Call No. KG320 .L38 2013
Title Latin American company law. Volume I, A comparative and economic development perspective / edited by Boris Kozolchyk, Francisco Reyes.
Location Volume/Copy Barcode Status
 4th Floor  KG320 .L38 2013    35005013769321  
 Foreword / Francisco Reyesxix
 Introduction / Boris Kozolchykxxiii
ch. 1 Invigorating Micro and Small Businesses through Secured Commercial Credit in Latin America: The Need for Legal and Institutional Reform / Cristina Castaneda3
A.Introduction: Scope and Purpose3
B.Economic and Legal Labels: Overview of Regulatory Systems4
C.An Economic and Business Profile of Latin America's Micro and Small Businesses8
1.Interchangeability of Major Sources of Earnings and Employment Potential8
a.Central America's MiPymes9
2.Unsecured Lending and MiPymes15
b.Individual and Joint Liability in Microfinance16
3.Collateral and Central and South American MiPymes16
4.Accounts Receivable and the Migration of MiPymes to Secured or Asset-Based Lending17
D.Regulatory Models of Latin America's Business Associations Law20
1.The French Code de Commerce of 1807 and Related Case Law: Typification, Formality and Nullity20
a.Recent Amendments to the Code de Commerce21
2.The German Handelsgesetzbuch (Commercial Code) of 189723
a.Recent Amendments to the HGB25
b.The Commercial Registry (Handelsregister)27
3.U.S. Law28
a.Sources of U.S. Business Association Law: "Aggregate" and "Legal Entities"28
b.The Sole Proprietorship: A Gender and Occupational Profile30
c.Peculiarities of the Sole Proprietorship31
E.Latin America's Business Associations Law: Numerus 
 Clausus, de facto, Irregular and Other Associations and Their Nullities32
a.Forms of Organization of Micro and Small Businesses36
b.Formal Legal Requirements to Create a Business Association36
c.Bookkeeping and Accounting Requirements38
4.Costa Rica41
5.El Salvador42
a.Forms of Organization of Micro and Small Businesses42
b.Bookkeeping and Accounting Requirements43
F.Homo Homini Lupus Est (Man Is Man's Wolf): The Battle for a Protected Legal Status: Workers v. Micro-Businesses45
1.The Cost of a Protected Legal Status45
2.Some Hopeful Signs of Simplification46
G.The Road toward Secured Lending and the Unnecessary Detour of Reciprocal Guarantees47
1.Modus Operandi49
H.Secured Lending and MiPymes51
1.Principal Legal Features51
a.The Roots of the Notion of the Security Interest52
b.Effectiveness of the Security Interest: Corollaries of the Principle of Self-Liquidation54
I.Conclusions and Recommendations for Legislative Reform and Uniform Best Practices59
A.Case Law62
1.Decision: Ester Navarro Salas v. Cesar Quiel Gutierrez62
 Questions and Comments64
2.Decision: Montero Gomez v. Nigro Borbon y otra65
 Questions and Comments67
B.Informal Economy and MiPymes in Selected Latin American Countries: Regulatory Definitions69
C.Starting a Business: Latin America Compared to Good-Practice Economies73
D.NLCIFT 12 Principles of Secured Transactions Law in the Americas73
ch. 2 Company Law in Argentina / Raul Anibal Etcheverry77
A.Forms of Companies77
2.Regulatory Sources80
4.Purpose of Companies81
5.Irregular Entities and Business Formation81
6.Regular Entities82
7.The Case of Non-Profits83
8.Other Types of Organizations (Non-Business Entities)84
9.The System in Practice; Critical Analysis84
B.Legal Status (Personality)92
1.Legal Status (Personality)92
2.Piercing the Veil92
C.Capital and Capitalization93
3.Main Types of Paper96
b.Preferred Shares97
c.Dematerialized Shares97
e.Negotiable Bonds97
f.Other Types of Paper98
4.Additional Issues Pertaining to Capital Formation; Accounting Statements98
5.Internal Controls100
6.External Controls100
7.Withholding of Dividends101
ch. 3 Limited Liability and Lifting the Corporate Veil under Chilean Law / Elina Mereminskaya103
 Executive Summary103
A.Corporations: Legal Personality and Limited Liability104
1.Limiting Liability by Creating a Legal Person104
2.Abuse of the Company's Legal Personality105
B.Liability Based on the Abuse of Legal Personality in Chilean Case Law107
1.Invalidity of the Corporate Agreement Due to the Lack of a Real and Licit Cause108
3.Actio Pauliana110
4.Cases where Lifting the Corporate Veil Has Been Rejected111
C.The Externalization of Risks in the Context of Economic Groups113
1.Significance of Corporate Groups in the Chilean Economy113
2.Legal Regulation of Groups114
3.Case Law and the Expansion of Liability116
D.Expansion of Liability under Chilean Labor Law117
E.Lifting of the Corporate Veil in the Context of an Individual Limited Liability Company120
1.Legal Personality of the ILLC and the Limitation of Liability121
2.The Contract with Oneself124
3.Lifting the Corporate Veil in an ILLC124
F.Limitation of Liability in the Context of Securitization127
ch. 4 Legal Protection of Minority Shareholders of Listed Corporations in Brazil: Brief History, Legal Structure and Empirical Evidence / Viviane Muller Prado131
B.The Protection of Minority Shareholders: A Historical Perspective132
C.The Legal Framework Protecting Minority Shareholders139
1.Political Rights140
2.Economic Rights143
3.Oversight and Information Rights146
4.Procedural Rights149
5.Indirect Protection150
D.The Enforcement of Protective Mechanisms153
ch. 5 Corporate Groups in Mexico: The Phenomenon of the Controlling Company and Controlled Companies / H. Armando Pamplona159
B.Corporate Groups and the Absence of a Comprehensive Statutory Regime161
C.Why Corporate Groups?164
D.Definitions and Classifications of Corporate Groups in Mexico165
1.The Protection of Competition and the Corporate Group as a "Financial Concentration"166
2.The Corporate Group as the Responsible Taxpayer - Preponderance of the Business Activities Subject to Taxable Income166
3.The Corporate Group as a Legal Person166
4.Membership in a Corporate Group: Controlling, Holding, Minority, Affiliated and Controlled Companies (Subsidiaries, Branches and Agencies)168
5.The Structures of Corporate Control169
E.Relations between the Controlling and Controlled Companies170
F.Common Corporate Group Disputes under Mexican Law172
1.Intra-Group Contracts Whose Terms and Conditions Contain Unfair Prices or Other Terms and Conditions Imposed upon the Controlled Companies172
2.Liability of Each Member Company vis-a-vis Third Parties172
3.Liability of Partners or Shareholders Who Do Not Participate in the Decision of the Controlling or Controlled Company173
G.The Legislative and Judicial Regulation of Corporate Groups173
1.Ad Hoc Legislation: Insolvency and Bankruptcy of Corporate Groups174
2.Attempts at Systematic Legislative Solutions175
a.Allocation of Rights and Duties Based upon the Likely (mostly Public) Legal and Economic Effects of the Grouping175
b.Allocation of Rights and Duties Based upon the Internal (mostly Private law) Corporate Environment of the Corporate Group176
c.Allocation of Rights and Duties between the Corporate Group and Fully-Fledged Third Parties176
3.Judicial Application of the Flexible, Organic or De Facto Approach177
 Appendix 1181
 Appendix 2182
 Appendix 3183
ch. 6 The Challenge of Disproportional Ownership / Jose Miguel Mendoza185
B.Why Does Ownership Become Disproportional?187
1.The Preservation of Control189
2.Other Motivations for Separating Voting and Cash Flow Rights192
C.The Costs and Benefits of Disproportional Ownership196
1.Disproportional Ownership: The Downside196
2.Disproportional Ownership: The Upside201
3.A Few Notes on "Disproportional Lemons"207
D.Concluding Remarks211
ch. 7 Securities Holding Patterns and Their Impact on the Rights of Securities Holders: Lessons for Developing Nations / Marek Dubovec213
B.Latin American Securities Markets216
C.Forms of Securities217
D.Central Securities Depository and Intermediaries219
E.Relationships and Rights in Intermediated Systems221
1.Indirect Holding Systems221
2.Transparent Holding Systems223
G.The Right to Use Securities as Collateral226
1.Control by Book Entry227
2.Control Agreement228
3.Perfection by Registration229
H.Rights of Shareholders230
1.Non-Monetary Corporate Rights231
2.Monetary Corporate Rights232
I.Final Remarks233
ch. 8 European Private Law: A Model for Modernizing Company Law? / Teresa Rodriguez de las Heras Ballell237
 Executive Summary237
A.A Single Market and SMEs in Europe: A Reality or Still a Challenge?238
B.The Proposal for a European Private Company: History of the Project, EU Agenda, and Legislative Policy Options240
1.History of the Project and Main Milestones240
2.The Project for a European Private Company in the EU Policy Agenda241
3.Legislative Policy Options241
C.The Proposal for a European Private Company: Impact Assessment and Main Expected Results244
D.Main Legal Features of the European Private Company (SPE)245
1.Benefits to SMEs: Adopting a Pragmatic-Utilitarian Approach245
2.Benefits to SMEs: Business Dimension and the Minimum Capital Requirement247
3.Benefits to SMEs: Increasing Flexibility250
4.A Vehicle for Facilitating EU-Wide Businesses: The Cross-Border Requirement252
5.A Vehicle for Private Companies254
6.A New Community Company Form: European Regulation, Private Autonomy and Applicable Legislation256
E.Concluding Remarks258
ch. 9 The "Limited-Liability Corporation New Enterprise" in Spain: An Unsuccessful Effort to Simplify Corporate Law / Eduardo Valpuesta Gastaminza261
A.Introduction: The Current Position of Spanish Law Regarding Limited-Liability Companies261
1.Joint-Stock and Limited-Liability Corporations in General261
2.Special Joint-Stock or Limited-Liability Corporations262
B.Simplification of Corporation Law: An Overview of Community, European and Hispano-American Law263
C.Limited-Liability Corporation New Enterprise (SRLNE)264
1.A First Approach to the SRLNE Figure264
2.Objectives of the New Corporate Form265
3.Special Features of the SRLNE, as Contrasted with the "Ordinary" SRL Regime266
a.Facilitation of Incorporation Procedures266
b.Simplified Bookkeeping Regime267
c.Special Commercial-Corporation Regime267
d.Special Features Pertaining to the Tax Regime271
4.An Additional Amendment to the General Limited-Liability Regime271
5.A General Critical Evaluation of the Initial Regime of the 2003 Law272
6.Subsequent Modifications to the Legal Limited-Liability Corporation Regime and the "New Enterprise"273
D.Failure of the Limited-Liability Corporation New Enterprise Legal Framework274
A.Judicial Precedent276
1.Supreme Court Decision, March 6, 2009276
ch. 10 Mutual Funds in Spain and the United States: The Importance of Opening Fiduciary Standards / Ana Cristina Gomez Perez281
 Executive Summary281
A.Investment Schemes in the United States282
B.Mutual Funds284
C.Investment Schemes in Spain285
D.Graphic Representation of Investment Vehicles287
E.Common Elements in U.S. and Spanish Funds288
F.Differences between the U.S. Mutual Fund and the Spanish FIC289
1.Nature of the Business291
a.Appointment and Removal of Individuals or Entities in Charge of the Governing Bodies of the Investment Vehicle292
b.Changes to the Investment Policy292
c.Rules for the Compensation of Individuals or Entities in Charge of Managing the Governing Bodies of the Investment Vehicle294
2.Investors' Right to Free Investment (and the Right to Sell Their Stock)295
3.The Fiduciary Duty of Decision Makers in the Investment Vehicle297
a.Fiduciary Duty in the United States: The Influence of Justice Cardozo's "punctillio, the most honorable"298
b.United States Statutory and Administrative Law299
c.Fiduciary Duty in Spain301
ch. 11 Shareholders' Agreements and the Application of Arbitration as a Form of Resolving Corporate Conflicts / Rodrigo Tellechea Silva305
B.Joint-Stock Companies and Shareholders' Agreements306
C.The Definition of Shareholders' Agreement According to Article 118 of the Companies' Act310
D.The Resolution of Corporate Conflicts through Arbitration311
E.Shareholders' Agreements and Arbitration: Conclusions315
ch. 12 Arbitration and Other Alternative Dispute Resolution Mechanisms in Spain: Lessons for Corporate Remedies in Latin America / Ma Pilar Perales Viscasillas317
C.The Dispute: A Component of Arbitrability321
D.Matters that Are Subject to Arbitration324
1.Arbitrability Defined Based on a General Standard324
2.Arbitrability with Respect to Corporations325
3.Limits to Arbitrability328
a.Public Order/Mandatory Rules328
b.Exclusive Jurisdiction of the Courts330
E.The Arbitration Agreement332
F.Some Procedural Issues334
G.Relevant Cases336
1.STS 18 April 1998336
2.SAP Madrid, 31 March 2006337
H.Judicial Remedies338
I.Administrative Remedies338
1.General Direction of Registries and Notaries338
2.Securities Exchange Commission (Comision Nacional del Mercado de Valores - CNMV)338
Published Durham, N.C. : Carolina Academic Press, c2013.
Description xxxv, 353 p. : ill. ; 26 cm
Bibliography Includes bibliographical references and index.
Subject Corporation law -- Economic aspects -- Latin America.
Business enterprises -- Law and legislation -- Latin America.
Added Author Kozolchyk, Boris.
Reyes Villamizar, Francisco Hernando.
Variant Title Comparative and economic development perspective
ISBN 9781611631241 (hbk. : v. 1)
1611631246 (hbk. : v. 1)
OCLC No. or Control No. 748941816