Illegal Repurchase Shares Of The Legal Effect

Corporation Law plays an important role in the system of law in the market economy . as the law which regulates market body . the system of Share Repurchase involves Corporation Law and Security Law , which is a perfect and usual economic action in the developed country ,but is just at beginning .In our country , as the reform of state-owned enterprise deepening ,more and more enterprise will take the method of Share Repurchase to change the construction of share in the course of completing corporation governance .Our country's Corporation Law limits Share Repurchase very strictly ,easily inducing illegal Share Repurchase ,which in fact limits the management right of corporation and the circulation of security market .The author discusses the Share Repurchase from the legal effect of illegal Share Repurchase ,which is very important for the interest of corporation, shareholders and creditors , the safety of transaction and the order of transaction.Beginning which the most basic concept "Corporation Share" , basing on the discuss of illegal Share Repurchase and the feature , to the helpful to our country's legislation .The thesis is more than 30,000 words ,divided into four parts .The first part summarized Share Repurchase .The writer firstly gives the explicit concept of Share Repurchase and tell the difference between "Corporation acquiring its own share" and "Pubic corporation taking over" . In this part , the writer introduces the system of Share Repurchase in the main west countries and make a comparison between them .In the second chapter ,the author make a classification of illegal Share Repurchase .According to the performer of the Share Repurchase , illegal Share Repurchase can be classified into directShare Repurchase and indirect Share Repurchase .According to methods of Share Repurchase , illegal Share Repurchase can be classified into six kinds including mot permitted by shareholders ,breaching legal reason ,etc .The third part is the focal point of this thesis .According the law of our country , Share Repurchase is not allowed in principal .No matter in practice or in theory , illegal action is null an void , but nobody tells clearly which is null and void , juristic act of right in rein or juristic act of right in personal.From a new angle of view , the author divided into two gradations : juristic act of right in rein or juristic act of right in personal,detailedly anal sizing the legal effect of the illegal Share Repurchase.In the last part , the author made a introspection of the system of Share Repurchase in our country . The law should achieve benefits and justice ,at the same time ,should have the reasonability an feasibility ,which is the aim that we should pursuit and seek all the time.