The first two resolutions on approving TAF and necessary constitutional changes were put to vote after an hour-long debate.
While most farmers spoke in favour of TAF, South Canterbury farmer Leonie Guiney and former Federated Farmers Dairy chairman Lachlan McKenzie spoke against it.
Guiney says TAF puts the focus back on co-op shares. She says shares will rise and fall bringing greater volatility and increase redemption risk.
The first resolution on TAF requires a simple majority but constitutional changes require at least 75% support.
Fonterra director Jim van der Poel urged shareholders to support the constitutional changes although they oppose TAF.
He says the constitutional changes strengthen farmer ownership and control.
Results of the vote will be released this afternoon.