!!Экзамен зачет 2023 год / Black and Kraakman - A Self Enforcing Model of Corporate Law-1
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|
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 |
67
|
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 |
68
|
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 |
69