股权强制转让条款的效力问题研究

ON THE VALIDITY OF COMPULSORY EQUITY TRANSFER CLAUSE IN CORPORATE GOVERNANCE

《公司法》第71条第4款赋予了公司章程创设自治性股权转让条款的自由,由此开启了对于公司章程以及章程修正案中有关股权强制转让条款效力的认定纷争,而理论界和实务界尚未对此达成共识。原则上有限责任公司基于多数决的自治行为应该得到司法裁判的确认,但是在具体场景下章程条款之效力仍需进行全面的利益衡量。股权强制转让条款必须具有正当性,否则可能违反公平正义和一般社会情感,而这种正当性可以从股权强制转让条款的生效条件和转让价格两个方面进行具体化和类型化。将被除名股东的事前同意作为肯定股权强制转让条款效力的唯一标准或完全忽视均不够妥当,而是应该作为正当性的补正要素。

Paragraph 4 of article 71 of the Company Law endows the articles of association of the limited liability company with the freedom to create autonomous equity transfer clauses,which results in the dispute over the determination of the validity of compulsory share transfer clauses in the articles of association and their amendments.At present,there is no consensus between the theoretical and practical circles.In principle,the autonomy of a limited liability company based on majority rule should be respected by the court.However,the validity of articles of association in specific situations still needs to be weighed in complex interests.Compulsory equity transfer clause must have the legitimacy,otherwise it may violate fairness and justice and general social emotion.The legitimacy of compulsory equity transfer clause can be materialized and categorized through effective conditions and transfer price.It is not appropriate to regard the prior consent of the expelled shareholder as the sole criterion for affirming the validity of the compulsory equity transfer clause,or to ignore it completely.Instead,it should be regarded as a supplementary element of legitimacy.