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The Legal Status of a Member of the Statutory Body of a Dependant Joint Stock Company
Štaňko, Silvie ; Černá, Stanislava (advisor) ; Dvořák, Tomáš (referee) ; Josková, Lucie (referee)
(EN) The dissertation deals with the issue of the legal status of a member of the statutory body of a joint stock company in a situation when the influence of the concern's controlling entity interferes with his/her powers. Attention is paid in particular to the definition of the boundaries of due care and to the binding nature of the concern's guidelines and instructions. In preparing the dissertation, general methods of scientific work, such as deduction, analysis, synthesis and the descriptive method, were used. In addition, specific formal legal methods were employed, namely grammatical interpretation, logical interpretation and systematic interpretation (considering the context and place of the provisions from the point of view of the legal regulation, the system of private law, as well as from the point of view of the entire Czech legal system). As supporting methods, historical interpretation (the rules prior to the recodification of private law) and teleological interpretation (reasoning that uses the meaning of corporate law) were applied. Furthermore, the comparative method was used to a considerable extent in the preparation of the dissertation. This involves both a comparison with selected foreign rules (German, British and French) and a comparison with rules at the Community level. The...
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Rights and obligations of shareholders
Hála, Ondřej ; Josková, Lucie (advisor) ; Flídr, Jan (referee)
Rights and obligations of shareholders The diploma thesis deals with the comparison of the legal status of individual shareholders in a joint stock company, respectively provides an insight into possible differences in their rights and obligations. In the first part, the differentiation in shareholder rights and obligations are listed in general in terms of qualitative and quantitative aspects of the share and addresses the question of whether the different type and number of shares held by individual shareholders does not encounter the principle of equality. Due to the diversity of all shareholder rights and obligations, the work in its second part focuses on the duty of loyalty and compares this general obligation, which is the basis of all other shareholder rights and obligations, from the perspective of individual shareholder groups. A joint stock company is an environment where there is often a conflict of interest between shareholders and the company or between shareholders themselves. For this reason, the duty of loyalty primarily defines the terms "purpose" and "interest" of the company and similarly, the shareholders identify the "motive" for which shareholders most often join the joint-stock company and their partial "interests". Subsequently, a general description of the duty of loyalty...
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The Duty of Loyalty of a Member of a Business Company
Polena, Stanislav ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
The duty of loyalty of a member of a business company This thesis deals with the topic closely connected with the field of corporate governance which is a part of corporate law. According to the American legal theory is duty of loyalty one of the fiduciary duties. The traditional classification of fiduciary duties is based on dualism - duty of loyalty and duty of care. But this concept is changing over time mainly due to case law. There is no settled opinion on the basic question how many fiduciary duties there are. Current opinion of the respected authority in this field - Delaware' Supreme Court is based on dualism of fiduciary duties, but not in the traditional meaning. The duty of loyalty includes according to the opinion of the judges not only conflicts of interests and self-dealing situations, but breach of good faith as well. On the other hand the traditional point of view was settled on two fiduciary duties - loyalty and care as well. Duty of loyalty was connected with conflicts of interest situations between principal and agent, when the personal financial interest of the agent was present. Duty of loyalty protected the legal position of the principal when agent managed entrusted property. The duty of care was connected with the interest of the principal and due performance of the agent with the...
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Duty of due managerial care of member of an elective body of a limited company and consequences of its violation
Havlík, Jiří ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
My thesis focuses on one of the fundamental issues of representation of stock corporations by their elected bodies or members of these bodies. This issue concerns the responsibility of these parties to act in the performance of their duties with due managerial care which is a key aspect in determining the standard required from the parties representing a limited liability company and a joint stock company. This topic is extremely relevant to the current situation due to recent re- codification of private law, whose linchpins are Act No. 89/2012 Coll., the Civil Code, and Act No. 90/2012 Coll. on business companies and cooperatives (the Act on Business Corporations). The authors of these regulations during their drafting had to cope with the development of both the doctrine and the case law and their task was not only to adapt the legislation to the commercial law practice of stock corporations of the 21st century, but also to resolve some of its contentious issues. The thesis consists of an introduction, three main chapters further subdivided into subsections and the conclusion. The first chapter deals with the legal regulation and the description of the concept of due managerial care and related aspects at the time of effectiveness of Act No. 513/1991 Coll., the Commercial Code. Particular...
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D&O (Directors and Officers Liability) insurance of members of a joint stock company bodies
Hřeben, Tomáš ; Borkovec, Aleš (advisor) ; Hraba, Zdeněk (referee)
The topic of the submitted diploma thesis is the directors and officers liability insurance of members of a joint stock company bodies and its aim is to analyze this insurance product and to evaluate possibilities of its use in domestic conditions. This theme is topical because of the recent financial crisis as well as with regard to the recodification of the Czech private law which resulted in demanding more requirements on members of a joint stock company bodies during performance of their office and most importantly the danger of guaranty for obligations of company in accordance with the provision § 68 of the law on commercial corporations constitutes a really big threat for members of a joint stock company bodies. In order to understand the dangers from which the insurance should protect, first of all the first chapter is dedicated to basic characteristics of joint stock company and mainly to duties of members of a joint stock company bodies which are divided into two groups in this thesis - fiduciary duties (duty of due care, duty of loyalty, duty of secrecy, prohibition of competition, duty of personal performance of office) and so called "technical" duties. In the next chapter there is briefly examined the legislation of liability and compensation for damage where these issues are consulted...
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A comparison of due managerial care of a member of governing body in the Czech Republic and a comparable duty of a member of governing body in Ireland
Pečinka, Martin ; Josková, Lucie (advisor) ; Čech, Petr (referee)
This paper deals with a comparison between the Czech duty of due managerial care of a member of governing body of limited company and the Irish non-fiduciary duty to exercise care, skill and diligence of a director of limited company (hereinafter also referred as "duty of care"). The paper aims to find out a possible way to improve legislation of the duty of due managerial care on the basis of comparison with the duty of care. The duty of care sets the ground for the comparison, therefore the paper deals first with the Irish legal status of the duty of care, which has been recently changed by the Companies Act 2014. Despite of the codification of the directors' duties, the core of interpretation and application of the duty of care still rests in judicial decisions. Nevertheless, the change of source and statutory wording of the duty means that the substance of Re City Equitable [1925] does not represent a good law anymore. The standard of care of Re City Equitable [1925] has been replaced by the minimal objective standard based on the British judgment Re D'Jan of London [1994]. The content of the duty of care is determined on the case by case basis, but in any event it consists of conclusions of the British judgment Re Barings [1999], which has been accepted by the Irish courts in restriction...
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Duties of members of a Limited Liability Company
Dulačková, Kristína ; Patěk, Daniel (advisor) ; Horáček, Tomáš (referee)
The topic of Limited Liability Company is a popular issue among the professional public due to the fact that Limited Liability Company belongs to the most favourite and the most widespread companies. This thesis comprehensively explains duties of members of Limited Liability Company in terms of Business Corporations Act and, where appropriate, compares them with those contained in the Commercial Code. After the brief discourse about Limited Liability Company, its nature and its position among the business corporations, the thesis provides characteristics of a share with emphasis on its qualitative aspect. In the second chapter the schemes of duties of members in works of various authors are first of all compared and critically assessed, and subsequently the own division of duties of members is created. A criterion for the division of duties is the fact, whether they are governed by general or special regulation and in the latter whether the duties arise on the basis of the act, or the Memorandum of Association. The characteristics of duties itself is included in the third to sixth chapters, which successively explain the duty of loyalty, the contributory duty, the liability duty, the duty of additional contribution, the duty of personal participation on a company, the duty to contribute to the...
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Due managerial care and diligence as a criterion for the determination of liability (a legal and comparative analysis)
Krtoušová, Lucie ; Beran, Karel (advisor) ; Kühn, Zdeněk (referee)
Diploma thesis - abstract Due managerial care and diligence as a criterion for the determination of liability (a legal and comparative analysis) Lucie Krtoušová The purpose of this thesis is to critically analyse the interpretation of the concept of the due managerial care and diligence and consider the requirements that a director must comply with. The method used in this paper is the comparative analysis. As a basis of the comparative analysis it is chosen the British concept of fiduciary duties and duty of care, skill and diligence which is compared with the Czech concept of the care of a prudent manager. The thesis is composed of five chapters, each of them dealing with different aspects of the concept of the due managerial care and diligence. Chapter One is introductory and defines basic terminology used in the thesis such as the director, the care of a prudent manager, the duty of loyalty, fiduciary duties and the duty of care, skill and diligence. Chapter Two examines the British concept of fiduciary duties. The chapter consists of five parts. Part One focuses on introduction into the system of general duties of directors. Part Two explains the fiduciary position of a director. Part Three and Four address the two aspects of the duty of loyalty, i.e. the duty to act in the interest of the company and...
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Liability of members of governing bodies of juristic persons
Novotná Krtoušová, Lucie ; Beran, Karel (advisor) ; Kühn, Zdeněk (referee) ; Havel, Bohumil (referee)
Liability of members of governing bodies of juristic persons Mgr. Lucie Novotná Krtoušová Abstract The aim of the presented doctoral thesis entitled "Theoretical Concept of Liability of Members of the Governing Bodies of Juristic Persons" is to determine what requirements can be placed on natural persons who act as members of the governing bodies of juristic persons, and to specify the substance of due managerial care as a legal basis for potential liability. The Civil Code lays down the duty of a governing body member to act with due managerial care in the discharge of his/her office in its general part; the relevant provisions thus apply to members of the governing bodies of all juristic persons under both private and public law, provided that this is compatible with their legal nature. Compliance with the duty of due managerial care - in cases where the governing body members act as representatives of the juristic person - is the decisive criterion for determining whether or not they will be liable to the juristic person for any damage caused in the discharge of their office. However, it is questionable whether this is a case of fault-based liability for breach of a legal duty or strict liability for breach of a contractual obligation. The question of whether we will conceive liability of members of...
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Liability of members of governing bodies of juristic persons
Novotná Krtoušová, Lucie ; Tryzna, Jan (referee)
Liability of members of governing bodies of juristic persons Mgr. Lucie Novotná Krtoušová Abstract The aim of the presented doctoral thesis entitled "Theoretical Concept of Liability of Members of the Governing Bodies of Juristic Persons" is to determine what requirements can be placed on natural persons who act as members of the governing bodies of juristic persons, and to specify the substance of due managerial care as a legal basis for potential liability. The Civil Code lays down the duty of a governing body member to act with due managerial care in the discharge of his/her office in its general part; the relevant provisions thus apply to members of the governing bodies of all juristic persons under both private and public law, provided that this is compatible with their legal nature. Compliance with the duty of due managerial care - in cases where the governing body members act as representatives of the juristic person - is the decisive criterion for determining whether or not they will be liable to the juristic person for any damage caused in the discharge of their office. However, it is questionable whether this is a case of fault-based liability for breach of a legal duty or strict liability for breach of a contractual obligation. The question of whether we will conceive liability of members of...
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