估值调整机制的合法性研究V——与美国法对比

Section 151. Classes and series of stock; redemption; rights

第151节 股份的类别与系列；赎回；权利[5] 

(a)   Every corporation may issue 1 or more classes of stock or 1 or more series of   stock within any class thereof, any or all of which classes may be of stock   with par value or stock without par value and which classes or series may   have such voting powers, full or limited, or no voting powers, and such   designations, preferences and relative, participating, optional or other   special rights, and qualifications, limitations or restrictions thereof, as   shall be stated and expressed in the certificate of incorporation or of any   amendment thereto, or in the resolution or resolutions providing for the   issue of such stock adopted by the board of directors pursuant to authority   expressly vested in it by the provisions of its certificate of incorporation.   Any of the voting powers, designations, preferences, rights and   qualifications, limitations or restrictions of any such class or series of   stock may be made dependent upon facts ascertainable outside the certificate   of incorporation or of any amendment thereto, or outside the resolution or   resolutions providing for the issue of such stock adopted by the board of   directors pursuant to authority expressly vested in it by its certificate of   incorporation, provided that the manner in which such facts shall operate   upon the voting powers, designations, preferences, rights and qualifications,   limitations or restrictions of such class or series of stock is clearly and   expressly set forth in the certificate of incorporation or in the resolution   or resolutions providing for the issue of such stock adopted by the board of   directors. The term “facts,” as used in this subsection, includes, but is not   limited to, the occurrence of any event, including a determination or action   by any person or body, including the corporation. The power to increase or   decrease or otherwise adjust the capital stock as provided in this chapter   shall apply to all or any such classes of stock. 

（a）每个公司都可以发行一种或一种类别以上的股份，每个类别可以发行一种或一种以上的系列，所有类别既可以有面值，也可以没有面值，各类别或者系列可以有完全表决权，受限制的表决权，或者没有表决权，每一类别或系列的股份可以具有各自的名称、优先权以及相对权、参与权、选择权或者其他特别权利、资格以及限制，具体根据设立章程或其修订案的记载确定，或者由董事会依章程明确授权而通过的股份发行决议确定。任何类别或者系列股份的任何表决权、名称、优先权、权利、资格及限制，都可以规定根据章程或其修订案以外的可以确定的事实决定，或者根据董事会依章程明确授权通过的股份发行决议以外的可以确定的事实决定，但是该类事实对不同类别或者系列的股份的表决权、名称、优先权、权利、资格和限制发生效力的方式要在章程或董事会作出的有关该等股份发行的决议中明确载明。本款所谓的“事实”包括但不限于所发生的任何事件，包括任何人或机构（包括本公司）的决定或者行为。本章规定的增加、减少或者以其他方式调整资本股的权力，适用于所有或者任何股份类别。   

(b) Any stock of any class or series may be made subject to redemption by the corporation at its option or at the option of the holders of such stock or upon the happening of a specified event; provided however, that immediately following any such redemption the corporation shall have outstanding 1 or more shares of 1 or more classes or series of stock, which share, or shares together, shall have full voting powers. Notwithstanding the limitation stated in the foregoing provision:

（b）任何类别或者系列的股份都可以规定受公司赎回的约束，是否赎回可以由公司或者股份持有人决定，或者在指定的事件发生时赎回；只要股份赎回后，公司发行的一种或多种类别或系列的股份中仍有一股或者一股以上的流通股，且该流通股应具有完全表决权。该条限制不及于以下情况：

(1) Any stock of a regulated investment company registered under the Investment Company Act of 1940 [15 U.S.C. § 80 a-1 et seq.], as heretofore or hereafter amended, may be made subject to redemption by the corporation at its option or at the option of the holders of such stock.

（1）任何根据1940年投资公司法（美国法典汇编第15编第80a-1条起）及迄今或此后的修正案注册成立的投资公司的任何股份，可以规定公司或者股份持有人对其有赎回选择权。

(2) Any stock of a corporation which holds (directly or indirectly) a license or franchise from a governmental agency to conduct its business or is a member of a national securities exchange, which license, franchise or membership is conditioned upon some or all of the holders of its stock possessing prescribed qualifications, may be made subject to redemption by the corporation to the extent necessary to prevent the loss of such license, franchise or membership or to reinstate it.

Any stock which may be made redeemable under this section may be redeemed for cash, property or rights, including securities of the same or another corporation, at such time or times, price or prices, or rate or rates, and with such adjustments, as shall be stated in the certificate of incorporation or in the resolution or resolutions providing for the issue of such stock adopted by the board of directors pursuant to subsection (a) of this section.

（2）公司直接或间接持有行政机关授予的许可营业证书或特许经营权，或者是全国性证券交易机构成员的，如许可营业证书、特许经营权或者成员资格以持有公司股份的部分或所有股东具有规定的资格为条件，那么，在避免许可营业证书、特许经营权或者成员资格的失去或恢复申请的必要限度内，可以规定公司股份受公司赎回的约束。

本条规定的可以赎回的股份，赎回对价可以是现金、财产或者权利（包括本公司或者其他公司的证券），赎回时间、价格、比例及其调整，根据本条第（a）款规定，按照公司章程或者董事会通过的股份发行决议的记载确定。

(3) The holders of preferred or special stock of any class or of any series   thereof shall be entitled to receive dividends at such rates, on such   conditions and at such times as shall be stated in the certificate of   incorporation or in the resolution or resolutions providing for the issue of   such stock adopted by the board of directors as hereinabove provided, payable   in preference to, or in such relation to, the dividends payable on any other   class or classes or of any other series of stock, and cumulative or   noncumulative as shall be so stated and expressed. When dividends upon the   preferred and special stocks, if any, to the extent of the preference to   which such stocks are entitled, shall have been paid or declared and set   apart for payment, a dividend on the remaining class or classes or series of   stock may then be paid out of the remaining assets of the corporation   available for dividends as elsewhere in this chapter provided.

（3）任何类别或系列的优先股或特别股持有人，有权根据上述规定，按照章程或者董事会做出的股份发行决议所记载的比例、条件和时间取得股息，并且股息的支付优先于任何其他类别或系列的股份，或者与其他类别或系列的股份具有明确规定的某种关系，可以累积、也可以不累积。优先股和特别股在优先的范围内支付或者宣布股息并拨出资产以备支付后，本章其他部分规定的可供分配的公司剩余资产可以用来支付其他类别或者系列股份的股息。

(c) The holders of the preferred or special stock of any class or of any series thereof shall be entitled to such rights upon the dissolution of, or upon any distribution of the assets of, the corporation as shall be stated in the certificate of incorporation or in the resolution or resolutions providing for the issue of such stock adopted by the board of directors as hereinabove provided.

（c）任何类别或系列的优先股或特别股的持有人，在公司解散或资产分配时，根据上述规定，享有章程或董事会股份发行决议中所记载的权利。

§ 160. Corporation's powers respecting ownership, voting, etc., of its own stock; rights of stock called for redemptio

第160条：公司对其股份的所有权及表决权等的权力；公司对被申请回购的股份的权利[6] 

(a) Every corporation may purchase, redeem, receive, take or otherwise acquire, own and hold, sell, lend, exchange, transfer or otherwise dispose of, pledge, use and otherwise deal in and with its own shares; provided, however, that no corporation shall:

（a） 每家公司都可以购买、赎回、收受、获得或以其他方式取得、拥有并持有，出售、出借、置换、转让或以其他方式处分，质押、使用及以其他方式经营自己的股份并与其进行交易；但是，公司不得从事下列行为：  

(1) Purchase or redeem its own shares of capital stock for cash or other property when the capital of the corporation is impaired or when such purchase or redemption would cause any impairment of the capital of the corporation, except that a corporation other than a nonstock corporation may purchase or redeem out of capital any of its own shares which are entitled upon any distribution of its assets, whether by dividend or in liquidation, to a preference over another class or series of its stock, or, if no shares entitled to such a preference are outstanding, any of its own shares, if such shares will be retired upon their acquisition and the capital of the corporation reduced in accordance with §§ 243 and 244 of this title. Nothing in this subsection shall invalidate or otherwise affect a note, debenture or other obligation of a corporation given by it as consideration for its acquisition by purchase, redemption or exchange of its shares of stock if at the time such note, debenture or obligation was delivered by the corporation its capital was not then impaired or did not thereby become impaired;

（1） 当公司资本受损时，或者当购买或赎回自己的股份将导致公司资本受损时，以现金或其他资产购买或赎回本公司的资本股份的；但对于在资产分配时（不论是股息分配还是清算分配）优先于另一类别或者系列的任何公司股份，公司（不含非股份公司）可以用资本购买或赎回自己的股份，或者，如果没有任何如上优先股时，可以购买那些将在被收购后取消、而公司资本根据第243和244条随之减少的那些自己的股份。若在回购、赎回或置换其自己的股份时，给付本票、无担保债券或者公司其他债务凭证作为对价的，如果公司交付本票、无担保债券或者债务凭证时公司资本并没有处于受损状态，也没有因此而受损的，本款规定并不导致本票、无担保债券或者其他债务凭证无效或受到其他不利影响。

(2) Purchase, for more than the price at which they may then be redeemed, any of its shares which are redeemable at the option of the corporation; or

（2）对于公司有权选择赎回的公司股份，以高于当时的合理赎回价格购买的；或

(3)

a. In the case of a corporation other than a nonstock corporation, redeem any of its shares, unless their redemption is authorized by § 151(b) of this title and then only in accordance with such section and the certificate of incorporation, or

b. In the case of a nonstock corporation, redeem any of its membership interests, unless their redemption is authorized by the certificate of incorporation and then only in accordance with the certificate of incorporation.

（3）

a. 公司（不含非股份公司）回购其股份，除非回购经本编第151（b）条授权并严格按照该条和章程的规定进行的；或

b. 非股份公司回购其成员的权益，除非该回购经公司章程授权并严格符合章程的规定。

(b) Nothing in this section limits or affects a corporation's right to resell any of its shares theretofore purchased or redeemed out of surplus and which have not been retired, for such consideration as shall be fixed by the board of directors.

（b）公司用盈余资本购买或回购本公司的股份且没有注销的，公司有权以董事会确定的对价对其重新出售，不受本条的限制或影响。

(c) Shares of its own capital stock belonging to the corporation or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation is held, directly or indirectly, by the corporation, shall neither be entitled to vote nor be counted for quorum purposes. Nothing in this section shall be construed as limiting the right of any corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary capacity.

(c) 属于公司自己的或者另一家公司的资本股股份，如果其中具有选举该另一家公司董事的表决权的股份过半被公司直接或间接持有的，则公司资本股股份既无表决权，也不得计入法定人数。本条规定并不限制公司针对其以受托人身份持有的股份（包括但不限于本公司股份）所享有的表决权。

(d) Shares which have been called for redemption shall not be deemed to be outstanding shares for the purpose of voting or determining the total number of shares entitled to vote on any matter on and after the date on which written notice of redemption has been sent to holders thereof and a sum sufficient to redeem such shares has been irrevocably deposited or set aside to pay the redemption price to the holders of the shares upon surrender of certificates therefor.

（d）对于已经要求回购的股份，如果书面回购通知已经向持股人发出，回购款项已经足额、不可撤销地存储或者备好，一旦持股人交回持股证明即可支付的，则自书面回购通知发出，且回购款项存储或备好之日起，就任何事项的表决或确认表决权股份总数的目的，该股份不得被视为已发行股份。