magistrsko delo
Jana Simonič (Author), Marijan Kocbek (Mentor), Jerneja Prostor (Co-mentor)

Abstract

Družba praviloma ne sme pridobivati t. i. lastnih delnic. V slovenskem, kot tudi v nemškem pravu velja načelna prepoved derivativne pridobitve lastnih delnic, ki izhaja iz dveh načel, in sicer iz načela prepovedi vračila vložkov in iz načela, da družba ne more postati sama svoj delničar. Lastne delnice ne dajejo družbi nobenih pravic. V kolikor bi delniška družba izvrševala pravice iz lastnih delnic, bi s tem kršila osnovna načela delniške družbe. Zato velja, da vse članske pravice iz pridobljenih lastnih delnic mirujejo. To velja za vse lastne delnice, tiste ki jih je družba pridobila zakonito ali nezakonito oziroma originalno ali derivativno. Kljub temu, pa lahko družba razpolaga s članskimi pravicami, ki izhajajo iz lastnih delnic, in sicer jih družba lahko zastavi, proda ali da v uživanje. ZGD-1 prepoveduje pridobivanje lastnih delnic s pomočjo tretje osebe. Enaka prepoved, kot je določena za tretje osebe, je določena tudi za odvisno družbo in za družbo v večinski lasti. Tretja oseba lahko v skladu z ZGD-1 pridobiva delnice družbe za račun družbe le v obsegu in pod pogoji, ki veljajo za delniško družbo samo. Z novelirano ureditvijo Zakona o gospodarskih družbah se je izenačila ureditev tudi po originalnem nemškem vzoru v Aktiengesetzu. Tako ZGD-1, kot tudi AktG pa sta usklajena z določbami Druge kapitalske direktive, ki so zajete v danes veljavni Direktivi 2017/1132, v zvezi s pridobitvijo lastnih delnic. Kljub temu, da je ZGD-1 sledil ureditvi v AktG pa prihaja do pomembnih razlik v zvezi s pridobivanjem in odsvajanjem lastnih delnic družbe. V zvezi s pridobivanjem lastnih delnic prihaja do razlik pri lastnih delnicah, ki so ponujene v odkup delavcem in pri zagotovitvi ustrezne odpravnine delavcem. Če je pri navedenih izjemah nemško pravo širše, pa je pri izjemi pridobivanja lastnih delnic preko nakupne komisije bolj specifično kot slovensko pravo. Pri odsvajanju lastnih delnic pa sta si primerjani ureditvi precej enotni. Tako nemško, kot tudi slovensko pravo pa vsebujeta določbe, s katerimi se poskuša preprečiti kršitve v zvezi s pridobivanjem lastnih delnic. Do pomembnih razlik prihaja predvsem pri uveljavljanju družbeniške tožbe in odškodninskega zahtevka.

Keywords

lastne delnice;pridobivanje lastnih delnic prek tretjih;družbeniška tožba;251. in 247. člen ZGD-1;%71a AktG in %71d AktG.;

Data

Language: Slovenian
Year of publishing:
Typology: 2.09 - Master's Thesis
Organization: UM PF - Faculty of Law
Publisher: J. Simonič]
UDC: 347.728.2:336.763.2(043.3)
COBISS: 5823787 Link will open in a new window
Views: 628
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Other data

Secondary language: English
Secondary title: Acquisition of own shares through third party in slovenian and german law
Secondary abstract: As a rule, the company should not acquire the so-called own shares. The Slovenian as well as the German law prohibits the derivative acquisition of own shares, based on two principles, namely, the principle of prohibition of the return of contributions and the principle of the company not being entitled to become its own shareholder. Own shares do not grant the company any rights. If a public limited company exercised rights from own shares, it would violate the basic principles of a public limited company. It is therefore considered that all membership rights from own shares are suspended. This applies to all own shares, those acquired by the company legally or illegally, and originally or derivatively. Nevertheless, the company may exercise membership rights arising from own shares, in so far that the company can pledge, sell or give usufruct the aformentioned rights. ZGD-1 prohibits the acquisition of own shares with the help of a third party. The same prohibition as for third parties is also defined for subsidiaries and for the majority-owned companies. In accordance with the ZGD-1, a third party may acquire shares of the company on the account of the company only to the extent and under the conditions applicable to the public limited company. With the revised regulation of the ZGD-1, the rule was made even to the original German model in Aktiengesetz. In regard to the acquisition of own shares, both the ZGD-1 and AktG are in line with the Second Capital Directive, which are now covered by the2017/1132 Directive. Despite the fact that ZGD-1 followed the regulation in the German AktG, there are some important differences in the acquisition and disposal of the company's own shares. In regard to the acquisition of own shares, there are differences in own shares offered for the redemption to employees and in providing adequate compensation to employees. In the case of these exceptions, German law is broader, however, in the exception of the acquisition of own shares through a commission, it is more specific than Slovenian law. When disposing of own shares, the compared rules are quite uniform. Both German and Slovenian law contain provisions that seek to prevent violations in connection with the acquisition of own shares. Significant differences occur especially in the exercise of a direct shareholder lawsuit and damage claims.
Secondary keywords: own shares;acquisition of own shares through third parties;a direct shareholder lawsuit;Articles 251 and 247 in ZGD-1;%71a AktG and %71d;
Type (COBISS): Master's thesis/paper
Thesis comment: Univ. v Mariboru, Pravna fak.
Pages: 43 f.
ID: 11214431