Legal Regulation on the Redemption of Shares by foreign Legislations and the Law of the European Union  Cover Image
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Правната уредба на обратното придобиване на акции според чуждестранни законодателства и европейското право
Legal Regulation on the Redemption of Shares by foreign Legislations and the Law of the European Union

Author(s): Polya Goleva
Subject(s): Law, Constitution, Jurisprudence
Published by: Институт за държавата и правото - Българска академия на науките

Summary/Abstract: The Law on amendment and complement of Commercial Law of Bulgaria issued in 2000 has the purpose to approximate the Bulgarian legislation with the directives of the European Union. In Europe, including the EU member states there is no identical concept of the admission of redemption of shares. Most countries adopt this process under certain circumstances and other countries restrain of it despite their obligation to implement the Second Directive of the EU. This study considers the development of redemption of shares so as to regulate in Germany, France, England, the USA, Belgium, Holland, Italy, Greece, Switzerland, Sweden. The Second Directive 77/91 of the Community is taken into account. It regulates the conditions and legal regime of redemption of shares in the cases when the laws of the member states permit their shareholders' companies to redempty their own shares. A Comparative analysis is made on the basis of the Bulgarian and the European legal regulation of redemption of shares. The author concludes that generally the new Bulgarian legislation is in accordance with the legal requirements contained in the Second directive of the European Unity. In our country as in united Europe the redemption of shares is an exception. Both European and Bulgarian laws stipulate that redemption of shares is always permitted when it is established in by - laws of the shareholders' company and when all legal requirements are observed. It could be said that our law determines more fully the conditions under which redemption of shares is permitted. In this way in practice the exception is transformed into a rule and for that reason it can be accepted that redemption of shares is determined by the law.

  • Issue Year: XLIII/2002
  • Issue No: 2
  • Page Range: 50-73
  • Page Count: 24
  • Language: Bulgarian