I.- EINLEITUNG.<\/p>\n
Am 10. Januar 2011 hat die 1. Abteilung der Zivilkammer des spanischen obersten Gerichtshofs („Tribunal Supremo“) das Urteil Nr. 889\/2010 gef\u00e4llt, mit dem sie den Entschluss der Steuer- und Notariatsbeh\u00f6rde („Direcci\u00f3n General de los Tributos y del Notariado“), die Eintragung eines Artikels der Satzung einer Aktiengesellschaft abzulehnen, best\u00e4tigt hat.<\/p>\n
Der fragliche Artikel sah vor, dass zugunsten der Aktion\u00e4re und der Gesellschaft selber ein Erwerbsrecht bez\u00fcglich derjenigen Aktien errichtet wird, die juristischen Personen geh\u00f6ren, f\u00fcr den Fall, dass diese Gesellschaften \u00c4nderungen bez\u00fcglich ihrer Gesellschafter aufgrund von Gesch\u00e4ften unter Lebenden erf\u00fchren, sodass bestimmte Personen, z.B. Familienangeh\u00f6rige, die M\u00f6glichkeit verlieren eine qualifizierte Mehrheit von mindestens zwei Dritteln der Stimmen auszu\u00fcben.<\/p>\n
Jedoch wurde das Urteil mit abweichendem Votum eines Mitglieds der Kammer beschlossen, welches die fragliche Vorschrift f\u00fcr vereinbar mit dem spanischen Recht hielt.<\/p>\n
II.- THE HIGH COURT JUDGEMENT.<\/p>\n
In its judgement, the High Court concluded that the disqualification by the Companies Registrar was in line with the law because the establishment of an absolute redemption right, without being subject to deadlines or destined to guarantee the control of the shares of certain persons, or their family relations, means that \u201cpersonal background ends up imposing itself upon the by-laws to such an extent that the capitalist, open and anonymous character of the recurrent company is practically eliminated.\u201d<\/p>\n
The above, upheld by the High Court, amounts to an infringement of article 10 of the former Joint Stock Companies Act (equivalent to article 28 of the current Capital Companies Act), which stipulated that the company by-laws may include all pacts and conditions deemed appropriate by the shareholders, provided that they do not oppose laws or contradict the structuring principles of the chosen legal form of the company.<\/p>\n
III.- THE DISSENTING VOTE ON THE HIGH COURT SENTENCE.<\/p>\n
The dissenting vote formulated by the dissident judge disagrees with the sentence considering that it introduces an unnecessary rigidity in company legal forms, substitutes the principle of free by-laws with that of free typological option and unnecessarily restricts the general principal of free will.<\/p>\n
In his opinion, the appeal filed by the recurrent Joint Stock company should be allowed, deeming to be lawful the statutory regulations which impose positive restrictions directed at demanding, as an accessory feature for remaining in the company, that the conditions which allowed the shareholder to enter the company should be maintained. All of which is regardless of whether or not the chosen legal form adjusts to the ideal structure of a strictly capitalist joint stock company or not, which is open and governed by \u201cintuitus pecuniae\u201d and which does not infringe upon the imperative provisions of the former Joint Stock companies Act or the current Capital Companies Act.<\/p>\n
IV.- CONCLUSION.<\/p>\n
Although the opinion of the majority of the judges opposed the acceptation of this kind of stipulations in the by-laws of a Joint Stock company, the dissenting vote suggests the possible evolution, which the legal form of companies shall undergo in Spain. It is very possible that, as envisaged in the preliminary recitals of the Capital Companies act, in the future \u201cbeing more than a rigid comparison arising from the chosen legal form, the essential distinction shall lie in whether or not the company is quoted on the Stock Exchange.\u201d<\/p>\n
F\u00fcr weitere informationen, kontaktieren Sie:<\/p>\n
Ramon MANY\u00c0: rmt@vila.es<\/p>\n
2012\/10\/07<\/p>\n","protected":false},"excerpt":{"rendered":"
I.- EINLEITUNG. Am 10. Januar 2011 hat die 1. Abteilung der Zivilkammer des spanischen obersten Gerichtshofs („Tribunal Supremo“) das Urteil Nr. 889\/2010 gef\u00e4llt, mit dem sie den Entschluss der Steuer- und Notariatsbeh\u00f6rde („Direcci\u00f3n General de los Tributos y del Notariado“), die Eintragung eines Artikels der Satzung einer Aktiengesellschaft abzulehnen, best\u00e4tigt hat. Der fragliche Artikel sah […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-4334","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n