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Familjeägda aktiebolag - skydd av ägarpositioner

Björkhem, Emil LU (2012) JURM02 20122
Department of Law
Abstract (Swedish)
Uppsatsen behandlar frågan om skydd av ägarpositioner i anslutning till familjeägda aktiebolag. Anledningen till uppsatsens tema är att familjeägda aktiebolag har en särprägel som avviker från det efter ABL konstruerade aktiebolaget. Detta uttrycks, till exempel genom att ägarna i det familjeägda bolaget vanligtvis har ett särskilt behov av att skydda ägarkretsens sammansättning under en längre period. För att sätta det familjeägda aktiebolaget i sitt sammanhang går uppsatsen igenom aktiebolagets organisationsregler enligt ABL, jämte en beskrivning av aktiebolagets bakomliggande teori.

Mot denna bakgrund följer en genomgång av bolagsrättsliga möjligheter att skydda ägarkretsen. Framställningen utgår från huvudregeln om aktiers fria... (More)
Uppsatsen behandlar frågan om skydd av ägarpositioner i anslutning till familjeägda aktiebolag. Anledningen till uppsatsens tema är att familjeägda aktiebolag har en särprägel som avviker från det efter ABL konstruerade aktiebolaget. Detta uttrycks, till exempel genom att ägarna i det familjeägda bolaget vanligtvis har ett särskilt behov av att skydda ägarkretsens sammansättning under en längre period. För att sätta det familjeägda aktiebolaget i sitt sammanhang går uppsatsen igenom aktiebolagets organisationsregler enligt ABL, jämte en beskrivning av aktiebolagets bakomliggande teori.

Mot denna bakgrund följer en genomgång av bolagsrättsliga möjligheter att skydda ägarkretsen. Framställningen utgår från huvudregeln om aktiers fria överlåtbarhet i 4:7 ABL följt av en redogörelse över undantagen till denna, vilka utgör de bolagsrättsliga verktygen man har att tillgripa för att skydda ägarkretsen. Dessa undantag stadgas i 4:8, 18 och 27 ABL och innebär att vissa förvärvsklausuler, till skydd mot okontrollerade ägarförändringar eller annars för att skydda maktbalansen får föras in i bolagets bolagsordning.

Fördelen med att inta förbehåll i bolagsordningen är att dessa har klara rättsverkningar. Överlåts en aktie i strid med ett förbehåll i bolagsordningen kan förvärvaren inte utan att följa förfarandet i förbehållet bli införd i bolagets aktiebok. Förbehållen är dock knutna till vissa begräsningar. Samtyckesförfarandet, som är det effektivaste av förbehållen, är nämligen begränsat till att endast omfatta aktieöverlåtelser. Detta undantar familjerättsliga aktieövergångar. Av dessa och av andra anledningar är det därför vanligt att aktieägarna kompletterar bolagsordningen med föreskrifter i aktieägaravtal.

Aktieägaravtal utgör ett kompletterande verktyg varigenom ägarna kan skydda ägarkretsen. Aktieägaravtal är endast bindande mellan parterna och antas sakna bolagsrättslig verkan. Häri ligger aktieägaravtalets begränsning. Aktieägaravtalets rättsverkningar i olika situationer tillmäts därför särskild vikt i uppsatsen, särskilt vad gäller mot bolaget, mellan aktieägarna och mot tredje man. Frågor i detta avseende innefattar gränsdragningar mot andra rättsområden, såsom vissa familjerättsliga situationer.

Uppsatsen avslutas med en sammanfattande analys och jämförelse mellan ägarskyddet på bolags- och avtalsrättslig väg. I denna konkluderas att ägarna bör tillgripa förebyggande och genomtänka åtgärder i både aktieägaravtal och bolagsordningen. Därigenom minimeras risken att ägarna försätter sig i en situation där aktierna övergår okontrollerat till utomstående. (Less)
Abstract
This paper is on protection of ownership positions in relation to family-owned businesses. The reason for the papers theme is that family-owned businesses have a distinctive character that deviates from the construction in the Companies Act. For example, owners of a family-owned business usually have a particular need to protect the ownership structure for a longer period of time. To put the family-owned corporation in context, the paper portrays the limited company’s organisational rules under the Companies Act, along with a description of the limited company's underlying theory.

Against this background, a description of the Companies Acts methods to protect the ownership circuit follows. This description is based on the general... (More)
This paper is on protection of ownership positions in relation to family-owned businesses. The reason for the papers theme is that family-owned businesses have a distinctive character that deviates from the construction in the Companies Act. For example, owners of a family-owned business usually have a particular need to protect the ownership structure for a longer period of time. To put the family-owned corporation in context, the paper portrays the limited company’s organisational rules under the Companies Act, along with a description of the limited company's underlying theory.

Against this background, a description of the Companies Acts methods to protect the ownership circuit follows. This description is based on the general principle of free transferability of shares; stipulated in chapter 4, section 7 in the Companies Act. Thereafter a description of the exceptions to this main rule follows. These exceptions constitutes the corporate tools one can resort in order to protect the ownership circuit. These exceptions are stipulated in chapter 4, section 8, 18 and 27 in the Companies Act and states that certain acquisition clauses against uncontrolled changes in ownership or to otherwise protect the balance of power may be included in the company's articles of association.

The main advantage to providing these rules is that they have clear consequences. If a share is transferred in violation of a clause in the articles of association, the acquirer must follow the procedure laid down in the clause to be recorded in the corporations share register. However, the rules are linked to certain limitations. The consent procedure, which is the most effective of these reservations, is limited to include only share transfers. This excludes family law shares transitions. For these and other reasons, it is common for shareholders to complement the articles of association with provisions in a shareholders agreement.

Shareholders agreements are an additional tool by which owners can protect the ownership circuit. Shareholders have larger possibilities to protect the owner circuit by providing clauses in such an agreement. However, shareholders agreements are only binding between the parties and are assumed to lack corporate consequence. Herein lies the shareholders agreements limitation. Shareholders agreements consequences in different situations are therefore particularly important. Questions in this regard include boundaries with other branches of law, such as some family law situations.

In conclusion the paper compares and analyses ownership protection by corporate law and shareholders agreements. This concludes that owners should resort to preventive measures in both shareholders agreement and the articles of association. This minimizes the risk of loosing control over the corporation. (Less)
Please use this url to cite or link to this publication:
author
Björkhem, Emil LU
supervisor
organization
alternative title
Family owned businesses - owner protection
course
JURM02 20122
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, avalsrätt
language
Swedish
id
3350616
date added to LUP
2013-01-29 07:41:51
date last changed
2013-01-29 07:41:51
@misc{3350616,
  abstract     = {This paper is on protection of ownership positions in relation to family-owned businesses. The reason for the papers theme is that family-owned businesses have a distinctive character that deviates from the construction in the Companies Act. For example, owners of a family-owned business usually have a particular need to protect the ownership structure for a longer period of time. To put the family-owned corporation in context, the paper portrays the limited company’s organisational rules under the Companies Act, along with a description of the limited company's underlying theory. 

Against this background, a description of the Companies Acts methods to protect the ownership circuit follows. This description is based on the general principle of free transferability of shares; stipulated in chapter 4, section 7 in the Companies Act. Thereafter a description of the exceptions to this main rule follows. These exceptions constitutes the corporate tools one can resort in order to protect the ownership circuit. These exceptions are stipulated in chapter 4, section 8, 18 and 27 in the Companies Act and states that certain acquisition clauses against uncontrolled changes in ownership or to otherwise protect the balance of power may be included in the company's articles of association.

The main advantage to providing these rules is that they have clear consequences. If a share is transferred in violation of a clause in the articles of association, the acquirer must follow the procedure laid down in the clause to be recorded in the corporations share register. However, the rules are linked to certain limitations. The consent procedure, which is the most effective of these reservations, is limited to include only share transfers. This excludes family law shares transitions. For these and other reasons, it is common for shareholders to complement the articles of association with provisions in a shareholders agreement.

Shareholders agreements are an additional tool by which owners can protect the ownership circuit. Shareholders have larger possibilities to protect the owner circuit by providing clauses in such an agreement. However, shareholders agreements are only binding between the parties and are assumed to lack corporate consequence. Herein lies the shareholders agreements limitation. Shareholders agreements consequences in different situations are therefore particularly important. Questions in this regard include boundaries with other branches of law, such as some family law situations.

In conclusion the paper compares and analyses ownership protection by corporate law and shareholders agreements. This concludes that owners should resort to preventive measures in both shareholders agreement and the articles of association. This minimizes the risk of loosing control over the corporation.},
  author       = {Björkhem, Emil},
  keyword      = {associationsrätt,avalsrätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Familjeägda aktiebolag - skydd av ägarpositioner},
  year         = {2012},
}