7 Nov 2014
HARICOT INVESTMENTS LIMITED v MAEREWHENUA DISTRICT WATER RESOURCE COMPANY LIMITED [2014] NZHC 2781
- Citation
- [2014] NZHC 2781
- Court
- High Court
The Court held that most challenged corporate actions were within the powers of the company and not oppressive, but clause 14.4 of the Water Supply Agreement (a broad indemnity expanding liabilities beyond the Memorandum of Encumbrance) was unfairly prejudicial; Haricot is not obliged to sign a Water Supply Agreement containing that clause and relief granted limited to deletion or replacement of cl 14.4 to make liability co-extensive with existing obligations under the Memorandum of Encumbrance; other remedies were unnecessary because defective redemption was rescinded and other complaints fa…