소수주주축출의 실무상 쟁점과 향후 과제

황현영 대한변호사협회 2016 人權과 正義 : 大韓辯護士協會誌 Vol.- No.461

The squeeze-out against shareholder’s will was not allowed in past Commercial law. However, now the trend has changed into allowing squeeze-out of the minority shareholders to create a synergy effect on company operations and cut down business operating expenses. In Korea, institutional framework to squeeze-out of the minorities was done by the amendment of the Commercial law in 2011 which allowed a compulsory acquisition by a controlling shareholder of all shares held by the minority shareholders and liberalization of merger consideration was introduced to be able to squeeze out of the minority shareholders through cash out merger in the process of the merger. However, there are still more ambiguities that have yet to be clarified by the amendments before the use in practice and need for a clear guideline by collected precedents. It has been 4 years after the introduction of a buy-out by dominating shareholder. In this article, practical issues would arise in the buy-out process and introduced authoritative interpretations from the Ministry of Justice and precedents from lower court. Also, systems like cash out merger, stock consolidation which can indirectly squeeze-out the minority shareholders were reviewed and the future tasks for protecting the minority shareholders were proposed. 주식회사의 주주가 되면 그 의사에 반하여 주주의 지위를 잃지 않게 하는 것이 지금까지 회 사법의 태도였으나, 특정 주주가 대부분의 주식을 보유하는 경우에는 회사법이 상정하는 정상적인 동 업관계를 유지하기 어려우므로 소수주주의 축출을 허용하는 것이 현대 회사법의 입법경향이다. 이에 따라 우리나라에서도 2011년 상법 개정을 통해 지배주주의 매도청구권이 도입되어 직접적으로 소수주 주를 축출할 수 있는 제도적 기반이 마련되었고, 합병대가의 유연화가 도입되어 교부금합병을 통해 합 병 과정에서 현금을 교부하고 소수주주를 축출할 수 있는 방안이 마련되었다. 그러나 실무에서 활용되 기에는 여전히 해석상 논란이 있는 부분이 있어 향후 법 개정을 통해 보완해야 할 필요가 있고, 관련 판례가 집적되어 명확한 가이드라인이 제공되어야 할 것이다. 본 논문에서는 지배주주 매도청구권이 시행된 지 4년이 지난 현시점에서, 지배주주의 매도청구권을 행 사하는 과정에서 제기될 수 있는 실무상 쟁점과 이에 대한 법무부의 해석 및 관련 판례를 설명하였다. 또 한 간접적으로 소수주주의 축출이 가능한 교부금합병, 주식병합 관련 제도를 검토하고, 마지막으로 소수 주주 보호를 위한 향후 과제를 제안하였다.

Co‑composting of chicken manure with organic wastes: characterization of gases emissions and compost quality

황현영,김성헌,김명숙,박성진,이창훈 한국응용생명화학회 2020 Applied Biological Chemistry (Appl Biol Chem) Vol.63 No.1

Co-composting of organic wastes is globally recognized to be effective method to dispose two or more wastes at once and minimize drawbacks of composting such as gases emissions and nutrient reduction. In this study, pilotscale experiments were conducted to characterize the co-composting process of chicken manure with cow manure (CC), swine manure (CS), plant residues plus mushroom media (CRM), on emissions of greenhouse gas, and ammonia, compost quality, maturity and their correlations. The results showed that cumulative flux of carbon dioxide ( CO2), methane ( CH4), nitrous oxide ( N2O) and ammonia ( NH3) widely ranged like 38,211–50,830, 172–417, 98–142 and 118–927 g kg dm−1 day−1 respectively. It indicated the importance of selection for co-composting material. The NH3 emission was significantly increased by 4.3–7.9 times in CS and CRM, compared to OC and CC. Both of CS and CRM also showed longer thermophilic phase and later maturation were also observed in both treatments. Temperature was positively correlated with gases (P < 0.001) except CH4, and nitrogen content, C/N ratio and nitrate nitrogen significantly affected emission of carbon and nitrogen (P < 0.001). In conclusion, for chicken manure composting, sole chicken manure or combination with cow manure could be suitable composting method to improve compost quality and minimize gases losses.

Impact of Different Livestock Manures on the Compost Quality and Greenhouse Gas Emissions during Food Waste Composting

황현영,이상민,이초롱,안난희,박상구 한국토양비료학회 2022 한국토양비료학회지 Vol.55 No.4

Although livestock manure and food waste have emerged to be main issues to cause environmental problems,at the same time, and recycle natural resources, the simultaneous treatment method and impact of two organicwastes are not well understood. In this research, the influence of different types of livestock manurescombination on compost maturity, greenhouse gas (GHG) and NH3 emission was evaluated during food wastecomposting. Apart from a control treatment (only food waste, OF), three co-composting treatments wereconducted: (1) food waste + cow manure (FCM); (2) food waste + swine manure (FSM); and (3) food waste +poultry manure (FPM). An 84-day composting experiment was conducted in 62 L composting chamber. Duringcomposting process, changes of methane (CH4), nitrous oxide (N2O), ammonia (NH3) emissions and compostpile; temperature, pH, nutrient content, etc., were periodically investigated. The co-composting with livestockmanures significantly reduced nitrogen losses by NH3 (11.5 - 44.2%) and N2O (39.1 - 49.7%) emissions. Thelowest NH3 emission were observed in FSM treatment. The highest CH4 and N2O production was detected inFCM and OF treatment, respectively. The global warming potential (GWP) value was calculated to evaluateoverall GHG impact, then FSM showed the lowest GWP value (7.0 kg CO2 eq. kg-1), which is 109% reductionrate compared to FC (highest GWP, 14.7 kg CO2 eq. kg-1). Nutrients content such as Ca, Mg, and K of finalcompost product were increased by 33 - 76%, 17 - 76%, 60 - 90% in livestock manure combination treatments. Germination index was increased in FSM and FPM, compared to OF during composting, and then they couldaccelerate maturation rate. These results suggested that co-composting with food waste and livestock manuresis recommendable to improve compost quality, especially, swine manure was an efficient material to reduceGHG and nitrogen loss by NH3 forfood waste composting.

척수숨뇌근위축증과 혈청반응양성중증근무력증의 동시 발생

황현영,신경진,장준석,류성영 대한신경과학회 2024 대한신경과학회지 Vol.42 No.2

회사법적 관점에서 바라본 지주회사제도의 문제점과 개선방안 -지주회사 형성과정과 수익구조를 중심으로-

황현영 한국기업법학회 2019 企業法硏究 Vol.33 No.4

The holding company has an investment structure that allows excessive expansion of control using small capital, and it was originally prohibited from being established, but was permitted restrictively in order to promote corporate restructuring and to enhance transparency of ownership during the financial crisis. Since then the government proposed the policy of conversion into a holding company in order to eliminate cross-shareholding. As a result the numbers of company groups that converted into a holding company increased steadily and their numbers reached 173 as of end of September 2019. However, the criticism on this issue has been raised continuously over the past 20 years after looking at the conversion and operation of holding companies. Contrary to initial expectation that the holding company would improve the ownership and control structure of large business groups, the families of the owners are excessively expanding their control with small capital, and it is becoming a means of defrauding their interests which receives profit in an expedient way other than dividends through transactions with subsidiary or grandchildren's companies. Besides, the holding company has a problem of worsening the problem of conflict of interests between the controlling and other ordinary shareholders in the current commercial law in which the holding company judges the company as an individual legal entity. During the process of conversion into a holding company, the company strengthens its equity ratio without additional investment from controlling shareholders through its legal activities such as personnel division and investment in kind etc, and after the conversion into a holding company as a controlling shareholder of the subsidiary the holding company preempts a brand fee or real estate rent other than dividends, resulting in a conflict of interest with ordinary shareholders of the subsidiary. Hence this paper stated that the mitigation of the system for holding companies contributed to the increase of holding companies by using the history and operational status of the holding company. Next, by pointing out that during the process of conversion and in the profit structure of holding company the conflict of interest occurs between the controlling and the ordinary shareholders, it proposed ways for improvement. 지주회사는 다른 회사의 주식이나 지분의 소유를 통해 그 회사의 사업활동을 지배 또는 관리하는 회사를 말하며, 과거에는 지주회사의 설립이 전면 금지되었으나 외환위기 당시 기업구조조정 촉진과 소유지배구조 투명성 제고 차원에서 제한적으로 허용되었다. 이후 정부는 순환출자 해소를 위해 지주회사로의 전환을 정책적으로 권장하였다. 이에 따라 지주회사로 전환한 기업집단의 수는 지속적으로 증가하여 2019년 9월 말 기준으로 173개에 달하였다. 그러나 지난 20년간 지주회사의 전환과 운용실태를 살펴보며 이에 대한 비판이 꾸준히 제기되고 있다. 지주회사가 대기업집단의 소유지배구조 개선이라는 당초 기대와 달리 총수일가의 지배력 확대 및 사익편취 수단이 되고 있다는 것이다. 이에 더하여 지주회사는 회사를 개별적 법인격으로 판단하는 현행 상법 체계에서, 지배주주와 그 외 일반주주들의 이익충돌의 문제도 심화시킨다는 문제가 있다. 지주회사로 전환되는 과정에서 인적분할, 현물출자 등의 회사법적 행위를 통해 지배주주의 추가적인 출자없이 지분율을 강화하고, 지주회사로 전환된 이후 지주회사가 자회사의 지배주주로 배당 외에 브랜드 수수료나 부동산 임대료 등을 선취하여 자회사의 일반 주주들과 이익충돌이 발생한다. 이에 본 논문에서는 지주회사 제도의 연혁과 운영 현황을 검토하여 지주회사에 대한 규제의 완화가 지주회사의 증가에 기여하였음을 밝히고, 지주회사의 전환 과정과 수익구조를 분석하여 지배주주와 일반주주의 이해충돌이 발생함을 지적하며, 이를 개선하기 위한 방안을 제안하였다.

Soil Labile Organic Carbon Fractions and Carbon Management Index in Response to Different Fertilization under Organic Maize Farming System

황현영,이초롱,안난희,이상민,강다인,정정아 한국토양비료학회 2022 한국토양비료학회지 Vol.55 No.4

Organic farming has been known to improve soil quality by enhancing soil organic carbon (SOC) contents. The labile organic carbon (LOC) pools and carbon management index (CMI) are commonly used as very sensitive indicators of changes in SOC and assessment of soil quality. This study was conducted to investigate the effect of organic farming practices on soil quality by LOC fractions and CMI analysis in a 6-year field experiment. Four treatments were included: compost (COM), green manure (GM), inorganic fertilizer (NPK), and no fertilization (NF). This study was designed to explore changes in SOC concentrations, soil labile organic C fractions (microbial biomass C (MBC), water and hot water-extractable C (WEC, HWEC), particulate organic C (POC), light fraction organic C (LFOC) and ermanganate oxidizable C (POXC)) and CMI within the bulk soil under organic corn cultivation condition. Organic fertilization significantly increased SOC concentrationsand stocks by 10 - 55% compared to NPK and NF, especially, compost treatment. All labile carbon fractions were higher in COM and GM compared to NPK and NP, except MBC content. Among the LOC fractions, POC showed the highest proportion (32 - 87%) on total SOC. The CMI varied from 0.87 to 2.77, organic fertilized treatments increased by 1.7 - 3.2 times over NPK. These results showed that POC and POXC could be used as a rapid and informative indicator to assess soil quality and SOC changes. Hence, organic farmingmanagement could therefore contribute to improved nutrient cycling services and higher soil quality.

개정상법상 자기주식 관련 해석상ㆍ실무상 쟁점 검토

황현영 법무부 2012 선진상사법률연구 Vol.- No.60

The revised commercial law enacted since April 2012 has brought about many changes relating to a finance structure of a corporation. From those changes, the new regulations on corporation's own stock, have been gaining the most attention in the field. With the current commercial law, they basically banned the corporations from acquiring the corporation's own stock, unless the purposes of the acquisition would be specific ones as merger and stock retirement. However, now, the law has announced that they will accept the corporation's own stock, of a business because they have learned that the corporation’s acquisition of the corporation's own stock, will make the financial management greatly reflexible which could be also used to protect the management rights of the concerned corporation. Meanwhile, the revised law has been still controling a source of revenue and ways of acquisition. Not only did the new law relax the regulations on the corporation's own stock, acquisition but it also brought changes to other rules related to disposal and retirement. For that reason, various issues are now being proposed in terms of how the changes would be interpreted and applied in the field. There are already so many advanced researches on the corporation's own stock, and, in this thesis, other theoretical issues which have been never discussed before were analyzed while as many as questions which have been asked several times by people using the corporation's own stock, policy were proposed. To begin with, regarding the acquisition, the regulations on the corporation's own stock, acquisition are divided into two categories by the commercial law. When the acquisition is gained in purpose of profit available for dividends, the law would control a resource of revenue (Article 341). When the corporation acquires the corporation's own stock, in purpose of capital transaction not profit available for dividends, the law would control a purpose of the acquisition (Article 341, Section 1). First of all, regarding the former matter of profit available for dividends, the thesis conducted a thorough investigation on a source of acquired revenue, decision-making of general shareholders’ meeting and board of directors, acquisition by shareholder's equality principle, expecting results and prices of the acquisition and procedures and a range of acquisition. In addition, regarding the latter matter, the thesis discussed specific purposes enumerated by the law including issues relating to the corporation's own stock, acquisition gained under disguised ownership or by intentions of the corporation. For the corporation's own stock, acquired by the corporation, a legal status whether the corporation could take public interest rights and private interest rights was discussed. The thesis also explained how the concerned stock could be utilized by the commercial law in terms of security, dividends and substitution for new shares issue of the corporation's own stock,. The revised commercial law brought huge changes concerning the acquisition of corporation's own stock, but they still have not been clear enough on disposal. Regarding the problem, the thesis proposed what the commercial law would need to work on relating to the disposal of the corporation's own stock, that the corporation has acquired for a special purpose while it still secured the fairness of corporation's own stock, disposal. Last but not least, the corporation's own stock, disposal regulations by the revised commercial law were discussed while ways to improve regulations on no-value stock disposal were proposed. 2012년 4월 시행된 개정상법은 회사의 재무구조와 관련하여 많은 제도의 변화를 가져왔다. 그 중에서도 실무에서 많은 관심을 보이고 있는 것이 자기주식 관련 규제의 변화이다. 구 상법에서는 회사의 자기주식 취득을 원칙적으로 금지하고, 합병, 주식소각 등 특정한 목적에 의한 취득만을 예외적으로 허용하였다. 그러나 개정상법은 자기주식의 취득에 관한 규제를 완화하였을 뿐 아니라 처분․소각과 관련한 규제도 대폭 수정하였다. 이로 인하여 해석상․실무상 여러 쟁점들이 제기되고 있다. 본 논문에서는 지금껏 논의된 이론적 쟁점들을 정리하는 동시에 실무에서 자기주식제도를 활용하며 궁금해 하고 있는 쟁점을 최대한 모두 제시하고 이에 대한 논의를 진행하고자 하였다. 먼저 취득과 관련하여 살펴보면, 상법상 자기주식취득에 관한 규제는 2가지로 나뉜다. 배당가능이익으로 취득하는 경우에는 재원규제를 하고(341조), 배당가능이익이 아닌 회사의 자본거래로 자기주식을 취득하는 경우에는 목적규제를 하고 있다(341조의2). 먼저 전자의 경우 배당가능이익이라는 취득 재원, 주주총회 또는 이사회 결의라는 의사결정 방법, 주주평등원칙에 의한 취득 방법, 취득의 대가 및 가격, 구체적인 취득 절차와 범위에 대해 상세하게 살펴보았다. 또한 후자의 경우 법이 열거하고 있는 특정목적을 설명하고, 그 외 위법한 자기주식의 취득, 타인명의․회사계산에 의한 자기주식 취득과 같은 쟁점들에 대한 견해를 제시하였다. 회사가 취득한 자기 주식은 공익권과 자익권을 가질 수 있는지 법적 지위에 대해 논하였고, 해당 주식을 상법상 활용할 수 있는 방법은 무엇인지에 대해 자기주식의 담보, 배당, 신주발행의 대용 등으로 나누어 설명하였다. 개정상법은 자기주식의 취득에 대하여 큰 변화를 가져왔으면서도, 처분에 대해서는 상세한 규정을 두고 있지 않다. 이에 대해 자기주식처분의 공정성을 확보하기 위한 방안과 특정목적으로 취득한 자기주식의 처분과 관련하여 입법적으로 보완해야 할 부분들을 제시하였다. 마지막으로 개정상법상 자기주식의 소각 규정을 설명하고, 이를 개선하기 위한 방안을 검토하였다.

이사의 감시의무와 내부통제시스템 - 대법원 2021. 11. 11. 선고 2017다222368 판결 -

황현영 서울대학교 금융법센터 2022 BFL Vol.112 No.-

주식병합과 소수주주 축출 -대법원 2020. 11. 26 선고 2018다283315 판결에 대한 연구-

황현영 서울대학교 금융법센터 2021 BFL Vol.106 No.-

예고 없는 예고등기에 대하여

황현영 명지대학교 증권보험대학원 1998 졸업논문집 Vol.- No.1