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LUND UNIVERSITY LIBRARIES

Avtalsregleringar på ABL:s område - särskilt om avståenden från rättigheter enligt överlåtelsebegränsningar i bolagsordningen

Helmerson, Hedvig LU (2013) JURM02 20131
Department of Law
Abstract (Swedish)
I svensk aktiebolagsrätt finns en grundläggande princip om att aktier fritt ska kunna överlåtas mellan olika rättssubjekt. Trots att principen får anses vara skyddsvärd har lagstiftaren stadgat tre undantag från principen: hembud, förköp och samtycke. Undantagen – kallade överlåtelsebegränsningar – kan införas i bolagsordningen och utgör i praktiken kontrollprocesser genom vilka befintliga aktieägare eller särskilt berättigade personer på olika sätt kan styra över vem som får förvärva aktier i bolaget. Överlåtelsebegränsningarna har tydliga lagstadgade rättsverkningar och motiveras av aktieägarnas styrningsintresse.

I praktiken har det blivit frekvent förekommande att aktieägare gör avtalsrättliga avståenden från sina rättigheter i... (More)
I svensk aktiebolagsrätt finns en grundläggande princip om att aktier fritt ska kunna överlåtas mellan olika rättssubjekt. Trots att principen får anses vara skyddsvärd har lagstiftaren stadgat tre undantag från principen: hembud, förköp och samtycke. Undantagen – kallade överlåtelsebegränsningar – kan införas i bolagsordningen och utgör i praktiken kontrollprocesser genom vilka befintliga aktieägare eller särskilt berättigade personer på olika sätt kan styra över vem som får förvärva aktier i bolaget. Överlåtelsebegränsningarna har tydliga lagstadgade rättsverkningar och motiveras av aktieägarnas styrningsintresse.

I praktiken har det blivit frekvent förekommande att aktieägare gör avtalsrättliga avståenden från sina rättigheter i enlighet med de bolagsordningsstadgade överlåtelsebegränsningarna. Dessa avståenden görs både mer generellt på förhand och specifikt inför särskilda överlåtelser. Avtalsrättsliga regleringar aktieägare emellan går populärt under benämningen aktieägaravtal. Avtalsformen aktieägaravtal har växt fram på marknaden, helt utan inblandning från lagstiftaren och har således ingen legaldefinition eller lagstadgade rättsverkningar. Just aktieägaravtalets rättsverkningar är mycket omtvistade och utgör ett centralt ämne för uppsatsen. Syftet med uppsatsen är att utreda om avståenden enligt ovan kan göras med bindande verkan och vilka rättsverkningar de i så fall får.

Den allmänt erkända aktiebolagsrättsliga separationsprincipen reglerar förhållandet mellan avtals- och aktiebolagsrätt och slår fast att avtal aldrig utan lagstöd kan få aktiebolagsrättsliga verkningar. Vad som avses med aktiebolagsrättsliga verkningar är omtvistat. Vissa hävdar att allt som regleras i ABL bör anses ha en aktiebolagsrättslig karaktär och således generera aktiebolagsrättsliga verkningar. Andra anser att varje regel måste bedömas enskilt och att det utifrån ett antal kriterier kan avgöras om en regel har aktiebolagsrättslig karaktär eller inte och således om den kan frångås genom en avtalsrättslig reglering eller inte.

Uppsatsen undersöker vad de olika ställningstagandena ovan får för konsekvenser i förhållande till de tre lagstadgade överlåtelsebegränsningarna. För att möjliggöra en sådan undersökning utreds de regler i ABL som har bäring på de olika frågorna. Även aktieägaravtalet som avtalsform klarläggs och uppsatsen redovisar några av de olika uppfattningar som finns om vilken effekt obligationsrättsliga bindningar kan få på förhållanden som är fastslagna i ABL. Uppsatsförfattaren är av den åsikten att obligationsrättsliga avståenden från rättigheter enligt bolagsordningsstadgade överlåtelsebegränsningar kan vara bindande och under vissa förutsättningar även få verkningar för bolaget, om än indirekta. Ställningstagandet görs dock med reservationen att rättsläget är mycket osäkert. (Less)
Abstract
An essential principle in the Swedish company law is the principle of free transferability of shares. The signification of the principle is to ensure the free transfer of shares between different legal entities. Despite the fundamental nature of the principle, the lawmaker has granted three exceptions to the principle: a post-sale purchase right clause, a right of first refusal clause and a content clause. The exceptions – generally referred to as transfer restrictions – may be stipulated in the Articles of Association of a company. The function of the transfer restrictions is that existing shareholders or certain entitled persons may through formal processes control who acquires shares in the company. The transfer restrictions have... (More)
An essential principle in the Swedish company law is the principle of free transferability of shares. The signification of the principle is to ensure the free transfer of shares between different legal entities. Despite the fundamental nature of the principle, the lawmaker has granted three exceptions to the principle: a post-sale purchase right clause, a right of first refusal clause and a content clause. The exceptions – generally referred to as transfer restrictions – may be stipulated in the Articles of Association of a company. The function of the transfer restrictions is that existing shareholders or certain entitled persons may through formal processes control who acquires shares in the company. The transfer restrictions have established legal effects and they are justified by the shareholders’ interest to govern the company.
In practice, it has become frequent that shareholders enter into agreements with each other, where they waive their rights in accordance with the transfer restrictions set down in the Articles of Association. The waivers may be concluded as general waivers or as related to a specific acquisition. These arrangements between shareholders are generally referred to as shareholder agreements. Shareholder agreements is a type of contract that has developed without any involvement from the legislator. This type of contract therefore lacks of both legal definition and distinct legal effects. The lack of established legal effects for shareholder agreements is a central theme in this essay. The purpose of the essay is to examine whether waivers as described above can be concluded with a binding effect and what legal effects such a waiver may have.
Between the company law on one hand and the contract law on the other, a separation principle is upheld. The principle is founded on the idea that contracts may never, unless provided by law, have any company law effects. The meaning of relations provided by company law is contentious. Some scholars of jurisprudence are of the opinion that all rules that are stated in the Swedish Companies Act should be considered to be part of the company law and therefore have scholars of jurisprudence. Other scholars of jurisprudence are of the opinion that every rule needs to be examined separately in relation to certain criteria for it to be classified as having corporate law effects or not, and hence if it is possible to deviate from the rule in a contract.
The essay examines the bearing of the considerations above relation to the three legislated transfer restrictions, whether it makes a difference in relation to which one of the transfer restrictions the waiver has been applied and if it makes a difference if the waiver has been concluded as a general waivers or as related to a specific acquisition. In order to pursue the examination, the rules in the Swedish Companies Act that are of relevance to the transfer restrictions have been examined and the shareholder agreements as a contract type has been made clear. In addition, some of the conceptions on what effects contracts may have on legal relations stated in the Swedish Companies Act, have been given account for. The author of this essay is of the opinion that contracts in which the shareholders waive their rights in accordance with the transfer restrictions may be binding and may also under certain presumptions result in legal effects – direct or indirect – for the company. The standpoint is made subject to the fact that the legal framework surrounding this area is very unclear. (Less)
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author
Helmerson, Hedvig LU
supervisor
organization
alternative title
Contractual arrangements in the context of the Swedish Companies Act - particularly on waivers of rights in accordance with transfer restrictions stipulated in the Articles of Association
course
JURM02 20131
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, avtalsrätt, civilrätt, förmögenhetsrätt, överlåtelsebegränsningar, aktieägaravtal, hembudsförbehåll, förköpsförbehåll, samtyckesförbehåll
language
Swedish
id
3801774
date added to LUP
2013-06-13 15:36:20
date last changed
2013-06-13 15:36:20
@misc{3801774,
  abstract     = {An essential principle in the Swedish company law is the principle of free transferability of shares. The signification of the principle is to ensure the free transfer of shares between different legal entities. Despite the fundamental nature of the principle, the lawmaker has granted three exceptions to the principle: a post-sale purchase right clause, a right of first refusal clause and a content clause. The exceptions – generally referred to as transfer restrictions – may be stipulated in the Articles of Association of a company. The function of the transfer restrictions is that existing shareholders or certain entitled persons may through formal processes control who acquires shares in the company. The transfer restrictions have established legal effects and they are justified by the shareholders’ interest to govern the company.
In practice, it has become frequent that shareholders enter into agreements with each other, where they waive their rights in accordance with the transfer restrictions set down in the Articles of Association. The waivers may be concluded as general waivers or as related to a specific acquisition. These arrangements between shareholders are generally referred to as shareholder agreements. Shareholder agreements is a type of contract that has developed without any involvement from the legislator. This type of contract therefore lacks of both legal definition and distinct legal effects. The lack of established legal effects for shareholder agreements is a central theme in this essay. The purpose of the essay is to examine whether waivers as described above can be concluded with a binding effect and what legal effects such a waiver may have. 
Between the company law on one hand and the contract law on the other, a separation principle is upheld. The principle is founded on the idea that contracts may never, unless provided by law, have any company law effects. The meaning of relations provided by company law is contentious. Some scholars of jurisprudence are of the opinion that all rules that are stated in the Swedish Companies Act should be considered to be part of the company law and therefore have scholars of jurisprudence. Other scholars of jurisprudence are of the opinion that every rule needs to be examined separately in relation to certain criteria for it to be classified as having corporate law effects or not, and hence if it is possible to deviate from the rule in a contract.
The essay examines the bearing of the considerations above relation to the three legislated transfer restrictions, whether it makes a difference in relation to which one of the transfer restrictions the waiver has been applied and if it makes a difference if the waiver has been concluded as a general waivers or as related to a specific acquisition. In order to pursue the examination, the rules in the Swedish Companies Act that are of relevance to the transfer restrictions have been examined and the shareholder agreements as a contract type has been made clear. In addition, some of the conceptions on what effects contracts may have on legal relations stated in the Swedish Companies Act, have been given account for. The author of this essay is of the opinion that contracts in which the shareholders waive their rights in accordance with the transfer restrictions may be binding and may also under certain presumptions result in legal effects – direct or indirect – for the company. The standpoint is made subject to the fact that the legal framework surrounding this area is very unclear.},
  author       = {Helmerson, Hedvig},
  keyword      = {associationsrätt,avtalsrätt,civilrätt,förmögenhetsrätt,överlåtelsebegränsningar,aktieägaravtal,hembudsförbehåll,förköpsförbehåll,samtyckesförbehåll},
  language     = {swe},
  note         = {Student Paper},
  title        = {Avtalsregleringar på ABL:s område - särskilt om avståenden från rättigheter enligt överlåtelsebegränsningar i bolagsordningen},
  year         = {2013},
}