Research On The Legal Systems Of Voting Rights Trust

Voting Rights Trust refers to the legal system in which one or more shareholder giving the legal rights of his share, including the voting rights of the share to one more trustee according to the agreement, who hold the share and exert the voting rights within the legally valid period of time to realize his lawful goal. The voting rights system started in the US where cooperate system was better developed. It was introduced into China at the beginning of this century and showed benefits. Due to the lack of systematic theoretical study and legal system foundation, however, the application of Voting Rights Trust is mainly policy-guided, which largely restricted its development. This thesis is aimed to study the American Voting Rights Trust system and offer some thoughts on the design of the Chinese legislation on Voting Rights Trust system through combining the US system with Chinese legal concept, environment and practice.The thesis includes introduction, main body of argument and conclusion. The main argument is composed of the following three chapters:Chapter one:The chapter first illustrates the fundamental nature of Voting Rights Trust and its characteristic as a legal tool. Through its legal characters, Voting Rights Trust can be seen as a combination of the company voting rights and trust system, which naturally inherited the double character of the Trust Law and Company Law. Compared with other laws, Voting Rights Trust has its unique function and advantage which cannot be replaced by other systems.Chapter two:The study of the basic Voting Rights Trust is done in following two aspects:1. The conditions of the Voting Rights Trust to be established and effective:the US Voting Rights Trust system validates on the condition of confirming the lawful purpose of the act, setting up the validation time limit, taking the trust contract in written form and establishing a strict registration and publicity procedure.2. Legal rights and obligations:In the Voting Rights Trust system, the shareholding trustor and trustee (beneficiary) should exert legal rights and obligations strictly under the regulations of law and Voting Rights Trust system. The discussion and study of the American voting rights system and comparison with the existing Chinese regulations will offer reference for the construction of the Chinese Voting Rights Trusting system.Chapter Three:Firstly, the Voting Rights Trust system has already found a practical and legal foundation in China. Secondly, through learning from foreign Voting Rights Trust system, e.g. the American Voting Rights Trust system as studied in the previous chapter, combining the practical reality in China, suggestions are offered to establish a Voting Rights Trust system which suits Chinese situation. The writer suggests that the comprehensive legislation mode be taken as to establish a complete legal system, which means besides regulating voting right trust through Company Law and Trust Law, the relating laws should be optimized, such as the concerning part in Security Law, Enterprise Merging Law and Anti-Monopoly Law, etc. In the system construction, rigorism in establishment and validation should be preferred and liquidity of the Voting Rights Trust certification should be given.The innovation points of the thesis includes:1. Voting Rights Trust as a trusting tool, the study of the legal rights and obligations of its participants are usually done in the aspect of the trusting principal, while this thesis tends to illustrate its differences from other trusting systems from the perspective of Company Law.2. Legislation suggestions are made on the basis of learning the American experience in the establishment of Voting Rights Trust system to the construction and perfection of Chinese Voting Rights Trust system.The major insufficiency of the thesis includes:1. During the research process, the writer has been trying to collect the sample cases in Voting Rights Trust disputes to demonstrate the actual legal process in dealing with the lack of legislation in Voting Rights Trust, however, without much success.2. Due to linguistic barrier, the large amount of foreign literature involved in the research of Voting Rights Trust cannot be processed, which causes certain influence in the value of the research.