未出资股权转让后的出资义务——兼评《公司法(修订草案)》第89条

The Duty of Equity Contribution after the Transfer of Uncommitted Equity—Concurrently on Article 89 of the Company Law(Revised Draft)

未出资股权,实为未实缴出资股权,存在两种情形:一是到期未实缴的股权,称为瑕疵股权;二是认缴期限内的股权。前者股权转让后的出资义务承担主体,《公司法(司法解释三)》予以了明确规定。对于后者,《公司法》及其司法解释尚未规定。《公司法(修订草案)》第89条规定认缴期限内股权转让后的出资义务由受让股东承担。该规定与到期未实缴股权的转让后果完全相反,且理论依据不充足。股权转让后出资义务的承担适用债务承担(转移)规则具有操作上无法完成的困境,适用商事外观主义具有不周延性。公司法的组织法决定了转让人的出资义务不能通过转让免除,应当坚持“转让人承担、知情受让人连带”的规则,以维护公司的独立人格和股东的有限责任。

The uncommitted equity refers to the unpaid equity actually,and there are two situations:one is the due but unpaid equity,which is called defective equity;the second is the equity within the subscription period.The Company Law(judicial interpretation III)clearly stipulates the subject of the investment obligation after the former’s equity transfer.For the latter,the law and its judicial interpretation have not yet stipulated.Article 89 of The Company Law(Revised Draft)stipulates that the capital contribution obligation after the equity transfer within the subscription period shall be borne by the transferee shareholder.This provision is completely opposite to the consequences of the transfer of the due unpaid equity,and the theoretical basis is insufficient.The application of debt assumption(transfer)rules to the assumption of capital contribution obligations after equity transfer has an operational dilemma,and the application of commercial externalism is not comprehensive.The organizational law of the company law determines that the transferor's capital contribution obligation cannot be exempted through transfer,and the rule of"the transferor shall bear,and the informed transferee shall be jointly liable"should be adhered to,so as to maintain the independent personality of the company and the limited liability of shareholders.