Bibliographie sélective OHADA

The Zimbabwean economy rapidly declined over the past two decades. A record hyperinflationary environment and a collapse of the financial service sector coupled by lack of external lines of credit created a difficult operating environment for corporate businesses. Businesses thus either closed down operations or resorted to survival strategies. Corporate mergers and acquisitions emerged as natural favoured strategies in implementing survival corporate restructuring transactions. However, the success of such strategies largely depends on the effectiveness of the merger regulatory framework, that is, its ability to promote beneficial corporate restructuring transactions on one hand and to maintain the competitive structure of the market on the other hand. This research analyses the current merger regulatory framework in Zimbabwe and assesses whether it is suited to promote beneficial corporate restructuring transactions implemented through mergers and acquisitions without unnecessarily distorting the competitive structure of the market. Employing the failing firm doctrine as the focal point, the research identified a number of shortcomings within the current merger regulatory framework that impacts upon its ability to effectively promote beneficial corporate mergers and acquisitions without sacrificing the competitive market structure. Selected comparative jurisdictions were used to draw various lessons for Zimbabwe. The aim of the comparative study was not to provide an exhaustive analysis of these jurisdictions but to identify specific arrears that can be used to develop and suggest an effective merger regulatory framework for Zimbabwe. In order to remedy the identified shortcomings inherent within the current Zimbabwean merger regulatory framework, this thesis proposes a number of amendments to the current Competition Act [Chapter 7:01] of 1996. These proposed amendments are aimed at bringing clarity, flexibility and strengthening the merger regulatory framework including the institutions tasked with such. The research is primarily a legal analysis of the Zimbabwean merger regulating statute and its implications on any decisions made by the competition authority. As such, the thesis states the status of legal development in Zimbabwe and the selected comparative jurisdictions as of 31 July 2013.

La Constitución Española reconoce y protege el derecho de la persona a asociarse para los más diversos fines y propósitos lícitos con independencia de la causa, lucrativa o no, de la agrupación de personas o de su calificación técnica como mercantil o civil. Esta libertad de asociación se reconoce sin que pueda desmerecerla la ausencia de personalidad jurídica de la realidad asociativa creada (asociaciones sin personalidad) o la concurrencia o no de una voluntad electora de un tipo legal (asociaciones o sociedades atípicas). Esa misma libertad de asociación se refleja en toda clase de uniones, desde aquellas que persiguen fines de carácter ideal no lucrativo, hasta las sociedades de capitales, tanto de responsabilidad limitada como anónimas , y dentro de las últimas, tanto en las sociedades cotizadas o públicas (public companies) de estructura abierta como en las sociedades privadas de estructura cerrada (closely held). En concreto, en el ámbito de las sociedades anónimas resulta especialmente relevante cómo los accionistas se agrupan cada día por los más diversos motivos, pero con la intención última de modular el estatuto normativo típico en el ámbito de las relaciones existentes entre ellos y entre éstos y la sociedad. En nuestro Derecho de sociedades vigente una de las cuestiones que ofrecen mayor interés práctico es la integración, y en ocasiones la superación, de la normativa reguladora de las diversas relaciones jurídicas que se establecen, como consecuencia de la creación y funcionamiento de una sociedad, por medio de la formación de vínculos entre los socios con el fin, desde el punto de vista funcional, de concretar, completar o modificar, en el marco de sus relaciones internas, las reglas legales y estatutarias que rigen a la sociedad. El campo de aplicación natural de esta práctica es el de las sociedades cerradas, privadas o familiares, en las que la relación de confianza entre los socios, el intuitus personae, sustituye o, al menos, modula el intuitus pecuniae típico de las sociedades abiertas . En estas sociedadescerradas los socios mediante los citados vínculos pretenden crear una estructura similar, en el plano orgánico, al de la sociedad colectiva dentro del tipo normativo de la anónima, que determine con pautas propias la organización y el funcionamiento de la sociedad al objeto de conseguir una configuración cerrada o personalista en una sociedad prevista inicialmente por el legislador para ser abierta o capitalista. Sin embargo, esta realidad asociativa no solo se produce en las sociedades cerradas, en las sociedades abiertas también se dan estas agrupaciones de socios con el fin de reforzar la situación de quienes las integran; ya sea para conseguir o consolidar situaciones de dominio por los sindicados, ya sea para defender o ejercitar sus derechos de minoría. En estos casos los socios pueden acudir legítimamente a la solución de establecer convenios extraestatutarios, estipulados al margen del contrato de sociedad, que, ajustados a sus necesidades, respondan a sus intereses específicos. Con este propósito quienes son parte de estos convenios (socios o no, administradores de la sociedad o pertenecientes a un grupo familiar) aspiran a integrar, modular e incluso corregir o derogar el régimen estatutario, y en ocasiones el régimen legal, de la sociedad a la que se refieren tales convenios. La doctrina ha caracterizado estos convenios como acuerdos, pactos o contratos parasociales. El término “parasocial” quiere decir al margen de la sociedad, ya que etimológicamente proviene de vocablo griego para, que significa “al margen de”, y del vocablo latino sociales, que significa “relativo a la sociedad”. Con esta expresión se identifican aquellos convenios o acuerdos que son firmados por todos o algunos de los accionistas de una sociedad y que no se incorporan a los estatutos de ésta, quedando en el ámbito privado de sus suscriptores. El origen de esta práctica extraestatutaria o parasocial se encuentra en la organización de las distintas relaciones entre los accionistas y, sobre todo, entre los accionistas de control ya que, en muchas ocasiones, es difícil regularlas en el ámbito estatutario como marco aplicable y susceptible de surtir efectos sobre la totalidad de los socios. Por ello esta posibilidad constituye un tema de actualidad para la doctrina, ya que son frecuentes los conflictos que se generan en la vida societaria por la variedad y complejidades tipológicas de estos acuerdos que, lógicamente, no están plenamente acomodados a las normas de derecho necesario desarrolladas por el legislador y objeto de interpretación por los Tribunales. Esta realidad societaria se ha visto realzada aún más, de una parte, con la reciente LSC que recoge la definición legal de pactos parasociales que dio, por primera vez en el ámbito de las sociedades cotizadas, la Ley 26/2003, de 17 de julio, por la que se modificaba la Ley 24/1988, de 28 de julio, del Mercado de Valores; y, de otra, con el Real Decreto 171/2007, por el que se regula la publicidad de los protocolos familiares, que considera el contenido de éstos como pacto parasocial, si bien esta norma no es de aplicación a las sociedades anónimas cotizadas. Como más adelante se verá, estos convenios parasociales o, también, extraestatutarios se encuentran amparados por la libre iniciativa privada y por la libertad de empresa, constituyendo una manifestación de la autonomía de gestión en el ejercicio de la actividad empresarial y de la libertad negocial que preside la actuación de los operadores económicos en el desarrollo de su actividad. Lo expuesto nos introduce en el ámbito de la sindicación de acciones, que puede ser definida como la asociación, afectación o unión de acciones (rectius, de socios o de accionistas) por un período de tiempo determinado, con el fin de facilitar la celebración, fuera del contrato de sociedad, de acuerdos o convenios entre todos o algunos de los accionistas destinados a concretar, completar o modificar la normativa legal y estatutaria que regula sus relaciones internas, obligándose, entre sí, frente a la propia sociedad o frente a terceros, a actuar de un modo determinado para la defensa de intereses comunes a todos ellos. En esta definición estarían incluidos, como categorías con entidad propia, tanto la sindicación de voto (también sindicato de voto: afectación de acciones con el fin de que sus titulares se obliguen a emitir los votos correspondientes a las mismas en el sentido acordado por el sindicato), como la sindicación de bloqueo (también sindicato de bloqueo: afectación de acciones con la finalidad de imponer a sus titulares determinadas obligaciones, restricciones o limitaciones a la transmisión de las mismas). A efectos sistemáticos, para una mejor comprensión del estudio que se pretende realizar a partir de ahora, los sindicatos de voto y bloqueo se considerarán como supuestos concretos de la sindicación de acciones y, en sentido general, como acuerdos o convenios parasociales.

O presente trabalho trata do abuso de voto na assembleia geral de credores que decide sobre o plano de reorganização apresentado pelo devedor na recuperação judicial. O trabalho ressalta que a função social da empresa é objetivo também da falência, conforme disposto no art. 75 da Lei n.º 11.101/05. Assim, o voto contrário ao plano não pode ser considerado, de per se, abusivo. Para tratar do tema, examina-se antes a figura do abuso de direito na teoria geral (capítulo segundo) e o abuso de voto nas companhias (capítulo terceiro). Por fim o tema é analisado no âmbito da recuperação judicial.

Transações entre partes relacionadas são cada vez mais discutidas por reguladores, agentes econômicos e pela academia, não só no Brasil. Tal decisão empresarial, muito comum em grupos de sociedade que buscam eficiências gerenciais, suscita preocupações crescentes pelo potencial de conflito de interesses que traz em seus termos e condições, podendo beneficiar injusta e até fraudulentamente controladores e administradores de determinadas sociedades. Uma devida regulação da matéria faz-se imprescindível no crescente e promissor mercado de capitais brasileiro. Estruturada em três capítulos, esta tese parte da discussão sobre grupos e as transações entre suas partes relacionadas com o objetivo de delimitar o seu escopo. Em seguida, trata da regulação da matéria no direito brasileiro, culminando com seu estudo empírico e multidisciplinar. Observa-se, nessa investigação, a multiplicidade e a descoordenação regulatória que existe sobre o assunto em nosso país, seja em razão das estratégias regulatórias existentes, seja pelas diversas soluções jurídicas adotadas. O tema demanda uma reflexão profunda para receber uma nova e adequada regulação, não podendo seus aspectos jurídicos, econômicos, sociológicos e estratégicos ser ignorados, mas considerados de forma complementar. Contribuições da governança corporativa, ética empresarial e contabilidade precisam ser igualmente incorporadas nessa análise integrada. Este trabalho chega a quatro conclusões: (a) compreender grupos e suas relações contratuais internas é cada vez mais complexo e multidisciplinar e sua regulação precisa ser bem pensada e adequada, sob pena de intervenção indevida, desnecessária e excessiva na liberdade de organização empresarial; (b) os conceitos que existem sobre o assunto são demasiadamente amplos, extrapolando relações societárias, ajudando a fomentar uma regulação genérica e descoordenada; (c) a regulação do tema sempre foi reativa a crises, com modelos e soluções jurídicas pontuais e não coordenados entre si, desprezando-se custos organizacionais e outros efeitos negativos internos e externos, em vez de serem claros e lógicos e envolverem uma política pública mais direcionada, considerando estudos empíricos e dados oficiais já disponíveis; e (d) a realidade do mercado de capitais brasileiro está em crescente mutação e possui características peculiares, razão pela qual qualquer regulação do tema não se deve simplesmente importar soluções estrangeiras.

Com o propósito de conceituar a natureza da relação jurídica entre o administrador e as sociedades anônimas, expõem-se, inicialmente, os centros institucionalizados de poder, suas formas de estruturação e funções desenvolvidas na companhia. Delimita-se, então, a quais desses núcleos de poder as atividades de direção, execução e supervisão ordinárias da atividade corporativa foram atribuídas pela Lei. Caracterizado o administrador, aprecia-se a qualidade na qual este age e produz determinados efeitos com seu comportamento. Para a definição dessa posição ocupada na companhia, afere-se a natureza da atribuição da personalidade jurídica ao ente coletivo e sua independência em face dos membros subjacentes. O vínculo criador dessa posição jurídica, entretanto, não possui fundamento teórico uníssono da doutrina estrangeira, tampouco é consenso entre os doutrinadores brasileiros. Aprecia-se, assim, a adequação dos principais argumentos de cada teoria frente ao ordenamento jurídico pátrio mediante a abordagem dos elementos estruturais do ato de preenchimento de órgão. A modalidade do referido ato é definida pela análise da natureza da eleição, mediante a apreciação da deliberação dos órgãos legitimados, da possibilidade de manifestar a vontade social diretamente a terceiros e de produzir efeitos determinados com autonomia, bem como da função integradora da aceitação, como condição de existência de um negócio jurídico bilateral ou de eficácia de um negócio jurídico unilateral. Por fim, confrontam-se as principais características dessa relação jurídica aos contratos de mandato, de prestação de serviço e de trabalho para possibilitar a verificação de sua adequação típica e a definição de um conceito ao ato de preenchimento de órgão de administração das sociedades anônimas. Aiming to create the concepts for the nature of the juridical relation between the officer and the joint-stock companies, this work initially exposes the institutionalized power centers, their structures composition and roles developed in the company. In the sequence, the essay outlines to which of those power nuclei the Law has ascribed the ordinary activities of direction, performance and supervision of the corporate activity. After the officer is characterized, the work analyzes the quality under which such officer acts and produces certain effects on his/her behavior. To define such position held with the company, it is verified the nature of the assigning the legal personality to the collective entity and its independence towards the underlying members. The bond creating such legal position, however, does not have unified theoretical ground in the foreign doctrine and neither is it a consensus among the Brazilian teachers. Hence, adequacy of each theorys main arguments is assessed against the countrys legal system by addressing the structural elements in the act of fulfilling the body. Modality of such act is defined by analysing the nature of the election, assessing deliberation of the empowered bodies, the possibility of manifesting the social will directly to third parties and to produce certain effects in autonomous manner, as well as the integration roles of the acceptance as a condition for existence of a bilateral juristic act or condition for efficacy of an unilateral juristic act. Finally the main characteristics of such legal relation are confronted with the power-ofattorney, service rendering and employment agreements to enable verification of their typical adequacy and definition of a concept to the act of fulfilling the administration body of the joint-stock companies.

La présente contribution a pour objet d'effectuer une analyse critique de la société unipersonnelle. Une approche conceptuelle démontre qu'une théorie unitaire et cohérente de la notion de société suppose de réserver celle-ci à l'idée d'association entre deux ou plusieurs personnes. De même, en mettant l'accent sur l'utilité de la personnalité morale, celle-ci devrait être réservée aux groupements dotés d'un intérêt collectif. Dans la réalité, la société unipersonnelle n'est qu'une appellation légale consistant à introduire le patrimoine d'affectation d'une seule personne et cela sans fournir des justifications juridiques ou économiques validant sa responsabilité limitée. En outre, la société unipersonnelle n'est pas dépourvue de certaines conséquences négatives pour celui que l'on entend protéger, l'associé unique, alors qu'elle se révèle généralement peu efficace. La société unipersonnelle doit surtout être dénoncée comme une institution entraînant un divorce entre le droit et les faits. The present contribution is to carry out a critical study of single-member limited liability Company (Sole Proprietorship Company). A conceptual approach shows that a unitarian and coherent theory of the notion of société [company] suggests to reserve it to the idea of association between two or several persons. Also, focusing on the usefulness of the legal personality, it should be reserved for groups endowed with a collective interest. In the reality, the SMC (single-member Company) is a legal denomination consisting in introducing a special purpose patrimony (autonomous patrimony by appropriation) for a single person while the legal and economics bases of limited liability are not satisfied. Moreover, the SMC is not without certain negative consequences for the one that we intend to protect, the only partner (the sole owner), while it is generally proves irrelevant. Especially, the SMC must be denounced as an institution entailing a divorce between law and practice.

Les sociétés, commerciales ou civiles, font l’objet d’un contrôle très important. L’analyse détaillée des fonctions respectives des différents organes sociaux démontre qu’en réalité le contrôle-direction et le contrôle-surveillance se rejoignent en une définition unitaire du contrôle. Cette définition s’applique à tous les intervenants dans la vie sociale et permet d’écarter de toute responsabilité du fait du contrôle les personnes qui ne sont titulaires que d’un simple droit à l’information. Si le contrôle doit être conçu comme une seule et même opération, la question se pose alors du bien-fondé de la multitude de régimes de responsabilité qui pèse sur les titulaires d’une mission de contrôle. L’étude des conditions et du régime de leur responsabilité permet de constater que, par delà les divergences de régime, les conditions de mise en jeu de cette dernière : la faute, le dommage et le lien de causalité sont identiques, quel que soit son fondement. Il est alors permis de critiquer les inégalités de régimes de responsabilité pesant sur les contrôlaires et les contrôleurs et de proposer un retour à une certaine cohérence par une révision, somme toute peu difficile, de la responsabilité du fait du contrôle

This thesis investigates the influence of board structure and ownership concentration on the level and value relevance of intellectual capital disclosure. This thesis is motivated by the limited post-IFRSs (International Financial Reporting Standards) adoption intellectual capital disclosure studies carried out in a less stringent regulatory environment of New Zealand, and limited research addressing the determinants of the level and value relevance of intellectual capital disclosure. Based on an application of agency theory, cost-benefit theory and value relevance approach, this thesis argues that firm-specific factors are expected to have a significant impact on the level and value relevance of intellectual capital disclosure. Within the agency theory, board structure and ownership concentration mitigate agency costs by enhancing the monitoring function of the board over managers’ opportunistic behaviour, which consequently influence the level of intellectual capital disclosure. In addition, as New Zealand has less tough rules in relation to board structure and ownership concentration, it is expected that these relationships will be more easily identified in the New Zealand context. Second, as most of the intellectual capital disclosure is voluntary, this disclosure is subject to a firm’s cost-benefit analysis. Cost-benefit theory suggests that a firm should not fully disclose its information unless the benefits outweigh the costs of the disclosure. Therefore, the level of intellectual capital disclosure is also influenced by the factors that determine the costs and benefits of the disclosure. Finally, this thesis adopts the value relevance approach to measure the quality of the disclosure. It is expected that the factorsassociated with the level of the disclosure also influence the value relevance of the intellectual capital disclosure. This thesis is based on a sample of 155 firms listed on the New Zealand Exchange covering a total of 519 firm-years over the period between 1 January 2008 and 31 August 2011. A self-developed disclosure index and multiple regression analysis are employed to test the hypothesised relationships. Overall, the results indicate that the average level of intellectual capital disclosed by New Zealand listed firms is low and the human capital component is the most frequently disclosed intellectual capital component. The results provide strong evidence that board structure characteristics, including board size and independence, have a significant positive impact on the level of intellectual capital disclosure. There is strong evidence for a non-linear relationship between ownership concentration and the level of intellectual capital disclosure, which is robust to various types of intellectual capital (i.e. human, relational and structural capital). The results show marginal evidence that board gender diversity has a positive impact on the level of intellectual capital disclosure. In terms of the value relevance of intellectual capital disclosure, only board size has a positive impact on the value relevance of the intellectual capital disclosure. In the individual component analysis, board independence is found to have a significant positive impact on the value relevance of the human and relational capital disclosures. This thesis provides the most recent evidence on the influence of board structure and ownership concentration on the level and value relevance of intellectual capital disclosure in a less stringent regulatory environment of New Zealand. These findings have important implications to regulators, and assist information users in the interpretation of the voluntary intellectual capital disclosure.

Trabajo fin Curso de Experto. Tutor: Salvador González Martín. El incumplimiento del deber de instar la disolución cuando se incurran en las causas para ello según la normativa mercantil vigente, y en concreto, cuando las pérdidas dejen reducido el patrimonio neto por debajo del capital social (artículo 363.1.d LSC), es sancionado por la jurisprudencia con la responsabilidad solidaria de los administradores que, debiendo convocar la celebración de la Junta General que acuerde la disolución o habiendo sido el acuerdo contrario a la misma, no lo haga o no inste la disolución judicial de la sociedad desde el momento en que se tiene conocimiento o debió conocerse la situación de disolución. Se trata de una responsabilidad ex lege y cuasi-objetiva que no exige de otro incumplimiento que la inactividad en la convocatoria de la Junta general. En los siguientes apartados se realiza un breve estudio sobre las obligaciones de los administradores, asociadas a su deber de diligencia e información, y la relación existente entre el incumplimiento de dichas obligaciones y la responsabilidad solidaria de éstos por las deudas generadas con posterioridad a la situación de disolución.Finalmente, se incorpora una propuesta de análisis preliminar y periódico de la situación de la sociedad que el administrador debe realizar y un planteamiento práctico de la intervención del perito contable en la acreditación de la situación de desequilibrio patrimonial.

Un article de la revue Revue du notariat, diffusée par la plateforme Érudit.

La mise en place, au cours des années quatre-vingt-dix, de l’OHADA et d’autres organisations africaines d’intégration, s’est réalisée dans un contexte caractérisé par le phénomène de la mondialisation de l’économie et des marchés financiers. Dès lors, le législateur de l’OHADA, dans son œuvre de construction d’un espace d’intégration juridique stimulateur de croissance et de développement économiques, a-t-il pris en compte les exigences liées à l’émergence de marchés financiers communautaires en zone OHADA ? Si, en matière d’obligations de transparence imposées aux entreprises et autres émetteurs faisant appel public à l’épargne, l’Acte uniforme relatif au droit des sociétés commerciales paraît assez satisfaisant, en revanche, en matière de mécanismes de financement desdits émetteurs, la construction paraît pour le moins inachevée, situation qui semble nécessiter une modernisation du dispositif, destinée à promouvoir l’attractivité, la compétitivité et le développement des marchés financiers de l’espace OHADA.

La société anonyme du droit de l’Organisation pour l’harmonisation en Afrique du droit des affaires (OHADA) peut-elle encore être identifiée par ses critères fondamentaux ? La question mérite d’être posée dès lors que la société anonyme s’est approprié la limitation de la mobilité des actionnaires et le risque illimité et que la validité des stipulations contractuelles y est admise. Le déclin des critères traditionnels d’identification de la société anonyme fait renaître la recherche d’un critère adapté. Le législateur de l’OHADA consacre la notion d’appel public à l’épargne. Parmi les hypothèses d’identification de la société anonyme faisant appel public à l’épargne, le cercle de détenteurs des titres semble être un indice de distinction de ce type de sociétés. Celle-ci est administrée soit par un administrateur général, soit par un conseil d’administration. Ce dernier est dirigé soit par un président-directeur général, soit par un président du conseil d’administration. Dans la dernière modalité de direction du conseil d’administration, la direction de la société est assurée par le directeur général. Le législateur de l’OHADA laisse la libre initiative aux actionnaires. Dans ce cas, la structure de l’organe d’administration de la société dissociant l’administration de la direction serait un nouveau critère d’identification de la véritable société anonyme du droit de l’OHADA.

Les succursales implantées dans un pays étranger sont plus autonomes que leurs consoeurs situées dans le même pays que la maison mère. Elles évoluent dans un environnement juridique différent et par conséquent les liens avec la maison mère sont distendus. Le tribunal de l’Etat d’accueil de la succursale est compétent et les lois de ce pays sont applicables. Toutefois, les lois du pays d’accueil ne sont pas les seules à être applicables. L’absence de personnalité juridique des succursales aura pour conséquence la sollicitation des lois de la maison mère. La cohabitation entre territorialité et extraterritorialité des lois peut donner lieu soit à des conflits soit à des situations de fraude. En l’absence de coopération entre Etats, les succursales qui sont des formes de rayonnement extérieur de la société deviennent des instruments pour pratiquer non seulement le forum shopping mais aussi le law shopping et le tax shopping.

Groups of companies are part of the realities of the modern economic system. Despite the fact that such groups often function as a single economic entity, the legal point of departure remains that each company within the group of companies is a separate juristic person. The result of this is that a creditor of a company within the group can, in principle, only enforce his claim against the company which he contracted with or which caused him harm. Should he wish to claim from the holding company or other solvent companies within the group, he would have to rely on an exception to the doctrine of separate juristic personality, viz the possibility of piercing the socalled corporate veil. This dissertation is a comparative study of the extent to which the law protects a creditor of an insolvent company within a group. The applicable laws of Australia, Germany, New Zealand, the United Kingdom and the United States of America, were investigated and compared to the South African position. The dissertation concludes that the South African legal treatment of the problem is unsatisfactory and that the law should be amended through appropriate legislation.

Kurumların birleşme, bölünme, kısmi bölünme ve hisse değişimi yoluyla yeniden yapılandırılma işlemleri başta ticaret hukuku olmak üzere, rekabet hukuku, sermaye piyasası hukuku ve vergi hukuku gibi birçok hukuk dalını ilgilendiren çok disiplinli bir alandır. Ticaret hukuku, genel olarak yeniden yapılandırma işlemlerinde şirket alacaklarının ve ortaklarının haklarının korunmasını amaçlamaktayken, vergi hukuku söz konusu işlemler sonucunda ortaya çıkan kâr ile ilgilenmektedir. Yeniden yapılanma işlemlerin vergisel maliyeti, bunların önündeki en önemli engeli teşkil etmektedir. Bu sebeple, tüm hukuk sistemlerinde vergisel açıdan tarafsızlığı sağlayıcı hükümler yer almaktadır.Çalışmamızda, özellikle, üye devletler arasındaki ekonomik ilişkilerin artırılarak, ekonomik gelişmenin ve refahın sağlanması yoluyla güçlü bir topluluk yaratma amacı taşıyan Avrupa Birliği Hukuku ve Türk Hukukunda yeniden yapılandırma işlemlerinin vergisel boyutu incelenmiştir. Avrupa Birliği Mevzuatına uyum sağlama çalışmaları çerçevesinde dolaysız vergiler alanında yapılması gereken düzenlemelerden birisi de vergi kanunlarında şirketlerin bölünmesini ve hisse değişimini kolaylaştırıcı, kalıcı mahiyette hükümler getirmek olmuştur. Dolayısıyla Avrupa Birliği Birleşme mevzuatı, tam üyelik sürecindeki ülkemiz açısından önem arz etmektedir.Çalışmamızın birinci bölümünde birleşme, bölünme, kısmi bölünme ve hisse değişimi müesseselerinin kavramsal esasları, Kurumlar Vergisi Kanunu, Türk Ticaret Kanunu ve Yeni Türk Ticaret Kanunu ile ilgili Avrupa Birliği mevzuatı çerçevesinde ortaya konulmaya çalışılacaktır. İkinci bölümde, birleşme, bölünme, kısmi bölünme, aktif transferi ve hisse değişimine ilişkin temel Avrupa Birliği düzenlemesi olan Birleşme Direktifi, Avrupa Birliği Adalet Divanı kararları çerçevesinde incelenecektir. Son bölümde ise Türk vergi mevzuatındaki, birleşme, bölünme ve hisse değişimine ilişkin hükümler tereddütlü noktalara da değinilmek suretiyle ele alınacaktır. Sonuç bölümünde birleşme, bölünme, kısmi bölünme ve hisse değişimi müesseselerine ilişkin değerlendirmelerimize yer verilmiştir. Transactions concerning the restructuring of companies through mergers, divisions, partial divisions and exchanges of shares relate to a multi disciplinary domain, including commercial law, competition law, capital markets law and tax law. While commercial law generally aims at the protection of rights of company's creditors and shareholders, tax law is mostly interested with the profit generated through these transactions. The tax cost of restructuring transactions, constitutes the main obstacle for those. For this reason, all legal systems include provisions providing tax neutrality regarding these transactions.In this study, we have analysed the tax law dimension of restructuring transactions especially in Turkish Law and Law of European Union which aims at the creation of a strong community through the development of economic relations between member states. Within the context of harmonisation to the European Union Legislation, one of the necessary regulations concerning direct taxes has been the enactment of tax law provisions enabling the division of companies and exchanges of shares thereof. Consequently, EU Merger Legislation is of utmost importance for Turkey as a candidate state.The first chapter of this study presents the conceptual basis of the transactions in question within the context of Corporate Tax Law, Commercial Law and the New Commercial Law and EU Legislation. The second chapter examines the Merger Directive within the framework of jurisprudences of European Court of Justice. The last chapter deals with problematic issues in Turkish Tax and Commercial laws. We conclude by presenting our evaluations based on previous chapters.

Tezimizin amacı, ortaklığın anayasası niteliğinde sayılan anasözleşmedeki değişikliklerin, hangi temel esaslar dahilinde yapılabileceğini ortaya koymak, değişikliğin şekli, kapsamı, usulü, sınırları ve sonuçları konusundaki mevzuat hükümlerini, doktrin görüşleri ve uygulama sorunları ile birlikte incelemektir. Çalışmamızda, ayrı birer tez konusu yapılmış veya yapılabilecek ayrıntılar içeren, esas sermaye artırımı, sermaye azaltımı gibi özel anasözleşme değişiklikleri tek tek incelenmek yerine, tüm anasözleşme değişikliklerinde geçerli olan temel esaslar incelenmeye çalışılmış, esas sermaye artırımı ve azaltımına özgü ve genel değişikliklerden farklı olan özel düzenlemeler kapsam dışı bırakılmıştır. 1 Temmuz 2012 tarihinde yürürlüğe girecek olan Yeni Türk Ticaret Kanununun konumuzla ilgili hükümleri de 6762 Sayılı Türk Ticaret Kanunu hükümleri ile karşılaştırmalı olarak tezimizde incelenmiştir. Üç ana bölümden oluşan tezimizin ilk bölümünde anasözleşme kavramı ve hukuki niteliği üzerinde durulmuş ve Alman, İsviçre, Türk öğretisindeki görüşler doğrultusunda anasözleşmenin hukuki niteliği konusunda bir sonuca varılmaya çalışılmıştır. Anasözleşme değişikliği konusunda çıkış noktamız olan anasözleşme içeriği de yine bu bölümde TTK ve YTTK hükümleri karşılaştırmalı olarak ele alınarak incelenmiştir. İkinci bölümde, öncelikle değişiklik kavramı üzerinde durulmuş ve hangi tür değişikliklerin anasözleşme değişikliği kapsamında değerlendirilmesi gerektiği tespit edilmeye çalışılmıştır. Değişiklik usul ve şartları konusu ise, değişiklik metninin hazırlanması, gerekiyorsa Sanayi ve Ticaret Bakanlığından izin alınması, değişikliğin genel kurulda karara bağlanması, imtiyazlı paysahiplerinin onayı ile ticaret siciline tescil ve ilan alt başlıkları çerçevesinde ele alınmıştır. Çalışmamızın son bölümü anasözleşme değişikliğinin sınırları ve denetimine ayrılmıştır. Bu kapsamda özellikle vazgeçilmez ve müktesep haklarla, imtiyazlı paylardan doğan hakların anasözleşme değişikliklerine çizmiş oldukları sınırlar kanun hükümleri kapsamında tespit edilmeye çalışılmıştır. Aynı bölümde, anasözleşme değişikliğinin hükümsüzlüğü ve denetimi başlığı altında, yokluk, butlan, iptal edilebilirlik ve askıda hükümsüzlük halleri üzerinde genel hatlarıyla durulmuştur. The purpose of this thesis is to put forward the main principles through which the amendments in the main contract, considered to be the constitution of partnership, could be made and to analyze provisions of the legislation together with doctrinal views and implementation issues regarding the form, scope, procedures (mode), limits and results of amendment.In this study, rather than focusing on specific main contract amendments with details that have been or could be the subject of a separate thesis such as the increase or reduction in authorized capital, the basic principles that apply to all main contract amendments were analyzed and the arrangements specific to increase and reduction in authorized capital and special arrangements, which are different from general amendments, were left out of the scope of the study.The relevant provisions of the new Turkish Commercial Code, which will come into force on 1 July 2012, are examined in this thesis in comparison with the provisions of the Turkish Commercial Law No. 6762. This thesis is consists of three main parts. In the first part, the emphasis is on the concept of main contract and its legal attributes; and in accordance with the legal opinions stemming from the German, Swiss and Turkish doctrines the first part tries to reach a conclusion regarding the legal attributes of the main contract.The content of the main contract, which is the point of departure regarding the main contract amendment, is also analyzed in this part by means of discussing the provisions of the TCL in comparison with that of the NTCC. The second part primarily focused on the concept of amendment and sought to determine what kind of amendments should be evaluated within the scope of main contract amendment.The issue of procedures and conditions for the amendment is elaborated under the subheadings: the preparation of the text of amendment, (if necessary) the authorization from the Ministry of Industry and Commerce, the decree for the amendment in the general assembly, registration at the trade registry and promulgation with the approval of the privileged shareholders.The last part of the thesis is on the limits and supervision of main contract amendment. Within this context, this part tried to determine the limits stipulated for the main contract amendments under the provisions of the law particularly by indispensable and vested rights as well as the rights incurred from concessional shares. Within the same part, under the heading/title of invalidity of the main contract amendment the cases of absence, voidness, revocation and pending invalidity have been analyzed in general terms.

Si la révocation du dirigeant social, mandataire social et le congédiement du salarié sont admis, peut-on concevoir qu'un associé puisse être exclu de la société dont il est membre? La qualité d'associé pésente a priori un caractère permanent que justifie son origine contractuelle. La question se pose de savoir si, dans le cadre d'une société et dans le droit OHADA, pourrait s'appliquer une sanction consistant à retirer la qualité d'associé à un membre de la société en l'en excluant, sur le fondement de l'intérêt de l'entreprise. C'est ce que l'on appelle le 'squeeze out' de l'associé, expression d'origine anglo-saxonne, consacrée en droit boursier. Il s'agit d'une opération qui s'apparente à l'offre publique de retrait obligatoire: une entreprise indemnise ses actionnaires minoritaires afin qu'ils retirent leurs titres du marché. Dans le cas du 'squeeze out', l'utilité publique aura tendance à s'exprimer au travers de l'utilité sociale. L'exclusion doit être non seulement utile, mais surtout nécessaire. La compréhension du 'squeeze out' comme sanction de celui qui, par son fait ou sa situation, compromet la relation contractuelle, doit être complétée par celle du 'squeeze out' remède, afin que la notion soit susceptible d'être admise dans l'espace OHADA (première partie); appréhendé de manière large comme une exclusion, le 'sqeeze out' est une notion concernant plusieurs disciplines juridiques. Son domaine naturel est le droit boursier, et plus largement le droit des sociétés. Ses applications débordent cependant de ce cadre étroit pour se retrouver dans d'autres domaines que l'auteur qualifie d'artificiels, tout en se limitant au droit du travail et au droit des procédures civiles (deuxième partie)