Bibliographie sélective OHADA

Il est désormais bien établi que le 17 avril 1997, en application des articles 1 et 2 du Traité portant Organisation pour l’Harmonisation en Afrique du Droit des Affaires (désigné ci-dessous sous l’acronyme OHADA), signé en octobre 1993 à Port-Louis, en l’île Maurice, l’Acte Uniforme relatif au Droit des Sociétés Commerciales et du Groupement d’Intérêt Économique (ci-après AUSCGIE) a été adopté. Présenté à la fin du XXᵉ siècle comme une avancée législative majeure, cet instrument juridique avait pour ambition d’instaurer des dispositions uniformes régissant les sociétés commerciales opérant dans les États membres de l’Organisation. Quinze ans après son adoption, l’AUSCGIE a fait l’objet d’une première révision substantielle. Cette réforme se distingue par son envergure sans précédent en ce sens que plus de 450 dispositions ont été modifiées, tandis que de nouvelles ont été introduites, témoignant ainsi d’une intervention législative d’une rare intensité. Néanmoins, érigée par le discours institutionnel en symbole de modernisation et d’adaptation du droit aux exigences contemporaines, cette réforme soulève de multiples interrogations quant à sa pertinence véritable et à son efficacité pratique. L’étendue des modifications interroge également sur l’adéquation des ajustements aux réalités économiques et juridiques des États membres. En effet, quelques années à peine après cette réforme, des interrogations substantielles ont émergé quant à la reconfiguration du droit des sociétés et aux modalités de sa mise en œuvre. Ces préoccupations révèlent les failles structurelles du nouvel AUSCGIE, en ce qu’elles conduisent à s’interroger sur sa capacité véritable à instaurer un ordre juridique cohérent au sein de l’espace de l’OHADA, apte à discipliner les entreprises dans la réalisation de leur objet social, tout en intégrant les impératifs contemporains de gouvernance durable. Par ailleurs, l’AUSCGIE reflète les tensions structurelles inhérentes à l’idée même d’harmonisation dans un espace caractérisé par des disparités économiques, politiques et institutionnelles persistantes. Cette tension prend une acuité particulière au regard des rapports normatifs que l’OHADA entretient avec d’autres instances régionales, notamment l’UEMOA et la CEMAC. L’uniformisation des règles, loin d’être un processus fluide et homogène, semble entravée par ces clivages qui fragmentent encore l’espace juridique et judiciaire de l’OHADA. L’objectif de ces travaux n’est pas de livrer une exégèse doctrinale purement descriptive de l’AUSCGIE, ni d’en proposer une critique systématique, encore moins dans une dénégation gratuite de l’œuvre normative du législateur de l’OHADA. Il s’agit plutôt, en mobilisant principalement le droit français, allemand et celui de l’Union européenne (UE), d’analyser la pertinence de cette réforme à l’aune des réalités locales et internationales du droit des affaires, afin d’en apprécier l’efficacité et la capacité à répondre aux défis contemporains auxquels les économies africaines sont confrontées. Cette étude s’attache à apprécier la mesure dans laquelle l’Acte uniforme révisé parvient à véritablement répondre aux attentes qu’il a suscitées. Elle vise à confronter la performativité du discours réformateur à la réalité de sa mise en œuvre, en évaluant la capacité effective du texte à encadrer rationnellement l’activité des entreprises, à catalyser les investissements endogènes et à susciter une confiance durable des investisseurs. Ces axes d’investigation, qui articulent la normativité proclamée et la normativité vécue de l’AUSCGIE révisé, constituent le cœur théorique de la présente recherche. Celle-ci se positionne dans une démarche résolument dé-constructive, tendant à dévoiler les apories structurelles, les incohérences téléologiques et les effets de dissonance entre le modèle prescriptif et les pratiques institutionnelles effectives. It is now well established that on April 17, 1997, pursuant to Articles 1 and 2 of the Treaty on the Organization for the Harmonization of Business Law in Africa (OHADA), signed in October 1993 in Port-Louis, Mauritius, the Uniform Act on Commercial Companies and Economic Interest Groups (AUSCGIE) was adopted. Presented at the end of the twentieth century as a major legislative achievement, this legal instrument aimed to establish uniform provisions governing commercial companies and economic interest groups operating within the OHADA member states. Fifteen years post-adoption, the AUSCGIE underwent its first substantial revision during the 35th session of the OHADA Council of Ministers, convened on January 30, 2014, in Ouagadougou, Burkina Faso. This reform, promulgated in the OHADA Official Journal on February 4, 2014, and entering into force on May 5 of the same year, distinguished itself by its unprecedented scope – over 450 provisions were amended, while numerous new stipulations were introduced, reflecting an intervention of exceptional legislative magnitude. Nevertheless, this revision, ostensibly designed to respond to contemporary imperatives for a legal framework balancing modernity, originality, legal certainty, and flexibility, has engendered significant concerns regarding its substantive relevance and practical efficacy. The breadth of these amendments raises critical questions not only about the coherence and stability of the legal framework but also about the congruence of these adjustments with the economic and juridical realities of the member states. Indeed, only a few years after this reform, significant questions emerged concerning the transformation of company law (the AUSCGIE) and the modalities of its implementation. These concerns reveal the structural shortcomings of the new AUSCGIE, as they lead to doubts about its real capacity to establish a coherent legal order within the OHADA area, capable of regulating companies in the pursuit of their corporate purpose while integrating contemporary imperatives of sustainable governance. Furthermore, the AUSCGIE reflects the structural tensions inherent in the very idea of harmonization within a space characterized by persistent economic, political, and institutional disparities. This tension becomes particularly acute when considering the normative relationships that OHADA maintains with other regional organizations, notably UEMOA and CEMAC. The uniformization of rules, far from being a smooth and homogeneous process, appears hindered by these divisions, which continue to fragment the legal and judicial space of OHADA. The purpose of this research is neither to offer a purely descriptive doctrinal exegesis of the AUSCGIE nor to propose a systematic critique, let alone to deny gratuitously the normative achievements of the OHADA legislator. Rather, by drawing mainly on French, German, and European Union (EU) law, it aims to analyze the relevance of this reform in light of both local and international realities of business law, in order to assess its effectiveness and its ability to respond to the contemporary challenges facing African economies. This study seeks to assess the extent to which the revised Uniform Act truly meets the expectations it generated. It aims to confront the performativity of the reformist discourse with the reality of its implementation, by evaluating the text’s actual capacity to rationally regulate corporate activity, to catalyze endogenous investment, and to foster sustainable investor confidence. These areas of investigation, which connect the proclaimed and the lived normativity of the revised AUSCGIE, constitute the theoretical core of the present research. The study adopts a rigorously deconstructive approach, intended to unveil the structural aporias, teleological inconsistencies, and dissonant effects that emerge between the prescriptive model and the institutional practices effectively shaping it

À travers une lecture critique du droit positif, cette thèse propose une analyse de la vulnérabilité des dirigeants de TPE-PME mettant en lumière les limites du droit face aux multiples contraintes de la réalité entrepreneuriale. Il est démontré que la protection juridique actuellement offerte à ces dirigeants demeure partielle, conditionnelle et fragmentaire alors même qu’ils sont confrontés à des faiblesses et à des risques systémiques qui excèdent largement le simple aléa économique. En croisant les enjeux juridiques, économiques et humains, cette recherche vise à parfaire la place du chef de TPE-PME dans l’ordre juridique. Elle appelle à la mise en place d’un cadre plus lisible, équitable, protecteur, accessible et stratégiquement cohérent. Ce cadre doit permettre de restaurer la confiance, prévenir l’effondrement, favoriser le rebond et offrir à ces dirigeants les conditions d’un engagement entrepreneurial à la fois responsable, digne et sécurisé. En mettant en évidence les sources multiples de cette vulnérabilité, ainsi que les faiblesses et risques particuliers auxquels ces opérateurs économiques sont exposés dans la gestion quotidienne de leurs activités, cette analyse constitue un plaidoyer en faveur de la reconnaissance et/ou de l’attribution de la qualité de personne vulnérable à ces sujets de droit. Through a critical reading of positive law, this thesis offers an analysis of the vulnerability of SME (Small and Medium-sized Enterprise) leaders, highlighting the limitations of the legal system in addressing the numerous constraints of entrepreneurial reality. It demonstrates that the current legal protection afforded to these leaders remains partial, conditional, and fragmented, even though they face weaknesses and systemic risks that go far beyond mere economic uncertainty. By interweaving legal, economic, and human dimensions, this research seeks to redefine the role of the SME leader within the legal order. It calls for the establishment of a clearer, fairer, more protective, accessible, and strategically coherent legal framework. Such a framework should help restore confidence, prevent collapse, support recovery, and provide these leaders with the conditions for responsible, dignified, and secure entrepreneurial engagement. By shedding light on the multiple sources of this vulnerability, as well as the specific weaknesses and risks faced by SME leaders in the day-to-day management of their businesses, this analysis serves as an argument in favor of recognizing – or granting – the status of legally vulnerable persons to these economic actors.

Cette thèse propose une analyse renouvelée du contentieux des pactes d’associés en l’appréhendant comme un risque juridique structurel, et non comme une simple contingence factuelle. L’étude met d’abord en lumière la fonction particulière des pactes, entendus comme instruments de couverture de l’aléa social qui traversent le contrat de société. Les engagements qu’ils contiennent – mécanismes de transfert de droits sociaux ou stipulations permettant d’exiger un comportement – révèlent toutefois des fragilités propres, susceptibles de nourrir des contestations au moment de leur mise en œuvre. L’analyse systématise alors les voies de remise en cause possibles et montre que le risque contentieux dépend autant des mécanismes juridiques en cause que de la compétence des parties à activer ou non ce contentieux. Face à ce constat, la recherche élabore un modèle contractuel de traitement du risque contentieux, fondé sur la notion autonome de contrainte, exercée à destination des parties ou du juge. Par des techniques telles quel a renonciation, les prérogatives d’interprétation, les accords de qualification ou de régime, ce modèle permet d’anticiper et d’encadrer les contestations. Appliqué aux différents types d’engagements rencontrés dans les pactes d’associés, ce modèle démontre sa pertinence tout en révélant les frontières de la contractualisation. Il ne supprime pas toute possibilité de litige, mais permet d’en saisir la logique et d’en proposer un traitement structuré dès l’origine du contrat. This thesis offers a renewed analysis of litigation arising from shareholders’ agreements by approaching it as a structural legal risk, and not as a mere factual contingency. The study first highlights the particular functionof such agreements, understood as instruments for covering the social uncertainty that runs through the company contract. The commitments they contain – mechanisms for the transfer of shares or stipulations requiring a certain behaviour – nevertheless reveal their own fragilities, likely to fuel disputes at the time of their implementation. The analysis then systematises the possible avenues for challenge and shows that litigation risk depends as much on the legal mechanisms involved as on the parties’ ability to activate or not activate such litigation.In response to this observation, the research develops a contractual model for the treatment of litigation risk,based on the autonomous notion of constraint, exercised either towards the parties or towards the judge.Through techniques such as waiver, interpretative prerogatives, and qualification or regime agreements, this model makes it possible to anticipate and frame potential disputes.Applied to the different types of commitments found in shareholders’ agreements, this model demonstrates its relevance while revealing the boundaries of contractualisation. It does not eliminate all possibilities of litigation, but enables one to grasp its logic and to propose a structured treatment from the very origin of the contract.

L'associé salarié est aujourd'hui une figure répandue dans le paysage juridique, en dépit d'une contradiction évidente : il est à la fois propriétaire du capital et subordonné à la société qui l'emploie. Cette antinomie apparente et les interrogations qui en découlent apparaissent, pourtant, majoritairement passées sous silence. Le cumul des qualités d'associé et de salarié est ainsi admis par principe, notamment depuis l'avènement des dispositifs légaux d'actionnariat salarié.Ce silence nourrit l'opportunité d'une étude approfondie de la figure de l'associé salarié. Une analyse miroir du droit des sociétés et du droit du travail est à même de vérifier la réelle compatibilité de ces qualités, tant au niveau de la licéité du cumul que des règles qui lui sont applicables. La proposition est la suivante : se plonger dans l'analyse chronologique du cumul des qualités d'associé et de salarié, de sa naissance à sa disparition, par une étude combinée du droit du travail et du droit des sociétés.En ressort une compatibilité relative des qualités tenant davantage à l'influence du droit du travail que du droit des sociétés. Ce constat ne doit cependant pas minimiser les influences réciproques des deux branches du droit. Contrairement au postulat qui semble suivi par une majorité d'auteurs, l'associé salarié n'est pas juste un salarié particulier : il est également un associé singulier. The employee shareholder is now a commonplace figure, despite a major contradiction: he is both owner of the capital and subordinate to the company that employs him. This apparent conflict and the questions it raises are largely ignored. The dual status of shareholder and employee is accepted as a matter of principle, particularly since the advent of legal employee share ownership schemes.This silence provides an opportunity for a study of the situation of the employee shareholder. A mirror analysis of company law and labour law is able to study the real compatibility of these qualities, simultaneously of the lawfulness of the combination and the rules applicable to it. The proposal is: to analyse in chronological order the dual status of shareholder and employee, from its inception to its demise, by a combined study of labour law and company law.A relative compatibility of these roles emerges. It is due more to the influence of labour law than company law. However, this observation should not minimise the reciprocal influences of the two branches. Contrary to the assumption that seems to be followed by some authors, the employee shareholder is not just a particular employee: he is also a singular shareholder.

Environmental, social and governance (ESG) issues have gained prominence in recent years. Companies have come to understand their role in the global economy and that their decisions cannot be based solely on profits. They are now required to have regard for the environment in which they operate, to be mindful of the social factors that affect their employees, customers and the community at large, and to ensure that their corporate governance complies with the standards set out in the Companies Act 71 of 2008 and the various King Reports. While ESG has become a buzz word in the corporate world, there is still much uncertainty among stakeholders about what they are required to do and what the reporting requirements, if any, are. Its implementation in South Africa is still in its infancy and there is much uncertainty about what ESG monitoring and compliance truly entail. A perfect illustration of this is the fact that the Johannesburg Stock Exchange (JSE) only published ESG disclosure guidelines for the first time in 2022. This means that until the guidelines were published, hundreds of companies in South Africa had been wondering aimlessly in the dark when it comes to ESG issues. To make matters worse, while environmental issues and corporate governance issues have received significant attention from scholars and legislators in South Africa alike, the "S" in ESG has received little attention. It is often treated as the undesirable stepchild that everyone conveniently forgets is part of the ESG family. The purpose of this study is to highlight the gaps in the existing ESG regulatory framework, which leads to gaps in the understanding and monitoring of the implementation of the social indicators of ESG. The study aims to firstly determine whether companies in South Africa have a proper understanding of the social framework of ESG and whether the current legal and/or regulatory framework in South Africa offers sufficient guidance to n organisations to ensure that they comply with and fully implement the social guidelines of the ESG framework.

6102 sayılı Türk Ticaret Kanunu m. 531'de anonim şirketin özel sona erme hallerinden biri olarak haklı sebeplerle fesih düzenlenmiştir. Bu düzenleme ile 6762 sayılı Türk Ticaret Kanunu döneminde anonim şirketin haklı sebeple feshinin mümkün olup olmadığı yönündeki tartışmalar sona ermiş ve anonim şirketin haklı sebeple feshi kurumu hukukumuza kazandırılmıştır. Anonim şirketin haklı sebeple feshi, haklı sebeplerin varlığı durumunda, sermayenin en az onda birini ve halka açık şirketlerde yirmide birini temsil eden pay sahipleri tarafından istenebilir. Anonim şirketin haklı sebeple feshi davası şirket merkezinin bulunduğu yer asliye ticaret mahkemesinde açılır. Kanunda anonim şirketin haklı sebeple feshinde haklı sebep kavramı tanımlanmamış ve haklı sebep teşkil edebilecek durumlara örnek gösterilmemiştir. Kanun gerekçesinde bu kavramın niteliklerinin gösterilmesinin ve tanımlanmasının yargı kararları ve doktrine bırakıldığı belirtilmiştir. İleri sürülen sebeplerin haklı sebep olarak kabul edilip edilmemesi mahkemenin takdirindedir. Yargılama sonucunda mahkemenin şirketin feshine, davacı pay sahiplerinin paylarının değerinin ödenerek şirketten çıkarılmasına veya uygun düşen ve kabul edilebilir diğer bir çözüme karar verme yetkisi bulunmaktadır. Çalışmamız kapsamında anonim şirketin haklı sebeple feshinde haklı sebep teşkil edebilecek durumlar incelenmiştir. Bu inceleme yapılırken kanun metni ve gerekçesi, doktrinde ileri sürülen görüşler ve yargı kararları ile çalışmamız desteklenmiştir. Article 531 of the Turkish Commercial Code No. 6102 regulates the dissolution of a joint stock company for just cause as one of its special grounds for termination. With the introduction of this provision, the debates regarding whether the dissolution of a joint stock company for just cause was possible under the period of the Turkish Commercial Code No. 6762 have been resolved, and the institution of dissolution of a joint stock company for just cause has been incorporated into our legal system. The dissolution of a joint stock company for just cause may be requested by shareholders representing at least one-tenth of the capital, or one-twentieth in publicly traded companies, in the presence of just causes. The lawsuit for the dissolution of a joint stock company for just cause is filed in the commercial court where the company's head office is located. The law does not define the concept of "just cause" in the context of the dissolution of a joint stock company, nor does it provide examples of situations that might constitute just cause. According to the legislative intent, the determination and definition of the characteristics of this concept are left to judicial decisions and legal doctrine. Whether the reasons presented are accepted as just cause is at the discretion of the court. Following the trial, the court has the authority to decide on the dissolution of the company, the payment of the value of the shares to the plaintiff shareholders in exchange for their exit from the company, or another suitable and acceptable solution. This study examines situations that may constitute just cause for the dissolution of a joint stock company for just cause. In this analysis, the text and rationale of the law, views expressed in legal doctrine and judicial decisions have been taken into account.

L’opération de fusion-absorption d’une personne morale est une question en soi difficilement appréhendée tant dans les effets qu’elles déploient que dans l’organisation d’une telle opération. Cette difficulté propre à la nature d’une telle opération prendra une allure tout autre lorsqu’une personne morale membre d’un conseil d’administration s’y trouve impliquer. Toutes les hypothèses pouvant être développées traduisent non seulement la diversité mais également la complexité d’un tel sujet. Si cette question telle qu’elle est évoquée, est révélatrice du caractère instrumental du droit des sociétés, force est de reconnaître que la résolution d’une telle problématique devrait se faire par la conciliation des caractéristiques propres au droit des fusions mais aussi en tenant compte des spécificités entourant la personne morale administrateur. La transmission universelle du patrimoine, la réorganisation des pouvoirs post-fusion, les droits des créanciers, le problème de la représentation de la personne morale dans la société absorbante, la gouvernance de la société administrée, l’intrusion d’une personne morale tierce, les questions de fusions internationales sont autant de questions soulevées par cette problématique. La solution de cette problématique commande une étude minutieuse des questions soulevées à l’aune du droit OHADA et du droit français.

La notion d’apport en nature revêt des enjeux d’une grande complexité, tant sur le plan juridique que pratique. Elle soulève de nombreuses difficultés d’interprétation et de mise en œuvre. Celles-ci sont exacerbées par l’essor de la diversité des biens et droits susceptibles d’être apportés en société, ainsi que par la multiplicité des modes de rémunération des associés. Cependant, cette évolution n’a pas été suffisamment suivie par le législateur et la contribution d’une partie importante de la jurisprudence et de la doctrine antérieures est devenue quasi obsolète. Face à cette problématique émergente, un renouvellement du contour juridique de la notion d’apport en nature dans toutes ses dimensions est devenu une nécessité impérieuse.Cette thèse propose une approche globale de la notion d’apport en nature. Cet apport peut être effectué à titre particulier, permettant ainsi la réintégration d’un ou plusieurs actifs ou activités utiles au développement de la société. En outre, le délestage d’un actif non nécessaire à l’exploitation, par voie d’apport, est également possible. Toutefois, le régime juridique de droit commun auquel est soumis cet apport peut s’avérer inapplicable en raison de restrictions de nature légale ou contractuelle. Dans ce contexte, l’apport à titre universel constitue une solution pertinente pour surmonter cette contrainte. Cet apport concerne notamment les opérations de fusion, de scission et d’apport partiel d’actifs et se concrétise toujours par une transmission universelle de patrimoine, dont les enjeux et conséquences sont examinés en profondeur dans la présente étude.Ce travail aborde également le paradoxe lié à l’évaluation de l’apport en nature et aux modes de rémunération et tente de mettre en évidence une synthèse des insuffisances du cadre législatif et doctrinal entourant le sujet. Il propose ainsi des alternatives envisageables pour surmonter les contraintes inhérentes à la réalisation de certaines opérations d’apport. Restent d’autres situations, dans lesquelles l’intervention du législateur apparaît nécessaire pour contourner les contraintes mises en évidence dans l’étude.

Contrairement aux entreprises dites "classiques", qui ont pour objectif principal la production de biens ou de services dans un cadre lucratif, l'entreprise de tendance est une catégorie juridique et sociale à part. Sa spécificité ne réside pas dans la recherche de profits, mais dans la promotion et la défense de convictions, qu'elles soient religieuses, politiques, ou philosophiques. Cette dimension convictionnelle distingue ces entreprises des autres et impose de définir avec précision leurs contours, car toutes ne peuvent pas revendiquer ce statut. L'entreprise de tendance n’est donc pas un modèle d'entreprise ordinaire. Au cœur de son fonctionnement se trouvent des valeurs et des croyances qui façonnent non seulement son activité mais aussi son identité. Ce type d’entreprise devient un instrument au service d'une idéologie ou d'une foi, portant un message à la société et jouant un rôle crucial dans le maintien du pluralisme idéologique dans une démocratie. Cependant, la reconnaissance juridique des entreprises de tendance varie largement d’un pays à l’autre, en fonction de l’histoire, des sensibilités sociétales et du cadre législatif.La manière dont les États reconnaissent et encadrent les entreprises de tendance reflète leur conception de la place des convictions religieuses ou politiques dans l'espace public. En fonction de cette reconnaissance sociale et légale, ces entreprises peuvent bénéficier de régimes juridiques particuliers, tant dans leurs relations avec les salariés qu’en matière de financement. Cette reconnaissance variable, ainsi que les privilèges qui peuvent en découler, doivent être analysés, notamment à l'aune des décisions des Cours européennes.

Le remboursement des apports en société est l’une des notions utilisées fréquemment juridiquement, mais qui n’est pas définie ni par la loi ni par la jurisprudence ; il n’existe pas un régime juridique, indépendant et délimité, qui l’encadre. De plus, un nombre limité d’auteurs ont fourni des définitions pour le remboursement des apports qui ne sont pas même unifiées. Ils ont aussi fait référence à la restitution des apports souvent dans le même contexte, sans établir une distinction entre les deux termes « remboursement » et « restitution ». Avec l’absence d’une définition précise de remboursement des apports, les questions se posent : si d’après le régime juridique applicable dans le cadre des sociétés, il existe une obligation de restitution des apports qui va se varier selon le type de l’apport en cause ; ou le remboursement de l’apport constitue le paiement d’une obligation, autre que celle d’une restitution. Notamment, à la lumière de la relation entre l’apport et le capital social en vertu de laquelle les titres sociaux sont eux qui représentent les différents droits de l’associé et le montant du capital social est celui qui représente la dette de la société et l’ensemble des créances des associés. L’étude fournit ainsi une identification des éléments caractéristiques de remboursement des apports en société. Elle fournit également une identification de ses éléments perturbateurs, en abordant la question d’éventuelle manifestation de remboursement des apports au cours de la vie sociale, et en analysant le statut original de l’apporteur en industrie dont l’apport ne fait pas juridiquement l’objet de remboursement. The reimbursement of the contributions to a company is one of the notions frequently used in legal contexts, but it has not been defined either by law or by jurisprudence. There is no independent and defined legal regime governing it. Moreover, only a limited number of authors have provided definitions of the reimbursement of contributions that are not even unified. They have referred to the restitution of contributions, always in the same context, without making the distinction between the two terms "reimbursement" and "restitution". With the absence of a precise definition of the reimbursement of contributions, questions arise: according to the applicable legal regime for companies, does an obligation of restitution of contributions, varying according to the type of contribution, exist, or is the reimbursement of contributions the payment of an obligation other than restitution? These questions are especially relevant in light of the relationship between contributions and capital, under which shares represent the different rights of the partners and the amount of the capital represents the debt of the company. Thus, the study provides an identification of the characteristic elements of the reimbursement of contributions to a company. It also identifies its disruptive elements by addressing the eventual manifestation of the reimbursement of the contributions during the life of the company, and by analyzing the distinct status of a partner who has made a contribution in industry, which is not legally subject to reimbursement.

Les sociétés commerciales dans un espace communautaire sont amenées à développer ou délocaliser leurs activités dans d'autres pays membres que celui dans lequel où elles sont originairement installées. La liberté d'établissement régit le droit pour une société de s'installer dans un autre État membre et d'y exercer une activité de façon durable. C'est notamment le cas lors des délocalisations, des opérations de fusions-acquisitions, de création de filiales, ou de représentation à l'étranger. C'est le cas aussi dans le transfert de siège social. Chaque société commerciale agit selon les règles juridiques de l'État où elle est établie. Dès lors qu'elle étend, déplace ses activités ou effectue des opérations dans plusieurs États, elle engendre automatiquement des éléments d'extranéité et se trouve confrontée à des questions spécifiques telles que celles de sa reconnaissance dans un État étranger, de la loi qui lui est applicable ou de sa nationalité. Cette mobilité entraîne aussi le changement de son environnement juridique. Désormais c'est dans un autre droit des sociétés qu'elle se meut. Toutes les matières du droit des sociétés se trouvent affectées : les droits fiscaux, sociaux, environnementaux, le droit du travail, le droit comptable, etc. Dans leurs textes fondateurs, les deux espaces communautaires que sont la Communauté Économique des États de l'Afrique de l'Ouest (CEDEAO) et l'Union Européenne (EU) consacrent ce principe de la liberté d'établissement au profit des sociétés. Bien que le but recherché par les législateurs africains et européens soit l'intégration économique, ce principe soulève néanmoins certaines questions et difficultés relatives à la mise en œuvre des normes communautaires. Contrairement aux pays membres de la CEDEAO qui ont pour socle technique d'uniformisation de leur droit interne l'OHADA (Organisation pour l'Harmonisation en Afrique du Droit des affaires) les pays de l'Union Européenne, eux, ne disposent pas de cadre juridique intégré, ce qui multiplie les difficultés pour la mobilité des sociétés au sein de l'espace communautaire européen. Commercial companies in a community space are often required to develop or relocate their activities to other Member States than the one in which they are originally established. Freedom of establishment is the right for a company to establish itself in another Member State and to carry on business there in a sustainable manner. This is particularly the case for relocations, mergers and acquisitions or the setting up of subsidiaries. It is also the case when the head office is transferred. Commercial companies operate according to the legal rules of the State where they have been settled. Every company considering expansion into another Member State is likely to generate foreign elements and to face specific issues such as its recognition in the foreign State, the law applicable to it or its nationality. The entire legal environment might change and all branches of corporate law can be affected: tax, social, environmental, labour, accounting and other laws. In their founding texts, the two Community spaces, the Economic Community of West African States (ECOWAS) and the European Union (EU), enshrine this principle of freedom of establishment within their Member States. Even though the goal pursued by African and European legislators is economic integration, this principle nevertheless raises a number of issues and serious questions relating to the implementation of Community standards. Unlike the ECOWAS member States, which have OHADA (Organization for the harmonization of business Law in Africa) as an existing basis for the unification of their domestic business law, members States of the European Union do not have a unified legal framework, which increases the issues a company must face in its mobility processes within the European Community space

Despite the emergence of corporate governance as a formal discipline more than thirty years ago, the proliferation internationally of scholarly work on the topic and its formal regulation over this period, the scope, definition and direction of corporate governance remain contested. Company theories could potentially assist in this regard but have been inconsistent in their explanations of the both the means and ends of corporate governance. This has led to scepticism about the efficacy of theories to illuminate the phenomena associated with companies and company law. Notwithstanding, theory is critical as it makes explicit what is implicit in policymaking by regulators, as well as in the behaviour and decision-making by corporate actors, so that regulation and decisions are transparent for analysis and evaluation. The study, therefore, set out to provide a synthesis and doctrinal analysis of the main theories on the nature and general purpose of corporations in historical context. It was found that objections can be raised against all of these theories to a greater or lesser extent for inaccurate portrayal of the law, limited explanatory power and detachment from the real word. This study shows that corporate theories are a product of the settings in which they have developed and consequently none of these theories represents a universal or absolute truth, nor are they an inevitability due to widespread adoption and use. This leaves room for new formulations of the corporate form and its purpose fit for today’s context with its political, social and environmental challenges. This dissertation also includes further directions for theoretical exploration.

This paper constitutes a composite analysis of the legal framework and procedures for removing directors and the key challenges presented by the framework. It achieves this by looking at four legal questions: Firstly, it looks into what is the legal framework for director removal in South Africa, secondly, it delves into the challenges and/or uncertainties presented by this process, and further explores if there are any possible learnings South Africa can learn from foreign jurisdiction.

The study comparatively scrutinised creditor protection mechanisms entrenched in South African Corporate law to determine their effectiveness in advancing creditor interests in company affairs. The enquiry was triggered by the need for corporate laws to adapt to and align with the pace of global economic changes in open and democratic societies. The 2004 DTI Policy document on South African Corporate Law Reform (SACLR) proposed a shift from the traditional shareholder-centric view, which espouses shareholder importance in corporate governance, to a model that retains the supremacy of shareholder interests while simultaneously catering to the interests of other stakeholders (the enlightened shareholder value approach). In light of the DTI policy proposal, the parliament, in enacting the South African Companies Act 71 of 2008 (the Companies Act), reflected on the need to provide appropriate redress to investors' and third parties (creditors`) rights in the preamble to this piece of legislation. It was based on the forgoing expositions that this research work sought to establish whether the South African Corporate law had been adequately modelled to protect creditors and to look beyond the traditional company’s goal of profit maximisation for the shareholder at the expense of other stakeholders, such as the creditors, who equally have stakes in the success and continuation of the company. Thus, a comparative doctrinal and critical analysis of creditor protection laws from selected cognate jurisdictions was undertaken to determine the efficacy of the protection mechanisms accorded to creditors under the South African corporate jurisprudence. It is thus the researcher's findings that the South African provisions on mechanisms to protect creditors are set in motion and are, therefore, effective to a greater extent, subject to legislature dealing with some discrepancies as per lessons drawn from comparator jurisdictions and recommendations. Conclusively, the Companies Act should clearly include the creditor’s interests in those of the company and thus give a secondary duty to directors to ensure creditor interests, among other non-member stakeholders, are assertively safeguarded.

With the adoption of the Act to amend the Environment Quality Act in order to reinforce compliance in 2011, the legislator came to establish a system of administrative monetary penalties for the protection of the environment. This new regime aims for a faster sanction that can be issued directly by the administrative power. This new sanction not only strengthens the applicability of the Environment Quality Act, but it also adds an additional burden to Quebec businesses. The objective of this thesis is to understand to what extent the system of administrative monetary penalties impacts the liability of administrators. To do this, we will first present the Environment Quality Act, which mainly governs the protection of the environment in Quebec, and above all describe the nature and objective of this system of administrative monetary penalties. Next, we will deal with certain aspects of this regime which have implications for administrator's liability. Finally, we will attempt to briefly introduce some of the observations we have made regarding the challenges and limitations of this administrative regime. Avec l’adoption de la Loi modifiant la Loi sur la qualité de l’environnement afin d’en renforcer le respect en 2011, le législateur est venu instaurer un régime de sanctions administratives pécuniaires en matière de protection de l’environnement. Ce nouveau régime vise une sanction plus rapide qui peut être émise directement par le pouvoir administratif. Cette nouvelle sanction renforce non seulement l’applicabilité de la Loi sur la qualité de l’environnement, mais elle ajoute en même temps un fardeau supplémentaire aux entreprises québécoises. L’objectif de ce mémoire est de comprendre dans quelle mesure le régime de sanctions administratives pécuniaires impacte la responsabilité des administrateurs. Pour ce faire, nous allons d’abord présenter la Loi sur la qualité de l’environnement qui encadre principalement la protection de l’environnement au Québec et surtout décrire la nature et l’objectif de ce régime de sanctions administratives pécuniaires. Ensuite, nous traiterons de certains aspects de ce régime qui entraînent des conséquences au niveau de la responsabilité des administrateurs. Finalement, nous tenterons d’introduire brièvement certaines remarques que nous avons tirées concernant les défis et limites de ce régime administratif.

Este trabalho tem por objetivo analisar a mobilização de acionistas para as assembleias gerais de acionistas das companhias abertas. Em caráter preliminar, são traçadas algumas premissas sobre o direito de voto, o princípio majoritário, o absenteísmo dos acionistas nas assembleias gerais e algumas considerações sobre dispersão acionária e certos aspectos das minorias societárias. Em seguida, dedicam-se algumas seções aos interessados na mobilização dos acionistas, que podem ser múltiplos e incluem o próprio controlador ou o bloco de referência da companhia, a administração da companhia, os acionistas minoritários na manifestação mais comum da mobilização , e outros interessados que podem consistir em empregados, credores ou membros da sociedade em geral. Feitas essas considerações, a dissertação trata das finalidades jurídicas mais comuns buscadas com a mobilização dos acionistas como, exemplificativamente, a própria convocação das assembleias gerais, tomada das contas, deliberação sobre as demonstrações financeiras, destinação de resultados, eleição de membros do conselho de administração, instalação e eleição dos membros do conselho fiscal, a responsabilização do controlador ou dos administradores e certos eventos que diluem a participação acionária dos acionistas. Por fim, a dissertação trata de alguns instrumentos disponíveis no ordenamento jurídico que podem ser utilizados para a mobilização dos acionistas, como as assembleias digitais ou híbridas, o boletim de voto a distância, a representação de acionistas, o pedido público de procuração, o pedido de lista de acionistas, as mídias sociais, os voting advisors, o empréstimo de ações e o usufruto de ações. This work aims to analyze the mobilization of shareholders for general shareholders\' meetings of publicly traded companies. Preliminarily, some assumptions and premises are outlined regarding the right to vote, the majority principle, shareholder absenteeism at general meetings, and considerations on share dispersion and certain aspects of minority interests. Subsequently, several sections are dedicated to the stakeholders involved in mobilizing shareholders, which may include the controlling shareholder or the company\'s reference block, the company\'s management, minority shareholders in the most common form of mobilization and other interested parties that may consist of employees, creditors, or members of society in general. With these considerations in mind, the dissertation addresses the most common legal purposes sought with the mobilization of shareholders, such as, for example, convening general meetings, approval of financial statements, determination of results allocation, election of members of the board of directors, installation and election of members of the fiscal council, holding the controller or administrators accountable, and certain events that dilute shareholders\' equity participation. Finally, the dissertation discusses some legal instruments available that can be used for shareholder mobilization, such as digital or hybrid assemblies, distance voting bulletins, shareholder representation, public proxy solicitation, shareholder list request, social media, voting advisors, stock lending, and share usufruct.

Este trabalho tem por objetivo a análise da agregação dos credores em classes no âmbito da recuperação judicial, de acordo com a Lei n. 11.101/2005, e os impactos procedimentais e principiológicos neles englobados, tais como: a aprovação do plano de recuperação judicial, a agregação dos credores em classes, o sistema de votação e os princípios da par condicio creditorum e da preservação da empresa, extraindo desta análise lacunas e mecanismos criados que possam ter como consequência o desvirtuamento do fim almejado, sendo ao final apresentadas premissas e hipóteses de limitação e aplicação prática da agregação para evitar práticas abusivas. Dessa forma, são apresentadas breves noções introdutórias e fundamentais sobre a recuperação judicial acompanhada pela apresentação dos conceitos básicos referentes ao plano de recuperação judicial e a divisão dos credores em classes, demonstrando as origens, objetivos e expectativas do estabelecimento das classes na forma apresentada na Lei n. 11.101/2005. Ainda, são objetos específicos de estudo, a análise de como a divisão de classes de credores interfere na votação do plano de recuperação judicial e como tem sido tratada a possibilidade da criação de subclasses como é o caso do credor estratégico - e os efeitos diretos e indiretos ao procedimento e credores envolvidos. Em seguida, tem-se como objetivo verificar, no âmbito legal, as disposições sobre o tema a exemplo do artigo 41 da Lei n. 11.101/2005 -, as consequências e os impasses verificados ao longo dos anos de vigência de referida lei que demandam atenção e alterações para que o tratamento aos credores no âmbito da recuperação ocorra de forma mais justa e adequada aos interesses de todos os envolvidos. Assim, serão expostas soluções alternativas para a melhor condução do procedimento da recuperação judicial em relação às classes de credores e subdivisões em busca de garantir e preservar o objetivo da recuperação judicial, sempre considerando os fatores econômicos, políticos e sociais que influenciam para a análise da viabilidade econômica da empresa e que estão sempre em constante modificação. This work aims to analyze the aggregation of creditors into classes within the scope of judicial reorganization in accordance with Law No. 11.101/2005, as well as the procedural and principled impacts involved, such as the approval of the judicial reorganization plan, the aggregation of creditors into classes, the voting system, and the principles of par condicio creditorum and preservation of the company. It aims to identify gaps and mechanisms that may lead to the distortion of the intended purpose and presents premises and hypotheses for limiting and practically implementing the topic to avoid abusive practices. Thus, this work presents brief introductory and fundamental notions about judicial reorganization by the presentation of basic concepts related to the judicial reorganization plan and the division of creditors into classes, demonstrating the origins, objectives, and expectations of the establishment of classes as presented in Law No. 11.101/2005. Furthermore, specific study objectives include analyzing how the division of classes of creditors affects the voting on the judicial reorganization plan and how the possibility of creating subclasses - such as strategic creditors - has been addressed and its direct and indirect effects on the procedure and involved creditors. Next, this work verifies the legal provisions on the topic - such as Article 41 of Law No. 11.101/2005 as well as the consequences and impasses observed throughout the years of the law\'s existence that demands attention and changes to ensure that treatment of creditors in the context of reorganization occurs in a more just and appropriate manner for all parties involved. Thereby, alternative solutions will be presented for better management of the judicial reorganization procedure regarding creditor classes and subdivisions to ensure and preserve the objective of judicial reorganization, always considering the economic, political, and social factors that influence the analysis of the company\'s economic viability, which are constantly changing.

Le législateur OHADA s'est inspiré du droit français pour fixer le cadre juridique de la variabilité du capital social ; d'où l'étude orientée vers une approche comparatiste. Cette approche a permis une confrontation entre deux (02) systèmes juridiques, en vue de dégager les problèmes de droit et d'envisager une amélioration du cadre juridique de la variabilité du capital en droit OHADA ; l'objectif étant de dégager une contribution à l'amélioration du droit OHADA à travers le droit comparé. A l'analyse, il ressort que la variabilité du capital social comporte des facteurs attractifs pour les acteurs économiques. En effet, elle constitue un mécanisme de financement des sociétés, en raison d'une part, de sa capacité à renforcer les capitaux propres sans charge financière et, d'une part, de sa capacité à constituer un actionnariat spécifiquement orienté sur la rentabilité des sociétés. De même, elle pourrait susciter un intérêt pour les investisseurs intéressés par la célérité et l'efficacité dans les opérations de financement des entreprises. L'efficacité du financement de la société par la mise en œuvre de la clause de variabilité du capital est tributaire, entre autres, de son attractivité auprès des acteurs économiques de manière générale, des investissements et des professionnels du droit en particulier. Cependant, plusieurs facteurs ne militeraient pas en faveur du recours à la variabilité du capital. Parmi ces facteurs figurent les risques découlant de la réduction du capital et la méconnaissance des acteurs économiques et des praticiens du droit de l'existence et/ou du fonctionnement du mécanisme de la variabilité du capital. Or, ces risques ne sont pas irrémédiables, dans la mesure où il existe des mécanismes juridiques appropriés pour y faire face. En somme, l'analyse du fonctionnement du mécanisme de la variabilité du capital social a mis en évidence ses capacités de mobilisation de financement, de recapitalisation de la société, de restructuration de la société et d'apporter une contribution à l'amélioration du cadre juridique des sociétés à capital variable. Elle a également permis de démontrer l'insuffisance de la justification ou du fondement du désintérêt des acteurs économiques et des praticiens du droit à l'égard de la variabilité du capital social

Anonim şirket organları, özel hukuktaki sözleşme özgürlüğünün bir sonucu olarak kendi yetki alanlarına giren konuları iç yönerge ile düzenleyebilirler. Anonim şirket yönetim kurulu da yetki alanına giren konularda iç yönerge çıkarmak suretiyle düzenleme yapabilir. Türk Ticaret Kanunu'nda yönetim kurulunun yönetim yetkisini devrettiği ve sınırlı yetkili ticari vekil ve diğer tacir yardımcıları atadığı durumlarda bu işlemleri bir iç yönerge çıkararak gerçekleştirmesi zorunlu tutulmuştur. Bununla birlikte anonim şirket yönetim kurulu iç yönergesinde iç yönerge çıkarma zorunluluğu doğuran bu iki durum dışında yetki alanına giren diğer birçok konuyu düzenleyebilir. Bu kapsamda belirli durumlarda çıkarılması zorunlu olan bu iç yönergelerin zorunlu içeriğinin dışında, iç yönergede, yönetim kurulunun görevleri, çalışma usulü, yönetim kurulu üyelerinin ve yönetim yetkisinin devredildiği kişilerin hak ve yükümlülükleri gibi birçok husus yer alabilir. Bu düzenlemelerin sınırını da ilk başta Türk Ticaret Kanunu ve diğer kanunların emredici hükümleri oluşturur. Yönetim kurulunun Türk Ticaret Kanunu'nda çizilen yetki sınırları da bu çerçevede yönetim kurulu iç yönergesinin azami içeriğini belirler. Çalışmamızın ilk bölümünde anonim şirketlerde iç yönerge terimi açıklanmaya çalışılmış, ardından yönetim kurulu iç yönergesi terimi yetki devrinden ve sınırlı yetkili ticari vekil ve diğer tacir yardımcısı atanmasından bağımsız şekilde yönetim kurulunun çıkardığı düzenleyici bir metin olarak ele alınmıştır. Çalışmamızın ikinci bölümünde anonim şirket yönetim kurulu iç yönergesinin içerebileceği düzenlemeler ve bunların iç yönergede ne şekilde düzenlenebileceği incelenmiştir. Çalışmamızın son bölümünde ise yönetim kurulunun kendi çıkardığı iç yönergeyi ihlal etmesinin sonuçları gibi iç yönergeye ilişkin diğer meseleler ele alınmıştır. The organs of a joint stock company, as a result of the freedom of contract in private law, can regulate matters within their jurisdiction through internal directives. The board of directors of a joint stock company can also regulate matters within its jurisdiction by issuing internal directives. According to the Turkish Commercial Code, it is mandatory for the board of directors to execute transactions, such as delegating management authority and appointing limited authority commercial representatives and other merchant assistants, through the issuance of an internal directive. However, beyond these two instances where issuing an internal directive is mandatory, the board of directors can regulate many other matters within its jurisdiction through an internal directive. In this context, aside from the mandatory content in specific situations, an internal directive can include many issues such as the duties of the board of directors, working procedures, and the rights and obligations of board members and those to whom management authority has been delegated. The boundaries of these regulations are primarily determined by the mandatory provisions of the Turkish Commercial Code and other laws. The authority limits outlined in the Turkish Commercial Code also define the maximum content of the board's internal directive. In the first part of our study, the term "internal directive" in joint stock companies is explained. Subsequently, the term "internal directive of the board of directors" is examined as a regulatory document issued by the board, independent of authority delegation and the appointment of limited authority commercial representatives and other merchant assistants. In the second part of our study, the potential regulations that could be included in the internal directive of the board of directors of a joint stock company and how these can be arranged within the internal directive are analyzed. In the final part of our study, other issues related to internal directives, such as the consequences of the board of directors violating its own internal directive, are discussed.

Bu doktora tezi, 6102 sayılı Türk Ticaret Kanunu'nun 454. maddesinde düzenlenen imtiyazlı pay sahipleri özel kurulunu konu almaktadır. Çalışmanın ilk bölümünde imtiyaza ilişkin genel bilgiler verildikten sonra ikinci bölümünde imtiyazlı pay sahipleri özel kurulunun yapısı, yetkisi, hukuki niteliği üzerinde durulmuştur. Çalışmanın üçüncü ve dördüncü bölümlerinde, imtiyazlı pay sahipleri özel kurulunun toplanma şartları ile toplantı süreci kapsamlı bir şekilde ele alınmıştır. Çalışmanın son bölümünde ise imtiyazlı pay sahipleri özel kurul kararlarının hukuki niteliği, etkisi ve hükümsüzlüğü irdelenmiştir. Çalışmanın hazırlanmasında, Türk hukukundaki ilgili mevzuat hükümleri başta olmak üzere karşılaştırmalı hukuktaki dikkate değer yasal düzenlemeler, öğretideki görüşler ve yargı kararlarından faydalanılmıştır. Anahtar kelimeler: Anonim şirketler, imtiyaz, TTK m. 454, imtiyazlı pay, imtiyazlı pay sahipleri özel kurulu. This doctoral thesis deals with the special committee of privileged shareholders regulated under Article 454 of the Turkish Commercial Code No. 6102. After giving general information about privilege in the first part of the study, the structure, authority, and legal nature of the special committee of privileged shareholders are mentioned in the second part. In the third and fourth parts of the study, the conditions for the meeting and the meeting process of the special committee of privileged shareholders are extensively discussed. In the last part of the study, the legal effect, nature, and invalidity of the special committee decisions of privileged shareholders are examined. In the preparation of the study, notable legal regulations in comparative law, doctrines and judicial decisions, especially related legislation in Turkish law have been benefited from. Key Words: Joint Stock Companies, privilege, the article 454 of the Turkish Commercial Code No. 6102, privileged share, the special committee of privileged shareholders.