第三章 外國法制之介紹
第四節 英國
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第四節 英國
英國法中有關面額之規定，最早可追溯於 1855 年之有限責任法 (Limited Liability Act of 1855)，該法首次將名目資本(nominal capital)之 概念訂定於法條中，並且於第1 條要求公司若要享有有限責任之保障，
其股份之面額必須不少於十英鎊；其後1862 年之公司法第 8 條第五項 中，亦規定公司之註冊資本應分為股份267。
現行英國公司法(Companies Act 2006)268採面額股制度，面額之主 要目的在於衡量股東對公司所負之責任。第 542 條(2)項規定269要求有 限公司(limited company)所發行之股份必須有固定面額，無固定面額所 發行之股份無效者外，因其違反公司法之規定，公司之管理人員(officer) 則會因未履行公司法之面額規定而受有刑事制裁270。
惟公司法並無強制規範公司股份之面額，留待公司自行決定，公司 決定面額時必須以流通貨幣為單位271。應注意，公司不能將一股之面額 同時設定兩種不同之貨幣單位，例如規定該股面額為一歐元或者一美 元；然若為公司發行不同種類之股份時，則允許設定不同貨幣單位272， 簡言之，公司法賦予公司對於其股份有選擇何種貨幣為單位之自由。公 司自行決定合適之面額，故實務運作上，為股份處理上之便利起見，多
267 See Christopher Noke, No Value in Par: A History of the No Par Value Debate in the United Kingdom, 10 ACCOUNTING, BUSINESS AND FINANCIAL HISTORY, at 13, 14 (2000).
268 下 稱 之 英 國 公 司 法 皆 為 2006 年 之 公 司 法 (Companies Act 2006, CHAPTER 46) ， 網 址 ： http://www.legislation.gov.uk/ukpga/2006/46/pdfs/ukpga_20060046_en.pdf(最後瀏覽日：2017/1/16)
269 The UK Companies Act 2006, §542. (2) An allotment of a share that does not have a fixed nominal value is void.”
270 The UK Companies Act 2006, §542(2)and (4)-(5).
271 The UK Companies Act 2006, §542(3)
272 Companies Act 2006, §542(3).依該項後段，公眾公司依據同法 765 條設立時所發行之股份面額，
僅以歐元或英鎊為單位，不得採取他種類貨幣。
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法修正案委員會 Greene 委員會(Greene Committee)中提出無面額股可 以使人不為面額所誤導之優點。然而，最終該委員會認為在當時英國或 許有一些需求(some demand)採行無面額股，但由於對無面額股制度瞭
273 邱秋芳，同前註 235，(最後瀏覽日：2016.6.29)
274 曾宛如，同前註 212，頁 15。
275 The UK Companies Act 2006, §580(1): “A company’s shares must not be allotted at a discount.”
276 The UK Companies Act 2006, §610 Application of share premiums
(1) If a company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to an account called “the share premium account”.
(2) Where, on issuing shares, a company has transferred a sum to the share premium account, it may use that sum to write off—
(a) the expenses of the issue of those shares;
(b) any commission paid on the issue of those shares.
(3) The company may use the share premium account to pay up new shares to be allotted to members as fully paid bonus shares.
(4) Subject to subsections (2) and (3), the provisions of the Companies Acts relating to the reduction of a company’s share capital apply as if the share premium
account were part of its paid up share capital.
(5) This section has effect subject to—
section 611 (group reconstruction relief);
section 612 (merger relief);
section 614 (power to make further provisions by regulations).
277 The UK Companies Act 2006, §580 Shares not to be allotted at a discount (1) A company’s shares must not be allotted at a discount.
(2) If shares are allotted in contravention of this section, the allottee is liable to pay the company an amount equal to the amount of the discount, with interest at the appropriate rate.
278 See Christopher Noke, supra note 267 at 13.
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面額股制度不僅限於發行普通股，亦可為優先股(preference shares )281。 基此，1967 年英國公司法案試圖修法引進無面額股，惟仍以失敗告終。1998 年，英國貿易暨工業部(Department of Trade and Industry,DTI) 決定對原有之公司法進行通盤檢討，成立英國公司法審議委員會 (Company Law Review Steering Group, CLRSG)，針對公司法提出一系 列完整報告與改革方案。並於1999 年所提出英國公司法改革之框架報 告(A consultative document on the strategic framework for company law reform)中亦明示面額股為一過時之物，其存在僅是誤導不具財務分析 度，但CLRSC 於「現代公司法－有競爭力的經濟」（Modern Company Law For A Competitive Economy）283之最終報告上，轉為強烈支持引入 無面額股票，然因受到歐盟第二號公司法指令284之限制而作罷285。
279 See Christopher Noke, supra note 267 at 17-18.
280 See Christopher Noke, supra note 267 at 23-30.
281 See Christopher Noke, supra note 267 at 31.
282 See Christopher Noke, supra note 267 at 13-14.
283 See Capital Maintenance, For a Competitive Economy Company Formationand Capital Maintenance, A Consultation Document from The Company Law Review Steering Group, See http://webarchive.nationalarchives.gov.uk/20121029131934/http:/www.bis.gov.uk/files/file23277.pdf (last visit:Sep.6.2016)
284 第二號公司法指令 Directive 2012/30/EU, OJ L 315/74, 14.11.2012; 本指令重新梳理原 Directive 77/91/EEC (OJ L 26/1, 31.1.1977) 並取代之。
285 Peter Lee Siew Choong , Reviewing The Traditional Concepts That Underlie The Workings Of Capital Raisin, at 4-5. https://www.ssm.com.my/files/clrc/articles/CLRCArt2.pdf (last visit: Jul.20 2016)
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蓋，英國為歐盟之會員國一員，仍受歐盟第二號指令之相關規定拘 束。禁止股份以低於面額或至少仍需有可計算之平均價值(accountable par)之價格發行，為求簡便，目前仍採行面額制度286。換言之，受限於 歐盟第二號指令下之公眾公司無法發行如同美國之無面額股287。
是故，CLRSG 後來建議先由私人公司廢除面額制，改行無面額股 制度，而公眾公司因歐盟指令之關係，先維持面額288。但相信，面額股 之廢除應該是一個長期的目標，CLRSG 建議，如果與歐盟的約束被刪 除時，應該實現推動無面額股制度289。
286 Article 8 of Directive 2012/30/EU of The European Parliament and of the Council of 25 October 2012:
“Shares may not be issued at a price lower than their nominal value, or, where there is no nominal value, their accountable par.”
287 See Christopher Noke, supra note 267 at 33-34. However, npv shares of the kind they have in the United States would nolonger be permitted for public companies under European Union law whichrequires shares to have, if not a nominal value, at least an accountable par.
288 See Capital Maintenance, For a Competitive Economy Company Formationand Capital Maintenance, A Consultation Document from The Company Law Review Steering Group, See http://webarchive.nationalarchives.gov.uk/20121029131934/http:/www.bis.gov.uk/files/file23277.pdf , at vii. (last visit:Sep.6.2016)
289 But we believe that the abolition of par value shares for all companies should be a long-term objective, and we recommend that the Secretary of State’s power should enable him to achieve this without the need for primary legislation if and when the EU constraint is removed. See Page 219 para 10.7 of the Final Report.
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