Darbe analizuojami bendrovės vadovo civilinės atsakomybės teisinio reglamentavimo Lietuvoje trūkumai ir spragos bei, remiantis užsienio valstybių praktika ir tendencijomis, pateikiami pasiūlymai identifikuotų trūkumų šalinimui. Darbe bendrovės vadovų atsakomybė vertinama ne tik iš kreditorių ir bendrovės pozicijų – į vadovo atsakomybės teisinį reguliavimą pažvelgta taip pat ir iš bendrovės vadovo pozicijų. Darbe siūloma bendrovės vadovo, kaip civilinės atsakomybės subjekto, sąvoką, iki šiol neturinčią jokios aiškios koncepcijos ir turinio, deformalizuoti. Išnagrinėjus bendrovės vadovo pareigų bendrovei turinį, prieita išvada, jog šiuo metu galiojantys teisės aktai sudaro prielaidas klaidingai suvokti bendrovės vadovo pareigas bendrovei, kuomet vadovas sudaro sandorį su bendrove, todėl siūloma atitinkamai koreguoti reglamentavimą. Įvertinus vadovo atsakomybę bendrovės kreditorių atžvilgiu, prieita išvada, jog būtina išlaikyti pusiausvyrą, t. y. užtikrinti tik objektyviai pagrįstą kreditorių interesų apsaugą, nepagrįstai neišplečiant jos bendrovės vadovo atsakomybės sąskaita. Kartu atkreipiamas dėmesys, jog dabartinis kreditorių teisių įgyvendinimo mechanizmas dėl specialaus reglamentavimo nebuvimo neužtikrina vadovų teisinės padėties apibrėžtumo ir užtikrintumo. / Weaknesses and lacks of legal regulation of civil liability of a company’s director in Lithuania are analyzed and suggestions, how to eliminate identified weaknesses, are given in this work, referring to the practice and tendencies of foreign countries. The liability of a company’s directors is evaluated not only from the point of view of creditors and a company, but also legal regulation of a leader’s responsibility is reviewed from the point of view of a company’s directors. In this work, the concept of a company’s director, as a subject of civil liability, which has not had a clear concept and content so far, is suggested to be deformalized. After analyzing the content of liability of a company’s director for a company, it was concluded, that recent laws capacitate to wrongly understand, what responsibilities of a company’s leader are to a company, when he transacts with a company; therefore, several suggestions to improve regulation are given. After evaluating the director’s responsibility in respect of a company’s creditors, it was concluded, that it is necessary to maintain the balance – to ensure just such interest security of creditors, which is objectively grounded, and gratuitously not to extend it for account of a liability of company’s leader. What is more, attention is drawn to the recent mechanism of creditors’ rights implementation, which does not ensure the determination and security of director’s legal status due to the absence of special regulation.

Simply put, Crown liability doctrine in Crown/Aboriginal Law in Canada is a mess. Demonstrably, there are fiduciary-based duties, fiduciary-based principles, an over-arching honour of the Crown principle, Crown honour-based duties, and a constitutional Crown/Aboriginal “reconciliation” imperative. How the various pieces are meant to fit together is atypically unclear. In this project, Ronald Dworkin’s rights thesis is invoked as a conceptual tool in an attempt to help bring some order to the disarray. It is argued that the Supreme Court of Canada made a fundamental (Dworkinian) mistake in the manner in which they adopted fiduciary concepts into the core of Crown/Aboriginal Law; that this mistake has led to a dysfunctional doctrine; and that the Supreme Court has implicitly acknowledged their error and are now in the process of incrementally mending their materially flawed doctrine. Crown liability doctrine in Crown/Aboriginal Law in Canada is now centrally organized around the principle that the honour of the Crown must always be upheld in applicable government dealings with Aboriginal peoples. Enforceable Crown honour-based “off-shoot” duties operate to regulate the mischief of Crown dishonour in constitutional contexts. The Supreme Court has now stated that a (non-conventional and fundamentally unresolved) Crown/Aboriginal fiduciary obligation is one such “off-shoot” duty. This emergent “essential legal framework” is meant to protect and facilitate the over-arching project of reconciling the pre-existence of Aboriginal societies with the de facto sovereignty of the Crown, which reconciliation project, it is argued here, is to be fundamentally undertaken by the executive and legislative branches of government working collaboratively with Aboriginal peoples. The judicial branch of government is then largely limited to the more modest task of regulating the mischief of constitutional Crown dishonour. This project ultimately purports to theorize this relatively new Crown honour-based framework, and to conceptualize what residual role there is for fiduciary accountability to play in applicable Crown/Aboriginal contexts moving forward. It is concluded there is likely only a narrow jurisdiction remaining for fiduciary accountability in Crown/Aboriginal contexts, which jurisdiction appears destined to take the form of conventional fiduciary doctrine which, as will be demonstrated, has itself been fundamentally reconfigured in recent years.

O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto. / This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.

A legally protectable trade secret is secret information which is applicable in trade or industry, in respect of which the owner has the will to keep it secret, which has economic value, and which is concrete enough to be embodied in a tangible form and to exist separately form its owner. A comparative study reveals that while trade secrets can be infringed in three ways - namely unauthorized acquisition, use and disclosure - contemporary legal systems differ in respect of both the ambit and juridical bases of protection against such infringing conduct. The legal protection of trade secrets is promoted by the recognition of a subjective right to the trade secret. This right is an intellectual property right independent of statutory intellectual property rights like patent rights and copyright, the common law intellectual property right to goodwill, and the personality right to privacy. In South African private law, trade secrets can be adequately protected by the application of general delictual and contractual principles. Delictual wrongfulness of trade secret misappropriation is constituted by an infringement of the right to the trade secret. Thus any act that interferes with the powers of use, enjoyment and disposal exercised by someone with a subjective right to that trade secret, is, in the absence of legal grounds justifying such interference, wrongful. Patrim·onial loss caused by both intentional and negligent infringement of trade secrets should be actionable under the actio legis Aquiliae. Wrongful trade secret infringements can - also in the absence of fault on the part of the infringer - be prevented by an interdict. Protection of trade secrets is not restricted to the contexts of either unlawful competition, or fiduciary relationships. Trade secret protection is on a sound footing in South African law, compares favourably with the position in other legal systems, and is in step with the international agreement on Trade-Related Aspects of Intellectual Property Rights to which South Africa is a signatory nation. / Private Law / LL.D. (Private Law)

Michaela Polányi's Theory of Personal Knowledge (1891-1976) attempts to cope with the objections of the critical period of philosophy in which the ideals of science are set to be objectively unbiased and empirically grounded knowledge. The reason for this is the distrust of the subjectivistly conceived influence of the tradition and authority of the major research ancestors. Polanyi, however, points out that such ideals disregard the important constitutions of the knowledge of personal character, without which knowledge would not be possible. That is why it responds to these objections by trying to rehabilitate them and putting them in proper contexts. It points out the role of personal judgment that makes an intuitive estimation of the fertility of a research project within the given competencies. It highlights the role of the expertise and knowledge, which operate thanks to capturing the researcher in the tradition of the branch. And last but not least, it emphasizes the role of intellectual enthusiasm that helps the creative and original way to solve the problem. However, according to Polanyi, these constituents can perform their role properly only if the researcher establishes close contact with reality within an act he describes as contemplative submersion into the problem. This cognitive act should protect the entire cognitive process from the risk of subjective distortion. Polanyi also discovers two dimensions of knowledge. The first dimension is called tacit (unspecific). This dimension affects all cognitive processes that take place outside the apparent focal awareness of the cognitive person, yet they essentially influence the understanding of the ability to integrate in the mind of the cognitive person not only the individual elements of knowledge but also their interrelations. It helps to estimate the limits and possibilities of research. The second dimension is fiduciary-programmed knowledge, which points out that all knowledge is based on the commitment of faith to the reality of the cognitive object, to personal abilities of the cognitive person, and to the research community, and the principles of its research. It turns out that faith is not an obstacle to scientific knowledge, but a prerequisite for discovery. That is why Polanyi's theory of human knowledge is also considered in the field of the defense of the relevance of religious epistemology. Polanyi does not make the distinction between secular and religious epistemology as critics of religion. Both types of knowledge, according to him, are constituted by the same cognitive abilities that are applied in the same reality. The difference lies more in a different perspective and in the subject of interest. This thesis focuses on selected chapters of religious epistemology, where the original objections and proposals for their resolving solutions are well evident. These are, above all, the possibilities and limits of God's experience of knowledge, the role of reason and belief, and the possibilities of personal realization of knowledge within the religious tradition and the Authority Church.

O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto. / This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.

According to Peruvian legislation, through an escrow agreement a trustor transfers under a fiduciary domain in favor of an escrow agent various goods, rights and obligations, which must achieve certain purpose. These will constitute an autonomous patrimony that does not respond any obligation of the trustor and the agent escrow. Despite the clarity of this statement, the authors reveal that indeed there might be different interpretations about this agreement that have practical consequences with the treatment of real properties subject to fiduciary dominion. / De acuerdo a la legislación peruana, a través del contrato de fideicomiso, el fideicomitente transfiere en dominio fiduciario a favor del fiduciario diversos bienes, derechos y obligaciones, los mismos que deben ser afectados a la consecución de un determinado fin. De tal manera se constituye un patrimonio autónomo que no responde por las obligaciones del fideicomitente ni del fiduciario. Pese a la claridad de dichas disposiciones, los autores evidencian que en la realidad se presentan situaciones problemáticas de concepto que tienen consecuencias prácticas con el tratamiento de los inmuebles sujetos a dominio fiduciario.

O presente estudo versa sobre a conduta de administradores e controladores em contexto oferta hostil, tendo como principal objetivo a análise desta à luz do interesse social e dos deveres fiduciários, buscando, ao fim, comprovar que o Brasil possui um arcabouço legislativo apto a regular tais situações, bem como que a experiência norteamericana pode servir como fator de auxílio na investigação do papel desses sujeitos no referido contexto. / This paper deals with the behavior of managers and controlling shareholders in hostile tender offer context, with the main goal of analyse it in the light of the “proper role of the companies” and the fiduciary duties, aiming, finally, to prove that Brazilian law is able to rule those situations, as well that American experience could serve as a helpful instrument in the search for directors and officers “proper role” in the related situations.

O presente trabalho trata de tema extremamente útil, porém ainda pouco trabalhado pela doutrina brasileira. A Lei no 8.668/93, que criou os Fundos de Investimento Imobiliário (FII) no Brasil, foi o primeiro diploma a permitir a securitização e fracionamento da propriedade imobiliária, convertendo-a em valores mobiliários passíveis de negociação no mercado de capitais. Os Fundos de Investimento Imobiliário viabilizaram o acesso de pequenos investidores, incluindo pessoas físicas, ao mercado imobiliário, viabilizando a aplicação em empreendimentos de alto retorno que, entretanto, demandam grandes investimentos. A análise da natureza jurídica do FII se justifica pela importância econômica e social do instituto, mas a esta não se restringe, tendo em vista a riqueza do conteúdo jurídico-normativo que culminou na criação de uma modalidade diferenciada de fundo de investimento, espelhada no modelo norte americano, o Real Estate Investment Trust. O Fundo de Investimento Imobiliário é um exemplo bem sucedido da criatividade legislativa, que através da combinação de institutos alcançou o que consideramos ser a figura no Brasil que mais se assemelha ao trust anglo saxão. A estrutura atribuída ao FII, marcada, em especial, pela propriedade fiduciária e pelo regime de afetação, revestem o Fundo de peculiaridades que reclamam a análise de sua natureza jurídica sob uma perspectiva própria, e diferenciada dos demais fundos de investimento. A investigação acerca da natureza jurídica do FII requer a releitura de conceitos que transitam entre o Direito Civil e o Direito Comercial, tais como de comunhão, condomínio e sociedade, negócio fiduciário, negócio indireto, propriedade, direitos reais e pessoais, patrimônio separado, pessoa jurídica e sujeito de direito, de cujo resultado decorre o reconhecimento do Fundo de Investimento Imobiliário como contrato de sociedade, caracterizado pela perseguição de uma finalidade econômica através de uma organização. O escolha do tema e a metodologia empregada no desenvolvimento deste trabalho tiveram por objetivo não só o aprofundamento da matéria, mas também a inspiração de outros estudos com base na common law, que possam igualmente levar à conclusão a respeito da beleza e eficiência de um sistema legal construído sobre estruturas abertas e mais flexíveis. / The theme of this paperwork is extremely useful, but not so much explored by Brazilian doctrine. The Law 8.668/93, which created in Brazil the Real Estate Investment Funds (Fundos de Investimento Imobiliário FII), was the first statute to allow the securitization and fractionation of real estate, converting it into subject securities traded in the capital market. The Real Estate Investment Funds enabled retail investors, including individuals, to access the real estate market, qualifying them to apply their resources on high-return ventures that, however, require large investments. The analysis of the legal nature of the FII is justified by the economic and social importance of the institute, but is not restricted thereto taken the enriched content of the legal-normative framework that culminated in the creation of a unique model of investment fund, mirrored in the North American Real Estate Investment Trust. The Real Estate Investment Fund is a successful example of legislative creativity that by combining institutes reached what we consider to be the figure in Brazil that most resembles the Anglo Saxon trust. The structure assigned to the FII, marked in particular by the fiduciary property and the rules of affectation, lines the Fund with certain peculiarities that demand the analysis of its legal nature under its own perspective, isolated from the other investment funds. Research on the legal nature of FII requires the reinterpretation of concepts that integrate both the Civil and Commercial Law, such as communion, condominium and company, fiduciary relationship, indirect relationship, property, real rights and personal rights, separated patrimony, legal person and capacity, which result leads to a due recognition of the Real Estate Investment Fund as a corporate agreement, characterized by the pursuit of an economic purpose through an organization. The choice of the theme and the methodology applied for the development of this paperwork aimed not only to deepen the matter, but also to inspire further studies based on the common law that could also lead to the conclusion about the beauty and efficiency of a legal system built on open and more flexible structures.

Este estudo busca aprofundar a análise dos mecanismos de proteção disponíveis no direito pátrio para a proteção dos interesses de acionistas não controladores e credores, inclusive aqueles titulares de debêntures, bônus de subscrição e partes beneficiárias, das sociedades envolvidas em uma operação de incorporação. Para tanto, são abordados os dispositivos legais, as interpretações jurisprudenciais e as posições doutrinárias no direito pátrio e no direito comparado. A primeira parte do trabalho apresenta o instituto da incorporação envolvendo sociedades anônimas e a sua importância no contexto econômico brasileiro. A segunda parte do trabalho expõe um panorama sobre os mecanismos utilizados para a proteção dos interesses dos acionistas não controladores, com relação a eventuais abusos por parte da administração ou da acionista controladora, nas operações de incorporação envolvendo sociedades anônimas. A terceira parte do trabalho aborda os mecanismos utilizados para a tutela dos credores nas operações de incorporação de sociedades anônimas, com relação aos arbítrios da administração e dos acionistas da companhia. / This paper aims to deepen the analysis of the mechanisms provided by Brazilian Law to protect non-controlling shareholders and creditors, including those who are holders of bonds, warrants and share certificates, of companies involved in a merger transaction. For this purpose, this work examines the legal provisions, case law understandings and doctrinal positions in Brazilian Law and Comparative Law. The first part of this paper presents the merger institute involving corporations and its importance in the current Brazilian economy. The second part of this paper provides an overview of the mechanisms used to protect the interests of non-controlling shareholders, with respect to possible abuses by the management or the controlling shareholder in mergers. The third part of this paper deals with the mechanisms used to protect creditors in the mergers of corporations against the whims of the companys management and shareholders.