復(fù)習(xí)m3重點(diǎn)校對版

A.IntroductionofTheEUCLdoesnotexistinthelegalsystemtolegislatecompaniesinEUlaw.Sinceitisaverycomplicatedsystemthatasingledirectivecannotbeexpectedtocompletethetasks.Forexample,companieslawaresignificantlydifferentamoungMS.UK’slaw,belongingtothecommonlawsystem,iscompleydistinguishedfromGermany’segulationonthecompaniesfromcivillawsystem.Itisdifficultandmeanlesstouniformthese ThePurposesandMeaningofAchievementofGeneralAimsofAccordingtoArt.3(1)TEU,thegeneralaimsofEUaretopromoteandimprovehumanvalue,solidarity,non-discriminationandwell-beingofpeople.AccordingtoArt.3(3)TEU,theUnionshallestablishaninternalmarketorsinglemarket.Thesinglemarket,themovementofgoods,services, sorcapitalisadeviceforreachingthegeneralaimsinefficiency.TheharmonizationofEUlawsshouldincludethe lawtoregulatecompanies,whichisnecessaryforasinglemarket.Forexample,aItalywillbeverydifficulttorunabusinessinaFranceifthereisnointernalmarketwhichisequaltocompaniesinotherMS.Thedomofestablishmentincludetherighttotakeupandpursueactivitiesas sandtosetupandmanageundertakings,inparticularcompaniesorfirmswithinthemeaningofthesecondparagraphofArticle541.Therefore,withoutmovementofestablishment,movementofserviceandcapitalcannotbeachieved.Thus,theinternalmarketneedscompanieswhichcanbeestablishedwherevertheywantintheEuropeanterritorialandMS.Iftheregulationisdifferentforthecompanies, domofestablishmentissomehowunrealisticbecauseyouwillmeetobtaclestoformcompaniesiftherulesareverydifferent.TheNaturalRequirementsofWhenetablishingundertakings,conditionssuchastheamountofmemberstoestablish theliability,theregisteredcapital,thepossibilityof1TFEUArticle(exArticle48CompaniesorfirmsformedinaccordancewiththelawofaMemberStateandhavingtheirregisteredcentraladministrationorprincipalceofbusinesswithintheUnionshall,forthepurposesofthisChapter,betreatedinthesamewayasnatural swhoarenationalsofMemberStates."Companiesorfirms"meanscompaniesorfirmsconstitutedundercivilorcommerciallaw,includingcooperativesocieties,andother sernedbypublicorprivatelaw,saveforthosewhicharenon-profit-costsandusingnaturalreourceswithoutenvironmentalprotection,etc,willbetakenintoaccounttodecidewherethecapitalflowsto.Becausethecapitalwillfindwherebestreturncanbeexpected.Therefore,theharmonizationof lawisanaturalrequirementintheEuropeanUnion,becauseharmonizingandunifying lawregulationwouldexcludeallthesesideeffect.UniformityandDiversityofDiversityisnotagainsttheEuropeanharmonizationandThereisauniformsinglelegalregulationon withintheEuropeanUnion.Memberstatehasitsownseparatelegalregulationand law.Andthereisnoidentical lawwithintheEuropeanUnionlaw.Althoughtherearedirectiveson law.the lawsofMSarenotthesame.ButthediversityisnotagainsttheEuropeanharmonizationandefficiencyforprovidingconditionsforefficientdevelopmentofthelaw.ItisalwaysagoodexamplethatintheUnitedStatesforAmerica,lawlegislationbelongstothestates’competence.Itmeansthatineverystatethelawisdifferentfromeachother.ButltheAmericaneconomicsystemstillworkingTheharmonization lawinGenerallyspeaking,insomeprocedureson law,itisbettertohaveregulation,whileinsomesubstantivelawsuchastheminimumcapital,theernance,itisbettertohavedirectives,becauseitvariesamongthememberstatesveryThemainreasonforhavingregulationsoncompanieswithaspecialformisthattheyintendtobenotundernationallawsofEU,andnottobetiedtoaspecialmemberstate,buthavingthesamerulesonEuropeanlevel,sotheycanbetransferredfromonecountytoanother.Forthegeneral law,therearelawregulationontheEUlevel.ButthedirectivesallowdifferentlegalregulationsinMS.Theycanimplementdifferentlyiftheeffectofthememberstateregulationisincompliancewiththerequirementsofthedirective.Therefore,thedirectiveshouldnotbenecessarilydeisgnedinsingleregulation.Thenationallawsandregulationscanregulatedifferently,lywiththeaimtoreachthesameeffectonnationallevel.Inaddition,theinternalrelationshipsofthecompaniesarenotregulatedbythedirectives,whichshouldregulatetheexternalrelationshipsofcompanies.Sofar,theharmonizationofdirectivesin lawwassomehowsuccessful.TheMainContentsofTheElementsofNationalCL(NOTanexhaustiveTheformofThenumberoftheMinimumcapitalMShavedifferentminimumcapitalrequirementsbecausethereisnoregulationonthistopicinEU.ThereissomeregulationintheEUlaw,butit’snotthesameaboutthepublicorprivatecompanies.Forpubliccompanies,thereis;forprivatecompaniesthereisnosuchregulation. isanormalsubjectconnectedthenationallegislation.TheEUlawalsohasregulationsonthisissue,butnormallythemaintextisintheinternationalmergersandacquisitions,andthenationalsmallscalemergersareoutofthescopeofEuropeaninterest.InformationInformationdisclosurerequirementsmainlyinpubliccompanies,themorethepublicisinvolvedinthetransactionandoperationof,themoredisclosureisnecessary.ThecapitalmarketThecapitalmarkettransactions,includingtheofferofsecuritythroughthepubliccapitalmarket,havethetendencytobesubjecttoEuropeanThebookkeeThebookkeerulesaretreatedas lawrules.Theyearlyfinancialstatementandtheallprinciplesofsuchstatements,andtheelementsofthefinancialstatementsareregulatedintheandseventh IntheEU,itisa lawtopictohaveallthesefinancialstatementsandrelatedproblems.Howeverthecapitalmarketdoesnotincludeexclusivelypapersorinstrumentsissuedbycompaniesandwecannottreatitasanexclusivepartofthe TheFormsofEUCL--Directives&InEUlegislation,thedirectivesaredifferentfromanormallegalrule.Becausenormallegalruleisbindinguponindividualwhoshouldactonthebasisoftheserules.ButtheEUrulesareforthememberstatesthathowtheyshouldregulateinthenationallaws,especiallysomesubjectmatter.Sothesinglerulesarenotthepeople,notthecompanies,notthe sactingundertheserules,butthestateswhowillproducearuleinnationalrulewhichshouldbeinconsistencewiththerequirementsofthedirectives.However,therearesomespecialcasesifthememberstatedoesnotfulfiltheobligationtoregulateitsnationallawinthelinewiththeEuropeanlawandtheruleofdirectiveisquiteclearandwelldefined.Itwillbedirectlyapplicableintheindividualcases.RelationBetweenEULaw&National lawissomehow plete,becauseitdoesnotfulfilltherequirementsofa lawlegislation.Onlyonthebasisofthelawlegislation,thesystemcouldnotwork.Evenifthelawlegislationcouldbecomplete,therewouldbeaneedforthenationallegislationwithinnationallawtogivesomebackgroundsandforthelegaloperationofthecompanies.SincetheEUCLcannotregulateeverythingaboutcompanies.Therefore,eveniftheEUlawis plete,therearenationallawsatthesametime,andtheseproblemscanbesolved.WhatismissingfromtheEuropeanlevelisregulatedonthenationallevel,thatishowEU lawworks.ThenationallawsandtheEUlawtogethergiveaworkable lawhopefully.RegulatoryTherewasafearofcompetitionbetweenlawsinMS.Thedifferentnationallawswillcompetewitheachothersforattractionofinvestorsandcompanies,becausethelawcanpoststrictorlooserequirementsagainstthecompanies.WhenthecompaniesandtheirmembersaretreatedstrictlyandhardlyinaMS,butanotherlawmakesmuchallowancetowardsthecompaniesandtheirmembers,memberswillbetemptedtomovetothejurisdictionofsuchlaws.E.g.nominimumcapitalrequirement,whichmeansthereisnoneedtoinvestcapitalatthestartofasothatit’smoreattractivethanotherones.Butwhatfortheprotectionofcreditors’interests?Thereisadangerthatthiscompetitionwillconcludeinaracetothebottom-thatwecompetewitheachotherinawaywhichleadstothenegativeaspectofthispossibleregulation.There’resomeworselawregulationbecausetheworseregulationisbetterfortheattractionoftheCapitalRegulationsThefunctionsofthecapital:First,thecapitalisneededfortheexistenceoftheTheisanindependententity,needingitsownpropertyandcapital.Soinprivaterelationships,youcannotexistifyouhavenoassets,whichmeansthatyoucannotbeliableforyourobligationsandparticipateinarelationship.Therefore,it’sveryimportanttohaveatleastsomethingtobeanindependentlegaltohaveitsownexistence.Capitalisgoodforthecreditorsofthe .Butit’snotquitesurethattheexpectationtoprovidesomecapitaltothe isfortheprotectionofthecreditors.However,itcouldbeimportantifthereisacertainamountwhichisnotsaleablebutavailableforthecreditors,thenitcouldbeaguaranteeforthem.A.DIRECTIVEArticle“Subjecttotheprovisionsrelatingtothereductionofsubscribedcapital,shareholdersmaynotbereleasedfromtheobligationtopayuptheirWhentheshareholdersenterintothe contract,theyagreeonhowmuchtheywillcontributeinthe intheArticleAssociation,thisobligationcannotbeArticle“Sharesissuedforaconsiderationmustbepaidupatthetimethe incorporatedorisauthorizedtocommencebusinessatnotlessthan25%oftheirnominalvalueor,intheabsenceofanominalvalue,theiraccountablepar.However,wheresharesareissuedforaconsiderationotherthanincashatthetime isincorporatedorisauthorizedtocommencebusiness,theconsiderationmustbetransferredinfullwithinfiveyearsofthattime.”Art.9providestheamountofthecapitalcontributionandthetimelimitofthepayment.Itisimportantforprotectingcreditors.Bypayingincapitalwithinacertaintimelimitandthenthecreditorscansuethat tobepaidthecapitalwhatwaspromisetopaybythemembersofthe Therefore,capitalcontributionisanimportantandnecessaryelementoftheformationofthe andto eamemberinthat.TheImportanceofProtectingCapitalsandGivingSpecialThecreditorsareveryimportantfortheeconomyandtheyshallbetreatedfairly.Otherwisetheywilldealwiththeircreditbutitwillbemuchmoreexpensive.Ifthecredit emoreexpensiv,thewholeleconomywillbgodownbecauseenterpriseswantingoodpositioninthemarketbuttheycannotcompeteefficiently.Therefore,itisimportanttolegislatelawstoprotectcreditors.Buttherearesometheorysayingthatcreditorsneednotbeprotectedbecausethereisamarketforcreditorsaswell.Themarketwillpricethesecredits.If lacksagreatnumberofcapital,andthe membershavenoliabilityforthe debts,itpresentscertainrisktothecreditor.Thenthecreditorwillevaluatetheriskandwillaskthepriceforthisrisk.Soitisnotnecessarytoregulatethecreditormarket,butleaveittothemarket.TheLawIsNotAToolForProtectingCreditorsfor100%ThecreditorswillpossiblybepaidasmuchmoneyasthecapitalintheBecausethecapitalwhichisprovidedbythemembersismoreabovethe assets.Theycanspendthecapitalandmaylossesonthiscapital.Theassetsofthe willbelessvaluablethanthecapitalThecapitalwillnotalwaysavailablewhenyouneedit.Becausethecapitalisnotstayinginthe,itwillbeusedtoruntheOthercreditors’claimsareinthe.Thatisaproblemthatyoureallymeasuretherisk,ifyouwanttohaveaguaranteeonlyforyourclaim. ’scapitalasawholecannotbeaguaranteeforspecialandspecificindividualcredit.Therefore,creditorwhoisthinkingabouttheexaminingaboutthecreditofthe cannotbeawareofallrelevantfactsandcannotreallybeprovidedthenecessarysecurity.Article7--Subscribedcapital資Thesubscribedcapitalmaybeformedonlyofassetscapableofeconomicassessment.However,anundertakingtoperformworkorsupplyservicesmaynotformpartofthoseassets.Thecapitalcontributionmustservethecreditor’sinterests.Thiscapitalcontributionshouldbeover-quality,whichcanbetherealprotectionforthecreditors.RightsusedasacapitalcontributionforItdependsonthenatureoftheright.Butthereisapossibilitytocontributetoacapitalbyprovidingsomerights.Rightswhichcanbetransferredwhichhaveeconomicvaluewhichcanbeassessedthe,suchaspatentClaimstransferredto asacapitalOnthebasisofthisrule,claimcouldbeacapitalcontributionanditmeetsthisrequirement.However,therearerealproblems.Whathappensifsuchclaimofmoneycannotbepaid?Whatwillbethecapitalto Contribution’sItdependsonseveralfactors.Forexample,theexpenseoftheandtheriskyofthedebtor.ThecapitalcontributionissomethingwhichcanbetransfertoallatleastincertaintimestheydomakeservicesforArticleIf,beforetheexpiryofatime-limitlaiddownbynationallawofatleasttwoyearsfromthetimethe isincorporated(根據(jù)法律組成公司的)orisauthorizedtocommencebusiness,the acquiresanyassetbelongingtoa orfirmreferredtoinpoint(i)ofArticle3foraconsiderationofnotlessthanone-tenthofthesubscribedcapital,theacquisitionshallbeexaminedanddetailsofitpublishedinthemannerprovidedforinArticle10(1),(2)and(3)anditshallbesubmittedfortheapprovalofthegeneralmeeting.”－兩年內(nèi)要擁有不少于十分之一的認(rèn)繳資本。如果沒有達(dá)到要求，可以getbackthemoney.Thecycleoftherulesbythisway,atleastforcertaintimes.Itisfortheinkind(用實(shí)物支付)contribution,fortheprotectionofthecreditorswithintheinkindArticle“1.Areportonanyconsiderationotherthanincashshallbedrawnupbeforetheisincorporatedorisauthorizedtocommencebusiness,byoneorindependentexpertsappointedorapprovedbyanadministrativeorjudicialauthority.Suchexpertsmaybenatural saswellaslegal sandcompaniesorfirmsunderthelawsofeachMemberState.Theexperts'reportreferredtoinparagraph1shallcontainatleastadescriptionofeachoftheassetscomprisingtheconsiderationaswellasofthemethodsofvaluationusedandshallstatewhetherthevaluesarrivedatbytheapplicationofthosemethodscorrespondatleasttothenumberandnominalvalueor,wherethereisnonominalvalue,totheaccountableparand,whereappropriate,tothepremiumonthesharestobeissuedforthem.”Whentherealvalueofcontributionratherthancashislessthanthevalueasitaccountsforinthecontract,itbringsriskstothecreditor.Becausecreditorshavetheinformationthatthe hascertainamountofcapital,however,inrealitythe ’sassetsisless.Therefore,theassetscannotbeusefulwhentheclaimsofthecreditorarelesthanitwasaccountedfor,thanitwasexpected.Inthissituation,the lawshouldregulatethesituation.Whentherealvalueismorethanthevalueasitaccountedinthecontract,itbringsgoodtothecreditorsanddoesnotdamgetheirinterets.Therefore, lawsdonotdealwiththissituation. willasktheexperttoevaluatetheasset’srealvalueandthevaluedeterminedbytheexpertisaumvalue.Forthepubliccompaniesthisexpertreportshouldbepublishedandmadeavailableforthepublic,theinvestors.Theinvestorsshouldknowtherealvalueofthecontributionwhichwillbeprovidedbymembersandothershareholdersofthe.ArticleThelawsoftheMemberStatesshallrequirethat,inorderthata maybeincorporatedorobtainauthorizationtocommencebusiness,aminimumcapitalshallbesubscribedtheamountofwhichshallbenotlessthanEUR25,000.Theminimumcapitalrequirementisconnectedwiththeformofthe.FormanybusinessesEUR25,000isnotenough.Forinstanceifyouwanttorunaspaceshiporautomatic,EUR25,000isnotenough.Atthesametime,therearesomeothercompanieswhosebusinessissosmallthatforthemthiscapitalrequirementistoomuch.Forthelattersituation,anothertypeof andbusinessorganizationformcanbeselected.Buttheproperformoftheservingbusinesswouldbethepubliclimitedbysharesand formisthepublic,whichshouldimposedaminimumcapitalrequirementofEURMScouldreflectthisrequirementdifferently.Someofthemwantsmuchhigheramountofcapitalforthesetofthe.Butnooneismakingindependentregulationonthebusinesses.Inotherword,thereisageneralrequirementfortheform.Besidesthisrequirement,therecouldbesomeofthebusinesseswheretherequirementsofthecompaniesngsuchbusinessesmustputinmuchhigherminimumcapital,forexample,aninsurancebusiness.ArticleThesubscribedcapitalmaynotbereducedtoanamountlessthantheminimumcapitallaiddowninaccordancewithArticle6.However,MemberStatesmaypermitsuchareductioniftheyalsoprovidethatthedecisiontoreducethesubscribedcapitalmaytakeeffectonlywhenthesubscribedcapitalisincreasedtoanamountatleastequaltotheprescribedminimum.Thisamountofmoneydeterminedforthecapitalisminimumintermsofmaintenanceofcapital.Theminimumcapitalwillremaineveninsuchsituationwhendecidestodecreaseitscommon/legalcapital.Theycannotdecidebelowtheamountofminimumcapital.Thisamountofcapitalservesduringtheoperationofthe asameasurementforthestatusofeconomyandfinancialstatesofthe Onlyasituationisacceptableforareductionofthecapitalbelowtheminimumcapitalamountwhenthereductionhappenssimultaneouslywithanincreaseofthecapitalandtheincreaseishigherthanthedecrease.Thistoolisusedwhentheneedsnewcapital,butitcannotgetcapitalfromtheoriginalconditionsbecausethesufferscertainlossesatthesametime.Therefore,thevalueofsharestradesonthemarketarelessthanthenominalTheanticipationisthatyouareallowedtodecreasethesubcribedcapitalbelowtheminimumcapitalrequirementfortheonlyreasonthatyouintendtomakeavailableofthenewcapital.Generally,a decreaseSsubsribedcapitalbelowEUR25.000andthenominalvalueoftheoriginalshares.Andthenataloweramountnewcapitalcanbeachievedbecausetheinvestorswillbewillingtoinvestamountofshares.Thenewcapitalwillbehigherthanusualthoughthesharesofnominalvalueswillbelessthanusual.Thereductionof ’scapital:Inthecaseoflimitedliabilitycompaniesthereductionofthe capital,itmustbepublicizedbythe thatthecapitalisgoingtoreduce.Andthecreditorshavetherighttoclaimsomesecurities,becausetheriskofthecreditisincreasing.公司減資需要公告，需要為債權(quán)人提供MinimumCapitalRequirementsForPrivateAndPublicPrivateTheminimumcapitalforprivatecompaniesandotherkindsisnotthesameandnotnecessarythesamewiththepubliccompanies.MinimumcapitalrequirementsofprivatecompaniesinEuropearementionedunderthenationallegislation.Forexample,intheU.K,theminimumis1pound,soitisnotrealcapitalrequirement.Whiletherearesomeotherswithveryhighamountofmoney.Forexample,thehighestminimumcapitalrequirementfortheprivate thatonlyhalfoftheamountshouldbepaidinactuallyandtheotherisneededforBecausetheminimumcapitalrequirementsforprivatecompaniesaresimilarlyvarydifferentThereforetheymayservefordifferentaims最23萬七千五百歐元所達(dá)到的目的是不同的)PublicEuropeanUnionrequiresatleastEUR25.000,whichmeansthatEuropeanUnionbelievesintheminimumcapitalrequirementasatoolfortheprotectionofcreditors.Iwouldpreferalegalregulationwheretheminimumcapitalisdependentonthebusiness.(老師觀點(diǎn))資本。但最終這種嘗試失敗了，因?yàn)橥ゲ辉敢鈱γ總€公司所需要的經(jīng)營 SpecialConceptOnTheGermanLegalInGermansystem,thereisa limitedbyshares,andthereisotherwhichcanbetranslatedintoEnglishaslimited .thelimitedliability isnotthesameastheprivate limitedbysharesandpubliccompanies.Thelimitedliabilitycompanieswerenotentitledtoissueshares(asashare,asecurity,andcertainnotforthepublic).Article1.Exceptforcasesofreductionsofsubscribedcapital,nodistributiontoshareholdersmaybemadewhenontheclosingdateofthelastfinancialyearthenetassetsassetoutinthe 'sannualaccountsare,orfollowingsuchadistributionwoulde,lowerthantheamountofthesubscribedcapitalplusthosereserveswhichmaynotbedistributedunderthelawortheTheamountofadistributiontoshareholdersmaynotexceedtheamountoftheprofitsattheendofthelastfinancialyearplusanyprofitsbroughtforwardandsumsdrawnfromreservesavailableforthispurpose,lessanylossesbroughtforwardandsumscedtoreserveinaccordancewiththelaworthestatutes.Theexpression‘distribution’usedinparagraphs1and3includesinparticularthepaymentofdividendsandofinterestrelatingtoshares.Itisageneralacceptedconceptthatthe hasnorighttopaybackthecapitaltothe members.Thecapitalshareholderscanonlyhavefromtheistheprofitofthe .Ifthereisaprofit,itcanbedistributed.Ifthereisnoprofit,the sourcescannotbeusedforpaybacktothemembersofthe Art.17(2)providesthatwhetherthe canandonwhatconditionsshareholderscanbepaid.ThememberscannotbepaidotherthanthedistributableprofitortheThepaymentofdistributionalprofitcannothappenifthe ’sassetswouldgobelowtheamountofthe subsribedcapitalasaconsequenceofthisdistributionalprofits.Thecreditorsmustacceptthefactthatthe willhavetherightstodistributeprofit.Itisnotagainst creditors.Becausecreditorscancounton ArticleInthecaseofaseriouslossofthesubscribedcapital,ageneralmeetingofshareholdersmustbecalledwithintheperiodlaiddownbythelawsoftheMemberStates,toconsiderwhetherthe shouldbewounduporanyothermeasuresTheamountofalossdeemedtobeseriouswithinthemeaningofparagraph1maynotbesetbythelawsofMemberStatesatafigurehigherthanhalfthesubscribed capitalcannotIfthe sufferedsomeloss,the capitalstayasitwas,becauseitisdeterminedbythearticlesofassociation.Itcanonlybechangedintentionallybythedecisionsotherwiseitcouldnotbemeasuredbythenetasset.2)capitalisacertainamountfixedinthearticlesandnormallyitisregisteredknowntothepublic.Inthiscase,theremustbesomecreditorprotectionmeasurementsduringthedecreaseofthecapitalbecauseitwillaffectthecreditorsinterest.(減資時需要采Balancebetweenthenetassetsandthecapital(ArtIncertaincaseswhereitisthedangerofdecreasingthecapital,ortheharmofthecapitalwillhappen,thisdangerwouldorshouldtriggersomeeventsinthe.Thedirectorsofthe areexpectedtoageneralmeetinginthiscase.TheEuropeanlegislationinEuropeanruleisquitegeneral.Thereisanexpectation.Ifinthe therearealreadysomesignalsofthepossibledanger,thedangersisthenetassetsof willdecreasebelowthecapitalamount,ortheywillgobelowthisamountbyacertainproportion,andthisproportioncannotbelessthanthehalf.Solution:1)Whenthenetassetsofthe isdecreasingbecauseoftheloss,thebalancecanberestoredbydecreasingthecapital.Thisnetassetscanbecoveredbythelower 以減少資本)however,theinterestsofdirectorsshouldsomehowbetakenintoconsiderationbecausethedecreaseofthecapitalisharmfulthecreditors,thereforewehavetohandlethis.2)thefinalsolutioncouldbethecompanieswindingup（）,becauseifthe cannotmeetthecapitalrequirement,thecompaniesassetscannotcoverthe ’sdebts.Article21--theacquisitionofsharesby 1.Withoutprejudicetotheprincipleofequaltreatmentofallshareholderswhoareinthesameposition,andtoDirective2003/6/EC,MemberStatesmaypermitatoacquireitsownshares,eitheritselforthrougha actinginhisownnamebutonthe 'sbehalf.Totheextentthattheacquisitionsarepermitted,MemberStatesshallmakesuchacquisitionssubjecttothefollowingconditions:(a)authorisationshallbegivenbythegeneralmeeting,whichshalldeterminethetermsandconditionsofsuchacquisitionsand,inparticular,theumnumberofsharestobeacquired,thedurationoftheperiodforwhichtheauthorisationisgiven,the umlengthofwhichshallbedeterminedbynationallawwithout,however,exceedingfiveyears,and,inthecaseofacquisitionforvalue,the andminimumconsideration.Membersoftheadministrativeormanagementbodyshallsatisfythemselvesthat,atthetimewheneachauthorisedacquisitioniseffected,theconditionsreferredtoinpoints(b)and(c)arerespected;theacquisitions,includingsharespreviouslyacquiredbythe andheldbyit,andsharesacquiredbya actinginhisownnamebutonthe behalf,maynothavetheeffectofreducingthenetassetsbelowtheamountmentionedinArticle17(1)and(2);andonlyfullypaid-upsharesmaybeincludedinthe maybuyitsownsharesonlyifithasresourcesabovethe’scapital.Theproblemisthatifthesharewhichthe willbuyisnotfullypaidbymembers.Whenthe ownstheseshares,theobligationtopayisfallingontheButitisnotareal capitalcontributionifthe willpaywhatshouldhavebeenpaidbythemembers.Thereforethereisanotherpointwhichisconnectedwiththecapitalmaintainancethatitisnotallowedtobuyasharetowhichisnotfullypaidyet.Article25-- providesfinancialWhereMemberStatespermita to,eitherdirectlyorindirectly,advancefundsormakeloansorprovidesecurity,withaviewtotheacquisitionofitssharesbyathirdparty,theyshallmakesuchtransactionssubjecttotheconditionssetoutinparagraphs2to5.Thetransactionsshalltakeceundertheresponsibilityoftheadministrativeormanagementbodyatfairmarketconditions,especiallywithregardtointerestreceivedbythe andwithregardtosecurityprovidedtothe fortheloansandadvancesreferredtoinparagraph1.Thecreditstandingofthethirdpartyor,inthecaseofmultipartytransactions,ofeachcounterpartytheretoshallhavebeendulyinvestigated. providesfinancialassistancetoathirdpartytobuythesharesinthethebuyerisathirdpartybuttheresourcesareprovidedbytheCmoncontract(e.g.saleCorporatecontract:forexample,acontractwhichthemembersofagreewitheachotheronsettingupanewlegalentity.Inthecommoncontract,youcanlookoveralltheproblemswhichcancomeoutfromthiscontractandyoushouldagreeonalltheseproblems.Itisofpossibilityifthereisasalecontractyoucanimaginehowwecoulddeveloporwhatproblemcancome,whatgoinghappeninoneoftheotherpartieswhichdoesnotfulfilliscontractobligationsandsoon.Inthe contract,theandtheirresolutionofthemembersofa cann