History of state and law of foreign countries. Development of institutions of bourgeois civil law. Legal entities. Joint stock companies (most important)

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History of state and law of foreign countries. Development of institutions of bourgeois civil law. Legal entities. Joint stock companies (most important)

Lecture notes, cheat sheets

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Development of institutions of bourgeois civil law. Legal entities. Joint stock companies

The emergence of joint-stock companies refers to the beginning XVII century. To some extent, they were both the famous East India Company and the company that established the Bank of England (1635 BC) to finance the government, and the government's Netherlands East India Company (1602 BC). The shareholders of all these companies were famous people, but even then (in France, for example) in some places bearer shares began to appear. Among the joint-stock companies that arose in XVII century. and especially in XNUMXth century., there were a lot of exaggerated ones, and they had the goal of robbing a small shareholder who pecked at the promise of big profits. This circumstance led to the English law 1720 BC, which prohibited the formation of joint-stock companies without prior government permission.

In France, joint-stock companies were encouraged in pre-revolutionary times, but were banned in 1793 BC as tools with which the robberies of small investors were carried out.

Commercial Code 1807 BC did not prohibit a joint-stock (in French terminology - "anonymous") company, that is, such an association of capitalists, in which the capital consists of shares (Article 34); it was also recognized that for such a company the principle of limited liability of shareholders for the debts of the company operates (in contrast to the so-called general partnerships with their joint and several liability). The commercial code required, however, that special permission from the government should be requested each time for the formation of a joint-stock company, and this was not always granted.

В 1867 BC government Napoleon III, showing understanding of the situation, freed joint-stock companies from the need to request prior permission. It became quite simple registration (the concession procedure gave way to the normative one). Thus, a legal entity was finally recognized.

The English legislation on joint-stock companies went ahead of the French. Despite the restrictions imposed by law 1720 BC, joint stock companies were created in England hundreds, and the government itself made them a source of loans.

В 1844 BC joint-stock companies receive full recognition of the law as legal entities managed and represented by directors. Shareholders, however, remained jointly and severally liable to the extent of their entire property, and this greatly hindered the attraction of capital. AT 1862 BC This restriction has also been removed. Shareholders began to answer for the debts of the company within the limits of their shares.

The main body of the company is the general meeting of shareholders. The vote in this meeting does not belong to the person as such, but to the shares: the more shares, the more votes. To have a decisive influence on the course of business, one had to own a "controlling stake" containing more than half of the company's share capital; in practice, it turned out to be sufficient to have 30 or 20 or even less than that percent of the share capital.

Depending on the course of affairs, on the amount of profits and other circumstances, the actual value of the shares (the price at which they are sold on the stock exchange) may be higher than the nominal value and lower.

There are many types of joint stock companies. AT Germany became widespread legalized in 1892 BC limited liability company; its management is simplified (there is neither a general meeting nor a supervisory board), but the transfer of shares (shares) is difficult, and they do not appear on the stock exchange.

In the German Civil Code, legal entities, and joint-stock companies in particular, receive their full recognition from the very beginning.

Author: Selyanin A.V.

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