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Legal system of voting trust

Author: XuManYu
Tutor: XuZhongQi
School: Central University for Nationalities
Course: Economic Law
Keywords: Voting trust Voting right of shareholders Trust Legal system
CLC: D922.282
Type: Master's thesis
Year: 2011
Downloads: 76
Quote: 0
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Abstract


Voting right of shareholders is not only a part of shareholders’ interests, but also an important link in the operating mechanism of the general meeting systems. As an important and powerful control mechanism, it can affect the perfection of modern corporate administration structure under the separation of capital management from the ownership, through affecting the major decisions of the corporations. However, lots of shareholders are not care about the voting rights, which makes shareholders meeting useless and makes corporation control over-abusive or alienation. Only enhance the constitutional guarantee of shareholders’voting rights can we achieve its function. The voting trust which stems from America is a good choice. The voting trust is a lawful system, which contemplates the transfer of corporate stock to trustees, then trustees has right to vote in their name for special purpose in the holders’intention.In this paper, I would discuss the conception the origination and the evolution from the Viewpoint of Foreign Legislature, using legal-history and legal-economics knowledge. In the first chapter, I would discuss the background and legislative idea of the institution and reveal its development accompanying with the development of economic and secondary securities market. In second chapter I would compare the voting trust with the other similar legal system, such as voting delegate, shares rights trust, voting solicitation and voting agreement. Actually voting trust is a way of using concentrative voting rights to control and run a company. However, it has its own unique institutional function, such as promoting state-owned enterprises marketed operated, protecting the benefits of minority shareholders, driving up offshore investment, perfecting corporate governance, keeping corporation operation stable, guarantee of the payment of debts, assisting the corporation restructure and preventing hostile takeover from a rival firm. That’s what I would tell next in the forth chapter. In ChapterⅢthere is a legal analysis of voting trust system from the point of legal relationship. I think the capacity as a subject of law should be limited, party concerned should be regulated both by corporation law and trust law. Whether the subject of voting right is based on voting right or on shares is quite important, I suggest that voting right is more appropriate according practical experience and legal analysis. The legitimacy of voting right ambition is both important and difficult. Chapter IV discussed the social function of t voting trust from different points, voting trust can meet the different needs of trustees by centralized control. Chapter five try to constructive our legal system from China’s specific national and other countries’experiences, associating with the legislative design. The validity of voting trust is based on the legitimacy of the voting trust’s purpose, which should be provided by summary and specific as well, and the judges should have some discretion. Since the independence of the trust property, the trustees likely have more moral hazard, then the qualifications of trustees should be strengthen and supervised.

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CLC: > Political, legal > Legal > Chinese law > Financial Law > Trust, Credit Act
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