A study of the fiduciary duties of majority shareholder in U.S.A.

美国大股东信托义务研究

基本信息

批准号：
07620035
负责人：
SHIBATA Kazufumi
金额：
$ 1.22万
依托单位：
Hosei University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1995
资助国家：
日本
起止时间：
1995 至 1996
项目状态：
已结题

项目摘要

It is well-established rule in American Corporation Law that the majority shareholders owe the fiduciary duties to the minority shareholders. Because the American Corporation Law is Case Law, we have to know more precisely about each of the case in order to understand the American Case Law exactly. This article researched the theoretical development of majority shareholders fiduciary duties.When majority shareholder is a parent corporation, which transacted with its subsidiary corporation, in some cases court took parent corporation as fiduciary to the minority shareholders and at the same time to the subsidiary corporation. And then Court imposes the fiduciary duties on the majority shareholder, that is parent corporation. The earliest case, which the court recognized such duties, was Farmers' Loan & Trust Co. v. New York & Northern Railway Co., in 1896. In Southern Pacific Co. v. Bogert (1919), court recognized that the majority shareholders directly owe the fiduciary duty to the minority shareholders. In 1970's court began to recognize majority shareholders the duty of disclosure. In Lynch v. Vickers Energy Corp. (1977), the Supreme Court of Delaware held that the majority shareholders owe duty of disclosure as a part of fiduciary duty to minority shareholders.This research is about how the Supreme Court of Delaware, established and developed the majority shareholder duty of disclosure as a part of majority shareholder fiduciary duty to the minority stockholder, especially in 1980' and 1990', by researching over hundreds of cases.

美国公司法明确规定大股东对小股东负有信托义务。由于美国公司法是判例法，我们必须更准确地了解每个案例，才能准确理解美国判例法。本文研究了大股东信托义务的理论发展。当大股东是母公司并与其子公司进行交易时，在某些案件中，法院将母公司视为少数股东的信托人，同时也视为子公司的信托人。然后法院对大股东（即母公司）施加信托义务。法院承认此类义务的最早案例是 1896 年的 Farmers' Loan & Trust Co. v. New York & Northern Railway Co.。在 Southern Pacific Co. v. Bogert (1919) 中，法院承认大股东直接对少数股东负有信托责任。 1970年代法院开始承认大股东的披露义务。在林奇诉维克斯能源公司（Lynch v. Vickers Energy Corp.，1977）一案中，特拉华州最高法院认为，作为对少数股东的信托义务的一部分，大股东负有披露义务。这项研究是关于特拉华州最高法院如何建立和发展通过对数百个案例的研究，特别是在1980年代和1990年代，大股东信息披露义务作为大股东对小股东信托义务的一部分。