【精品】《英美公司法》讲义（可编辑.ppt

《【精品】《英美公司法》讲义（可编辑.ppt》由会员分享，可在线阅读，更多相关《【精品】《英美公司法》讲义（可编辑.ppt（132页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、英美公司法讲义参考书：参考书：1.英珍妮特英珍妮特.丹恩丹恩 公司法公司法，法律出版社。，法律出版社。2.胡果威著胡果威著.美国公司法，法律出版社。美国公司法，法律出版社。3.美美R.W.汉密尔顿著汉密尔顿著.刘俊海、徐海燕注，刘俊海、徐海燕注，汤树梅校汤树梅校.公司法，中国人民大学出版社。公司法，中国人民大学出版社。4.商法商法-双语对照法规，法律出版社。双语对照法规，法律出版社。5.经济法经济法-双语对照法规，法律出版社。双语对照法规，法律出版社。第一章第一章 公司综观公司综观Chapter 1The Corporation in perspective corporation：律社团，法

2、人，公司、律社团，法人，公司、企业。美有企业。美有 限公司限公司 company：公司，商号。公司，商号。Co.Ltd.enterprise：企业。原意为企图冒险从事某企业。原意为企图冒险从事某项事业，后来用以指项事业，后来用以指 经营组织或经营体。日经营组织或经营体。日本将其译为本将其译为“企业企业”，并传入中国。，并传入中国。artificial person（entity）：）：拟制的人拟制的人（主体）（主体）business licenses：营业执照营业执照 limited liability：有限责任有限责任 be unlimitedly liable for ：对对承担承担无限责

3、任无限责任 dissolve：解散解散 be vested in sb.the power to do sth.授予某人做某事的权力授予某人做某事的权力 the interested party ：利害关系人利害关系人board of directors：董事会董事会separate legal identity ：独立的法人资独立的法人资格格separate legal entity：独立的法人独立的法人fairness、justice：公平、公正公平、公正 Shareholders or Stockholders（股东）股东）arethepersonswhoownsharesofeithe

4、rcommonorpreferredstock.TheModelBusinessCorporation(1984)andmodernusagegenerallytendstoprefer“shareholder”to“stockholder”，butthelatterwordisdeeplyingrained（根深蒂固的）incommonusage.Merger（合并、兼并）合并、兼并）isanamalgamationoftwocorporationssurvivesandtheotherdisappears.The corporation is unlimitedly liable for

5、the debts and obligations of the business：公司对其经营活动中产生的债务承公司对其经营活动中产生的债务承担无限责任担无限责任A typical corporation has the followingbasicattributes:Separate existence.Thecorporationhasanindependent,perpetualexistence.Itisanentity distinct from those who contributecapitalandthosewhomanagethebusiness.Centralized

6、 management.Managementpower lies in the board of directors,whichoftendelegatesitspowertoofficers.Shareholders elect the directors but cannotcontrolspecificboarddecisions.Transferability of ownership interests.Shareholders ownership interests are freelytransferable.Limited liability.Liabilityofshareh

7、oldersislimited to the amount of their investment.Creditors must look only to the corporationsassetsforrecovery.Limitedliabilityisrecognizedevenifitservesasthemotivatingreasonbehindincorporation.Thereareexceptionstothesetenets.Forexample,inspecialcircumstancesshareholders may be held personally liab

8、lebeyondtheirinvestment;lendersmayrequireshareholders to give personal guaranteesbeforeextendingcredittothecorporation;and,incloselyheldcorporations,shareholderscanagreetorunthebusinessandmaybesubjecttolimitationsonthetransfertotheirstock.Notes:Poolvi.汇集Intangibleadj.无形的Taxableentity纳税主体Entityn.实体Co

9、nglomeraten.集团Separateexistence独立的人格Directorsn.董事Officersn.管理人员Closelyheldcorporation封闭公司Perpetualadj.永久的Boardofdirectors董事会Assetn.资产Incorporationn.组成公司或社团；形成法人组织Tenetn.原则Creditors债权人Read the material for 15 minutes and answer the following questions:1.Whatisacorporation?Whatisthesimplestandusuallyt

10、hemostusefulwayofviewingacorporation?2.Thesizeofcorporation?Examples?3.Thefeaturesofcorporation?4.WhatisthemeaningofTaxableentity？5.Themeaningofcontributecapital？6.Whatisthemeaningofdirectors？7.Themeaningofofficers？8.Whatdoes“limitedliability”mean?9.Whatis“acloselyheldcorporation?”1.2 What is Corpor

11、ation？Other Theories（什么是公司？其他理论）什么是公司？其他理论）Charter（公司章程）公司章程）：maymean(i)thedocumentfiledwiththeSecretaryofState,i,e.,thearticlesofincorporation,or(ii)thegrantbytheStateoftheprivilegeofconductingbusinesswithlimitedliability.Charterisoftenusedinacolloquialsensetorefertothebasicconstitutivedocumentsoft

12、hecorporation.legislature：立法机关立法机关Common shares（普通股）普通股）representtheresidualownershipinterestsinthecorporation.Holdersofcommonsharesselectdirectorstomanagetheenterprise,areentitledtodividendsoutoftheearningsoftheenterprisedeclaredbythedirectors,andareentitledtoapersharedistributionofwhateverassetsre

13、mainupondissolutionaftersatisfyingormakingprovisionsforcreditorsandholderofseniorsecurities.Preferred shares（优先股）优先股）aresharesthathavepreferentialrightstodividendsortoamountsdistributableonliquidation,ortoboth,aheadofcommonshareholders.Preferredsharesareusuallyentitledonlytoreceivespecifiedlimitedam

14、ountsasdividendsoronliquidation.Senior security（优先证券）优先证券）isadebtsecurityorpreferredsharethathasaclaimpriortothatofjuniorobligationsorcommonsharesonacorporationisassetsandearnings.Common shareholders（普通股东）普通股东）areholdersofcommonshares,theultimateownersoftheresidualinterestofacorporation.Dividend（股利）

15、股利）isapaymenttoshareholdersfromoroutofcurrentorpastearnings.Certificates of incorporation（公公司司成成立立证证书书）inmoststatesisthedocumentpreparedbytheSecretaryofincorporationandthecommencementofthecorporateexistence.InDelawarethecertificateofincorporationisthenamegiventothedocumentfiled with the Secretary of

16、 State.The Model BusinessCorporationAct(1984)haseliminatedcertificatesofincorporation,requiringonlyafeereceipt.有关公司的其他理论：实在理论（有关公司的其他理论：实在理论（realistic theory）；）；许可理论（许可理论（concession theory）；）；特许理特许理论（论（franchise theory）；）；合同理论（合同理论（contract theory）等。等。1.3 1.3 The“Nexus of Contract”Theory 合同理论（契约理论）合

17、同理论（契约理论）Broker（证证券券经经纪纪人人）in a securities transaction,meansapersonwhoactsasanagentforabuyerorseller,oranintermediarybetweenabuyerandseller,usually charging a commission.A broker whospecializesinshares,bonds,commodities,oroptionsmust be registered with the exchange where thespecific securities are t

18、raded.A broker should bedistinguished from a dealer who,unlike a broker,buys or sells for his own account.Securities firmstypically act as dealers and brokers,depending onthesecurityinvolved.Securities exchange（证证券券交交易易所所）aremarketforthepurchase and sale oftraditional securities atwhichbrokers for p

19、urchasers and sellers may effecttransactions。ThebestknownandlargestsecuritiesexchangeistheNewYorkStockExchange.合同理论认为，公司是企业（合同理论认为，公司是企业（enterprise）的经理的经理人员（人员（manager）同劳动力（同劳动力（labor）、）、服务服务（services）、）、原材料（原材料（raw materials）和资本和资本（capita1）的提供者（的提供者（provider）签订的一系列合同。签订的一系列合同。1.4 The Development of

20、 Corporation Law in the United States（公司法在美国的发展）公司法在美国的发展）美美国国的的现现代代公公司司法法可可以以追追溯溯到到19世世纪纪末末20世世纪纪初初。在在19世世纪纪早早期期，设设立立公公司司通通常常是是出出于于公公共共目目的的（public purposes）。例例如如建建隧隧道道、建建桥桥梁梁、建建公公路路的的公公司司，这这些些公公司司享享有有垄垄断断性性的的特特权权（monopoly privileges）。在在19世世纪纪，公公司司是是从从州州政政府府，而而不不是是从从联联邦邦政政府府那那里里获获得得许许可可证证。起起初初，公公司司是

21、是从从州州的的立立法法机机关关（state legislature）获获得得许许可可证证（charter）。许许可可证证的的获获得得被被当当 作作 是是 政政 治治 问问 题题。由由 行行 政政 机机 关关（administrative agency）批批准准设设立立公公司司是是在在1840年年。到到20世世纪纪初初期期，一一些些州州为为了了吸吸引引公公司司，开开始始简简化化设设立立公公司司的的程程序序和和手手续续，起起初初是是新新泽泽西西州州（New Jersey）占占优优，但但因因新新泽泽西西州州在在州州长长Woodrow Wilson期期间间对对设设立立公公司司实实行行较较强强的的法法律

22、律规规制制后后，其其优优势势地地位位被被特特拉拉华华州州（Delaware）取取代代。今今天天，在在纽纽约约证证券券交交易易所所（New York Stock Exchange）上市的公司中超过上市的公司中超过1/3的公司是在特拉华州设立的。的公司是在特拉华州设立的。这这场场在在州州与与州州之之间间因因设设立立公公司司之之间间的的竞竞争争在在30年年后后被被Cary教教授授称为称为“奔向最低线的竞赛奔向最低线的竞赛”（race for the bottom）。）。1.5 1.5 Economic Analysis of the“Race for the bottom”（“奔向最低线竞赛奔向最低

23、线竞赛”的经济分析）的经济分析）Publicly Held Corporation（公公开开上上市市公公司司）is acorporationwithsharesheldbynumerouspersons.Shares of publicly held corporations are usuallytradedeitheronasecuritiesexchangeorover-the-counter.Over-The-Counter（柜柜台台市市场场）referstotheNSDAQsecurities market which consists of brokers whopurchaseo

24、rsellsecuritiesbycomputerhook-uportelephone rather that through the facilities of asecuritiesexchange NASDAQ（纳纳斯斯达达克克）isanacronymfor“NationalAssociationofSecuritiesDealersAutomatedQuotations”andistheprincipalrecordingdevicefortransactionsontheover-the-countermarket.Judicial decision：法院判决法院判决 Decline

25、 in the shares price：股价下跌股价下跌 Increase in the shares price：股价上涨股价上涨1.6 What Explains Delawares Success in Attracting Corporations？WhyDelawarehasbeensosuccessfulinthe incorporation business?This also hasbeen the subject ofconsiderable discussion.It is useful to first consider the reasonscorporation a

26、ttorneys in states other thanDelawaregiveastowhytheyuseDelawareastheirpreferredstateofincorporation.Theirresponses generally fall into the followingcategories:(1)weuseDelawarebecauseithasbeena leading state of incorporation for manyyears,andthereareanswerstomostquestionswecanworkaroundthem;whatwecan

27、notdealwithisuncertainty,andthelawinall other states,including heavily populatedstates such as California,New York,andTexas,hasmanyareasofuncertainty.(2)we use Delaware because thecorporation lawyers in our firm are familiarwith Delaware law,and it is cheaper andmore efficient for our clients if we

28、createDelawarecorporationsratherthancorporations in other states.As evidence ofthis,we customarily give opinions withrespecttoDelawarecorporationlaweventhoughourofficesarelocatedinNewYorkCity.(3)we use Delaware law because if aproblem arises we will be dealing with stateofficials who are sophisticat

29、ed in corporationlaw,and we will get useful advice andassistancefromthem.(4)weuse Delawarelawbecauseifwehaveto litigate,we will be before sophisticatedjudgeswellversedincorporationlawandwewill have the assistance of well trainedDelawarecorporationlawyers.(5)weuseDelawarelawbecauseweknowthat that sta

30、te will respond promptly ifunexpectedproblemsarisebyamending its corporation law.Delaware isusually years ahead of most states in thisregard.(6)we use Delaware law because it isstable.Itisunlikelythatmajorpolicychangeswill be made in Delaware without the mostcarefulconsiderationbycorporatespecialist

31、s.In addition,an important factor is that theDelawareCourtofChanceryispredominantlya business law court and its judges havewide experience in such disputes.Otherstates have attempted to create similarspecialized courts,but the efforts have notbeenverysuccessful.Notes:Considerableadj.值得考虑的Clientn.客户C

32、ustomarilyadv.通常地Sophisticatedadj.经验丰富的Litigatev.提起诉讼Versedadj.精通的Chanceryn.美平衡法院Predominantlyadv.占优势的 Read the material for 15 minutes and answer the following questions:1.Whatdoes“Delaware”mean?2.Themeaningof“attorneys”？3.Themeaningof“Itisusefultofirstconsiderthereasonscorporationattorneysinstates

33、otherthanDelawaregiveastowhytheyuseDelawareastheirpreferredstateofincorporation”？4.Themeaningof“inourfirm”？5.WhatExplainsDelawaresSuccessinAttractingCorporations？1.7 The Model Business Corporation Act The Federal Securities LawsInadditiontoDelaware,asecondmajorinfluence on modern corporation law has

34、been the Model Business Corporation Act,developedandmaintainedbyacommitteeofthe American Bar Association.The originalMBCA,asitisusually referred to,wasfirstpublishedin1950andwasinfluentialinthedevelopmentofstateincorporationstatutesinsomethirtystates.In1984,anewversionofthe Model Act,originally refe

35、rred to as theRevisedModelBusinessCorporationAct,butnowcalledtheModelBusinessCorporation Act(1984)or MBCA(1984)waspublishedandhasreceivedafavorablereception in numerous states since itsintroduction.MBCA(1984)largely builds ontheprovisionsoftheolderMBCA,butadoptsinnovative provisions in a number of a

36、reasand effects a considerable simplification oflanguageinmanyprovisions.MBCA(1984)is in the tradition of mostmoderncorporationstatutes:itisprimarilyanenabling statute rather than a regulatorystatute.Whetherornotistooflexibleortoopermissivedependstoalargeextentonthesocialviewsoftheobserver.Finally,m

37、ention should be made ofdevelopmentsatthefederallevel.Intheearly1930s,Congressenactedtwostatutesrelatingtocorporatematters.TheSecuritiesActof1933andtheSecuritiesExchangeActof 1934 have formed the springboard forconsiderablefederalregulationoftheinternalaffairs of publicly held corporations;at onesta

38、ge a trend appeared to be developingtowardaninclusivefederallawofcorporations based on these two statutes.Whilethisdevelopmenthasbeenstoppedinits tracks by the modern trend towardderegulationandbyaseriesofnarrowandrestrictive holdings by the federal courts,federalregulationisstillofgreatimportancein

39、corporationlaw.The Securities Act of 1933 regulatesraising of capital by corporations frommembersofthepublic.Itissupplementedbystate statutes,called blue sky laws thatregulate capital raising within each specificstate.The Securities Exchange Act of 1934primarilyaffectscorporationlawthroughitsregulat

40、ion of the disclosure policies ofpubliclyheldcorporations.Thisstatutealsoprovides the basis for the regulation ofsecuritiesexchangesandsecuritiesbrokersanddealers.Notes:ModelBusinessCorporationAct 示范商事公司法AmericanBarAssociation美国律师协会provisions规定Innovative革新的Effects（法规）的内容enablingstatute授权性规范regulator

41、ystatute禁止性规范Holdings（法院）裁定blueskylaws蓝天法Read the material for 15 minutes and answer the following questions:1.Whatisasecondmajorinfluenceonmoderncorporationlaw？2.ComparetheolderMBCAandMBCA(1984).3.WhatistheSecuritiesAct（1933）？4.WhatisTheSecuritiesExchangeAct(1934)?Whatis“”theblueskylaw”？Blue Sky La

42、ws蓝蓝天天法法arestatestatutes that regulate the sale ofsecuritiestothepublicwithinthestate.Mostblueskylawsrequiretheregistrationofnewissuesofsecuritieswithastateagencythatreviewssellingdocumentsforaccuracyandcompleteness.Blueskylawsalsooftenregulatesecuritiesbrokersandsalesmen.Close corporation or Closel

43、y Held corporation is corporation with relativelyfewshareholdersandnoregularmarketsforitsshares.Chose corporations usually havenever made a public offering ofshares andthe shares themselves may be subject torestrictions on transfer.Close and closelyheldaresynonymous.Publicly Held Corporation isacorp

44、orationwithsharesheldbynumerouspersons.Sharesofpubliclyheldcorporationsareusuallytradedeitheronasecuritiesexchangeorover-the-counter.Public Offering（公公 开开 募募 集集 股股 份份）involvesthesaleofsecuritiesbyanissuerorapersoncontrollingtheissuertomembersofthepublic.Generally,anyofferingthatisnotexempt under Reg

45、ulation D or the privateoffering exemption of the Securities Act of1933 and/or similar exemptions under stateblueskylawsisconsideredapublicoffering.Normally registration of a public offeringunder those statutes is required though insome instancesother exemptionsfromregistrationmaybeavailable.Chapter

46、 2The Business Forms 2.1 The Business Forms Suppose Rudy and Bud plan a flowershop,Rudy will run the shop and Bud willhelp;Rudy,and perhaps Bud,will put inmoney.The organizational forms that theycanusetostructuretheirfor-profitbusinessexistalongacontinuum,Youshouldkeepinmind,though,that whatever str

47、ucture RudyandBudchoose,itwillnotsignificantlyaffecthow they conduct the business of sellingflowers.The organizational form primarilydetermines their legal relationship,theirresponsibilities forbusinessdebts,andtheirtaxliability.The more common choices available tothemare:Sole proprietorship.A singl

48、e individual,Rudy,ownsthebusinessassetsandisliablefor any business debts.She may haveemployees,such as Bud.Proprietorshipstendtobesmall,withfewcapitalneeds.General partnership.If Rudy and Budarrange to carry on the business whilesharingcontrolandprofits,theyautomaticallycreate a partnership.As partn

49、ers,they areeachindividuallyliableforpartnershipdebts.Partnershipstendtoariseinserviceindustries-suchaslaw,accounting,medicine-wheretrustmustexistamongtheparticipants and capital needs are not great.Careful planning and drafting of partnershipagreementsarevital.Limited partnership.RudyandBudcanforma

50、limitedpartnershipinwhichso-calledlimitedpartnersprovidecapitalandareliableonlytotheextentoftheirinvestment.GeneralPartnersrunthebusinessandarefullyliablefor partnership debts.Since limited partnersneednotbegeneralpartners,Rudycouldbethegeneralpartnerandbothofthemlimitedpartners.Limitedpartnershipsa