The Research On The Legal Institution Of The Enterprise Managerial Power

The trust of the enterprise managerial power is the trust act that the client take the right to operate the company as the trust property to the trustee, and the trustee use the power which granted by client to operate, manage and dispose the company. In the trust relationship, the client for the shareholders of the company, but also the trust beneficiaries, so the trust of enterprise managerial power always become the private trust and the self-benefit trust. The most notable feature of the trust of enterprise managerial power is treating the power to operate a company as the trust property. American jurist once believed there is trust relationship between shareholders and directors of the same company. Although this theory was faded out the historical stage, but no one can deny that there is something same inside the trust relationship and the enterprise managerial power. the old is the theory foundation and roots of the system of the trust of the enterprise managerial power. In our current legal system, to built the system of the enterprise managerial power, there are some problem to solve. According to Chinese trust law, only property that can change to money can become the trust property, not including debt of course. But, as common, debt is part of the property of the company, so the most important point of the article is the discussion of how to make the property including debt becomes the trust property. That means the trust property must be extended, and people should pay more attention to actual value rather than basic attribute. Besides, there is another problem to solve; the responsibility of the trustee is too heavy to carry. According to the current trust law, even if the trustee to be conscientious and do one’s best to his job, if he failed, creditors can also request to the trustee’s private property to repay the debt, which obviously on the trustee is not fair. The limitation of liability provisions of trust can solve this problem. When setting the trust of the enterprise managerial power, use the limitation of liability provisions of trust, with this,only if the trustee do his job carefully and did not violate the trust document, repayment of the debt will be limited to the trust property. The trustee’s permission has been great extended, when the supervision is not strong enough, may be the beneficiary will lose his money. There is no supervision department of the trust, so we set up the trust supervisor institution to investigate and collect evidence with the trust beneficiary, judging whether the trustee had broken the trust purpose, so as to protect the interests of the beneficiaries. In addition, using the word entrust instead of transfer, the ambiguity of the law caused dispute between the jurists. To achieve the mode of the trust of the enterprise managerial power, trust documents has to be write down very carefully, with all details of the trust property, trustee, beneficiary, client and trust purpose, and registration of trust the trust of the enterprise managerial power by the special department is needed too.