类别股份法理研究

On Legal Principle of Class of Shares

类别股份以股份本身所依附之权利事项为区分标准。类别股份之设计及权利配置得依公司之意思,但此之创设自由应以创设之意愿及股份之内容为界,不能及于创设行为本身。股份平等原则适用于公司发行之全部股份。不同种类的股份具有不同的权利、义务构成,但每种股份之权利、义务总体上应当是相当的,不同股份类别之间处于总体平衡的状态。类别权的变更需要征得权益受到影响的类别股东的同意,其法理基础在于不同类别股东的利益分化和由此形成的"分社团"。

The right issue of shares is the distinguishing standard of class of shares. Company can decide the design and allo- cation of rights of class of shares, but the creation freedom of class of shares should be restricted in the creation intention and the content of shares, but excluding the creation action itself. The principle of equality of shares applies to all shares issued by a company. Different classes of shares have different fights and obligations, but the rights and obligations of each kind of shares should be in general comparative and different classes of shares should be in the status of overall balance. Change of class rights need to be approved by the class of shareholders whose Shareholders＂ right will be affected. The legal basis of ap-, provals lies in the interests＇ differentiation of different classes of shareholders and the resulting ＂branch societies＂.