Unit5CorporateStructure:Shareholdersmeeting1.ShareholdersOnethatownsorholdsashareorsharesofstock.

Unit5CorporateStructure:S12.Therightsofshareholder2.1votingrightTherighttorejectorapprovesomeimportantcorporatematters,suchasmergers,salesofassetsandamendmentsofarticlesAlthoughtodaymostjurisdictionspermitissuanceofnonvotingstock,mostcommonshareholdershavetherighttovotetheirshares.Theymayvotetoelectdirectorsandtoremovedirectors,evenwithoutcause.Theymayvotetoapproveordisapprovechangesinthebasiccorporatestructure,suchasmergers,consolidations,andliquidations.

2.Therightsofshareholder22MajorityRuleofvoting（多數(shù)表決制）Theshareholders’meetingmakesitsdecisionbymajorityvote.Wecallthisasmajorityruleofcorporation.TheMajorityruleisfirstbroughtbythecaseFossv.Harbottle:twoshareholdersbroughtanactionagainstthecompany’sfivedirectors,andothers,allegingthatthecompany’spropertyhadbeenmisappliedandwastedandthatcertainmortgagesoverthecompany’spropertyhadbeengivenimproperly.Theyaskedthecourttodeclarethatthedirectorswereaccountableforthecompany’sloss.Itwasheldthattheshareholderscouldnotbringsuchproceedings.MajorityRuleofvoting（多數(shù)表決制32.Therightsofshareholders2.2righttoinformationandinspectionRighttoinformation:Theshareholderhastherighttokeephimselfinformedaboutthefinancialandoperationalconditionsofthecorporations.Righttoinspection:Theshareholderhasarighttoinspectcorporaterecordsanddocumentssuchasshareholderlists,minutesofmeetings,financialstatements,andevencontracts.Theinspectionmustoccuratpropertimesandintheproperplacesand,mostimportant,mustbeforproperpurposes.

2.Therightsofshareholders4CaseTatkoownsabout2%ofthesharesofTatkoBrothersSlateco.Pursuanttotheshareholders’agreement,ifTatkowishestosellhissharesheisobligatedtoofferthemfirsttoTatkoBrothersco.at“bookvalue”(賬面值).Thebookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.WhenTatkoinformedthecorporationofhisinterestinsellinghisshares,hewasfurnishedwiththecorporation’slatestfinancialreport,whichcontainedabalancesheetlistingassets,liabilitiesandportionsoftheminutesfroma1973shareholders’meeting.Theaccountantswarnedthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Thecorporationindicatedtobuythesharesfor$35,789andtoprovideadditionalrecordstopetitioner,butrefusedtoprovideotherdocumentsthatTatkosought.Case5Judgment:Ashareholderhasarighttoinspectcorporatebooksandrecordswheretherequestismadeingoodfaithandforaproperpurpose.Tatko’sdecisiontosellhisstocktothecorporationpresentsavalidreasonforinspectingfinancialrecordstothevalueofhisindividualholdings.Astheagreementbetweenthepartiesprovidesthatbookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.Theaccountantshaveprovidedthebalancesheetbutwarnthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Ataminimum,bookvaluerequiresnotonlythattheentriesbecompleteandcorrect.Tatkoshallbeaccordedanopportunitytodeterminetheaccuracyofthevaluesofthoseitemsfixedbymanagementandreflectedinthecorporation’sfinancialstatement.Judgment:62.Rightsofshareholders

2.3righttosuetherighttosuethedirectors,seniorofficersandsoononshareholder’sowninitiativeoronbehalfofthecorporationShareholdershavetherighttobringanddefendlawsuitsonthecorporation’sbehalf.Suitsbroughtonthecorporation’sbehalfarecalledderivativesuitsbecausetherighttosuederivesfromwrongsdoneprimarilytothecorporationandnottotheshareholderindividually.2.Rightsofshareholders27DerivativeSuits股東派生訴訟（Shareholder’sDerivativeSuits)又稱(chēng)股東代表訴訟(Shareholder’sRepresentativeAction），衍生訴訟、代位訴訟，是指當(dāng)公司的利益受到侵害而公司怠于或拒絕追究侵權(quán)人責(zé)任時(shí)，具備法定資格的一個(gè)或多個(gè)股東為了公司的利益而代替公司提起訴訟，要求侵害公司權(quán)益者賠償公司損失的行為。DerivativeSuits股東派生訴訟（Shareho82.Therightsofshareholder2.4appraisingrightofdissentingshareholder異議股東股份回購(gòu)請(qǐng)求權(quán)Shareholdersapproveacorporateactionbylessthanaunanimousvote,indicatingthatsomeshareholdersopposetheaction.Thedissentingshareholdersonlycanchoosetoremainshareholdersortoselltheirshares.Forclosecorporationshareholders,thereisnochoice–thedissentingclosecorporationshareholderhasnoreadymarketforhershares,soshewillremainashareholder.Sothecorporatelawcreatesthe“dissenters’rightsforshareholderswhodisagreewithspecifiedfundamentalcorporatetransactionstorequirethecorporationtopurchasetheirsharesat“fairvalue”.2.Therightsofshareholder2.9Inmanycountries,theappraisingrightofdissentingshareholdercovermerger,shareexchanges,significantamendmentsofthearticlesofincorporation,andsalesofallorsubstantiallyalltheassetsotherthanintheordinarycourseofbusiness.（適用異議股份回購(gòu)事由）Manycountriesexcludesharesthataretradedonarecognizedsecuritiesexchangefromdissenters’rightsbecausethedissentingshareholdercansellhisshareonthestockexchange.(公開(kāi)市場(chǎng)例外）Inmanycountries,theappr102.Rightsofshareholder2.5PreemptiveRight(優(yōu)先購(gòu)買(mǎi)權(quán)）Ifthecorporationissuesnewshares,itshalloffereachexistingshareholderapercentageofthenewsharesequaltohercurrentproportionateownership.Whenthepreemptiverightexists,thecorporationmustnotifyashareholderofheroptiontobuyshares,thenumberofsharesthatsheisentitledtobuy,thepriceoftheshares,andwhentheoptionmustbeexercised.Usually,theshareholderisissuedaright,awrittenoptionthatshemayexerciseherselforselltoapersonwhowishestobuytheshares.2.Rightsofshareholder2.5P112.Rightsofshareholder2.6Distributionstoshareholders分紅權(quán)Shareholdersinvestinacorporationprimarilytoshareintheexpectedprofiteitherthroughappreciationofthevalueoftheirsharesorthroughdividends.Therearetwotypesofdividends:cashorpropertydividendsandsharedividends.Dividendsareusuallypaidincash.However,otherassetsofthecorporation,suchasairlinediscountcouponsmayalsobedistributedasdividend.Corporationssometimesdistributeadditionalsharesofthecorporationtotheirshareholders.Often,thisisdoneinordertogiveshareholderssomethinginsteadofacashdividendsothatthecashcanberetainedandreinvestedinthebusiness.2.Rightsofshareholder2.6D12Case1:2000年1月，北京漢邦軟科數(shù)碼技術(shù)有限公司注冊(cè)成立，注冊(cè)資本2000萬(wàn)元，北京正有微系統(tǒng)有限公司為漢邦公司的股東之一，出資240萬(wàn)元。漢邦公司章程中規(guī)定，股東有查閱股東會(huì)會(huì)議記錄和公司財(cái)務(wù)會(huì)計(jì)報(bào)告的權(quán)利。然而直到2003年，漢邦公司從未向正有公司提供過(guò)年度財(cái)務(wù)報(bào)告。正有公司與之多次交涉未果，起訴到法院。漢邦公司辯稱(chēng)，正有公司承諾增資228萬(wàn)，一直未兌現(xiàn)。因此，漢邦公司認(rèn)為不應(yīng)向正有公司交付財(cái)務(wù)會(huì)計(jì)報(bào)告。Questions1.本案主要涉及股東什么權(quán)利被侵犯？2.你認(rèn)為漢邦公司的辯護(hù)有無(wú)道理？Case1:133.Thedutiesandobligationsofshareholder3.1subscriptionduty（認(rèn)股義務(wù)或出資義務(wù)）3.2fiduciarydutyofcontrollingshareholder控股股東的誠(chéng)信義務(wù)Whoisacontrollingshareholder?

PrinciplesofCorporateGovernancebyAmericanLawInstitute:美國(guó)法學(xué)會(huì)制定的公司治理原則Whohastheabilitytocontrolover25percentofthevotingequitywouldgiverisetoapresumptionofcontrollingshareholder.controlheremeansthepowerdirectlyorindirectly,eitheraloneorpursuanttoanarrangementorunderstandingwithoneormoreotherpersons,toexerciseacontrollinginfluenceoverthemanagementorpoliciesofabusinessorganization.

3.Thedutiesandobligations14

Controllingshareholdershaveafiduciaryduty（委托義務(wù)，也稱(chēng)信義/誠(chéng)信義務(wù)）nottocausethecorporationtorepurchasetheirownsharesortopaythemselvesadividendunlessthesameoffermadetotheminorityshareholder.Thecontrollingshareholdersmaybealsoliabletothesellingofthecontrollingsharestothepurchaserwhowouldmismanageorlootthecorporationwhilethecontrollingshareholdersgainalotfromtheselling.（禁止將股份出售給劫掠者）Controllingshareholdersh15德眾股份有限公司成立于1994年，其大股東A公司只持有公司20％的股份，第二大股東為B公司，第三大股東為C公司，持股比例分別為15％和10％。該公司于1998年在上海交易所上市。德眾公司于1999年6月27日決定增發(fā)新股，B公司與C公司合謀計(jì)劃奪取A對(duì)公司的控制權(quán)。在B公司與C公司的聯(lián)合操縱下，股東大會(huì)決議規(guī)定，公司增發(fā)新股100萬(wàn)股，其中A按其持股比例的1％享有新股優(yōu)先認(rèn)購(gòu)權(quán)，B公司和C公司按其持股比例的2％享有新股優(yōu)先認(rèn)購(gòu)權(quán)，優(yōu)先認(rèn)購(gòu)股票的價(jià)格為正常價(jià)格的80％。最后B公司順利以低價(jià)取得德眾公司控制權(quán)，并通過(guò)對(duì)公司董事會(huì)的控制阻撓A公司主張自己的新股優(yōu)先認(rèn)購(gòu)權(quán)，使A喪失對(duì)公司的控制權(quán)。A公司以自己名義向法院提起訴訟，以其優(yōu)先認(rèn)購(gòu)權(quán)受到侵犯為由，請(qǐng)求法院判決股東大會(huì)決議無(wú)效，并請(qǐng)求B公司和C公司承擔(dān)侵權(quán)責(zé)任。

德眾股份有限公司成立于1994年，其大股東A公司只持有公司2164.Shareholders’meeting

4.1introductionTheshareholdersaretheultimateownersofacorporation,butashareholderhasnorighttomanagethecorporation.Theshareholder’sroleinacorporationislimitedtoelectingandremovingdirectors,approvingcertainimportantmatters,andsoon.Andthisroleisrealizedthroughtheshareholders’meeting.

4.Shareholders’meeting4.1174.2classificationa.generalmeeting(annualmeeting)年會(huì)generalmeetingshallbetimelyheldinpursuancewiththearticlesofassociationInmostofthecountries,generalmeetingisheldonceayear.b.temporarymeeting臨時(shí)大會(huì)Temporarymeetingorspecialmeetingmaybeheldwheneveracorporatematterarisesthatrequiresimmediateshareholders’action,suchastheapprovalofamergerthatcannotwaituntilthenextannualshareholders’meeting.4.2classification185.Thefunctionsofshareholdersmeeting(1)determiningthecompany'soperationguidelinesandinvestmentplans;

(2)electingandchangingthedirectorandsupervisors;

(3)approvingthereportsoftheboardofdirectors;

(4)approvingthereportsoftheboardofsupervisorsorthesupervisor;

(5)approvingannualfinancialbudgetplansandfinalaccountplansofthecompany;

(6)approvingprofitdistributionplansandlossrecoveryplansofthecompany;

5.Thefunctionsofshareholde19Thefunctionsofshareholdersmeeting(7)makingresolutionsontheincreaseordecreaseofthecompany'sregisteredcapital;

(8)makingresolutionsontheissuanceofcorporatebonds;

(9)adoptingresolutionsontheassignment,split-up,changeofcompanyform,dissolution,liquidationofthecompany;

(10)revisingthearticlesofassociationofthecompany;

(11)otherfunctionsasspecifiedinthearticlesofassociation.Thefunctionsofshareholders205.股東會(huì)職權(quán)

(1)決定公司的經(jīng)營(yíng)方針和投資計(jì)劃；

(2)選舉和更換非由職工代表?yè)?dān)任的董事、監(jiān)事，決定有關(guān)董事、監(jiān)事的報(bào)酬事項(xiàng)；

(3)審議批準(zhǔn)董事會(huì)的報(bào)告；(4)審議批準(zhǔn)監(jiān)事會(huì)或者監(jiān)事的報(bào)告；(5)審議批準(zhǔn)公司的年度財(cái)務(wù)預(yù)算方案、決算方案；

(6)審議批準(zhǔn)公司的利潤(rùn)分配方案和彌補(bǔ)虧損方案；

(7)對(duì)公司增加或者減少注冊(cè)資本作出決議；(8)對(duì)發(fā)行公司債券作出決議；(9)對(duì)公司合并、分立、變更公司形式、解散和清算等事項(xiàng)作出決議；

(10)修改公司章程；

(11)公司章程規(guī)定的其他職權(quán)。5.股東會(huì)職權(quán)(1)決定公司的經(jīng)營(yíng)方針和投資計(jì)劃；

216.notificationandpublicationofthemeeting

a.thetimeandlocationofthemeetingThecorporationshallnotifytheshareholdersaboutthetimeandlocationofthemeetingcertaindaysinadvance.annualmeeting:20daysinadvancespecialmeeting:15daysinadvancefortheissueofunregisteredstock:30daysinadvanceb.thepersonwhohastherighttocallameeting(1)boardofdirectors(2)minorityshareholder(3)supervisoryboard(4)court(5)liquidator清算人6.notificationandpublicatio227.Resolutionsofshareholdersmeeting

7.1regularresolution普通決議Ifanyresolutionistobemadebytheshareholders'meeting,itshallbeadoptedbyshareholdersrepresentingmorethanhalfofthevotingrightsoftheshareholdersinpresence.7.2specialresolution特別決議Iftheshareholders'meetingmakesadecisiontomodifythearticlesofassociationortoincreaseorreducetheregisteredcapital,oraresolutionaboutthemerger,split-up,dissolutionorchangeofthecompanyform,theresolutionshallbeadoptedbyshareholdersrepresenting2/3ormoreofthevotingrightsoftheshareholdersinpresence.7.Resolutionsofshareholders23Case2000年，朱某等人成立了經(jīng)濟(jì)技術(shù)合作有限責(zé)任公司，股東會(huì)選舉朱某為董事長(zhǎng)兼總經(jīng)理。2003年，該公司召開(kāi)股東會(huì)并形成決議，分配了各股東對(duì)公司業(yè)務(wù)的掌管權(quán)限，該決議經(jīng)2/3以上有表決權(quán)的股東簽字通過(guò)。朱某拒絕履行股東會(huì)決議，阻撓公司清理小組對(duì)公司債權(quán)債務(wù)的清理。其他股東景某、陶某、周某等以原告身份，將朱某告上法庭。Case248.Differentvotingmethods投票方式

根據(jù)投票權(quán)是否可以分散使用，分為：a.Straightvoting直接投票Eachsharehasonevoteforeachnewdirectortobeelected.Withstraightvoting,ashareholdermayvoteforasmanynomineesastherearedirectorstobeelected;ashareholdermaycastforeachsuchnomineeasmanyvotesasshehasshares.e.g.inadirectorelectioninwhich15peoplehavebeennominatedfor5directorpositions,ashareholderwith100sharescanvoteforupto5nomineesandcancastupto100votesforeachofthose5nominees.

8.Differentvotingmethods投票25Straightvotingallowsamajorityshareholdertoelecttheentireboardofdirectors.Thus,minorityshareholdersareunabletoelectanyrepresentativestotheboardwithoutthecooperationofthemajorityshareholder.Straightvotingisalsoaprobleminclosecorporationsinwhichafewshareholdersownequalnumbersofshares.Insuchcorporations,noshareholderindividuallycontrolsthecorporation,yetiftheholdersofamajorityofthesharesacttogether,thoseholderswillelectallofthedirectorsandcontrolthecorporation.Suchcontrolmaybeexercisedtothedetrimentoftheothershareholders.Straightvotingallowsam26b.Cumulativevoting累計(jì)投票

Withcumulativevoting,acorporationallowsashareholdertocumulatehervotesbymultiplyingthenumberofshares.Ashareholdermaythenallocatehervotesamongthenomineesasshechooses.Shemayvoteforonlyasmanynomineesastherearedirectorstobeelected,butshemayvoteforfewernominees.股東的每一股享有與選舉人數(shù)相等的投票權(quán)，可以集中使用也可以分散使用。如：一家公司A、B兩股東，A持有26股，B持有74股，董事會(huì)5名候選人，甲、乙、丙、丁、戊，選出3名。直接投票下，A選丙、丁、戊，B選甲、乙、丙。則丙得票100，甲74，乙74，戊26。如允許A采用累計(jì)投票制，則A選丁，B選甲、乙、丙，則丁得票78，甲74，乙74，丙74。b.Cumulativevoting累計(jì)投票

27根據(jù)投票權(quán)是否由本人行使：a.votinginperson親自投票votebytheshareholderhimself.b.votingbyproxy委托投票Aproxyisashareholder’swrittenauthorizationforanotherperson,oftenthecorporation,toexercisetheshareholder’srighttovoteforalimitedtimeandaspecifiedpurpose.Ifseveralminorityshareholderscollectivelyownamajorityofthesharesofacorporation,theymayappointaproxy（指定代理人）xysolicitation委托書(shū)征集Themanagementofthecorporationsometimesneedstosolicitproxiesifitwishestohaveavalidshareholdervote,asthepassiveinvestorsrarelyattendshareholdermeetings.根據(jù)投票權(quán)是否由本人行使：28(2)classificationofproxysolicitationa.solicitatedbythemanagementteamofthecorporation當(dāng)權(quán)者征集Toensureitsperpetuationinofficeandtheapprovalofothermatterssubmittedforashareholdervote,thecorporation’smanagementsolicitsproxiesfromshareholdersfordirectors’selectionsandotherimportantmatters.b.solicitatedbythepersonwhowishestocompetetheposition在野者征集functionsofproxysolicitation(1)itisconvenientforminorityshareholderstocasttheirvotes.(2)itcanhelpdissatisfiedshareholdersoverthrowmanagementandtoinstalltheirowndirectors.(2)classificationofproxyso29山東勝利股份有限公司主營(yíng)塑料管道、精細(xì)化工、進(jìn)出口貿(mào)易、油器經(jīng)營(yíng)，為上市公司，廣州通百惠公司主營(yíng)企業(yè)服務(wù)網(wǎng)、社區(qū)服務(wù)網(wǎng)和網(wǎng)上企業(yè)孵化器，并擁有一系列網(wǎng)站。2000年勝利股份公司原第一大股東勝利集團(tuán)由于經(jīng)營(yíng)不善引發(fā)經(jīng)濟(jì)糾紛，其持有的3000萬(wàn)法人股以低價(jià)被拍賣(mài)。2000年1月10日，通百惠公司以每股1.06元的價(jià)格競(jìng)買(mǎi)成功，購(gòu)入勝利股份3000萬(wàn)法人股，占總股本的13.77%，成為勝利股份第一大股東，通百惠公司向勝利股份董事會(huì)提交了董監(jiān)事會(huì)提名人選，被董事會(huì)拒絕。2000年3月3日，山東勝邦公司因收購(gòu)勝利相關(guān)股份轉(zhuǎn)而成第一大股東。勝邦和通百惠為爭(zhēng)奪勝利公司控制權(quán)，繼續(xù)增持股份。持股比例分別達(dá)到17.35%和16.66%。2000年3月17日，通百惠在各大媒體上打出“你神圣的一票決定勝利股份的明天”大型廣告，并在證券和網(wǎng)絡(luò)媒體上公開(kāi)征集代理委托書(shū)，開(kāi)始了對(duì)中小股東表決權(quán)代理的征集。3月27～29日，通百惠再次大規(guī)模地公開(kāi)征集股東授權(quán)委托書(shū)。通百惠以為民請(qǐng)命的姿態(tài)公開(kāi)征集中小股東的投票委托書(shū)，引起中小股東的共鳴，三天之內(nèi)共征集有效委托2625.7781萬(wàn)股，占總股本的10.96%。山東勝利股份有限公司主營(yíng)塑料管道、精細(xì)化工、進(jìn)出口貿(mào)30Unit5CorporateStructure:Shareholdersmeeting1.ShareholdersOnethatownsorholdsashareorsharesofstock.

Unit5CorporateStructure:S312.Therightsofshareholder2.1votingrightTherighttorejectorapprovesomeimportantcorporatematters,suchasmergers,salesofassetsandamendmentsofarticlesAlthoughtodaymostjurisdictionspermitissuanceofnonvotingstock,mostcommonshareholdershavetherighttovotetheirshares.Theymayvotetoelectdirectorsandtoremovedirectors,evenwithoutcause.Theymayvotetoapproveordisapprovechangesinthebasiccorporatestructure,suchasmergers,consolidations,andliquidations.

2.Therightsofshareholder232MajorityRuleofvoting（多數(shù)表決制）Theshareholders’meetingmakesitsdecisionbymajorityvote.Wecallthisasmajorityruleofcorporation.TheMajorityruleisfirstbroughtbythecaseFossv.Harbottle:twoshareholdersbroughtanactionagainstthecompany’sfivedirectors,andothers,allegingthatthecompany’spropertyhadbeenmisappliedandwastedandthatcertainmortgagesoverthecompany’spropertyhadbeengivenimproperly.Theyaskedthecourttodeclarethatthedirectorswereaccountableforthecompany’sloss.Itwasheldthattheshareholderscouldnotbringsuchproceedings.MajorityRuleofvoting（多數(shù)表決制332.Therightsofshareholders2.2righttoinformationandinspectionRighttoinformation:Theshareholderhastherighttokeephimselfinformedaboutthefinancialandoperationalconditionsofthecorporations.Righttoinspection:Theshareholderhasarighttoinspectcorporaterecordsanddocumentssuchasshareholderlists,minutesofmeetings,financialstatements,andevencontracts.Theinspectionmustoccuratpropertimesandintheproperplacesand,mostimportant,mustbeforproperpurposes.

2.Therightsofshareholders34CaseTatkoownsabout2%ofthesharesofTatkoBrothersSlateco.Pursuanttotheshareholders’agreement,ifTatkowishestosellhissharesheisobligatedtoofferthemfirsttoTatkoBrothersco.at“bookvalue”(賬面值).Thebookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.WhenTatkoinformedthecorporationofhisinterestinsellinghisshares,hewasfurnishedwiththecorporation’slatestfinancialreport,whichcontainedabalancesheetlistingassets,liabilitiesandportionsoftheminutesfroma1973shareholders’meeting.Theaccountantswarnedthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Thecorporationindicatedtobuythesharesfor$35,789andtoprovideadditionalrecordstopetitioner,butrefusedtoprovideotherdocumentsthatTatkosought.Case35Judgment:Ashareholderhasarighttoinspectcorporatebooksandrecordswheretherequestismadeingoodfaithandforaproperpurpose.Tatko’sdecisiontosellhisstocktothecorporationpresentsavalidreasonforinspectingfinancialrecordstothevalueofhisindividualholdings.Astheagreementbetweenthepartiesprovidesthatbookvalueistobedeterminedbyresorttotheannualbalancesheetpreparedbythecorporation.Theaccountantshaveprovidedthebalancesheetbutwarnthattheyhadneitherauditednorreviewedthefinancialstatementsandexpressednoopiniononthem.Ataminimum,bookvaluerequiresnotonlythattheentriesbecompleteandcorrect.Tatkoshallbeaccordedanopportunitytodeterminetheaccuracyofthevaluesofthoseitemsfixedbymanagementandreflectedinthecorporation’sfinancialstatement.Judgment:362.Rightsofshareholders

2.3righttosuetherighttosuethedirectors,seniorofficersandsoononshareholder’sowninitiativeoronbehalfofthecorporationShareholdershavetherighttobringanddefendlawsuitsonthecorporation’sbehalf.Suitsbroughtonthecorporation’sbehalfarecalledderivativesuitsbecausetherighttosuederivesfromwrongsdoneprimarilytothecorporationandnottotheshareholderindividually.2.Rightsofshareholders237DerivativeSuits股東派生訴訟（Shareholder’sDerivativeSuits)又稱(chēng)股東代表訴訟(Shareholder’sRepresentativeAction），衍生訴訟、代位訴訟，是指當(dāng)公司的利益受到侵害而公司怠于或拒絕追究侵權(quán)人責(zé)任時(shí)，具備法定資格的一個(gè)或多個(gè)股東為了公司的利益而代替公司提起訴訟，要求侵害公司權(quán)益者賠償公司損失的行為。DerivativeSuits股東派生訴訟（Shareho382.Therightsofshareholder2.4appraisingrightofdissentingshareholder異議股東股份回購(gòu)請(qǐng)求權(quán)Shareholdersapproveacorporateactionbylessthanaunanimousvote,indicatingthatsomeshareholdersopposetheaction.Thedissentingshareholdersonlycanchoosetoremainshareholdersortoselltheirshares.Forclosecorporationshareholders,thereisnochoice–thedissentingclosecorporationshareholderhasnoreadymarketforhershares,soshewillremainashareholder.Sothecorporatelawcreatesthe“dissenters’rightsforshareholderswhodisagreewithspecifiedfundamentalcorporatetransactionstorequirethecorporationtopurchasetheirsharesat“fairvalue”.2.Therightsofshareholder2.39Inmanycountries,theappraisingrightofdissentingshareholdercovermerger,shareexchanges,significantamendmentsofthearticlesofincorporation,andsalesofallorsubstantiallyalltheassetsotherthanintheordinarycourseofbusiness.（適用異議股份回購(gòu)事由）Manycountriesexcludesharesthataretradedonarecognizedsecuritiesexchangefromdissenters’rightsbecausethedissentingshareholdercansellhisshareonthestockexchange.(公開(kāi)市場(chǎng)例外）Inmanycountries,theappr402.Rightsofshareholder2.5PreemptiveRight(優(yōu)先購(gòu)買(mǎi)權(quán)）Ifthecorporationissuesnewshares,itshalloffereachexistingshareholderapercentageofthenewsharesequaltohercurrentproportionateownership.Whenthepreemptiverightexists,thecorporationmustnotifyashareholderofheroptiontobuyshares,thenumberofsharesthatsheisentitledtobuy,thepriceoftheshares,andwhentheoptionmustbeexercised.Usually,theshareholderisissuedaright,awrittenoptionthatshemayexerciseherselforselltoapersonwhowishestobuytheshares.2.Rightsofshareholder2.5P412.Rightsofshareholder2.6Distributionstoshareholders分紅權(quán)Shareholdersinvestinacorporationprimarilytoshareintheexpectedprofiteitherthroughappreciationofthevalueoftheirsharesorthroughdividends.Therearetwotypesofdividends:cashorpropertydividendsandsharedividends.Dividendsareusuallypaidincash.However,otherassetsofthecorporation,suchasairlinediscountcouponsmayalsobedistributedasdividend.Corporationssometimesdistributeadditionalsharesofthecorporationtotheirshareholders.Often,thisisdoneinordertogiveshareholderssomethinginsteadofacashdividendsothatthecashcanberetainedandreinvestedinthebusiness.2.Rightsofshareholder2.6D42Case1:2000年1月，北京漢邦軟科數(shù)碼技術(shù)有限公司注冊(cè)成立，注冊(cè)資本2000萬(wàn)元，北京正有微系統(tǒng)有限公司為漢邦公司的股東之一，出資240萬(wàn)元。漢邦公司章程中規(guī)定，股東有查閱股東會(huì)會(huì)議記錄和公司財(cái)務(wù)會(huì)計(jì)報(bào)告的權(quán)利。然而直到2003年，漢邦公司從未向正有公司提供過(guò)年度財(cái)務(wù)報(bào)告。正有公司與之多次交涉未果，起訴到法院。漢邦公司辯稱(chēng)，正有公司承諾增資228萬(wàn)，一直未兌現(xiàn)。因此，漢邦公司認(rèn)為不應(yīng)向正有公司交付財(cái)務(wù)會(huì)計(jì)報(bào)告。Questions1.本案主要涉及股東什么權(quán)利被侵犯？2.你認(rèn)為漢邦公司的辯護(hù)有無(wú)道理？Case1:433.Thedutiesandobligationsofshareholder3.1subscriptionduty（認(rèn)股義務(wù)或出資義務(wù)）3.2fiduciarydutyofcontrollingshareholder控股股東的誠(chéng)信義務(wù)Whoisacontrollingshareholder?

PrinciplesofCorporateGovernancebyAmericanLawInstitute:美國(guó)法學(xué)會(huì)制定的公司治理原則Whohastheabilitytocontrolover25percentofthevotingequitywouldgiverisetoapresumptionofcontrollingshareholder.controlheremeansthepowerdirectlyorindirectly,eitheraloneorpursuanttoanarrangementorunderstandingwithoneormoreotherpersons,toexerciseacontrollinginfluenceoverthemanagementorpoliciesofabusinessorganization.

3.Thedutiesandobligations44

Controllingshareholdershaveafiduciaryduty（委托義務(wù)，也稱(chēng)信義/誠(chéng)信義務(wù)）nottocausethecorporationtorepurchasetheirownsharesortopaythemselvesadividendunlessthesameoffermadetotheminorityshareholder.Thecontrollingshareholdersmaybealsoliabletothesellingofthecontrollingsharestothepurchaserwhowouldmismanageorlootthecorporationwhilethecontrollingshareholdersgainalotfromtheselling.（禁止將股份出售給劫掠者）Controllingshareholdersh45德眾股份有限公司成立于1994年，其大股東A公司只持有公司20％的股份，第二大股東為B公司，第三大股東為C公司，持股比例分別為15％和10％。該公司于1998年在上海交易所上市。德眾公司于1999年6月27日決定增發(fā)新股，B公司與C公司合謀計(jì)劃奪取A對(duì)公司的控制權(quán)。在B公司與C公司的聯(lián)合操縱下，股東大會(huì)決議規(guī)定，公司增發(fā)新股100萬(wàn)股，其中A按其持股比例的1％享有新股優(yōu)先認(rèn)購(gòu)權(quán)，B公司和C公司按其持股比例的2％享有新股優(yōu)先認(rèn)購(gòu)權(quán)，優(yōu)先認(rèn)購(gòu)股票的價(jià)格為正常價(jià)格的80％。最后B公司順利以低價(jià)取得德眾公司控制權(quán)，并通過(guò)對(duì)公司董事會(huì)的控制阻撓A公司主張自己的新股優(yōu)先認(rèn)購(gòu)權(quán)，使A喪失對(duì)公司的控制權(quán)。A公司以自己名義向法院提起訴訟，以其優(yōu)先認(rèn)購(gòu)權(quán)受到侵犯為由，請(qǐng)求法院判決股東大會(huì)決議無(wú)效，并請(qǐng)求B公司和C公司承擔(dān)侵權(quán)責(zé)任。

德眾股份有限公司成立于1994年，其大股東A公司只持有公司2464.Shareholders’meeting

4.1introductionTheshareholdersaretheultimateownersofacorporation,butashareholderhasnorighttomanagethecorporation.Theshareholder’sroleinacorporationislimitedtoelectingandremovingdirectors,approvingcertainimportantmatters,andsoon.Andthisroleisrealizedthroughtheshareholders’meeting.

4.Shareholders’meeting4.1474.2classificationa.generalmeeting(annualmeeting)年會(huì)generalmeetingshallbetimelyheldinpursuancewiththearticlesofassociationInmostofthecountries,generalmeetingisheldonceayear.b.temporarymeeting臨時(shí)大會(huì)Temporarymeetingorspecialmeetingmaybeheldwheneveracorporatematterarisesthatrequiresimmediateshareholders’action,suchastheapprovalofamergerthatcannotwaituntilthenextannualshareholders’meeting.4.2classification485.Thefunctionsofshareholdersmeeting(1)determiningthecompany'soperationguidelinesandinvestmentplans;

(2)electingandchangingthedirectorandsupervisors;

(3)approvingthereportsoftheboardofdirectors;

(4)approvingthereportsoftheboardofsupervisorsorthesupervisor;

(5)approvingannualfinancialbudgetplansandfinalaccountplansofthecompany;

(6)approvingprofitdistributionplansandlossrecoveryplansofthecompany;

5.Thefunctionsofshareholde49Thefunctionsofshareholdersmeeting(7)makingresolutionsontheincreaseordecreaseofthecompany'sregisteredcapital;

(8)makingresolutionsontheissuanceofcorporatebonds;

(9)adoptingresolutionsontheassignment,split-up,changeofcompanyform,dissolution,liquidationofthecompany;

(10)revisingthearticlesofassociationofthecompany;

(11)otherfunctionsasspecifiedinthearticlesofassociation.Thefunctionsofshareholders505.股東會(huì)職權(quán)

(1)決定公司的經(jīng)營(yíng)方針和投資