國際商法課件第五章公司法(英文)

Unit5CorporateStructure:Shareholdersmeeting1.ShareholdersOnethatownsorholdsashareorsharesofstock.

Unit5CorporateStructure:S12.Therightsofshareholder2.1votingrightTherighttorejectorapprovesomeimportantcorporatematters,suchasmergers,salesofassetsandamendmentsofarticlesAlthoughtodaymostjurisdictionspermitissuanceofnonvotingstock,mostcommonshareholdershavetherighttovotetheirshares.Theymayvotetoelectdirectorsandtoremovedirectors,evenwithoutcause.Theymayvotetoapproveordisapprovechangesinthebasiccorporatestructure,suchasmergers,consolidations,andliquidations.

2.Therightsofshareholder22MajorityRuleofvoting（多數(shù)表決制）Theshareholders’meetingmakesitsdecisionbymajorityvote.Wecallthisasmajorityruleofcorporation.TheMajorityruleisfirstbroughtbythecaseFossv.Harbottle:twoshareholdersbroughtanactionagainstthecompany’sfivedirectors,andothers,allegingthatthecompany’spropertyhadbeenmisappliedandwastedandthatcertainmortgagesoverthecompany’spropertyhadbeengivenimproperly.Theyaskedthecourttodeclarethatthedirectorswereaccountableforthecompany’sloss.Itwasheldthattheshareholderscouldnotbringsuchproceedings.MajorityRuleofvoting（多數(shù)表決制32.Therightsofshareholders2.2righttoinformationandinspectionRighttoinformation:Theshareholderhastherighttokeephimselfinformedaboutthefinancialandoperationalconditionsofthecorporations.Righttoinspection:Theshareholderhasarighttoinspectcorporaterecordsanddocumentssuchasshareholderlists,minutesofmeetings,financialstatements,andevencontracts.Theinspectionmustoccuratpropertimesandintheproperplacesand,mostimportant,mustbeforproperpurposes.

2.Therightsofshareholders4CaseTatkoownsabout2%ofthesharesofTatkoBrothersSlateco.Pursuanttotheshareholders’agreement,ifTatkowishestosellhissharesheisobligatedtoofferthemfirsttoTatkoBrothersco.at“bookvalue”(賬面值).Thebookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.WhenTatkoinformedthecorporationofhisinterestinsellinghisshares,hewasfurnishedwiththecorporation’slatestfinancialreport,whichcontainedabalancesheetlistingassets,liabilitiesandportionsoftheminutesfroma1973shareholders’meeting.Theaccountantswarnedthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Thecorporationindicatedtobuythesharesfor$35,789andtoprovideadditionalrecordstopetitioner,butrefusedtoprovideotherdocumentsthatTatkosought.Case5Judgment:Ashareholderhasarighttoinspectcorporatebooksandrecordswheretherequestismadeingoodfaithandforaproperpurpose.Tatko’sdecisiontosellhisstocktothecorporationpresentsavalidreasonforinspectingfinancialrecordstothevalueofhisindividualholdings.Astheagreementbetweenthepartiesprovidesthatbookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.Theaccountantshaveprovidedthebalancesheetbutwarnthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Ataminimum,bookvaluerequiresnotonlythattheentriesbecompleteandcorrect.Tatkoshallbeaccordedanopportunitytodeterminetheaccuracyofthevaluesofthoseitemsfixedbymanagementandreflectedinthecorporation’sfinancialstatement.Judgment:62.Rightsofshareholders

2.3righttosuetherighttosuethedirectors,seniorofficersandsoononshareholder’sowninitiativeoronbehalfofthecorporationShareholdershavetherighttobringanddefendlawsuitsonthecorporation’sbehalf.Suitsbroughtonthecorporation’sbehalfarecalledderivativesuitsbecausetherighttosuederivesfromwrongsdoneprimarilytothecorporationandnottotheshareholderindividually.2.Rightsofshareholders27DerivativeSuits股東派生訴訟（Shareholder’sDerivativeSuits)又稱股東代表訴訟(Shareholder’sRepresentativeAction），衍生訴訟、代位訴訟，是指當公司的利益受到侵害而公司怠于或拒絕追究侵權(quán)人責任時，具備法定資格的一個或多個股東為了公司的利益而代替公司提起訴訟，要求侵害公司權(quán)益者賠償公司損失的行為。DerivativeSuits股東派生訴訟（Shareho82.Therightsofshareholder2.4appraisingrightofdissentingshareholder異議股東股份回購請求權(quán)Shareholdersapproveacorporateactionbylessthanaunanimousvote,indicatingthatsomeshareholdersopposetheaction.Thedissentingshareholdersonlycanchoosetoremainshareholdersortoselltheirshares.Forclosecorporationshareholders,thereisnochoice–thedissentingclosecorporationshareholderhasnoreadymarketforhershares,soshewillremainashareholder.Sothecorporatelawcreatesthe“dissenters’rightsforshareholderswhodisagreewithspecifiedfundamentalcorporatetransactionstorequirethecorporationtopurchasetheirsharesat“fairvalue”.2.Therightsofshareholder2.9Inmanycountries,theappraisingrightofdissentingshareholdercovermerger,shareexchanges,significantamendmentsofthearticlesofincorporation,andsalesofallorsubstantiallyalltheassetsotherthanintheordinarycourseofbusiness.（適用異議股份回購事由）Manycountriesexcludesharesthataretradedonarecognizedsecuritiesexchangefromdissenters’rightsbecausethedissentingshareholdercansellhisshareonthestockexchange.(公開市場例外）Inmanycountries,theappr102.Rightsofshareholder2.5PreemptiveRight(優(yōu)先購買權(quán)）Ifthecorporationissuesnewshares,itshalloffereachexistingshareholderapercentageofthenewsharesequaltohercurrentproportionateownership.Whenthepreemptiverightexists,thecorporationmustnotifyashareholderofheroptiontobuyshares,thenumberofsharesthatsheisentitledtobuy,thepriceoftheshares,andwhentheoptionmustbeexercised.Usually,theshareholderisissuedaright,awrittenoptionthatshemayexerciseherselforselltoapersonwhowishestobuytheshares.2.Rightsofshareholder2.5P112.Rightsofshareholder2.6Distributionstoshareholders分紅權(quán)Shareholdersinvestinacorporationprimarilytoshareintheexpectedprofiteitherthroughappreciationofthevalueoftheirsharesorthroughdividends.Therearetwotypesofdividends:cashorpropertydividendsandsharedividends.Dividendsareusuallypaidincash.However,otherassetsofthecorporation,suchasairlinediscountcouponsmayalsobedistributedasdividend.Corporationssometimesdistributeadditionalsharesofthecorporationtotheirshareholders.Often,thisisdoneinordertogiveshareholderssomethinginsteadofacashdividendsothatthecashcanberetainedandreinvestedinthebusiness.2.Rightsofshareholder2.6D12Case1:2000年1月，北京漢邦軟科數(shù)碼技術(shù)有限公司注冊成立，注冊資本2000萬元，北京正有微系統(tǒng)有限公司為漢邦公司的股東之一，出資240萬元。漢邦公司章程中規(guī)定，股東有查閱股東會會議記錄和公司財務會計報告的權(quán)利。然而直到2003年，漢邦公司從未向正有公司提供過年度財務報告。正有公司與之多次交涉未果，起訴到法院。漢邦公司辯稱，正有公司承諾增資228萬，一直未兌現(xiàn)。因此，漢邦公司認為不應向正有公司交付財務會計報告。Questions1.本案主要涉及股東什么權(quán)利被侵犯？2.你認為漢邦公司的辯護有無道理？Case1:133.Thedutiesandobligationsofshareholder3.1subscriptionduty（認股義務或出資義務）3.2fiduciarydutyofcontrollingshareholder控股股東的誠信義務Whoisacontrollingshareholder?

PrinciplesofCorporateGovernancebyAmericanLawInstitute:美國法學會制定的公司治理原則Whohastheabilitytocontrolover25percentofthevotingequitywouldgiverisetoapresumptionofcontrollingshareholder.controlheremeansthepowerdirectlyorindirectly,eitheraloneorpursuanttoanarrangementorunderstandingwithoneormoreotherpersons,toexerciseacontrollinginfluenceoverthemanagementorpoliciesofabusinessorganization.

3.Thedutiesandobligations14

Controllingshareholdershaveafiduciaryduty（委托義務，也稱信義/誠信義務）nottocausethecorporationtorepurchasetheirownsharesortopaythemselvesadividendunlessthesameoffermadetotheminorityshareholder.Thecontrollingshareholdersmaybealsoliabletothesellingofthecontrollingsharestothepurchaserwhowouldmismanageorlootthecorporationwhilethecontrollingshareholdersgainalotfromtheselling.（禁止將股份出售給劫掠者）Controllingshareholdersh15德眾股份有限公司成立于1994年，其大股東A公司只持有公司20％的股份，第二大股東為B公司，第三大股東為C公司，持股比例分別為15％和10％。該公司于1998年在上海交易所上市。德眾公司于1999年6月27日決定增發(fā)新股，B公司與C公司合謀計劃奪取A對公司的控制權(quán)。在B公司與C公司的聯(lián)合操縱下，股東大會決議規(guī)定，公司增發(fā)新股100萬股，其中A按其持股比例的1％享有新股優(yōu)先認購權(quán)，B公司和C公司按其持股比例的2％享有新股優(yōu)先認購權(quán)，優(yōu)先認購股票的價格為正常價格的80％。最后B公司順利以低價取得德眾公司控制權(quán)，并通過對公司董事會的控制阻撓A公司主張自己的新股優(yōu)先認購權(quán)，使A喪失對公司的控制權(quán)。A公司以自己名義向法院提起訴訟，以其優(yōu)先認購權(quán)受到侵犯為由，請求法院判決股東大會決議無效，并請求B公司和C公司承擔侵權(quán)責任。

德眾股份有限公司成立于1994年，其大股東A公司只持有公司2164.Shareholders’meeting

4.1introductionTheshareholdersaretheultimateownersofacorporation,butashareholderhasnorighttomanagethecorporation.Theshareholder’sroleinacorporationislimitedtoelectingandremovingdirectors,approvingcertainimportantmatters,andsoon.Andthisroleisrealizedthroughtheshareholders’meeting.

4.Shareholders’meeting4.1174.2classificationa.generalmeeting(annualmeeting)年會generalmeetingshallbetimelyheldinpursuancewiththearticlesofassociationInmostofthecountries,generalmeetingisheldonceayear.b.temporarymeeting臨時大會Temporarymeetingorspecialmeetingmaybeheldwheneveracorporatematterarisesthatrequiresimmediateshareholders’action,suchastheapprovalofamergerthatcannotwaituntilthenextannualshareholders’meeting.4.2classification185.Thefunctionsofshareholdersmeeting(1)determiningthecompany'soperationguidelinesandinvestmentplans;

(2)electingandchangingthedirectorandsupervisors;

(3)approvingthereportsoftheboardofdirectors;

(4)approvingthereportsoftheboardofsupervisorsorthesupervisor;

(5)approvingannualfinancialbudgetplansandfinalaccountplansofthecompany;

(6)approvingprofitdistributionplansandlossrecoveryplansofthecompany;

5.Thefunctionsofshareholde19Thefunctionsofshareholdersmeeting(7)makingresolutionsontheincreaseordecreaseofthecompany'sregisteredcapital;

(8)makingresolutionsontheissuanceofcorporatebonds;

(9)adoptingresolutionsontheassignment,split-up,changeofcompanyform,dissolution,liquidationofthecompany;

(10)revisingthearticlesofassociationofthecompany;

(11)otherfunctionsasspecifiedinthearticlesofassociation.Thefunctionsofshareholders205.股東會職權(quán)

(1)決定公司的經(jīng)營方針和投資計劃；

(2)選舉和更換非由職工代表擔任的董事、監(jiān)事，決定有關(guān)董事、監(jiān)事的報酬事項；

(3)審議批準董事會的報告；(4)審議批準監(jiān)事會或者監(jiān)事的報告；(5)審議批準公司的年度財務預算方案、決算方案；

(6)審議批準公司的利潤分配方案和彌補虧損方案；

(7)對公司增加或者減少注冊資本作出決議；(8)對發(fā)行公司債券作出決議；(9)對公司合并、分立、變更公司形式、解散和清算等事項作出決議；

(10)修改公司章程；

(11)公司章程規(guī)定的其他職權(quán)。5.股東會職權(quán)(1)決定公司的經(jīng)營方針和投資計劃；

216.notificationandpublicationofthemeeting

a.thetimeandlocationofthemeetingThecorporationshallnotifytheshareholdersaboutthetimeandlocationofthemeetingcertaindaysinadvance.annualmeeting:20daysinadvancespecialmeeting:15daysinadvancefortheissueofunregisteredstock:30daysinadvanceb.thepersonwhohastherighttocallameeting(1)boardofdirectors(2)minorityshareholder(3)supervisoryboard(4)court(5)liquidator清算人6.notificationandpublicatio227.Resolutionsofshareholdersmeeting

7.1regularresolution普通決議Ifanyresolutionistobemadebytheshareholders'meeting,itshallbeadoptedbyshareholdersrepresentingmorethanhalfofthevotingrightsoftheshareholdersinpresence.7.2specialresolution特別決議Iftheshareholders'meetingmakesadecisiontomodifythearticlesofassociationortoincreaseorreducetheregisteredcapital,oraresolutionaboutthemerger,split-up,dissolutionorchangeofthecompanyform,theresolutionshallbeadoptedbyshareholdersrepresenting2/3ormoreofthevotingrightsoftheshareholdersinpresence.7.Resolutionsofshareholders23Case2000年，朱某等人成立了經(jīng)濟技術(shù)合作有限責任公司，股東會選舉朱某為董事長兼總經(jīng)理。2003年，該公司召開股東會并形成決議，分配了各股東對公司業(yè)務的掌管權(quán)限，該決議經(jīng)2/3以上有表決權(quán)的股東簽字通過。朱某拒絕履行股東會決議，阻撓公司清理小組對公司債權(quán)債務的清理。其他股東景某、陶某、周某等以原告身份，將朱某告上法庭。Case248.Differentvotingmethods投票方式

根據(jù)投票權(quán)是否可以分散使用，分為：a.Straightvoting直接投票Eachsharehasonevoteforeachnewdirectortobeelected.Withstraightvoting,ashareholdermayvoteforasmanynomineesastherearedirectorstobeelected;ashareholdermaycastforeachsuchnomineeasmanyvotesasshehasshares.e.g.inadirectorelectioninwhich15peoplehavebeennominatedfor5directorpositions,ashareholderwith100sharescanvoteforupto5nomineesandcancastupto100votesforeachofthose5nominees.

8.Differentvotingmethods投票25Straightvotingallowsamajorityshareholdertoelecttheentireboardofdirectors.Thus,minorityshareholdersareunabletoelectanyrepresentativestotheboardwithoutthecooperationofthemajorityshareholder.Straightvotingisalsoaprobleminclosecorporationsinwhichafewshareholdersownequalnumbersofshares.Insuchcorporations,noshareholderindividuallycontrolsthecorporation,yetiftheholdersofamajorityofthesharesacttogether,thoseholderswillelectallofthedirectorsandcontrolthecorporation.Suchcontrolmaybeexercisedtothedetrimentoftheothershareholders.Straightvotingallowsam26b.Cumulativevoting累計投票

Withcumulativevoting,acorporationallowsashareholdertocumulatehervotesbymultiplyingthenumberofshares.Ashareholdermaythenallocatehervotesamongthenomineesasshechooses.Shemayvoteforonlyasmanynomineesastherearedirectorstobeelected,butshemayvoteforfewernominees.股東的每一股享有與選舉人數(shù)相等的投票權(quán)，可以集中使用也可以分散使用。如：一家公司A、B兩股東，A持有26股，B持有74股，董事會5名候選人，甲、乙、丙、丁、戊，選出3名。直接投票下，A選丙、丁、戊，B選甲、乙、丙。則丙得票100，甲74，乙74，戊26。如允許A采用累計投票制，則A選丁，B選甲、乙、丙，則丁得票78，甲74，乙74，丙74。b.Cumulativevoting累計投票

27根據(jù)投票權(quán)是否由本人行使：a.votinginperson親自投票votebytheshareholderhimself.b.votingbyproxy委托投票Aproxyisashareholder’swrittenauthorizationforanotherperson,oftenthecorporation,toexercisetheshareholder’srighttovoteforalimitedtimeandaspecifiedpurpose.Ifseveralminorityshareholderscollectivelyownamajorityofthesharesofacorporation,theymayappointaproxy（指定代理人）xysolicitation委托書征集Themanagementofthecorporationsometimesneedstosolicitproxiesifitwishestohaveavalidshareholdervote,asthepassiveinvestorsrarelyattendshareholdermeetings.根據(jù)投票權(quán)是否由本人行使：28(2)classificationofproxysolicitationa.solicitatedbythemanagementteamofthecorporation當權(quán)者征集Toensureitsperpetuationinofficeandtheapprovalofothermatterssubmittedforashareholdervote,thecorporation’smanagementsolicitsproxiesfromshareholdersfordirectors’selectionsandotherimportantmatters.b.solicitatedbythepersonwhowishestocompetetheposition在野者征集functionsofproxysolicitation(1)itisconvenientforminorityshareholderstocasttheirvotes.(2)itcanhelpdissatisfiedshareholdersoverthrowmanagementandtoinstalltheirowndirectors.(2)classificationofproxyso29山東勝利股份有限公司主營塑料管道、精細化工、進出口貿(mào)易、油器經(jīng)營，為上市公司，廣州通百惠公司主營企業(yè)服務網(wǎng)、社區(qū)服務網(wǎng)和網(wǎng)上企業(yè)孵化器，并擁有一系列網(wǎng)站。2000年勝利股份公司原第一大股東勝利集團由于經(jīng)營不善引發(fā)經(jīng)濟糾紛，其持有的3000萬法人股以低價被拍賣。2000年1月10日，通百惠公司以每股1.06元的價格競買成功，購入勝利股份3000萬法人股，占總股本的13.77%，成為勝利股份第一大股東，通百惠公司向勝利股份董事會提交了董監(jiān)事會提名人選，被董事會拒絕。2000年3月3日，山東勝邦公司因收購勝利相關(guān)股份轉(zhuǎn)而成第一大股東。勝邦和通百惠為爭奪勝利公司控制權(quán)，繼續(xù)增持股份。持股比例分別達到17.35%和16.66%。2000年3月17日，通百惠在各大媒體上打出“你神圣的一票決定勝利股份的明天”大型廣告，并在證券和網(wǎng)絡媒體上公開征集代理委托書，開始了對中小股東表決權(quán)代理的征集。3月27～29日，通百惠再次大規(guī)模地公開征集股東授權(quán)委托書。通百惠以為民請命的姿態(tài)公開征集中小股東的投票委托書，引起中小股東的共鳴，三天之內(nèi)共征集有效委托2625.7781萬股，占總股本的10.96%。山東勝利股份有限公司主營塑料管道、精細化工、進出口貿(mào)30Unit5CorporateStructure:Shareholdersmeeting1.ShareholdersOnethatownsorholdsashareorsharesofstock.

Unit5CorporateStructure:S312.Therightsofshareholder2.1votingrightTherighttorejectorapprovesomeimportantcorporatematters,suchasmergers,salesofassetsandamendmentsofarticlesAlthoughtodaymostjurisdictionspermitissuanceofnonvotingstock,mostcommonshareholdershavetherighttovotetheirshares.Theymayvotetoelectdirectorsandtoremovedirectors,evenwithoutcause.Theymayvotetoapproveordisapprovechangesinthebasiccorporatestructure,suchasmergers,consolidations,andliquidations.

2.Therightsofshareholder232MajorityRuleofvoting（多數(shù)表決制）Theshareholders’meetingmakesitsdecisionbymajorityvote.Wecallthisasmajorityruleofcorporation.TheMajorityruleisfirstbroughtbythecaseFossv.Harbottle:twoshareholdersbroughtanactionagainstthecompany’sfivedirectors,andothers,allegingthatthecompany’spropertyhadbeenmisappliedandwastedandthatcertainmortgagesoverthecompany’spropertyhadbeengivenimproperly.Theyaskedthecourttodeclarethatthedirectorswereaccountableforthecompany’sloss.Itwasheldthattheshareholderscouldnotbringsuchproceedings.MajorityRuleofvoting（多數(shù)表決制332.Therightsofshareholders2.2righttoinformationandinspectionRighttoinformation:Theshareholderhastherighttokeephimselfinformedaboutthefinancialandoperationalconditionsofthecorporations.Righttoinspection:Theshareholderhasarighttoinspectcorporaterecordsanddocumentssuchasshareholderlists,minutesofmeetings,financialstatements,andevencontracts.Theinspectionmustoccuratpropertimesandintheproperplacesand,mostimportant,mustbeforproperpurposes.

2.Therightsofshareholders34CaseTatkoownsabout2%ofthesharesofTatkoBrothersSlateco.Pursuanttotheshareholders’agreement,ifTatkowishestosellhissharesheisobligatedtoofferthemfirsttoTatkoBrothersco.at“bookvalue”(賬面值).Thebookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.WhenTatkoinformedthecorporationofhisinterestinsellinghisshares,hewasfurnishedwiththecorporation’slatestfinancialreport,whichcontainedabalancesheetlistingassets,liabilitiesandportionsoftheminutesfroma1973shareholders’meeting.Theaccountantswarnedthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Thecorporationindicatedtobuythesharesfor$35,789andtoprovideadditionalrecordstopetitioner,butrefusedtoprovideotherdocumentsthatTatkosought.Case35Judgment:Ashareholderhasarighttoinspectcorporatebooksandrecordswheretherequestismadeingoodfaithandforaproperpurpose.Tatko’sdecisiontosellhisstocktothecorporationpresentsavalidreasonforinspectingfinancialrecordstothevalueofhisindividualholdings.Astheagreementbetweenthepartiesprovidesthatbookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.Theaccountantshaveprovidedthebalancesheetbutwarnthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Ataminimum,bookvaluerequiresnotonlythattheentriesbecompleteandcorrect.Tatkoshallbeaccordedanopportunitytodeterminetheaccuracyofthevaluesofthoseitemsfixedbymanagementandreflectedinthecorporation’sfinancialstatement.Judgment:362.Rightsofshareholders

2.3righttosuetherighttosuethedirectors,seniorofficersandsoononshareholder’sowninitiativeoronbehalfofthecorporationShareholdershavetherighttobringanddefendlawsuitsonthecorporation’sbehalf.Suitsbroughtonthecorporation’sbehalfarecalledderivativesuitsbecausetherighttosuederivesfromwrongsdoneprimarilytothecorporationandnottotheshareholderindividually.2.Rightsofshareholders237DerivativeSuits股東派生訴訟（Shareholder’sDerivativeSuits)又稱股東代表訴訟(Shareholder’sRepresentativeAction），衍生訴訟、代位訴訟，是指當公司的利益受到侵害而公司怠于或拒絕追究侵權(quán)人責任時，具備法定資格的一個或多個股東為了公司的利益而代替公司提起訴訟，要求侵害公司權(quán)益者賠償公司損失的行為。DerivativeSuits股東派生訴訟（Shareho382.Therightsofshareholder2.4appraisingrightofdissentingshareholder異議股東股份回購請求權(quán)Shareholdersapproveacorporateactionbylessthanaunanimousvote,indicatingthatsomeshareholdersopposetheaction.Thedissentingshareholdersonlycanchoosetoremainshareholdersortoselltheirshares.Forclosecorporationshareholders,thereisnochoice–thedissentingclosecorporationshareholderhasnoreadymarketforhershares,soshewillremainashareholder.Sothecorporatelawcreatesthe“dissenters’rightsforshareholderswhodisagreewithspecifiedfundamentalcorporatetransactionstorequirethecorporationtopurchasetheirsharesat“fairvalue”.2.Therightsofshareholder2.39Inmanycountries,theappraisingrightofdissentingshareholdercovermerger,shareexchanges,significantamendmentsofthearticlesofincorporation,andsalesofallorsubstantiallyalltheassetsotherthanintheordinarycourseofbusiness.（適用異議股份回購事由）Manycountriesexcludesharesthataretradedonarecognizedsecuritiesexchangefromdissenters’rightsbecausethedissentingshareholdercansellhisshareonthestockexchange.(公開市場例外）Inmanycountries,theappr402.Rightsofshareholder2.5PreemptiveRight(優(yōu)先購買權(quán)）Ifthecorporationissuesnewshares,itshalloffereachexistingshareholderapercentageofthenewsharesequaltohercurrentproportionateownership.Whenthepreemptiverightexists,thecorporationmustnotifyashareholderofheroptiontobuyshares,thenumberofsharesthatsheisentitledtobuy,thepriceoftheshares,andwhentheoptionmustbeexercised.Usually,theshareholderisissuedaright,awrittenoptionthatshemayexerciseherselforselltoapersonwhowishestobuytheshares.2.Rightsofshareholder2.5P412.Rightsofshareholder2.6Distributionstoshareholders分紅權(quán)Shareholdersinvestinacorporationprimarilytoshareintheexpectedprofiteitherthroughappreciationofthevalueoftheirsharesorthroughdividends.Therearetwotypesofdividends:cashorpropertydividendsandsharedividends.Dividendsareusuallypaidincash.However,otherassetsofthecorporation,suchasairlinediscountcouponsmayalsobedistributedasdividend.Corporationssometimesdistributeadditionalsharesofthecorporationtotheirshareholders.Often,thisisdoneinordertogiveshareholderssomethinginsteadofacashdividendsothatthecashcanberetainedandreinvestedinthebusiness.2.Rightsofshareholder2.6D42Case1:2000年1月，北京漢邦軟科數(shù)碼技術(shù)有限公司注冊成立，注冊資本2000萬元，北京正有微系統(tǒng)有限公司為漢邦公司的股東之一，出資240萬元。漢邦公司章程中規(guī)定，股東有查閱股東會會議記錄和公司財務會計報告的權(quán)利。然而直到2003年，漢邦公司從未向正有公司提供過年度財務報告。正有公司與之多次交涉未果，起訴到法院。漢邦公司辯稱，正有公司承諾增資228萬，一直未兌現(xiàn)。因此，漢邦公司認為不應向正有公司交付財務會計報告。Questions1.本案主要涉及股東什么權(quán)利被侵犯？2.你認為漢邦公司的辯護有無道理？Case1:433.Thedutiesandobligationsofshareholder3.1subscriptionduty（認股義務或出資義務）3.2fiduciarydutyofcontrollingshareholder控股股東的誠信義務Whoisacontrollingshareholder?

PrinciplesofCorporateGovernancebyAmericanLawInstitute:美國法學會制定的公司治理原則Whohastheabilitytocontrolover25percentofthevotingequitywouldgiverisetoapresumptionofcontrollingshareholder.controlheremeansthepowerdirectlyorindirectly,eitheraloneorpursuanttoanarrangementorunderstandingwithoneormoreotherpersons,toexerciseacontrollinginfluenceoverthemanagementorpoliciesofabusinessorganization.

3.Thedutiesandobligations44

Controllingshareholdershaveafiduciaryduty（委托義務，也稱信義/誠信義務）nottocausethecorporationtorepurchasetheirownsharesortopaythemselvesadividendunlessthesameoffermadetotheminorityshareholder.Thecontrollingshareholdersmaybealsoliabletothesellingofthecontrollingsharestothepurchaserwhowouldmismanageorlootthecorporationwhilethecontrollingshareholdersgainalotfromtheselling.（禁止將股份出售給劫掠者）Controllingshareholdersh45德眾股份有限公司成立于1994年，其大股東A公司只持有公司20％的股份，第二大股東為B公司，第三大股東為C公司，持股比例分別為15％和10％。該公司于1998年在上海交易所上市。德眾公司于1999年6月27日決定增發(fā)新股，B公司與C公司合謀計劃奪取A對公司的控制權(quán)。在B公司與C公司的聯(lián)合操縱下，股東大會決議規(guī)定，公司增發(fā)新股100萬股，其中A按其持股比例的1％享有新股優(yōu)先認購權(quán)，B公司和C公司按其持股比例的2％享有新股優(yōu)先認購權(quán)，優(yōu)先認購股票的價格為正常價格的80％。最后B公司順利以低價取得德眾公司控制權(quán)，并通過對公司董事會的控制阻撓A公司主張自己的新股優(yōu)先認購權(quán)，使A喪失對公司的控制權(quán)。A公司以自己名義向法院提起訴訟，以其優(yōu)先認購權(quán)受到侵犯為由，請求法院判決股東大會決議無效，并請求B公司和C公司承擔侵權(quán)責任。

德眾股份有限公司成立于1994年，其大股東A公司只持有公司2464.Shareholders’meeting

4.1introductionTheshareholdersaretheultimateownersofacorporation,butashareholderhasnorighttomanagethecorporation.Theshareholder’sroleinacorporationislimitedtoelectingandremovingdirectors,approvingcertainimportantmatters,andsoon.Andthisroleisrealizedthroughtheshareholders’meeting.

4.Shareholders’meeting4.1474.2classificationa.generalmeeting(annualmeeting)年會generalmeetingshallbetimelyheldinpursuancewiththearticlesofassociationInmostofthecountries,generalmeetingisheldonceayear.b.temporarymeeting臨時大會Temporarymeetingorspecialmeetingmaybeheldwheneveracorporatematterarisesthatrequiresimmediateshareholders’action,suchastheapprovalofamergerthatcannotwaituntilthenextannualshareholders’meeting.4.2classification485.Thefunctionsofshareholdersmeeting(1)determiningthecompany'soperationguidelinesandinvestmentplans;

(2)electingandchangingthedirectorandsupervisors;

(3)approvingthereportsoftheboardofdirectors;

(4)approvingthereportsoftheboardofsupervisorsorthesupervisor;

(5)approvingannualfinancialbudgetplansandfinalaccountplansofthecompany;

(6)approvingprofitdistributionplansandlossrecoveryplansofthecompany;

5.Thefunctionsofshareholde49Thefunctionsofshareholdersmeeting(7)makingresolutionsontheincreaseordecreaseofthecompany'sregisteredcapital;

(8)makingresolutionsontheissuanceofcorporatebonds;

(9)adoptingresolutionsontheassignment,split-up,changeofcompanyform,dissolution,liquidationofthecompany;

(10)revisingthearticlesofassociationofthecompany;

(11)otherfunctionsasspecifiedinthearticlesofassociation.Thefunctionsofshareholders505.股東會職權(quán)

(1)決定公司的經(jīng)營方針和投資