DOING BUSINESS IN CALIFORNIA Corporate Law Part 2 –Corporate Housekeeping and Piercing Corporate Veil” (コーポレートハウスキーピングと法人格否認) Presented by: Noriyuki Shimoda Admitted in Japan and California Squire Sanders (US) LLP Phone: 415-393-9894 Email: [email protected]October 17, 2012 and February 20, 2013 Palo Alto Office Presentation for Japanese Business Persons:
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DOING BUSINESS IN CALIFORNIACorporate Law
Part 2 –Corporate Housekeeping and Piercing Corporate
Veil” (コーポレートハウスキーピングと法人格否認)
Presented by:Noriyuki ShimodaAdmitted in Japan and CaliforniaSquire Sanders (US) LLPPhone: 415-393-9894Email: [email protected]
October 17, 2012 and February 20, 2013Palo Alto Office
• Shareholders Meeting (株主総会)Under California law, annual shareholder meetings or written consent
in lieu of such meetings should be held or taken. (年一回の総会が必要)
Unless otherwise provided in the articles of incorporation, thepresence in person or by proxy of persons entitled to vote a majority ofthe voting shares of a corporation constitutes a quorum (株式数原則過半数が定足数)
but in no event shall a quorum consist of less than one-third of theshares entitled to vote(定足数は3分の一以下には出来ない)
In lieu of a meeting, action by the shareholders may also be taken bythe written consent of the shareholders (実際の会議なしの書面決議も同意書によって可能)
• Board of Directors Meeting (取締役会)Meetings may be held by a quorum of the directors in person or by
conference telephone, as long as all members can hear one another.(電話会議による取締役会も可能)
In lieu of a meeting, action by the board may also be taken by theunanimous written consent of the directors(実際の会議なしの書面決議も全員一致の同意書によって可能)
There is no statutory requirement with respect to how frequently theboard of directors should meet; as a matter of sound practice,however, regular board meetings should be held at least annually(年何回開催かの規定は無い。少なくとも年一回は不可欠)
• Common matters on which the corporation code requires orprovides for shareholder approval and the vote required includethe following(株主総会決議事項):Election of directors (取締役の選任);
Amendment of the articles of incorporation (定款の変更)(for filing, twoofficers’ signatures are required);
– Corporate name change (会社名の変更)
– Increase of number of authorized shares(授権株式数の増加)
– Indemnification of director, officer, employee, or other agent(取締役などへの責任補償)
– Additional class of stock (such as preferred stock) (新しい種類の株式の発行)
– Special rights and preferences for preferred stock (優先株式に優先的権利の内容)
New dividend rule adopted on1/1/2012(2012年1月1日に改正された配当要件)
• New dividend rule adopted on1/1/2012(2012年1月1日に改正され
た配当要件):
California Corporate Code Section 500 was amended to provide for
the following (カリフォルニア会社法500条が以下の通り改正):
Needs to satisfy one the following (以下の二つの要件を満たす必要が
ある。)
– (1) The amount of retained earnings of the corporation immediately prior tothe distribution equals or exceeds the sum of (A) the amount of theproposed distribution plus (B) the preferential dividends arrears amount. (剰余利益額が、配当金と発生済み優先株主が権利をもつ優先的配当金額をたした金額と同じか超えていること)
– (2) Immediately after the distribution, the value of the corporation‘s assetswould equal or exceed the sum of its total liabilities plus the preferentialrights amount. (配当金支払い直後に総資産額が、総負債額と優先株主の権利額をたした金額と同じか超えていること)
Actions that require approval of board ofdirectors(取締役会決議事項)
• Actions that generally require approval of, or that may be takenby, the board of directors include the following (取締役会決議事項):Amending the articles of incorporation (both of board resolution and
shareholders’ resolution are required.) (定款の変更ー株主総会の決議も必要);
Sale, lease, conveyance, exchange, transfer, or other disposition ofsignificant corporate property and assets (重要な会社資産の処分);
Mergers (合併);
Decrease of capital (Quasi reorganizations)(減資);
Adoption or amendment of pension, 401K plan, profit-sharing, andother employee benefit plans (401kプランなどの採用);
• Factors for Piercing the Corporate Veil(法人格否認法理の判断要素)Piercing the corporate veil depends on the facts of each case. So it
is very difficult to predict when a court will pierce the corporate veil. (法人格が否認されるかどうかは個別の事実次第であり、裁判所の判断を予想することは簡単ではない。)
Courts have considered the following factors(裁判所が法人格を否認するかどうかを判断する際に重視する事実は以下のとおり).
1. Inadequate capitalization. (過小資本)
2. Commingling of funds and assets; failure to segregate funds; unauthorizeddiversion of funds or assets to non-corporate uses.(会社資産の別管理の不十分さ、流用、会社目的以外の使用、等)
3. Failure to issue stock at inception of the corporation. (株式の未発行)
• Factors for Piercing the Corporate Veil(法人格否認法理の判断要素)Courts have considered the following factors(裁判所が帆運人格を否認するかどうかを判断する際に重視する事実は以下のとおり).
4. Failure to maintain minutes or adequate corporate records.(議事録等の会社の記録の未作成)
5. Significant overlap of management and directors.(親子会社の経営陣が同じ)6. Complete domination by shareholder of corporation.(株主による完全な支配)7. Use of same office or business location, or employment of same
employees, by shareholder and corporation.(事務所や従業員の共用)8. Failure to observe legal formalities and arm’s-length relationship between
shareholder and corporation.(法人格の形式を保持のための要件を無視、会社と株主間でアームズレングスの関係を維持しない。)
The corporate form is an established legal doctrine that courts do not
disregard lightly.(裁判所も簡単には法人格否認は認めない。)
Piercing the corporate veil requires satisfaction of two factors (二つの要
件):
1. The existence of such unity of interest and ownership that the separatepersonalities of the corporation and the owner no longer exist.(二つの別の法人格を認めがたいような利害の一致が存在)
2. An inequitable result will follow if the acts are treated as those of thecorporation alone(法人格の分離を認めることによって不当な結果が発生する。)
• How to prevent piercing of corporate veil (どのようにしたら法人格否認を防げるか)
1. Adequate capitalization. (適切な資本)2. No-commingling of funds and assets; appropriate use of
corporation’s funds. (会社資産の別管理、適切な使用)3. Issue stock at inception of the corporation. (株式の発行)4. Maintain minutes or adequate corporate records.(議事録等の会社の記録の作成)
5. No-significant overlap of management and directors.(親子会社の経営陣をまったく同じにしない。)
6. Avoid complete domination by shareholder of corporation.(株主による完全な支配を避ける)
7. Avoid use of same office or business location, or employment ofsame employees, by shareholder and corporation.(事務所や従業員の共用を避ける。)
8. Observe legal formalities and arm’s-length relationship betweenshareholder and corporation.(法人格の形式を保持の、会社と株主間でアームズレングスの関係の維持。)
• Derivative Action (株主代表訴訟)Shareholder’s action to enforce a corporate right that the corporation
has refused (会社が行使を拒否した権利の株主による行使)
• Requirements (要件)Plaintiff must generally be a stockholder of the corporation at the time
of the alleged wrong and remained so throughout the duration of thederivative suit (原則として、問題となった行為が行われたときに株主であったこと、および、訴訟終了まで株主であること)
Plaintiff must make an efforts to require the board of directors of thecorporation to take an action with specific facts and the board to takean action within certain time period. ( 具体的な事実の主張とともに、取締役会に会社の権利の交渉を要求し会社としてその権利の行使を拒否したこと)
Plaintiff may be required to furnish a bond up to $50,000 (原告は5万ドルまでの金額の保証金を積みことが必要になる場合がある。)
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