Postal and online voting for Fonterra's Trading Among Farmers proposals is closed.
Shareholders had until 10am on Saturday to lodge their votes online, by post or fax.
Radio New Zealand's economics correspondent says the proposals for farmers to sell shares among themselves, as well as sell the rights to dividends to outside investors, have sparked some of the fiercest debate since Fonterra was formed in 2001.
Shareholders Council former chair Blue Read says the proposals give Fonterra permanent capital to grow, without threatening farmer control.
Opponents say they will undermine farmer control.
Farmers can also vote in person at meetings around the country on Monday.