Corporations and Partnerships in Belgium

Name: Corporations and Partnerships in Belgium
Brand: Kluwer Law International
Price: 134.99 EUR
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Koen Geens Carl Clottens(Autor*in)

Kluwer Law International (Verlag)

Erschienen am 5. Dezember 2012

258 Seiten

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Inhalt

Cover
Half Title Page
Title Page
Copyright Page
The Authors
Table of Contents
List of Abbreviations
Introduction
Chapter 1. The General Background of the Country
§1. GEOGRAPHY
§2. POPULATION
§3. POLITICAL SYSTEM
I. The Constitution and the Three Powers
II. Reform of the Constitution: Regions and Communities
III. Provinces
IV. The Judicial Power
V. Political Parties
§4. EMPLOYMENT STATISTICS
§5. CORPORATIONS AND PARTNERSHIP STATISTICS
§6. SOCIAL AND CULTURAL VALUES
Chapter 2. The Historical Background of Corporations and Partnerships
§1. THE FRENCH PERIOD
§2. THE BELGIAN PERIOD
§3. THE EUROPEAN PERIOD
§4. THE ADOPTION OF THE BELGIAN COMPANY CODE
§5. THE EUROPEAN COMPANY LAW ACTION PLAN 2003 AND BEYOND
Chapter 3. Definitions, Notions, Structure of Corporations and Partnerships
§1. DIFFERENT FORMS OF CORPORATIONS AND PARTNERSHIPS
§2. CIVIL AND COMMERCIAL CORPORATIONS AND PARTNERSHIPS
§3. THE GENERAL PARTNERSHIP WITHOUT LEGAL PERSONALITY
§4. THE TEMPORARY PARTNERSHIP AND THE SLEEPING PARTNERSHIP
§5. PARTNERSHIPS WITH A REDUCED LEGAL PERSONALITY
§6. THE COOPERATIVE PARTNERSHIP
§7. PERSONAL AND CAPITAL CORPORATIONS AND PARTNERSHIPS
§7BIS. PUBLIC CORPORATIONS: LISTED CORPORATIONS
§8. RETROACTIVE CONVERSION OF CORPORATIONS AND PARTNERSHIPS
§9. ASSOCIATIONS: PROFIT MOTIVE - CORPORATIONS WITH SOCIAL MOTIVE
Chapter 4. Sources and Hierarchy of the Law on Corporations and Partnerships
§1. NATIONAL SOURCES
§2. EUROPEAN SOURCES
§3. INTERNATIONAL SOURCES
Chapter 5. International Private Law
§1. JURISDICTION OF THE BELGIAN COURTS
I. The EC Regulation on Jurisdiction and the Recognition and Enforcement of Judgments in Civil and Commercial Matters, the 'Brussels Convention' of 27 September 1968 and the 'Lugano Convention' of 16 September 1988
II. The EC Regulation on Insolvency Proceedings
III. The Belgian Code of International Private Law
§2. THE LEX SOCIETATIS/CONNECTING FACTOR, TRANSFER OF SEAT AND RECOGNITION OF FOREIGN COMPANIES
I. The Connecting Factor
A. Principle
B. Exceptions to the 'Real Seat' As Connecting Factor
II. Transfer of Seat (and Freedom of Establishment)
III. Recognition of Foreign Companies
§3. CATEGORY OF QUALIFICATION: APPLICATION OF FOREIGN LAW
I. Incorporation
II. Organization and Representation
III. Dissolution and Liquidation
IV. Other Aspects
V. Application of Foreign Law by Belgian Courts
Chapter 6. The Labour Law Connection: Co-determination, Corporate Structure and Language Used in the Enterprise
§1. WORKS COUNCIL AS INSTRUMENT OF WORKERS PARTICIPATION
§2. WORKS COUNCIL/CORPORATE INFORMATION AND AUDITING
§3. USE OF LANGUAGE
I. Background and Antecedents
II. The Law of 1963
III. The Decrees of 1973, 1978 and 1982
Part I. Corporations
Chapter 1. The Public Company Limited by Shares (Naamloze Vennootschap/Société Anonyme (Hereafter SA))
§1. CHARACTERISTICS OF THE SA
I. Non-contractual Character
II. Full Legal Personality: Limited Liability
III. Capital: Shares - Protection
§2. FORMATION OF THE SA
I. General Intrinsic Validity Requirements
II. Particular Intrinsic Validity Requirements
A. Legally Required Number of Partners
B. Consideration
1. Consideration in Cash
2. Consideration in Kind and Quasi-Consideration
3. Null and Worthless Consideration
4. Fraudulent or Fictitious Consideration
C. Profit Motive
D. Sharing in the Profits and Contributing in Losses
E. Sanctions
III. Formal Validity Requirements
A. Requirements
B. Sanctions
C. Direct and Indirect Incorporation: Promoters - Agents
§3. ESSENTIAL ELEMENTS OF THE SA
§4. CAPITAL AND SHARES
I. Different Concepts of Capital
A. Issued Capital
B. Legal Minimum Capital
C. Paid Up Capital
D. Sufficient Capital
E. Authorized Capital
II. Capital Movements
A. Capital Increase
1. Material Requirements
2. Formal Requirements
3. Capital Increase and the Equal Treatment of Shareholders: Issue Premium or 'Agio'
4. Capital Increase and Equal Treatment of Shareholders: Rights of Pre-emption
5. Capital Increase and Equal Treatment of Shareholders: Issue of New Shares Below Par Value
B. Capital Reduction
1. Requirements
2. Real Capital Reduction: Protection of Creditors
3. Formal Capital Reduction: Protection of the New Shareholders in the Event of Capital Increase
III. Acquisition by the Company of Its Own Shares, Funding of Such Acquisition and Redemption of the Capital
A. Subscription to and Acquisition of its Own Shares: Funding
B. Redemption of the Capital without Reduction
IV. Cross-participations
A. Cross-participations between Parent and Subsidiary Undertakings
B. Cross-participations between Unaffiliated Companies
V. Shares and Other Securities
A. Capital Divided into Shares: Nominal and Fractional Value
B. Other Securities
C. Rights Conferred by Shares and Other Securities
1. Equal Treatment and Alteration of Rights in General
2. Voting Rights and Non-voting Shares
3. Profit-Sharing Certificates
4. Certificates
D. Registered Securities: Bearer Securities - Dematerialization of Securities
E. Transfer of Registered Securities or Bearer Securities
F. Legal Transfer Restrictions and Restrictions Pursuant to the Articles of Incorporation
1. Restrictions Related to Payment of the Shares
2. Restrictions Related to the Nature of the Security
3. Contractual Transfer Restrictions
VI. Debentures
A. Debentures and Bonds: General
B. Convertible Bonds and Warrants
§5. SHAREHOLDERS, MANAGEMENT AND CONTROL
I. The General Meeting of Shareholders
A. Introduction
B. Convening of the General Meeting, Proxies, Voting Restrictions, Voting Agreements
1. Convening: Documents at the Disposal of the Shareholders - Deposit Clause and Record Date
a. The Convocation
b. Documents at the Disposal of the Shareholders
c. Conditions to be Fulfilled in Order to Have Access to the General Meeting: Deposit Clause and Record Date
2. Voting by Letter - Written Meeting - Proxies - Proxy Solicitation
3. Voting Rights: Voting Agreements
C. The Authority of the General Meeting
1. Ordinary General Meeting
a. Vote and Quorum
b. Annual Accounts - Reports - Décharge - Publication Requirements
c. Allocation of the Results of the Financial Year
d. Appointment and Dismissal of Directors
2. Extraordinary General Meeting: Amending the Articles of Incorporation
a. Subject of the Meeting
b. Formalities: Vote and Quorum
c. Change of Object, Form and Security Class Rights in the SA
3. Special General Meeting
D. The Nullity of Decisions of the General Meeting (Articles 64 and 178-180 CC)
1. Introduction
2. Grounds for Nullification
3. Exceptions to the Action for Nullity
4. Procedural Aspects of the Action for Annulment
5. Consequences of the Nullification
E. Conflict Resolution: Compulsory Sale or Acquisition of Shares - Squeeze Out
II. Administration and Management
A. The Board of Directors: The Daily Management - The Management Committee
1. Appointment and Dismissal of the Director
2. Day-to-Day Management (Article 525 CC)
3. The Management Committee (Articles 524bis CC)
4. Advisory Committees: Audit and Remuneration Committee (Articles 526bis and 526quater CC)
B. The Powers of Management and the Decision-Making Process
1. Authority of the Board of Directors
2. Conflicts of Interest within the Board of Directors (Article 523 CC)
3. Independent Directors and Intra-Group Conflicts of Interest (Article 524 CC)
4. The Authority of the Day-to-Day Management
5. The Authority of the Management Committee
C. The Powers of Representation of the Directors
1. Power of Representation of the Board of Directors
a. Required Formalities
b. Distinction: Management Power v. Representational Power
c. Number of Directors Representing the Company: One Signature Clause
d. Representation by a Special Agent
2. Power of Representation of the Day-to-Day Management
3. Power of Representation of the Management Committee
D. Liability of the Directors
1. Liability vis-à-vis Third Parties
2. Liability vis-à-vis the Company
a. The Actio Mandati
b. The Minority Action
c. Liability Grounds
d. Discharge and Expiration
3. Liability of the Members of the Management Committee and the Day-to-Day Management
III. Auditor
A. General
B. The Auditing at the Benefit of the Shareholders
1. Periodic Auditing
a. Large SAs
b. Small SAs
2. Occasional Duties
3. Audit of Enterprises in Difficulties
C. The Auditing at the Benefit of the Employees
D. Remuneration and Liability: Aiming for Independence and Quality
1. Remuneration
2. Dismissal Protection
3. Liability
IV. Consolidated Accounts
A. Vertical Consolidation
B. Horizontal Consolidation: Consortium
C. Control and Publication
§6. DISSOLUTION AND LIQUIDATION
I. Grounds for Dissolution
A. Voluntary Dissolution
1. The Unanimity of Shareholders or the Majority Required for an Alteration of the Articles of Incorporation
2. The Alarm Bell Procedure (Articles 633-634 CC)
B. Dissolution by Law: Expiry of the Term and the Sole Shareholdership of the Company
1. Comparison with Other Companies
2. Expiry of the Term
3. Sole Shareholdership of the Company
C. Dissolution at Law (Dissolution by Decision of the Court)
1. Legitimate Reasons
2. Company Capital Drops below the Part of the Minimum Capital Legally Required to Be Paid Up
3. Judicial Dissolution of Non-active Companies
II. Liquidation
A. Consequences of Winding Up
B. The Liquidators and Their Powers
C. Treatment of Creditors
D. The Liquidator and the Shareholders
E. Termination of the Liquidation
F. The Company and the Liquidators after the Closing
§7. MERGERS AND TAKEOVERS
I. Mergers and Divisions
A. Introduction
B. Merger through Acquisition
1. Definition
2. Consequences
3. Procedure
4. Nullity of the Merger
C. The Concentration of All Shares in One Hand
D. Merger by Creation of a New Company
E. Divisions
F. Cross-Border Mergers and Divisions
G. Contribution of a Branch or Universality
1. Contribution of a Universality
2. Contribution of a Branch
II. Acquisitions
A. The (Voluntary) Public Takeover Bid
1. The Disclosure Legislation
2. Takeover Legislation: Scope of Application
3. Summary of the Regulation
B. The Mandatory Takeover Bid
1. Scope of Application
2. First Condition for a Mandatory Bid: Surpassing the 30% Threshold
3. Second Condition for a Mandatory Bid:. As a Consequence of an Acquisition of Securities Carrying Voting Rights
4. Acquisition of 30% Through an Intermediary Holding Company
5. Disclosure
6. Price, Object and Procedure of the Mandatory Bid
§8. HOLDINGS AND SUBSIDIARIES
§9. TAXATION OF THE SA
§10. SUBSIDIARIES AND BRANCHES OF FOREIGN COMPANIES
Chapter 2. Private Limited Liability Company (Besloten Vennootschap met Beperkte Aansprakelijkheid/Société Privée à Responsabilité Limitée (Hereafter SPRL))
§1. FORMATION
§2. CAPITAL AND SHARES
§3. SHAREHOLDERS, MANAGEMENT AND CONTROL
§4. DISSOLUTION AND LIQUIDATION
§5. TAXATION
Part II. Partnerships
Chapter 1. Overview of the Different Forms of Partnerships
§1. PARTNERSHIPS WITHOUT LEGAL PERSONALITY: THE GENERAL PARTNERSHIP (MAATSCHAP/SOCIÉTÉ DE DROIT COMMUN),THE TEMPORARY PARTNERSHIP (TIJDELIJKE VENNOOTSCHAP/SOCIÉTÉ MOMENTANÉE) AND THE SLEEPING PARTNERSHIP (STILLE VENNOOTSCHAP/SOCIÉTÉ INTERNE)
§2. PARTNERSHIPS WITH A REDUCED LEGAL PERSONALITY: THE UNLIMITED PARTNERSHIP (VENNOOTSCHAP ONDER FIRMA/SOCIÉTÉ EN NOM COLLECTIF) AND THE ORDINARY LIMITED PARTNERSHIP (GEWONE COMMANDITAIRE VENNOOTSCHAP/SOCIÉTÉ COMMANDITAIRE SIMPLE)
§3. THE MIXED PARTNERSHIPS: THE LIMITED PARTNERSHIP BY SHARES (COMMANDITAIRE VENNOOTSCHAP OP AANDELEN/SOCIÉTÉ COMMANDITAIRE PAR ACTIONS) AND THE COOPERATIVE PARTNERSHIP (COÖPERATIEVE VENNOOTSCHAP/SOCIÉTÉ COOPÉRATIVE)
I. The Limited Partnership by Shares (Hereafter, the SCA)
II. The Cooperative Partnership (Hereafter, the SC)
Chapter 2. Validity Requirements for All Partnerships
§1. THE VALIDITY REQUIREMENTS
I. Valid Consent
II. Competence
III. Object and Cause
IV. Number of Contracting Parties
V. Consideration
A. General
B. Consideration in the Soc. Comm.
C. Consideration in the SC and SCA
VI. Profit Motive
VII. Participation in Profit and Contribution in Loss
VIII. Formal Validity and Disclosure Requirements with Regard to the Incorporation
§2. SANCTIONS ON FAILURE TO COMPLY WITH VALIDITY REQUIREMENTS
I. Absolute and Relative Nullity
II. Retroactive Nullity and Nullity ex nunc
Irregular Partnership
Chapter 3. Management and Representation
§1. GENERAL MEETING AND AUDITING
§2. THE DIRECTOR
I. General: Rules of Common Law
II. Directors Appointed by the Partners
A. Appointed in the Partnership Agreement
B. Appointed outside the Partnership Agreement
§3. THE DIRECTOR'S AUTHORITY TO MANAGE
I. The Rules of Common Law
II. The Authority of Appointed Directors
III. Plurality of Directors
§4. THE POWER OF REPRESENTATION OF THE DIRECTOR(S)
I. General
II. Power of Representation in the Soc. Comm. and the SNC
III. Power of Representation in the SCA
§5. THE LIABILITY OF PARTNERS AND DIRECTORS
I. The Liability of Partners vis-à-vis Third Parties
A. Partnerships without Legal Personality
B. Partnerships with Legal Personality
II. The Liability of the Director vis-à-vis the Partners
Chapter 4. Capital and Share in Partnerships
§1. THE PROPRIETARY STATUS OF ASSETS IN A PARTNERSHIP
§2. THE SHARE IN A PARTNERSHIP
I. General
II. Liability of the Partner Who Has Transferred His Share
III. Shares and Capital in an SC
IV. Shares and Capital in an SCA
Chapter 5. Dissolution of the Partnership
§1. THE VOLUNTARY DISSOLUTION
§2. DEATH, DECLARATION OF INCOMPETENCE, INSOLVENCY OR BANKRUPTCY OF ONE OF THE PARTNERS
I. General
II. In the SC
III. In the SCA
§3. THE LOSS OF ESSENTIAL ASSETS OR THE COMPLETION OF THE OBJECT OF THE PARTNERSHIP
§4. EXPIRY OF THE TERM: WILL OF ONE OF THE PARTNERS
Chapter 6. Taxation of Partnerships
Selected Bibliography
Index
Back Cover

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