کمک مالی شرکت برای انتقال سهام آن: ارائه راه کار برای حقوق ایران

ﺑﺎزدارﻧﺪﮔﯽ ﮐﻤﮏ ﻣﺎﻟﯽ ﺷﺮﮐﺖ ﺑﺮای ﺧﺮﯾﺪ ﺳﻬﺎم ﻫﻤﺎن ﺷﺮﮐﺖ، از ﺟﻤﻠﻪ ﻧﺘﺎﯾﺞ ﺑﺎزدارﻧﺪﮔﯽ ﺧﺮﯾﺪ ﺳﻬﺎم ﺷﺮﮐﺖ ﺗﻮﺳﻂ ﻫﻤﺎن ﺷﺮﮐﺖ اﺳﺖ ﮐﻪ ﺧﻮد ﻧﺸﺄت ﮔﺮﻓﺘﻪ از ﻣﻤﻨﻮﻋﯿﺖ ﺑﺎزﮔﺸﺖ ﺳﺮﻣﺎﯾﻪ ﺑﻪ ﺳﻬﺎﻣﺪاران ﺗﺤﺖ ﻗﻮاﻋﺪ ﺻﯿﺎﻧﺖ از ﺳﺮﻣﺎﯾﻪ ﺷﺮﮐﺖ اﺳﺖ. ﮔﺮﭼﻪ در دﯾﺮﺑﺎز، واﮔﺬاری ﮐﻤﮏ ﻣﺎﻟﯽ ﺑﻄﻮر ﻣﻄﻠﻖ ﻧﺎروا ﺑﻮد وﻟﯿﺒﻪ ﺗﺪرﯾﺞ ﺑﺎ ﺗﻐﯿﯿﺮ ﮐﺎرﮐﺮد ﻣﻌﺎﻣﻼت ﺗﺠﺎری و ﺗﺄﺛﯿﺮ ﮐﻤﮏ ﻣﺎﻟﯽ در ﺗﻮﺳﻌﻪ ﮐﺴﺐ و ﮐﺎر ﺷﺮﮐﺖﻫﺎ، اﻃﻼق اﯾﻦ ﻣﻤﻨﻮﻋﯿﺖ ﮐﻨﺎر ﮔﺬاﺷﺘﻪ ﺷﺪ. اﻣﺎ ﻧﻈﺎمﻫﺎی ﺣﻘﻮﻗﯽ ﺑﻄﻮر ﮔﻮﻧﺎﮔﻮﻧﯽ ﻣﻤﻨﻮﻋﯿﺖ ﮐﻤﮏ ﻣﺎﻟﯽ را ﻗﺎﻋﺪهﻣﻨﺪ ﮐﺮدهاﻧﺪ ﺑﻪ ﺷﮑﻠﯽ ﮐﻪ در ﺑﺮﺧﯽ ﮐﺸﻮرﻫﺎ ﻫﻤﭽﻮن اﻧﮕﻠﺴﺘﺎن و اﺗﺤﺎدﯾﻪ اروﭘﺎ اﺻﻞ ﺑﺮ ﻣﻤﻨﻮﻋﯿﺖ ﮐﻤﮏ ﻣﺎﻟﯽ ﺑﺮای ﺧﺮﯾﺪ ﺳﻬﺎم ﺷﺮﮐﺖ اﺳﺖ و ﺗﻨﻬﺎ ﻣﻮاردی ﺧﺎص از آن ﺟﺪا ﻣﯽﺷﻮﻧﺪ، و ﺑﺮﺧﯽ ﮐﺸﻮرﻫﺎ ﻫﻤﭽﻮن اﯾﺎﻻت ﻣﺘﺤﺪه اﻣﺮﯾﮑﺎ ﻧﯿﺰ ﺑﺴﯿﺎر ﺳﻬﻞﮔﯿﺮاﻧﻪ ﺑﺎ اﯾﻦ ﻣﻮﺿﻮع ﺑﺮﺧﻮرد ﮐﺮدهاﻧﺪ ﺑﻪ ﺷﮑﻠﯽ ﮐﻪ ﺗﺎ زﻣﺎﻧﯽ ﺷﺮﮐﺖ ﺑﻪ ﮔﺮداب ورﺷﮑﺴﺘﮕﯽ ﻧﯿﻔﺘﺪ واﮔﺬاری ﮐﻤﮏ ﻣﺎﻟﯽ ﺑﺎ ﻣﺎﻧﻌﯽ روﺑﺮو ﻧﺨﻮاﻫﺪ ﺷﺪ. در ﺣﻘﻮق اﯾﺮان، ﻗﺎﻧﻮنﮔﺬار ﻣﻘﺮره ﺻﺮﯾﺤﯽ در راﺑﻄﻪ ﺑﺎ ﮐﻤﮏ ﻣﺎﻟﯽ وﺿﻊ ﻧﮑﺮده اﺳﺖ و ﺑﺎ وﺟﻮد اﺳﺘﻔﺎده از آن در ﺑﺎزار ﺳﺮﻣﺎﯾﻪ، ﻫﯿﭻ ﯾﮏ از ﻣﻘﺮرات ﻓﻌﻠﯽ ﻧﯿﺰ ﺣﮑﻤﯽ در اﯾﻦ ﺧﺼﻮص ﺑﯿﺎن ﻧﺪاﺷﺘﻪاﻧﺪ. ﺑﻪ ﻫﻤﯿﻦ دﻟﯿﻞ در اﯾﻦ ﻧﻮﺷﺘﺎر ﺿﻤﻦ ﺑﺮرﺳﯽ ﻧﻈﺎمﻫﺎی ﺣﻘﻮﻗﯽ ﭘﯿﺸﺮو، ﺑﻪ اراﺋﻪ راهﺣﻞ ﻣﺘﻨﺎﺳﺐ ﺑﺎ ﺣﻘﻮق اﯾﺮان ﭘﺮداﺧﺘﻪ ﺷﺪه اﺳﺖ.

Financial Assistance for Acquisition of Own Share: A Solution for Iranian Law

The ban on financial assistance for purchase of own shares, is rooted in the prohibition on a company acquiring its own share that the latter stems from the ban on distribution of capital to shareholders under capital maintenance rules. Although long ago the giving of financial assistance was absolutely forbidden, gradually along with the modification of commercial transactions and the influence of financial assistance on the development of business the absoluteness of this ban was set aside. However, legal systems have variously regulated financial assistance in such a manner that in some countries like England and European Union, financial assistance is principally proscribed with some limited exceptions, and some countries like United States have leniently addressed this issue so that up until the company is not insolvent, giving of financial assistance cannot be impeded. In Iranian Law, the legislator has not enacted an explicit rule for financial assistance and none of the current regulations provide any solution for this issue. Therefore, this essay studies the leading legal systems and suggests a solution consistent with Iranian law.