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Shares with and without par value in the companies limited by shares
Komárková, Dita ; Štenglová, Ivanka (advisor) ; Patěk, Daniel (referee) ; Dvořák, Tomáš (referee)
Shares with and without par value in the companies limited by shares Dividing share capital into shares with par value is a traditional approach which has been applied in company law in the Anglo-Saxon and the Continental legal systems. This rule is regarded as a part of the capital formation and maintenance rules which gradually developed mainly in the 19th century in connection with the aim to ensure the protection of creditors and shareholders. Par value originally served as an indicator of the amount which a shareholder was liable to contribute to the company as consideration in exchange for its share. At the same time it served as an indicator of the shareholder's liability. At the end of the 19th century in the United States, there was growing criticism against par value ascribed to shares, which eventually led to the establishment of the concept of no-par value. The removal of the traditional approach and the establishment of the concept of no-par value has become a certain trend or phenomenon, spreading into other jurisdictions in the 20th century, e.g. Australia, Singapore, New Zealand, Hong Kong. The aim of this thesis is to evaluate the future of the rule according to which share capital is divided into shares with a fixed nominal value, or more precisely, to evaluate the sustainability...
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