Derivative Actions in Chinese Company Law PDF Download
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Author: Shaowei Lin
Publisher:
ISBN: 9789041159885
Category : Law
Languages : en
Pages : 0
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Book Description
Derivative actions, which allow individual shareholders to sue controlling shareholders and managers on behalf of the company, are designed to deter and combat mismanagement. However, the need to balance the interests of minority shareholders and corporate efficiency in a countryè^--s company law demands legal crafting that is both of a high order and responsive to the countryè^--s distinctive character, and solutions in this respect are quite different across jurisdictions. China, the second-largest economy in the world today, therefore merits special consideration.
Author: Shaowei Lin
Publisher:
ISBN: 9789041159885
Category : Law
Languages : en
Pages : 0
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Book Description
Derivative actions, which allow individual shareholders to sue controlling shareholders and managers on behalf of the company, are designed to deter and combat mismanagement. However, the need to balance the interests of minority shareholders and corporate efficiency in a countryè^--s company law demands legal crafting that is both of a high order and responsive to the countryè^--s distinctive character, and solutions in this respect are quite different across jurisdictions. China, the second-largest economy in the world today, therefore merits special consideration.
Author: Jingchen Zhao
Publisher: Edward Elgar Publishing
ISBN: 1784719110
Category : Law
Languages : en
Pages : 293
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Book Description
This book examines corporate governance rules in China, and highlights the deficiencies in current company law, with the purpose of arguing for a more effective derivative action mechanism, for the benefit of shareholders and their companies.
Author: Minkang Gu
Publisher: Hong Kong University Press
ISBN: 9888028626
Category : Law
Languages : en
Pages : 407
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Book Description
In China, the thirty-year economic reform reflects the process of moving from planned economy towards market economy. This could be seen From the changes in the 2005 Company Law, which recognizes the owners' property rights and gives more freedoms to them to decide various matters. In this new edition, besides offering a systemic the constitution of companies, the establishment of various companies, role and function of various parties in corporate governance, and corporate financing, Gu Minkang highlights the major changes in the 2005 Company Law, and addresses many new issues such as shareholders' derivative action, American limited liability company, and asset restructuring of listed companies. Another important feature is a comparison between the 1993 Company Law and the 2005 Company Law that will facilitate reading and understanding. This comprehensive and up-to-date presentation of Chinese company law will be of value to all who are involved in business with and in China and their legal advisors, and to students of Chinese company law.
Author: Jingchen Zhao
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
Derivative actions in modern company law play a crucial role in promoting the efficiency of corporate law and the soundness of corporate governance. However, since China's inauguration of derivative action in 2005, now enshrined in s 151 of the Chinese Company Law (CCL) 2013 (revised in 2013 and enforced on 1 March 2014), there have been complications surrounding the eligibility of shareholder claimants in terms of taking derivative action, especially for joint stock limited liability companies (JSLCs). Under art 151 of the CCL 2013, JSLCs are treated differently from limited liability companies (LLCs). Standing requirements are imposed on shareholders in JSLCs, whereas any shareholder has the right to sue in LLCs. Shareholders who intend to bring derivative action are required to separately or jointly hold 1 per cent or more of the company's shares for 180 consecutive days. These prescribed thresholds may not only prevent trivial or malicious suits but also hinder the effective enforcement of the mechanism. Through doctrinal, comparative and empirical analyses of the eligibility of claimants to bring derivative action in JSLCs, the article puts forward proposals for how the effectiveness of the regime in China can be improved in hope of increasing the effectiveness of the mechanism and the enforcement of company law, contributing to the fairness and accountability of corporate governance. It is argued that future revision of laws concerning claimants' eligibility should not only make sure that reasonable shareholders are able to use the mechanism but also take into account current commercial practices, stock market structures and government policy.
Author: Dan W. Puchniak
Publisher: Cambridge University Press
ISBN: 1139510592
Category : Law
Languages : en
Pages : 477
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Book Description
This in-depth comparative examination of the derivative action in Asia provides a framework for analysing its function, history and practical application and examines in detail how derivative actions law works in practice in seven important Asian jurisdictions (China, Hong Kong, India, Japan, Korea, Taiwan and Singapore). These case studies allow an evaluation of a number of the leading Western comparative corporate law and governance theories which have come to define the field over the last decade. By debunking some of these critically important theories, this book lays the foundation for an accurate understanding of the derivative action in Asia and a re-examination of the regulation of the derivative action around the world.
Author: Zhong Zhang
Publisher: LAP Lambert Academic Publishing
ISBN: 9783844327038
Category :
Languages : en
Pages : 268
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Book Description
Good corporate governance is crucial for the long- term success of Chinese economy. To achieve good corporate governance, legal liability is essential, because only legal liability can deter serious managerial misbehavior. Legal liability comes from both public and private enforcement of law, but public enforcement of law has various limitations. In private enforcement of law, the derivative action is preferable to the securities class action, not just because the later is unrealistic in China. For the derivative action to become a reality, appropriate legal rules should be in place. The traditional common law is problematic. The strategy adopted under the Chinese derivative action setting a minimum shareholding requirement as a condition for bringing a suit entails that derivative actions would not be vigorously pursued. The admission of derivative actions should be decided case by case according to the interests of the company and the responsibility of assessing the admissibility of cases should be assigned to the court rather than to the company. The assessment should be based on the probability of success and the potential net recoveries from the case.
Author: Yun-chien Chang
Publisher: Cambridge University Press
ISBN: 1107154243
Category : Law
Languages : en
Pages : 361
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Book Description
Comparing four key branches of private law in China and Taiwan, this collaborative and novel book demystifies the 'China puzzle'.
Author: (Robin) Hui Huang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The article conducts a critical analysis of the newly introduced statutory derivative action in China and then makes relevant recommendations for reform. The introduction of derivative actions is a major development in Chinese company legislation. In general, the provisions have established a basic legal framework for the bringing of derivative actions, and it is expected that the regime will have important implications in practice. However, there are some serious problems that need to be properly dealt with in order for the derivative action to function more effectively. The article looks at these problems from a comparative perspective, drawing on overseas experience, and sets out reform proposals, taking into consideration China's particular situation.
Author: Robin Hui Huang
Publisher: Cambridge University Press
ISBN: 1316738507
Category : Law
Languages : en
Pages : 553
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Book Description
This book assembles the world's most authoritative specialists for a comparative analysis of the enforcement of corporate and securities laws in thirteen national jurisdictions. It examines the enforcement of corporate and securities laws across the globe and across different legal and political systems from an in-depth comparative perspective.
Author: Bu Qingxiu
Publisher: Springer
ISBN: 9783642355318
Category : Law
Languages : en
Pages : 300
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Book Description
This book considers the derivative action, an important corporate governance tool which is commonly considered to serve two basic functions, i.e., enabling shareholders to gain redress for a wrong done to their company and deterring potential breaches of directors’ fiduciary duties. This book critically examines the derivative action from theoretical, evolutionary, and comparative perspectives. It considers how controversial issues such as locus standi, demand requirements, indemnity cost orders, information asymmetry and res judicata are approached in selected civil law countries as well as throughout the Commonwealth. The book also assesses whether derivative litigation could fulfill a similar role in China, which is one of the most rapidly developing economies in the world, yet lacks adequate corporate governance mechanisms. The ultimate aim discussed in the book is how to establish a remedial mechanism which makes derivative actions more accessible and consistent, while maintaining the balance between corporate efficiency and protecting minority shareholders’ interests. Lastly, based on different approaches in the latest reforming infrastructure, it explores whether there is a general converging trend for derivative actions between the two major legal systems.
