NZI Bank Ltd v Euro-National Corporation Ltd - [1992] 3 NZLR 528

Company law — Shares — Financial assistance by company for acquisition of its own shares — Whether a scheme for the benefit of employees — Whether performance bonds constitute payment of money — Whether management and listed options constitute payment of money — Whether proviso in Companies Act 1955, s 62(1)(b), should be construed broadly — Companies Act 1955, s 62(1)(b).

Company law — Shares — Financial assistance by company for acquisition of its own shares — Whether capable of validation — Illegal Contracts Act 1970, s 7(3).