Re National Dairy Association of New Zealand Ltd - [1987] 2 NZLR 607

Company law — Scheme of arrangement — Company proposed scheme to reduce its share capital by cancelling one category of shares — Members holding that category of share identified by company as a separate class in respect of whom a separate meeting should be held to consider approval of scheme — Majority of such members voting at meeting to approve scheme but doing so because of benefits that would flow to them as members of another class — Minority voting against scheme because the cancellation of their shares would reduce their stake in company without adequate compensation and they were not members of that other class that would receive a benefit — Whether interests of minority so different from those of majority that a separate meeting should have been held — Whether sufficient information had been given to members in explanatory statement of scheme — Whether scheme should be sanctioned — Companies Act 1955, ss 205 and 206.