第四章 限制股份轉讓的合理性問題
第二節 美國概況
(articles of incorporation)、內部規章(bylaws)190、股東間或股東與公司間之協議對
187 Barrett v. King, 181 Mass 476 (1902).
188 Stephen J. Leacock, Share Transfer Restrictions in Close Corporations as Mechanisms for Intelligible Corporate Outcomes, FAULKNER L.REV.VOL.3NO.1, 116-121 (2011).
189 WILLIAM MEADE FLETCHER &BASIL JONES,FLETCHER CYCLOPEDIA OF THE LAW OF CORPORATIONS (MBCA§2.02) (DGCL§102)
公司內部事務之管理規則 (MBCA§2.06) (DGCL§109) 申報要求
(filing)
無論原始章程或修改後之章程，均需 向州政府秘書(secretary of the state)申 報，進而成為公開資料，供公眾查閱 (MBCA§2.01, §10.06)
無須申報、非公開資料
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美國模範公司法(Model Business Corporation Act, MBCA)就股份轉讓限制係 規定於第6.27 條。MBCA 第 6.27 條規定193:
(DGCL§103, §241(b), §242(b)) 修改機關 股東會決議 (Committee on Corporate Laws of the Section of Business Law of the American Bar Association)乃於 1950 年負責起草與修訂一部「模範商業公司法」(Model Business Corporation Act, MBCA)，作為 各州立法的參考。參郭大維，英美公司法制之發展進程：兼論我國近年公司法之修正，國土及公 共治理季刊，第6 卷第 1 期，2018 年 3 月，頁 19。
193 MBCA§6.27 Restriction on Transfer of Shares:
(a) The articles of incorporation, the bylaws, an agreement among shareholders, or an agreement between shareholders and the corporation may impose restrictions on the transfer or registration of transfer of shares of the corporation. A restriction does not affect shares issued before the restriction was adopted unless the holders of the shares are parties to the restriction agreement or voted in favor of the restriction.
(b) A restriction on the transfer or registration of transfer of shares is valid and enforceable against the holder or a transferee of the holder if the restriction is authorized by this section and its existence
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is noted conspicuously on the front or back of the certificate or is contained in the information statement required by section 6.26(b). Unless so noted or contained, a restriction is not enforceable against a person without knowledge of the restriction.
(c) A restriction on the transfer or registration of transfer of shares is authorized:
(1) to maintain the corporation’s status when it is dependent on the number or identity of its shareholders;
(2) to preserve exemptions under federal or state securities law; or (3) for any other reasonable purpose.
(d) A restriction on the transfer or registration of transfer of shares may:
(1) obligate the shareholder first to offer the corporation or other persons (separately, consecutively, or simultaneously) an opportunity to acquire the restricted shares;
(2) obligate the corporation or other persons (separately, consecutively, or simultaneously) to acquire the restricted shares;
(3) require the corporation, the holders of any class or series of its shares, or other persons to approve the transfer of the restricted shares, if the requirement is not manifestly unreasonable;
or
(4) prohibit the transfer of the restricted shares to designated persons or classes of persons, if the prohibition is not manifestly unreasonable.
(e) For purposes of this section, “shares” includes a security convertible into or carrying a right to subscribe for or acquire shares.
194 MBCA§6.26 Shares Without Certificates: (b) Within a reasonable time after the issuance or transfer of shares without certificates, the corporation shall deliver to the shareholder a written statement of the information required on certificates by sections 6.25(b) and (c), and, if applicable, section 6.27. 依此條 文之官方評論(official comment)，MBCA§6.26(b)旨在確保無股權憑證之股份持有人，將從公司取
Lake Arthur Reclamation Co., 558 So 2d 333 (1990) (Only the buyer's knowledge at the time of the sale is relevant, not after-the-fact knowledge).
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美國德拉瓦州公司法(Delaware General Corporation Law, DGCL)就股份轉讓 限制係規定於第202 條。DGCL 第 202 條規定195:
195 DGCL§202 Restrictions on transfer and ownership of securities:
(a) A written restriction or restrictions on the transfer or registration of transfer of a security of a corporation, or on the amount of the corporation’s securities that may be owned by any person or group of persons, if permitted by this section and noted conspicuously on the certificate or certificates representing the security or securities so restricted or, in the case of uncertificated shares, contained in the notice or notices given pursuant to § 151(f) of this title, may be enforced against the holder of the restricted security or securities or any successor or transferee of the holder including an executor, administrator, trustee, guardian or other fiduciary entrusted with like responsibility for the person or estate of the holder. Unless noted conspicuously on the certificate or certificates representing the security or securities so restricted or, in the case of uncertificated shares, contained in the notice or notices given pursuant to § 151(f) of this title, a restriction, even though permitted by this section, is ineffective except against a person with actual knowledge of the restriction.
(b) A restriction on the transfer or registration of transfer of securities of a corporation, or on the amount of a corporation’s securities that may be owned by any person or group of persons, may be imposed by the certificate of incorporation or by the bylaws or by an agreement among any number of security holders or among such holders and the corporation. No restrictions so imposed shall be binding with respect to securities issued prior to the adoption of the restriction unless the holders of the securities are parties to an agreement or voted in favor of the restriction.
(c) A restriction on the transfer or registration of transfer of securities of a corporation or on the amount of such securities that may be owned by any person or group of persons is permitted by this section if it:
(1) Obligates the holder of the restricted securities to offer to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing, a prior opportunity, to be exercised within a reasonable time, to acquire the restricted securities; or
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151(f)196所規定之通知中，則可對證券持有人或其繼受人(successor)或受讓人 (transferee)，包括遺囑執行人(executor)、遺產管理人(administrator)、受託人
(2) Obligates the corporation or any holder of securities of the corporation or any other person or any combination of the foregoing, to purchase the securities which are the subject of an agreement respecting the purchase and sale of the restricted securities; or
(3) Requires the corporation or the holders of any class or series of securities of the corporation to consent to any proposed transfer of the restricted securities or to approve the proposed transferee of the restricted securities, or to approve the amount of securities of the corporation that may be owned by any person or group of persons; or
(4) Obligates the holder of the restricted securities to sell or transfer an amount of restricted securities to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing, or causes or results in the automatic sale or transfer of an amount of restricted securities to the corporation or to any other holders of securities of the corporation or to any other person or to any combination of the foregoing;
or
(5) Prohibits or restricts the transfer of the restricted securities to, or the ownership of restricted securities by, designated persons or classes of persons or groups of persons, and such designation is not manifestly unreasonable.
(d) Any restriction on the transfer or the registration of transfer of the securities of a corporation, or on the amount of securities of a corporation that may be owned by a person or group of persons, for any of the following purposes shall be conclusively presumed to be for a reasonable purpose:
(1) Maintaining any local, state, federal or foreign tax advantage to the corporation or its stockholders, including without limitation: a. Maintaining the corporation’s status as an electing small business corporation under subchapter S of the United States Internal Revenue Code [26 U.S.C. § 1371 et seq.], or b. Maintaining or preserving any tax attribute (including without limitation net operating losses), or c. Qualifying or maintaining the qualification of the corporation as a real estate investment trust pursuant to the United States Internal Revenue Code or regulations adopted pursuant to the United States Internal Revenue Code, or
(2) Maintaining any statutory or regulatory advantage or complying with any statutory or regulatory requirements under applicable local, state, federal or foreign law.
(e) Any other lawful restriction on transfer or registration of transfer of securities, or on the amount of securities that may be owned by any person or group of persons, is permitted by this section.
196 DGCL§ 151(f):Within a reasonable time after the issuance or transfer of uncertificated stock, the registered owner thereof shall be given a notice, in writing or by electronic transmission, containing the information required to be set forth or stated on certificates pursuant to this section or § 156, § 202(a), § 218(a) or § 364 of this title or with respect to this section a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise expressly provided by law, the rights and obligations of the holders of uncertificated stock and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.
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(trustee)、監護人(guardian)或其他對該持有人或其遺產負有類似責任之受託 人強制執行。倘無以上的註記或載明，縱使該限制為本條所授權，亦屬無效，
但對實際知悉限制者，不在此限。
(b) 對證券之轉讓或登記，或任何人所得持有公司證券數量之限制，得以下列方 式為之:公司章程、內部規章、股東間或股東與公司間之協議。該限制不影響 限制採行前所發行之證券，但證券持有人為協議之當事人或投票贊成該限制 者，不在此限。
(c) 對證券之轉讓或登記，或任何人所得持有公司證券之數量，得為以下限制:
(1)證券持有人有義務提供公司、公司其他證券持有人、或其他人或以上三者 之任何組合，在合理期間內，優先取得該證券的機會；(2)公司、公司其他證 券持有人、其他人或以上三者之任何組合，有義務購買該證券；(3)要求公司 或公司其他證券持有人同意該證券之轉讓、證券之受讓人或可持有之證券數 量；(4)證券持有人有義務出售或轉讓一定數量之證券予公司、公司其他證券 持有人、其他人、或以上三者之任何組合；(5)若非顯然不合理，禁止將證券 轉讓予特定人或特定類型之人，或使其取得證券之所有權。
(d) 為以下目的而限制證券之轉讓或登記，或任何人所得持有公司證券之數量者，
視為(conclusively presumed)為合理目的而限制。
(1)為維持公司或股東於任何地區、州、聯邦或外國之租稅優惠，包括但不限 於: a.為維持公司之地位，使其符合美國內地稅法第 S 節所規定之小型商業 公司(small business corporation197)；或 b.為維持公司之稅務屬性，包括但不 限於:淨營運損失；或 c.使公司符合或維持美國內地稅法或依該法授權之規 則所訂定之不動產投資信託公司之資格。(2)為維持公司就其所適用之地區、
197 26 USC § 1361(b)(1) In general For purposes of this subchapter, the term “small business corporation”
means a domestic corporation which is not an ineligible corporation and which does not— (A) have more than 100 shareholders, (B) have as a shareholder a person (other than an estate, a trust described in subsection (c)(2), or an organization described in subsection (c)(6)) who is not an individual, (C) have a nonresident alien as a shareholder, and (D) have more than 1 class of stock.
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法無明文，普通法上多認為係「無效」(void)198或「得撤銷」(voidable)199
表4-2:MBCA 第 6.27 條與 DGCL 第 202 條之比較 許實務上常見的限制態樣，亦即 1.優先承買權(First Refusals)/先買選擇權(First Options)200；2.買賣協議(Buy-Sell Agreements)201；3.同意條款(Consent Restraints)202， 以及4.禁止轉讓予特定人條款(Designated Persons)此四種類型，然而由於 DGCL
198 Sterling Loan & Inv. Co. v. Litel, 75 Colo. 34 (1924); Carpenter v. Dummit, 297 S.W. 695 (1927);
Monotype Composition Co. v. Kiernan, 66 N.E.2d 565 (1946); Joslin v. Shareholder Services Group, 948 F.Supp. 627 (1996).
199 Mischer v. Burke, 456 S.W.2d 5509 (1970); Adler v. Hill, 981 F.2d 1474 (1993); F.B.I. Farms, Inc. v.
Moore, 798 N.E.2d 440 (2003).
200 此兩種形式的差異主要有二，其一為「觸發事件」的不同；另一為「購買價格」的不同。詳 Corporation:Planning and Drafting, HARVARD L.REV.VOL.65,NO.5, 775 (1952)；William H. Painter, Stock Transfer Restrictions: Continuing Uncertainties and a Legislative Proposal,VILLANOVA L.REV. VOL.6,NO.1, 48 (1960). 此外，亦有判決論述「以帳面價值優先承買之權(right of first refusal at book value)」，此與傳統上認為優先承買權之價格乃股東與第三人約定的交易價格有所不同。See Dewey v. Bechthold. 384 F. Supp. 3d 971 (2019).
201 此與優先承買權或先買選擇權之差異在於，優先承買權或先買權擇權為「權利」，買賣協議則 是股東有「義務」出售或轉讓股份，或公司或其他人有「義務」購買股份。
202 MBCA 規定之同意權人除了公司、股東外，尚包含其他第三人；相對於此，DGCL 規定之同 意權人則僅限於公司或公司其他證券持有人，而不包含外部第三人。不過，由於 DGCL 所規範 的限制類型並非列舉規定(詳後述)，因此，此差異應無甚影響。
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第202 條(e)款明文規定:「其他合法限制均為本條所授權」，因此學說與實務上均 認為 DGCL 所規範的限制類型並非列舉規定，不排除本條授權以外的其他限制 類型203，且所謂「合法」並不限於成文法上的合法意義，凡符合普通法上對限制 有效性的檢驗，均屬之；相對於此，MBCA 第 6.27 條並無類似規定，其(d)款亦 與(c)款的規範模式不同，並無附加開放性授權條款，因此是否排除其他限制類型 有爭議，實務上有法院即認為，MBCA 的授權限制類型乃列舉規定，凡不符合規 定類型均不合法204。
第四，就轉讓限制合理性部分，MBCA 要求「同意條款」及「禁止轉讓予特 定人條款」此兩種類型，須非顯然不合理；然而，DGCL 僅對後者有同樣規定，
雖如此，但德拉瓦州法院有認為，德拉瓦州公司法僅是將普通法上肯認「合理的 股份轉讓限制」此見解明文化205，因此，所有類型的轉讓限制仍須符合合理性之 要求。
最後，就規範效力部分，MBCA 及 DGCL 均規定，股份轉讓限制必須滿足 一定的公示要求206，始能對抗善意之第三人；此外，股份轉讓限制原則上僅適用 於限制採行後所發行之股份，而不影響限制採行前已發行之股份(但股份持有人 為協議當事人或投票贊成限制者，不在此限)。以下即介紹不同類型的轉讓限制，
探討法院對該股份轉讓限制之合理性分析。
203 EDWARD P.WELCH ET AL., FOLK ON THE DELAWARE GENERAL CORPORATION LAW:FUNDAMENTALS 621 (2020)；Jesse A. Finkelstein, Stock Transfer Restrictions Upon Alien Ownership Under Section 202 of the Delaware General Corporation Law, THE BUSINESS LAWYER VOL.38,NO.2, 575 (1983).
204 In re Beauchamp, 500 B.R. 235 (2013).
205 Grynberg v. Burke, 378 A.2d 139, (1977).
206 事實上，除各州公司法外，美國統一商法典(Uniform Commercial Code, UCC)對轉讓限制亦有
206 事實上，除各州公司法外，美國統一商法典(Uniform Commercial Code, UCC)對轉讓限制亦有