Le rôle du changement d’associé dans les sociétés de capitaux a gagné en importance ces dernières années et est ainsi devenu l’un des aspects essentiels du droit des sociétés. Tant en droit allemand qu’en droit français, une cession de droits sociaux peut présenter un certain nombre de difficultés juridiques. La thèse est destinée à apporter, à travers une analyse juridique comparative, une vue globale des possibilités de changement d’associé dans une société au regard des conditions à respecter ainsi que des procédures à suivre en cas de cessions de droits sociaux. L’ensemble des aspects est étudié en tenant compte des différences majeures existant entre le droit allemand et le droit français en la matière, de leurs origines et leurs causes ainsi que des avantages et inconvénients en résultant pour les associés dans chacun des deux systèmes juridiques, afin d’aboutir à une analyse comparative critique. / The role of shareholders changes in joint-stock companies has grown in importance in recent years and has thus become an essential aspect of company law. Both in German and French law, a sale of shares agreement may require solving a substantial number of legal difficulties. Through a comparative law analysis, the thesis aims to provide a global vision of the possibilities of changes to the shareholder structure regarding conditions to be met as well as procedures to be followed in cases of sales of shares. All aspects are examined taking into account the major differences existing between German and French law in this field, from their origins and causes as well as the resulting advantages and drawbacks for shareholders within each of the studied legal systems in order to lead to a comparative and critical analysis.

Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are essentially paper-based. The physical handling of the share certificate plays an important role in this regard. Foreign trends to reduce the movement of paper involve in broad terms the alternatives of dematerialisation and immobilisation of the share certificate. These developments cannot slavishly be followed without examining the legal nature of the South African share and share certificate. The process of immobilisation in a collective securities depository system involves no change in the nature of the shares. However, the use of a nominee where shares are held in safe custody forms a barrier between the shareholder and the issuer company which could dilute the shareholders' rights. This is even more applicable where shares are immobilised in a central depository. Further, although central depositories are based upon book-entries, they are still limited by the retention of the physical certificates. The development of electronic systems which dematerialise the share certificate must take into account the reasonable expectations of the public and should not be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far as possible, in the same position as if he had received a certificate. This requires legislation to amend present enactments and to define the rights of the shareholder. It is submitted that dematerialisation should gradually be phased in, starting with a voluntary dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n 'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy 'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.

The topic of shareholder's duty of loyalty is an important aspect for the definition of most of the duties and obligations of the capital company members. Therefore, it is also very popular topic for the authors of professional literature, who tend to be interested in systematized distinction of the duties and obligations of the capital company members. Most authors, along with the jurisprudence, already admit considerable importance of principle of loyalty and consider it to be the rule of interpretation appropriate for its application to the other duties and obligations of company members. The principle of loyalty, having a regulatory function, may fill in particular gaps in the statutory regulation. As a derogatory rule it may avoid the application of other rules that would lead to unfair decisions. This work aims to demonstrate the possibility of application of the principle of loyalty in practice. The thesis is divided into two main parts, the first is meant to clarify the place of the duty of loyalty in Czech law. It describes how was the existence of the duty of loyalty inferred before its regulation in new Civil Code. Next chapters of the first part are devoted to current applicable regulation. The second part of the theses focuses on particular examples in order to demonstrate the...

Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are essentially paper-based. The physical handling of the share certificate plays an important role in this regard. Foreign trends to reduce the movement of paper involve in broad terms the alternatives of dematerialisation and immobilisation of the share certificate. These developments cannot slavishly be followed without examining the legal nature of the South African share and share certificate. The process of immobilisation in a collective securities depository system involves no change in the nature of the shares. However, the use of a nominee where shares are held in safe custody forms a barrier between the shareholder and the issuer company which could dilute the shareholders' rights. This is even more applicable where shares are immobilised in a central depository. Further, although central depositories are based upon book-entries, they are still limited by the retention of the physical certificates. The development of electronic systems which dematerialise the share certificate must take into account the reasonable expectations of the public and should not be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far as possible, in the same position as if he had received a certificate. This requires legislation to amend present enactments and to define the rights of the shareholder. It is submitted that dematerialisation should gradually be phased in, starting with a voluntary dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n 'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy 'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.

L’Asie est une des principales destinations, en termes de volume, des investissements mondiaux. Or, l’existence d’une sécurité tant juridique que fiscale est un paramètre majeur dans les choix des investisseurs étrangers. Quelques affaires récentes dans cette région, notamment « Lone Star Fund » en Corée du Sud et « Vodafone » en Inde, semblent remettre en question l’existence d’une telle sécurité. Les activités de nombreuses entreprises étrangères articulées autour d’opérations d’achat et de revente de parts de sociétés sont spéculatives. La Chine, la Corée du Sud et l’Inde, ayant constaté l’importance des profits générés par une telle pratique spéculative, ont choisi de les imposer, en tant qu’Etat de la source, soit avec l’adoption des règles dites « general anti-avoidance rules (GAAR) », soit avec l’interprétation extensive d’un principe découlant d’une loi fiscale, soit encore avec l’amendement des règles des revenus réputés de source. Ce faisant, elles n’ont pas tenu compte de l’existence de société-relais et n’ont pas nécessairement justifié cette imposition qui semble contrevenir à leurs conventions fiscales. La première partie de cette thèse consiste à étudier le droit interne et la pratique judiciaire de ces Etats. Dans un second temps, elle examine dans quelle mesure cette imposition s’articule avec leurs conventions fiscales. Enfin, elle cherche à comprendre pourquoi elles ont choisi une telle politique fiscale et propose quelques solutions pour rehausser le degré de prévisibilité de leur système juridique. / Asia is one of the main destinations in terms of global investment volume. But the existence of legal and fiscal certainties is an important factor for investors’ choices. Several recent cases in the region, including “Lone Star Fund” in South Korea and “Vodafone” in India, seem to question the existence of such certainties. Many foreign enterprises focus on the shares’ purchase and re-sale, which could be linked to speculation. China, South Korea and India, as source states, having identified speculative business which is making huge profits, decided to tax them, with adopting General Anti-Avoidance Rules (GAAR) or a broad interpretation of a tax law principle and also the rule amendment on income deemed to accrue. In so doing, they ignored the presence of conduit companies and did not justify this taxation which would seem to be a breach of their tax treaties.Firstly, this study examines domestic law and judicial practice of these states. In the second phase, it evaluates the extent to which this taxation relates to their tax treaties. Finally, it seeks to understand why they opt for such a tax policy and proposes some solutions to raise the level of predictability of their legal system.