NZI Bank Ltd v Euro-National Corp Ltd [1992] 3 NZLR 528 is a cited case in New Zealand regarding whether a contract illegal under law, can be subsequently validated under the Illegal Contracts Act 1970.

But the time under section 62(1) of the Companies Act [1955] made it illegal for a company to financially assist in the purchase of its own shares (since repealed), although there were numerous exceptions, such as financing share purchases of employees.

As the object of section 62(1) was to protect the interests of the shareholders and creditors of Euro-National, the court refused to grant validation.

Richardson J stated "The deficiencies of the present arrangement cannot be categorized as procedural or technical.

Footnote: This case is often contrasted with Catley v Herbert, where a similar transaction that also contravened section 62(1) was validated