Specific Issues of Mandatory Nature and Discretionary Nature of Shareholders Legal Relations’ Regulation
Specific issues of the correlation of mandatory nature and discretionary nature of shareholders legal relations’ regulation have been researched. Based on the analysis of the legislation of Ukraine and other countries, the author has paid attention to the fact that priority should be given to their imperative provision in the framework of shareholders legal relations.
The conclusion of a shareholders’ agreement is an example of applying the principle of discretionary nature, when the shareholders of one company independently choose the particular model of behavior for the implementation of their corporate rights. Such rights, in their opinion, are the most effective for corporate interests’ settlement. However, while implementing this principle, it is necessary to observe the limits set by mandatory corporate norms.
Shareholders’ agreement under national law is secondary in regard to the charter of a joint-stock company within the limits of mandatory-discretionary regulation of shareholders relations. Such an agreement as a form of manifestation of the discretionary regulation of shareholders relations cannot regulate those social relations that are mandatory regulated by the current legislation. It must comply with the requirements of the legislation, as well as with the by-laws adopted for their itemization.
Zhornokui Yu., Burlaka O. and Zhornokui V., 2018. Shareholders agreement: comparative and legal analysis of the legislation and legal doctrine of Ukraine, EU countries and USA. Baltic Journal of Economic Studies, Vol. 4, No. 2, рp. 288-300.
Spasybo-Fatieieva I.V., 2009. Shareholders’ agreements [Aktsionerni uhody]. Pravo Ukraïni – Law of Ukraine, No. 12, pp. 182-190.
Sukhanov E.A., 2014. Comparative corporate law [Sravnitel`noe korporativnoe pravo]. Moscow: Statut.
Trubina M.V., 2015. Civil and legal regulation of shareholders’ agreements in Russia and mainland Europe countries [Grazhdansko-pravovoe regulirovanie aktsionernykh soglashenii v Rosii i stranakh kontinental`noi Evropy]. Ph.D. dissertation. Peoples' Friendship University of Russia.
FitzGerald S. and Muth G., 2009. Shareholders’ agreements. 5th ed. London: Sweet&Maxwell.
Kuznetsova N.S., 2012. Improving the mechanism of legal regulation of civil legal relations [Sovershenstvovanie mekhanizma pravovogo regulirovaniya grazhdanskikh pravootnoshenii]. In: Relevant problems of civil, family and international private law (Matvieievski civilistic readings) [Aktualni problemy tsyvilnoho, simeinoho ta mizhnarodnoho pryvatnoho prava (Matvieievski tsyvilistychni chytannia)]. Kyiv, 10 November. Kyiv: Alerta. Pp. 47-50.
Dolinskaya V.V., 2006. Corporate law: main provisions and tendencies [Aktsionernoe pravo: osnovnye polozheniya i tendentsii]. Moscow: Volters Kluver.
Syhydyn M.M., 2017. Specific features of realizing corporate rights through the implementation of legal structure of corporate agreement [Osoblyvosti zdiisnennia korporatyvnykh prav cherez zastosuvannia pravovoi konstruktsii korporatyvnoho dohovoru]. In: Vasylieva V.A. (ed.). Corporate law of Ukraine: problems of theory and practice [Korporatyvne pravo Ukrainy: problemy teorii ta praktyky]. Ivano-Frankivsk: Suprun V.P. Pp. 233-259.
Inozemtsev M.I., 2017. Responsibility of parties for the violation of shareholders’ agreement according to the Russian and foreign countries’ law [Otvetstvennost` storon za narushenie aktsionernogo soglasheniya po pravu Rossii i zarubezhnykh gosudarstv]. Ph.D. dissertation. Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation.
Stepanov D.I., Fogel` V.A. and Shramm Kh.I., 2012. Shareholders’ agreement: approaches of Russian and German law to certain issues of regulation [Korporativnyi dogovor: podkhody rosiiskogo i nemetskogo prava k otdel`nym voprosam regulirovaniya]. Vestnik Vysšego Arbitražnogo Suda Rossijskoj Federacii, No. 10, pp. 22-69.
Oda Kh., 2010. Shareholders’ agreement: careful step forward [Aktsionernye soglasheniya: ostorozhnyi shag vpered]. Vestnik graždanskogo prava, No. 1, pp. 132-161.
Borodkin V.G., 2015. Civil and legal regulation of corporate agreement [Grazhdansko-pravovoe regulirovanie korporativnogo dogovora]. Ph.D. dissertation. Russian State University of Justice.
Belov V.A. (ed.), 2009. Corporate law. Relevant problems of theory and practice [Korporativnoe pravo. Aktual`nye problemy teorii i praktiki]. Moscow: Yurait.
Reece Thomas K. and Ryan C. L., 2014. The Law and Practice of Shareholders’ аgreements. London: LexisNexis; Butterworths Law.
Companies act 2006. Blackstone’s Statutes on Company law 2010-2011. 14th ed. Oxford University Press, 2011.
Copyright (c) 2019 E. M. Bondariev
This work is licensed under a Creative Commons Attribution 4.0 International License.