!!Экзамен зачет 2023 год / Black and Kraakman - A Self Enforcing Model of Corporate Law

3. PROHIBITIVE STATUTES

Poland

Hungary (1988)

Turkey

(1991)

(1956)

I. Substantive Protections

1.

Bans authorized but unissued shares.

X

O

X

2.

Requires shares to be issued at par or

O

O

O

nominal value.

3.

Requires minimum capitalization.

X

X

X

4.

Limits debt and preferred stock.

X

X

X

5.

Bans share repurchases.

X

O

X

6.

Bans self-dealing with directors or officers.

X

X

O

7.

Bans subsidiary ownership of parent shares.

-

X

O

TOTAL

5

4

4

II. Procedural Protections

1.

Mandates one share/one vote rule.

O

X

O

2.

Mandates proportional board representation.

O

O

O

3.

Permits shareholder removal of directors

X

X

X

without cause.

4.

Requires shareholder approval of

O

O

O

director/officer self-dealing.

5.

Requires meaningful vote on fundamental

X

X

X

transactions.

6.

Mandates appraisal rights in mergers or

O

O

O

sales of all assets.

7.

Requires shareholder vote on large

X

O

X

acquisitions.

8.

Requires shareholder vote on large new

X

X

O

stock issues.

9.

Mandates preemptive rights.

X

O

O

10.

Mandates minority put rights upon changes

O

X

O

of control.

11.

Requires confidential voting.

O

O

O

TOTAL

5

5

3

4. PROCEDURAL STATUTES

Malaysia

Singa-

Nigeria

India

Mexico

Chile

Egypt

(PARTLY SELF-ENFORCING)

(1990)

pore

(1990)

(1956)

(1981)

(1981)

(1981)

(1988)

I. Substantive Protections

1. Bans authorized but unissued shares.

O

O

O

O

O

O

O

2.

Requires shares to be issued at par or

O

O

O

O

O

O

O

nominal value.

3. Requires minimum capitalization.

O

O

O

O

X

O

X

4.

Limits debt and preferred stock.

X

O

O

O

O

O

X

5. Bans share repurchases.

X

X

X

X

X

X

O

6.

Bans self-dealing with directors or

O

O

O

O

O

O

O

officers.

7. Bans subsidiary ownership of parent

X

X

X

X

O

X

O

shares.

TOTAL

3

2

2

2

2

2

2

II. Procedural Protections

1.

Mandates one share/one vote rule.

X

X

X

X

X

X

O

2.

Mandates proportional board

O

O

O

O

X

X

O

representation.

3.

Permits shareholder removal of directors

X

X

X

X

X

O

X

without cause.

4.

Requires shareholder approval of

X

X

X

O

O

O

X

director/officer self-dealing.

5.

Requires meaningful vote on fundamental

X

X

X

X

X

X

X

transactions.

6.

Mandates appraisal rights in mergers or

X

X

X

X

X

X

X

sales of all assets.

7.

Requires shareholder vote on large

X

O

O

X

O

O

O

acquisitions.

8.

Requires shareholder vote on large new

X

O

O

O

O

O

O

stock issues.

9.

Mandates preemptive rights.

X

O

O

X

X

X

X

10. Mandates minority put rights upon

X

X

X

O

O

O

O

changes of control.

11.

Requires confidential voting.

O

O

O

O

O

O

O

TOTAL

9

6

6

6

6

5

5

5. MIXED STATUTES

China

Argent-

Brazil

South

Indon-

Czech

(1994)

ina

(1991)

Korea

esia

Repub.

(1988)

(1984)

(1995)

(1992)

I. Substantive Protections

1.

Bans authorized but unissued shares.

X

O

O

O

O

O

2.

Requires shares to be issued at par or

O

O

O

O

O

O

nominal value.

3. Requires minimum capitalization.

X

X

O

X

X

X

4.

Limits debt and preferred stock.

X

O

X

X

X

X

5. Bans share repurchases.

O

X

X

X

X

X

6.

Bans self-dealing with directors or officers.

O

O

O

O

O

O

7.

Bans subsidiary cross ownership of shares.

O

X

X

O

O

O

TOTAL

3

3

3

3

3

3

II. Procedural Protections

1.

Mandates one share/one vote rule.

X

O

X

O

O

O

2.

Mandates proportional board representation.

O

O

O

O

O

O

3.

Permits shareholder removal of directors without

O

X

X

X

X

X

cause.

4.

Requires shareholder approval of director/officer

X

O

O

O

O

O

self-dealing.

5.

Requires meaningful vote on fundamental

X

X

X

X

X

X

transactions.

6.

Mandates appraisal rights in mergers or sales of

O

X

X

O

X

O

all assets.

7.

Requires shareholder vote on large acquisitions.

X

O

O

X

X

O

8.

Requires shareholder vote on large new stock

X

O

O

O

O

X

issues.

9.

Mandates preemptive rights.

O

X

X

X

X

X

10. Mandates minority put rights upon changes of

O

O

O

O

O

O

control.

11.

Requires confidential voting.

O

O

O

O

O

O

TOTAL

5

4

5

4

5

4