전자증권법의 상법상 쟁점에 관한 연구

• 영문명: A Big Step for Paperless Shares : Major Legal Issues on Recent Dematerialization Legislation in Korea
• 발행기관: 한국사법학회(구 한국비교사법학회)
• 저자명: 노혁준(Hyeok Joon Rho)
• 간행물 정보: 『비교사법』比較私法 제24권 제4호, 1645~1708쪽, 전체 64쪽
• 주제분류: 법학 > 법학
• 파일형태: PDF
• 발행일자: 2017.11.30

국문 초록

이 글은 권리의 발생, 승계, 행사의 관점에서 전자증권법과 상법의 접점을 검토한 것이다. 전자증권법을 실제 적용하면서 다음 사항을 입법적으로 보완할 필요가 있을 것으로 보인다. 먼저 전자등록법상 등록대상인 ‘주식등’의 범위는 포괄적으로 정할 필요가 있다. 나아가 배제사유와 관련하여 양도성 또는 대체가능성이 없다고 하여 전자등록을 원천적으로 금지할 필요가 있는지 의문이 남는다. 두 번째로 대부분의 주식회사가 전자등록제도를 이용하게 된다면 주주명부제도 및 회사에 대한 대항력 법리는 폐지하여야 한다고 생각된다. 즉 양도합의+이체기재라는 양도의 성립요건을 갖추면 곧 회사에 대항할 수 있는 것으로 보는 것이 간명할 것이다. 세 번째로 전자증권법은 주주의 집단적 확인에 관하여 소유자명세제도(제37조)를, 개별적 확인에 대하여 소유자증명서(제38조), 소유내용통지제도(제40조)를 규정한다. 소유자명세 작성은 통상 발행인의 신청에 따라 이루어지는바 신청사유를 넓게 규정하여도 무방할 것이다. 한편 소유자증명서, 소유내용통지제도는 기존 주주명부제도와 양립하는 것으로 해석되나, 개별적 주주의 지위 확인방식을 위 소유자증명서, 소유내용통지제도로 일원화할 필요가 있다. 소유자증명서 및 소유내용통지의 행사 상대방 내지 수령인은 발행인에 한정하는 것이 간명해보인다. 소유자증명서 및 소유내용통지가 이루어진 경우 수반되는 처분제한등록이 과도한 것은 아닌지 재검토할 필요가 있다. 마지막으로 초과등록분이 해소되기 이전에 이루어지는 주주권 제한이 큰 불이익을 초래하지 않도록 보완되어야 할 것이고, 전자등록주식에 대해 유치권을 행사할 수 있도록 근거조문을 도입할 필요가 있다.

영문 초록

Like many other countries the Korean Commercial Code (or KCC) stipulates the importance of physical certificates in share transactions: share certificates show the entitlement of a shareholder and a transfer of shares should be perfected by physical move of share certificates. The dematerialization implies complete abolishment of paper certificates and introduction of pure electronic transaction system. Unlike the traditional scheme, investors may not withdraw paper certificates and issuers may not publish physical certificates. For issuers, complete dematerialization shall reduce the costs associated with printing, safekeeping and issuing certificates ; it enables issuers to easily identify shareholders and simplifies procedures for corporate action such as convening shareholders meeting. In terms of investors, it will eliminate the risk of loss, forgery or theft of certificates. It will give the investors safer and more efficient way to trade shares. The investors may easily prove and exercise their rights. It benefits intermediaries as well. It will streamline and accelerate settlement for trades of shares. Also it will reduce the cost satisfying investor s demands. such as, for document showing his status as shareholder. This paper explores recent legislation for dematerialization in Korea, with special focus upon electronically-registered shares. The new Act on the Electronic Registration of Shares, Bonds, etc. ( Act ) has detailed provisions on the creation, transfer and exercise of rights under the electronic registration system. According to the Act, shares subject to new scheme shall be recorded in books of accounts which are opened and maintained at intermediaries. An intermediary will carry two separate accounts with the Korea Securities Depository ( KSD ) : institutional account, to which shares owned by the intermediary shall be credited; whereas customer account, to which shares it manages for its ultimate investors shall be credited. Eventual goal of materialization is to let all the securities be traded electronically, but for the soft-landing of dematerialization the bill tried incremental change. A publicly-held corporation should use new scheme. Other than that, issuers may choose to deploy this scheme or alternatively to remain in paper-based system. Once the issuer chose to use the new scheme, it will be prohibited from issuing certificates. Under the new bill, book entry is the only way of transferring securities, and no other requirement is necessary. Under new scheme, intermediary and the KSD are only responsible for making book-entry and maintain securities accounts. They have no security interest in the securities they held. The investors have the right to the payment of principal and interest on debt securities and the right to receive dividends, vote etc on equity securities. The change from the pooled ownership to undivided ownership seems to be based upon the idea that the approach of undivided ownership is more simple and protective of ultimate investors. Among various legal issues entailing new system, this paper analyzes the relationship between shareholder and company under the Act. Under the traditional jurisprudence of the KCC, each company should prepare and keep a list of shareholders, a list which shows the eligible shareholders of the company. According to KCC, the transfer of shares shall not be asserted against the company, unless the name and address of the transferee have been registered in the shareholders list. Under the Act, the role of shareholders list shall be maintained: the electronic ledgers (i.e. investor ledger + intermediary ledger) managed by the intermediaries and KSD under the new bill shall not replace the company s shareholders list. One of the main argument of this paper, however, include the abolishment of traditional function by shareholders list: the electronic ledgers may well take core role in recognizing the identification of shareholders.

목차

국문요약

Ⅰ. 서론

Ⅱ. 우리나라 전자증권제도의 작동원리

Ⅲ. 권리의 발생에 관한 문제

Ⅳ. 권리의 승계에 관한 문제

Ⅴ. 권리의 행사에 관한 문제

Ⅵ. 그밖의 문제

Ⅶ. 결론

참고문헌

Abstract

키워드

무권화 주주명부 전자등록 전자증권 전자등록계좌부 선의취득 dematerialization shareholders list electronic registration electronic securities electronic ledger bona fide acquisition