court observed that the requirement in the Income Tax Act that membership of a provident fund must be maintained throughout employment is necessary for long-term investment strategy, as Regulation 28 to the PFA requires funds to have asset-liability matching and invest in long-term, often illiquid investments suitable for the fund's specific member profile, liquidity needs and liabilities - this requires long-term stability in membership composition. The court commented that Hartle J's statement that 'moral persuasion' should be brought to bear on the Fund to change its rules to 'bring them into modernity and economic freedom' did not constitute an objective finding that the rules were contrary to public policy, but merely expressed the judge's personal view. The court noted the established principles from AB v Pridwin Preparatory School regarding when courts will invalidate contracts or refuse enforcement on public policy grounds, emphasizing that this power must be used sparingly and only in the clearest cases where harm to the public is substantially incontestable.