황금주(Golden Share)의 유형과 영국 회사법제상관련규정에 관한 검토 = A review of a kinds of golden shares and related provisions under the legislative system of UK Company Law

다국어 초록 (Multilingual Abstract)

Golden shares are a tool that governments use to retain control over certain decisions in privatised companies. At the first, Golden shares was established in United Kingdom. UK used the golden shares for the first time in the course of privatisation of the Radiochemical company in February 1982. The golden shares which was originated UK had been spread over the Members of EU to be jumping on the privatisation until 1990'. Owing to this flow Korean government was tried to enacted the shares of veto rights under the commercial law draft Section 344D which was published in October 4 2006 by Ministry of Justice.
This article deals with a general kinds of golden shares, the related provisions under the UK Company Law legislative systems and some cases. In terms of a kinds of golden shares, this article is mainly introducing two types of golden shares. In terms of legislative system under UK Company Law, this articles is mainly focusing and reviewing as to Company Act 1985 and current Company Law 2006. The popular era of golden share was 1980', and that times UK enacted Company Act of 1981, Company Act of 1982, Company Act of 1983, Company Act of 1985 and Company Act of 1989. Among the Acts, the Company Act of 1985 which was combined the Company Acts from 1948 to 1983 is more important than any other Acts, that this article mainly quote the provisions of Company Act of 1985 and additionaly cite company Act of 2006.
The result of reviewing, important regulations of golden shares under sections of Company Law 2006 629 to 634 inclusive are similar to Company Act of 1985. Only simple provision was revised.
UK scholars also explained that there was not basically changed between 1985 Act and 2006 Act in terms of the golden shares, even though European Commission and European Court of Justice has a negative opinions and judgements. Therefore, it seems to probably possible that if somebody misunderstand the UK Company Act and enacting attitude of UK government, they will be able to put a construction on UK government keep on its position and suggestion against EU Commission and European Court of Justice.
However, such construction is not always correct. In its place its construction, It would rather construe like that UK government and Company Law maintain the existing and fundamental structure as to variation of classes of shares and class rights, and is trying to new device for exactly corresponds of the required standards EU Commissions and European Court of Justice.

국문 초록 (Abstract)

황금주란 정부가 민영화된 기업을 지배하는데 필요한 다양한 특권이 내장되어 있는 구조(tool)를 말한다. 황금주를 창설한 국가는 영국이다. 영국은 1982년 2월 The Radiochemical Centre를 민영화하는 과정에서 처음으로 황금주를 이용하였다. 영국에서 등장한 황금주는 1990년대까지 민영화의 흐름에 편승하여 유럽 여러 나라로 확산되었다. 이러한 흐름의 영향으로 우리 정부도 2006년 10월 4일 법무부가 입법예고한 상법개정안 제344조의 4를 통하여 거부권부주식을 도입하고자하였었다.
이 글에서는 황금주의 일반적 유형, 영국의 회사법제상 관련규정 및 가지 이용사례에 대하여살펴보았다. 황금주의 유형에 관하여는 크게 두 가지의 유형으로 나누어 소개하였다. 영국의 회사법제와 관련하여서는 주로 1985년 회사법과 현행 2006년 회사법을 중심으로 기술하였다. 황금주가 많이 이용된 시기이었던 1980년대, 영국에는 1981년, 1982년, 1983년, 1985년 및 1989년 회사법 등이 있었다. 이 중에서 1985년 회사법은 1948년내지 1983년까지의 통합법으로서 매우 중요하다. 따라서 이 글에서는 주로 1985년법 조항을 인용하였고, 추가적으로 현행 2006년 회사법도 고찰하여 보았다. 고찰의 결과 황금주관련 중요 조항인 2006년 회사법 제629조내지 제634조 등의규정은 1985년 회사법과 유사하다. 일부 조항만이 수정되었을 뿐이다.
영국의 학자들도 2006년 회사법상 황금주관련 규정은 1985년 회사법의 규정과 비교하여 근본적인 변화는 없다고 설명하고 있다. 이러한 현행 영국회사법의 규정으로 인하여 영국정부가 최근황금주에 대하여 부정적인 입장을 취하고 있는 것으로 알려지고 있는 EU위원회나 유럽법원과지속적으로 대립적인 자세를 유지하는 것으로 분석하는 견해도 있을 수 있다.
그러나 그러한 견해는 반드시 올바르다고 할 수 없다. 그 대신에 종래와 같이 종류주식에 관한기본골격을 유지하면서 새로운 방향으로 EU위원회나 유럽법원이 제시하는 기준에 부합할 수 있는 방식을 고안하고자 하는 시도로 풀이하는 것이 합리적이다.

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