کمک مالی شرکت برای انتقال سهام آن: ارائه راه کار برای حقوق ایران
فصلنامه بورس اوراق بهادار

فصلنامه بورس اوراق بهادار

کمک مالی شرکت برای انتقال سهام آن: ارائه راه کار برای حقوق ایران

نوع مقاله : مقاله پژوهشی

نویسندگان
1 دانشجوی دکتری، گروه حقوق تجارت و سرمایه‌گذاری، دانشگاه شهید بهشتی، تهران، ایران.
2 استادیار، دانشکده حقوق، دانشگاه شهید بهشتی، تهران، ایران
چکیده
ممنوعیت کمک مالی شرکت برای خرید سهام همان شرکت، از جمله نتایج ممنوعیت خرید سهام شرکت توسط همان شرکت است که خود نشأت گرفته از ممنوعیت بازگشت سرمایه به سهامداران تحت قواعد صیانت از سرمایه شرکت است. گرچه در دیرباز، اعطای کمک مالی بطور مطلق ممنوع بود لیکن به تدریج با تغییر کارکرد معاملات تجاری و تأثیر کمک مالی در توسعه کسب و کار شرکت‌ها، اطلاق این ممنوعیت کنار گذاشته شد. اما نظام‌های حقوقی بطور گوناگونی ممنوعیت کمک مالی را قاعده‌مند کرده‌اند به شکلی که در برخی کشورها همچون انگلستان و اتحادیه اروپا اصل بر ممنوعیت کمک مالی جهت خرید سهام شرکت است و تنها مواردی خاص از آن مستثنی می‌شوند، و برخی کشورها همچون ایالات متحده امریکا نیز بسیار سهل‌گیرانه با این موضوع برخورد نموده‌اند به شکلی که تا شرکت به ورطه ورشکستگی نیفتد اعطای کمک مالی با مانعی مواجه نخواهد شد. در حقوق ایران، قانون‌گذار مقرره صریحی در رابطه با کمک مالی وضع نکرده است و هیچ یک از مقررات فعلی نیز حکمی در این خصوص بیان نداشته‌اند. به همین دلیل در این نوشتار ضمن بررسی نظام‌های حقوقی پیشرو، به ارائه راه‌حل متناسب با حقوق ایران پرداخته شده است.
کلیدواژه‌ها

عنوان مقاله English

Financial Assistance for Acquisition of Own Share: A Solution for Iranian Law

نویسندگان English

Ehsan Solhi 1
Mohammad Soltani 2
1 Ph.D. Student, Department of Business and Investment Law, Shahid Beheshti University, Tehran, Iran.
2 Assistant Professor, Faculty of Law, Shahid Beheshti University. Tehran, Iran.
چکیده English

The ban on financial assistance for purchase of own shares, is rooted in the prohibition on a company acquiring its own share that the latter stems from the ban on distribution of capital to shareholders under capital maintenance rules. Although long ago the giving of financial assistance was absolutely forbidden, gradually along with the modification of commercial transactions and the influence of financial assistance on the development of business the absoluteness of this ban was set aside. However, legal systems have variously regulated financial assistance in such a manner that in some countries like England and European Union, financial assistance is principally proscribed with some limited exceptions, and some countries like United States have leniently addressed this issue so that up until the company is not insolvent, giving of financial assistance cannot be impeded. In Iranian Law, the legislator has not enacted an explicit rule for financial assistance and none of the current regulations provide any solution for this issue. Therefore, this essay studies the leading legal systems and suggests a solution consistent with Iranian law.

کلیدواژه‌ها English

Financial Assistance
Share Purchase
Fraudulent Transfer
Maintenance of Capital
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