债券持有人会议的组织法建构

The Construction of Company Law for Bondholders’ Meeting

2019年修订的《证券法》有限引入了公开发行公司债券时的债券持有人会议制度,在一定程度上肯认了债券持有人的团体性,但并未完成组织法上的基础制度建设。作为承认债券持有人会议的团体地位和决议效力之机制,公司法应当提供相应的组织法规范供给,以解决债券持有人会议的团体治理问题,确立会议决议对全体债券持有人的约束力,并提供对少数债券持有人的权利保护。具体而言,《公司法》应当完成包括实体、程序和决议效力瑕疵三个层面的组织法建构:在实体规制层面,应当将债券持有人会议的职权范围界定为共同利害关系事项,将重要事项予以法定化并设定特别决议要求;在程序规制层面,明确债券持有人会议的召集与主持规则、分组表决机制和关联方表决回避制度;在决议效力瑕疵层面,在引致公司决议无效、可撤销、不成立的一般规则基础上,对债券持有人会议的特殊情形进行特别安排。

The Securities Law revised in 2019 introduced the rules of bondholders’ meeting limitedly,which only recognized the collective nature of bondholders,but did not complete the basic system construction on the level of organizational law.As a balancing mechanism for recognizing the collective status of the bondholders’ meeting and the validity of the resolutions,the company law should provide corresponding rules to solve the group governance issues of the bondholders’ meeting and establish the validity rules of the meeting’s resolutions on all bondholders and provide protection for minority bondholders.Specifically,the Company Law should complete the construction on three levels including substantive,procedural and resolution flaws:at the substantive regulatory level,the basis of bondholders’ meeting should be defined as matters of common interest;at the level of procedural regulation,the rules for convening and presiding over bondholders’ meetings,the group voting mechanism and the voting avoidance system for related parties should be clarified;at the level of the validity of the resolutions,the company’s resolutions should be classified into three categories,which are unformed,revocable and invalid.