Made available in DSpace on 2016-03-15T19:34:46Z (GMT). No. of bitstreams: 1 Jaime Magalhes Machado Junior.pdf: 793543 bytes, checksum: 17e95c8543fb9dc7e32d912a5e52c7c6 (MD5) Previous issue date: 2009-08-04 / This essay is in connection with mergers of shares (article 252 of Law nº 6,404/76), whereby a company (merged company) mergers its shares into another company (merging company) and becomes the wholly-owned subsidiary of the second, as far as the capital market is concerned. It discusses the origins and concept of mergers of shares in light of the U.S. paradigm (freezeout and squeezeout mergers) and the Brazilian laws and regulations. It addresses the existence of conflicts between minority and controlling shareholders in the Brazilian capital market. It looks into the characteristics of Brazilian public companies (companhias de capital aberto) by presenting data that indicate the existence in most of those transactions of one single controlling shareholder. It shows the increase of guarantees and rights made available to minority shareholders after amendments to related laws, particularly after 2001, and to rules issuing from the Brazilian Stock and Exchange Commission (CVM), as a way to broaden the alternatives to raise and use resources out of the national savings in the capital market. It suggests that mergers of shares can be viewed within the context of the capital market but at the same time from the legal prospective of protecting minority shareholders. It puts forward modalities or theories according to which mergers of shares can be fraudulent under the law, to the extent that the controlling shareholders can take abusive actions (articles 116 and 117 of Law nº 6,404/76) to the prejudice of minority shareholders. It suggests, further, the use of simulation models (article 167 of the Brazilian Civil Code), of the "indirect deal" theory and case study of economic grounds as means or tools available to determine the existence of illegalities in a merger of shares. It lists cases submitted to CVM and Legal System for consideration. Finally, it suggests ways that the Brazilian government can control and the consequences of administrative (by CVM) and court rulings in litigations between minority and controlling shareholders. / Este trabalho trata da operação de incorporação de ações (art. 252 da Lei nº 6.404/76), pela qual uma companhia (incorporadora) incorpora a totalidade das ações de outra (incorporada), que passa a ser sua subsidiária integral, no contexto do mercado de capitais. Apresenta as origens e o conceito da incorporação de ações, segundo o paradigma norte-americano (freezeout e squeezeout mergers) e a legislação brasileira. Discorre sobre a existência de conflitos entre os acionistas minoritários e os acionistas controladores no mercado de capitais brasileiro. Analisa as características das companhias de capital aberto brasileiras, apresentando dados que demonstram a existência, na maioria dessas, de um único controlador. Demonstra a ampliação das garantias e direitos dos acionistas minoritários nas reformas legislativas, especialmente após 2001, e na regulamentação pela Comissão de Valores Mobiliários (CVM), como forma de ampliar a captação e o direcionamento de recursos da poupança popular para o mercado de capitais. Sugere que a incorporação de ações possa ser analisada no contexto do mercado de capitais e segundo as perspectivas legais de proteção do acionista minoritário. Apresenta modalidades ou hipóteses em que a incorporação de ações pode resultar em fraudes à lei, pela prática de atos abusivos pelos acionistas controladores (artigos 116 e 117 da Lei nº 6.404/76), em prejuízo dos acionistas minoritários. Sugere, ainda, a utilização da simulação (art. 167 do Código Civil brasileiro), da teoria do negócio indireto e da verificação casuística dos fundamentos econômicos, como meios ou instrumentos disponíveis para a constatação de ilegalidades na incorporação de ações. Colaciona casos práticos submetidos à análise da CVM e do Poder Judiciário. Por fim, apresenta as formas de controle do Estado brasileiro e as conseqüências das decisões administrativas (da CVM) e judiciais em litígios entre acionistas minoritários e controladores.

L’usufruit est essentiellement envisagé comme un droit réel portant sur un bien immobilier.Jadis, les immeubles constituaient l’élément le plus important du patrimoine des particuliers. Depuis un siècle, il y a une transformation de la nature des patrimoines caractérisé par le développement des fortunes mobilières à côté de celle immobilières.L'objet de l'usufruit des droits sociaux se trouve au confluent de deux disciplines totalement étrangères l’une à l’autre : le droit des biens et le droit des sociétés.Le droit des biens tend à privilégier l’approche réelle de la matière, ce qui peut conduire à négliger la spécificité de l’objet de l’usufruit. Alors que le droit des sociétés met l’accent sur les mécanismes internes de la société et du droit d’associé, ce qui peut perdre de vue que ce droit est envisagé comme un bien.L’ouvrage explore les différents mécanismes d’utilisation de ce procédé d’ingénierie patrimoniale aussi bien en matière d’optimisation qu’en matière de transmission fiscales. Il envisage aussi d’expliciter les différents aspects de conciliation que requiert l’application de cet outil juridique et financier au sein de la société.Cette thèse encouragera le législateur libanais à introduire et adopter la notion de l’usufruit des droits sociaux au Liban et permettra de mettre en place une étude mise à jour et plus riche en la matière. / Usufruct is a right in rem allowing to use and to enjoy the property of another. Whilst previously, real estates and immovable properties were one’s most valuable assets, with time we have witnessed a shift in the market environment and the development of wealth in movables.In light of the foregoing, usufruct which was initially applicable in real estate, has been applied in other types of property such as corporate shares and stocks. Being relatively a recent development, there is an absence in the French system of adequately applicable legal texts to the usufruct of shares and stocks and accordingly it is subject to both the property law and company law. This gives rise to a number of difficulties because whereas the property law focuses on the various forms of ownership and the legal relationship with the rem, and emphasizes on proprietorship rights; the company law studies the interaction of the shareholders and other stakeholders with the company specifying their rights and duties and thus may lose sight that the usufruct is a property right. With this research I intend to explore the different mechanisms and contexts in which usufruct is used as a legal & financial tool for tax optimization and cost cutting mostly elucidated during inheritance. On the other hand, I will elaborate the way of utilizing it by a shareholder within the company.Finally, I hope that my thesis will contribute to encourage the Lebanese legislator in introducing this notion into Lebanon by developing the relevant laws and will provide an updated and thorough study of shares and stocks usufruct.

Employee share plans are commonly used to provide a staff incentive to employees who have served long and continuously, as well as to compensate the employees for their commitment in reaching company goals and performance criteria. Because any person, including employers implementing such schemes, will always structure transactions to achieve the best possible tax outcome, many schemes and structures have become available to achieve those ends. A recent employee share scheme was structured through the incorporation of a wholly- owned subsidiary, which was incorporated for the sole purpose of administering and managing the employee share plan on behalf of the holding company. This would include acquiring holding company shares in the open market and the subsequent transfer thereof to the holding company’s employees. The payment made to the subsidiary for the services rendered and to enable the subsidiary to acquire holding company shares in the open market, was structured as a fee together with a risk premium payable and not as an intercompany interest-free loan. A study of the investigation and evaluation of the adequacy and legality of such schemes and structures and whether or not appropriate tax principles were applied to achieve possible tax benefits, creates several research challenges. Although previous research has been conducted on the tax implications for employees under a share-based plan, payments structured as interest-free loans and several case law on the deductibility of payments structured as interest-free loans, there is a lack of extensive previous academic research on the funding of employee share plans structured as a fee together with a risk premium, made to wholly-owned subsidiaries to manage and administer an employee share plan. The aim of this study is to help to fill the gap in relevant research, case law and legislation regarding the tax implications of this new funding structure of conditional employee share plans. The tax implications for both the holding company and the subsidiary will be taken into consideration to assess whether or not the scheme will be beneficial to all parties involved. AFRIKAANS : Aandeelgebaseerde skemas vir werknemers word algemeen gebruik om personeelvoordele aan werknemers te verskaf wat lang en deurlopende diens gelewer het, asook om vergoeding te bied aan werknemers vir hul toewyding in die bereiking van die maatskappy se doelwitte en prestasie-kriteria. Verskeie skemas en strukture het al ontstaan as gevolg van die feit dat enige persoon, onder wie werkgewers wat sulke skemas implementeer, deurgans transaksies sal struktureer om die beste moontlike belastinguitkoms te bewerkstellig. ’n Onlangse aandeelgebaseerde skema vir werknemers is soos volg gestruktureer: Die houermaatskappy het ’n volfiliaal ingelyf met die uitsluitlike doel om die administrasie en bestuur van die aandeelgebaseerde skema, namens die houermaatskappy te onderneem. Die verkryging van die houermaatskappy-aandele in die ope mark en die daaropvolgende oordrag daarvan aan die houermaatskappy se werknemers is beplan. Die betaling aan die filiaal vir die dienste gelewer en om die filiaal in staat te stel om die houermaatskappy se aandele in die ope mark te bekom, is gestruktureer as ’n fooi en ’n risiko-premie betaalbaar eerder as ’n rentevrye intergroep-lening as sodanig. ’n Studie oor die ondersoek en evaluering van die geskiktheid en wettigheid van sulke strukture en of die korrekte belastingbeginsels toegepas is om moontlike belastingvoordele te bereik, skep verskeie navorsingsuitdagings. Hoewel vorige navorsing onderneem is oor die belastingimplikasies vir werknemers in die lig van aandeelgebaseerde transaksies, betalings wat gestruktureer is as rentevrye lenings en verskeie wetsbepalings ten opsigte van die aftrekbaarheid van betalings wat gestruktureer is as rentevrye lenings, is daar ’n gebrek aan uitgebreide vorige akademiese navorsing oor die befondsing van aandeelgebaseerde skemas deur ’n fooi insluitende ’n risikopremie. Die doel van hierdie studie is om te help om die die gaping in relevante navorsing, regspraak en wetgewing ten opsigte van die belastingimplikasies van die nuwe finansieringstruktuur van voorwaardelike aandeelgebaseerde skemas vir werknemers te vernou. Die belastingimplikasies vir die houermaatskappy en filiaal sal in ag geneem word om vas te stel of die skema voordelig is vir albei die betrokke partye Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Van Wyk, C-L 2011, A critical analysis of the income tax implications of conditional employee share plans in South Africa, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03202012-150330 / > F12/4/173/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

The amendment of the Companies Act 61 of 1973 in 1999 by Companies Amendment Act 37 of 1999 made it possible for the first time, in South Africa, for a company to acquire its own shares and for a subsidiary to acquire shares in its holding company. The position introduced by the 1999 amendments was repealed in 2011 with the coming into effect of the Companies Act 71 of 2008. I have compared capital maintenance rule under the Companies Act 61 of 1973, as amended in 1999 with capital maintenance rule under the Companies Act 71 of 2008. I have also examined in detailed the requirements to be complied with when a company acquires its shares as well as the requirements to be complied with when a subsidiary acquires shares in its holding company. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

The thesis disserts on particular takeover techniques, both generally and with respect to the specific regulation by Czech law, considering the relevant rules of acquis communautaire. The paper is focused in particular on takeover bids, public offers for purchase or swap of shares, squeeze-out, sell-out, purchase of business establishment and mergers. The objective is to analyze the subject-matter both from legal and economic point of view, with respect to tax and accounting implications. The thesis contains also the analysis of suitability of particular takeover techniques for specific types of investors, with respect to the aims and intents pursued.

La privatisation a été identifiée comme un des phénomènes économiques les plusimportants de l’histoire récente, entre-temps la privatisation des banques a été acceptéecomme étant un des secteurs principaux de ce phénomène économique.En se basant sur l’importance de la privatisation des banques qui a lieu partout en Iran, cettethèse se divise en deux parties.Dans sa première partie, la thèse explore l’échec ou le succès de la privatisation desbanques en Iran en assumant comment la progression s’est faite durant les deux étapes deprivatisation et d’exécution, et spécifiquement afin d’identifier la combinaison de doublepropriété qui en est le résultat, ainsi que ses conséquences sur le contrôle de gestion desbanques privatisées.La deuxième partie se concentre sur la discussion concernant la condition de succèsnécessaire pour que les banques privées iraniennes continuent à fonctionner. À ces causes,la thèse essaie de localiser une compréhension des possibilités, des barrières et des limitesdes banques privatisées en particulier, et des transactions bancaires privées en général.Cette partie va également se concentrer sur les impacts de deux enjeux d’affaires de«Distribution d’actions Justice» avec la distribution 40%-50% des entreprises privatiséesparmi les déciles les plus bas du pays et « la propriété d’instituts semi-gouvernementaux »qui a formé la portion principale de la combinaison de propriété des banques privatisées.Subsidiairement, les méthodes pratiques probables proposées pour le succès des banquesprivées seront analysées en même temps que l’investigation de tout chaînon manquantprincipal, afin que le succès des banques privées en Iran continue.Cette thèse se veut originale de par son argument concernant une large étude détaillée de laprivatisation des banques en Iran, en se penchant particulièrement sur ses spécifications eten mettant en valeur la vulnérabilité et l’instabilité des banques privées dans les conditions actuelles de l’Iran, elle examine les diverses solutions qui permettraient de diluer le contrôlede gestion gouvernemental qui débouche du résultat de la combinaison de propriété desbanques privatisées, et se rendre compte de l’importance de l’entrée des investisseurs et desbanques étrangers comme étant le chaînon manquant du succès de la continuation desbanques en Iran. / Privatization has been identified as one of the most remarkable economic phenomena in recenthistory; the privatization of banks, meanwhile, has been known to be the core segment of thiseconomic phenomena.Following to the nationwide importance of bank privatization in Iran, the aim of this thesis aretwo folds.In the first part, the thesis explores the failure or success of the privatization of banks in Iranby assuming how it has been progressed at the two stages of pre-privatization and execution,specifically to identify the resulted ownership combination, and its consequences onmanagement control of the privatized banks.The second part focuses on the discussion of success condition for continuation of privatebanking in Iran. Therefore, the thesis attempts to locate an understanding of the prospects,barriers and limitations of privatized banks in particular and private banking, in general.This part also focuses on the impacts of two issues of “Justice Shares Distribution” whichdeals with distributing 40%-50% of privatized enterprises among the lowest deciles of thecountry and “semi- government institute ownership” that has formed a main portion inownership combination of privatized banks.Alternatively, the probable practical methods proposed for success in private banking will beanalyzed along with investigating any principal missing links of success continuation for theexisted private banking in Iran.The claim to originality in this thesis therefore lies in its argument about detailed cross studyof bank privatization in Iran with particular focus on its specifications, emphasizing thevulnerability and instability of private banking in the current condition of Iran, examine thedifferent solution to dilute the government’s management control due to the resultedownership combination of privatized banks and to find out the importance of entry of theforeign investors and foreign banks as the missing link in successful continuation of bankingin Iran.

This diploma thesis deals with the tax aspects of mergers. It is divided into three chapters. The first describes general characteristics of mergers such as the reasons for undertaking mergers, a classification of various types of mergers, and a description of the merger progress. The next chapter analyzes Czech and EU legislation. The last chapter contains a detailed analysis of the tax aspects of mergers, especially in terms of income tax.

The aim of this work was to present the issue of neural network, which is still, despite the fact it exist and has been applied for several years, remains quite unknown for a considerably big part of public and academical environment. The aim of the practical part was to verify via practical application if neural network are truly a better instrument of statistical analysis, than the commonly used ones, especially when the goal is to analyze and describe complex processes and relationships between them. Further aim of the work was to investigate and describe the relationships between the development of trading volumes of Apple shares and the shares of competitive companies regarding the market of smart phones such as Google, HTC, Nokia, Samsung using neural network models. The attainment of these goals was realized through a rather extensive description of neural networks theory as well as the presentation of valuable theoretical tools for avoiding the frequent barriers occurring during the practical implementation. This practical application was realized via software called R, which has widely spread lately due to its availability and a vast range of flexibility, which is provided to users. The value of this work is familiarization and the creation of an integrated knowledge within readers about the issue of neural networks and the deliverance of a proof, that neural networks are indeed a better tool compared to the commonly used ones (ARMA models, linear regression). The author of the work gained a lot of useful knowledge about neural networks, learned how to use them in practice especially in the environment of R software, by which he shifted his proficiency with the current software to a whole new level.

A première vue, le sujet des prises de participations dans les sociétés non cotées apparaît comme un sujet du droit des sociétés. Mais avec la présence du capital-investissement, des investisseurs institutionnels et des différents véhicules d’investissement, le sujet relève désormais du droit des affaires. En effet plusieurs techniques juridiques ont été créées par les praticiens afin de répondre aux besoins des investisseurs. Tel est l’exemple des actions de préférence, et des différents types de valeurs mobilières. C’est aussi le cas de la création des différentes modalités de prises de participations tels que la convention de portage d’actions ou la création d’une Holding de reprise. Les prises de participations dans les sociétés non cotées ne sont pas réglementées comme elles le sont dans les sociétés cotées. La liberté contractuelle est le principe qui prévaut. Les législations françaises et libanaises connaissaient des dispositions juridiques et commerciales similaires. Mais depuis plusieurs années, le droit français, influé par la pratique du droit international des affaires, et par les concepts anglo-saxon, a tellement évolué. Cela n’est pas le cas au Liban. Pourtant, la pratique du capital-investissement s’est fortement développée au Liban. Ainsi il s’agit, tout au long de cette étude, de préciser la notion de prise de participation et ses différentes modalités. Et aussi il semble opportun d’examiner l’applicabilité des principes de négociation et des nouvelles clauses accompagnant le contrat de cession d’actions ou parts sociales, par rapport au droit français et libanais / At first sight, the subject of “The acquisition of shares in non-listed companies” seems to be relevant to the corporate law. However, with the presence of the private equity, institutional investors and different vehicles of investment, the subject is more related to business law. In fact many legal techniques were created by practitioners to respond to the investor’s needs such as preferred shares and different securities; similarly the creation of different ways to acquire shares such as holding companies and the stock carrying agreement. There is no specific regulation for the acquisition of shares in non-listed companies. The principle of contractual freedom prevails. The French and Lebanese legislation contains many similar legal principles. Nevertheless, few years ago, the French laws, influenced by the international business law, and the Anglo-Saxon approach of the subject, have evolved. This was not the case in Lebanon, although the practice of private equity was developed in Lebanon. We will proceed through this study, to clarify the notion of acquisition of shares in non-listed companies, as well as the different techniques used. It is also useful to examine how much we can apply the negotiation principles and new clauses that often accompany the sale agreement of shares, in the context of Lebanese and French law

The capital maintenance doctrine presupposes that a company’s capital must not be returned to its shareholders. The doctrine was anchored on three rules, one of which was that a company cannot acquire its own shares as this amounted to a diversion of capital to the shareholders whose shares were acquired. This rule was partly rationalized as protecting the interests of shareholders. In South Africa the rule was embodied in s 85 of the Companies Act 61 of 1973. However, it was amended by s 9 of the subsequent Companies Amendment Act 37 of 1999 to provide that a company can acquire its own shares if certain substantive and procedural requirements were satisfied. Upon the enactment of Companies Act 71 of 2008, the requirements have not been substantially altered. They are partly geared towards protecting shareholders by ensuring that shareholders are treated equally and fairly. Moreover, the Johannesburg Securities Exchange Limited (hence the JSE Limited) was empowered by the Companies Act 61 of 1973 to promulgate requirements to be met when a company wishes to acquire its own shares. The Companies Act 71 of 2008 does not in express terms empower the JSE Limited to develop requirements to be met when a company wishes to acquire its own shares. However, the Act expressly requires that a listed company wishing to acquire its own shares must also comply with the requirements of the relevant exchange. Such requirements can therefore be deemed to subsist even amidst the new Act as an internal regulation of the JSE Limited. The said requirements are also partly aimed at protecting shareholders, largely by ensuring that adequate information is availed to shareholders to empower them to make informed decisions. / Private Law / LL. M. (Company Law)