Research On The Legitimate Purposes Of Voting Trust

This paper mainly studies how to determine whether the purpose of voting trust islegitimate or not. This paper is divided into five parts：The first part is about confirmation for the purpose of voting trust. From the concept oflegal act, the purposes of voting trust includes direct legal purpose and indirect economicpurpose, both of them may affect the validity of the voting trust; the verification of legal act incontinental law system focuses on the objective external performance,while in common lawsystem the verification emphasis on seeking the true meaning of the parties by judge throughthe external behavior. Therefore, this paper thinks that the verification of the purpose shouldcombine external performance and the true meaning of the parties.The second part is about the legitimacy of the voting trust purpose. Considering thedebate of legitimate basis between natural jurisprudence and positive jurisprudence, this paperthinks that the legitimate purpose should comply with the requirements of mandatoryprovisions in the current law and the pursuit of efficiency.The third part is about the principle of legitimate purpose of the voting trust. The votingtrust purpose should no violate the mandatory provisions of the law and the public interest orreduce the social benefitsThe fourth part is about the voting trust case analysis of employee ownership.Since theestablishment of the voting trust is to solve the employees ownership problem, this paperconfirms that the purpose of voting trust is to circumvent the maximum limit of shareholdersin limited liability company. This purpose does not violate the mandatory provisions and canmaintain interests of employees and improve voting efficiency, therefore this purpose islegitimate.The fifth part talks about legal consequences while the voting trust purposes areconsidered not legitimate. when the purpose of voting trust violates the mandatory provisionsof the law and the public interest, the voting trust should be invalid; when the purpose ofvoting trust reduces the social benefits, the voting trust should be revocable,...