BANVEDUTANLUAT CHUYEN NHirciNG cd PHAN THEO LU|iT DOANH NGHIEP NAM 2014: MOTSOBATCAPVAKIENNGHj L6 Nhat Bao* *ThS Gieinqvien Khoa Luat Thuong mai-TrUc(ngPai hoc Luat TP Ho Chi Minh ThSng tin bai viet: Tit khoa Luat Doanh nghiep, co phan, chuyen nhugng co phan Lich sit bai vietNhan bai Bientap Duyetbai : 10/04/2019 : 26/04/2019 ; 04/05/2019 Article Infomation: Keywords: The Law on Enterprise, shares, share transactions Article History: Received : 10 Apr 2019 Edited Apr 2019 Approved : 04 May 2019 Tom tat: v i n dS chuy§n nhugng c6 phin theo Luat Doanh nghiep nam 2014 dang tdn tai mot s6 bit cap Tuy nhien cac bat cap iiay chua duoc giai quy^t thdu dao Du thao Luat sua doi, bo sung mQt so di6u ciia Luat DSu tu va Luat Doanh nghiep Do do, can nghien ciiu sua doi, bo sung mot so quy dinh c6 lien quan nham hoan thi^n phap luat a ITnh vuc Abstract The mechanism for share transactions under the Law on Enterpnses of 2014 has revealed anumnber of shortcomings However, these shortcomings have not been thoroughly addressed in the Bill of Law with amendments of a number of articles of the Law on Investment and the Law on Enterprises Therefore, it is necessary to review for further improvements of the relevant regulations on this area Chuyen nhirmig co p h a n Theo nghia thong, "chuyen nhirgng" la chuyen quyen sa hicu\ Tir day co the suy chuyen nhumg tdi sdn la chuyen quyen sa hum tdi sdn Noi each khac, chuyen nhuong tai san la hanh vi lam thay doi quyen so hCru tai san tii chu the sang chii the khac Theo each hieu nhu vay, "chuyen nhuoTig" CO the dugc thuc hien thong qua cac loai giao dich khac nhu mua ban, tang cho, tra ng, de lai thira ke hoac gop v6n vao doanh nghiep M Tuy nhien,_ phap luat nuac ta, khai niem "chuyen nhircmg" dang dugc hi^u khong thdng nhSt Chang han phap luat ve chimg khoan, giao djch mua ban va chuyen nhugng c6 phSn dhi dugc quy v6 loai giao djch mua ban chung khoan, cac giao dich dugc goi la mua ban c6 phigu noi rieng va mua ban chung khoan noi chung Phap luat chung khoan xem chuyin nhugng CO phan la quan he mua ban c6 phSn Trong do, Luat Doarih nghiep nam 2014 {LDN 2014) CO each ti6p can khac vai phap luat Vien Ngon nga hoc (2003), Tir dien Tieng Viet phfl thong, Nxb Da Ning, tr l NCHlfeN cini I L A P P H A P - V S6 11(387)16/2019 BAN VEDITANLUAT cbftn^khoan Theo do, chuyen quykn so huu c6 phan LDN 2014, co the phan loai hai nhom ch6 dinh khac Cu thS: Co dong chuyen quydn so hOu c6 phSn cua minh cho nguai khac, nhom cac giao dich dugc quy dinh tai DiSu 126 LpN 2014 vai ten goi la "chuygn nhugng c6 phin" Quan he phap luat dugc thuc hien giiia ben chuyen nhugng la c6 dong cong ty va nguai nh^n chuyen nhugng, ban than cong ty co phan khong phai la mot ben giao dich chuyen nhugng c6 phSn He qua cua vi?c chuyen nhugng co phan la lam tiiay d6i chu so huu doi voi co phSn dugc chuyen nhugng, nhung khong lam thay d6i v6n dieu le va tai san cua cong ty co ph^n - Giao dich chuyen quyen so hiiu c6 phan giua cong ty voi nha dau tu Do la giao dich giua cong ty vai to chuc, ca nhan mua CO phan cong ty chac ban co phan dugc quyen chao ban thong qua cac quy dinh ve chao ban c6 phSn {DiSu 122 LDN 2014), hoac giao dich giua cong ty vai co dong cfl dong de nghi cong ty mua lai co phan cua minh (DiSu 129 LDN 2014), cong ty mua Igi CO phan cua co dong theo quyet dinh cua minh (Di6u 130 LDN 2014) He qua' la lam tha^ doi von dieu le va tai san cua cong ty co phan {tiiy timg truang hgp ma tang len hoac giam xuong) Diem chung cua cac giao dich la, cong ty co phan hien dien voi tu each la mpt ben quan he phap luat, LDN 2014 goi nhimg giao dich nhu vay bang tu "mua" hoac "ban" co phan Cach tiep can nhu tren ciing dien tuong tu mo hinh cong ty TNHH hai vien tra len thong qua cac quy dinh v6 chuyin nhugng phin vdn gop (Diiu 53 LDN 2014), mua lai phhn von gop (Dieu 52 LDN 2014)., Giai thich cho ly LDN 2014 thiit ki diiu 52, 53, co quan diim cho rang, "khi c6 phSn cua cong ty da dugc ban cho c6 dong, thi viec c6 dong chuyen quyen so hiiu co phan cho nguai khac se khong dugc goi la "ban" ma dugc goi la "chuyen nhugng" c6 phin"\ Theo quan diem nay, quan he mua bdn cophdn la quan he ma mot cac ben chiiih la cong ty CO CO phan mua ban, chuyin nhuong CO phdn la giao dich giiia c6 dong vai cac ca nhan, ti chuc khac khong phai la cong ty Tuy nhien,^ mac dii hoat dgng chuyin nhugng co phan giiia co dong cong ty voi nguai khac thong qua viec mua ban c6 ph4n khong dugc LDN 2014 minh thi ro rang bSng cum tir "mua ban co phan", nhung xet ve ban chat, day cung la mot loai quan he mua ban NghTa la hoat dong "chuyin nhugng c6 phan" bao ham no nhiiu loai giao dich khac nhau, va mua ban co phan la mot so do.^ Cho nen, hien nay, noi den "mua ban CO phan" can phai dat ngii canh cu the de xac dinh chii the ciia quan he co cong ty CO phan tham gia hay khong _Xet cac quy dinh ve chuyen nhugng CO phan tai Diiu 126 LDN 2014, co thi phan hai nh6m: - Nhom quy pham chung ciia hoat dgng chuyen nhugng, la toan bg ngi dung tai khoan (ve dieu kien chuyen nhugng co phan), mot phan ngi dung ciia Ichoan (ve hinh thuc chuyen nhugng co phan), khoan (xu ly truong hgp co phieu cii bj huy bo) va khoan (thai diem xac lap tu each co dong) - Nhom cac quy pham lai Diiu 126 LDN 2014 quy djnh vi cac hinh thuc chuyen nhugng cu the, cac hinh thuc chuyin nhugng chiu su chi phoi bai cac quy dinh of nhom mot Tuy nhien, vi cac nhom quy dinh lai dugc tach cac dieu khoan khac nen tao nen su inau thuin chuyen nhugng co phan Chang han, khoan Dieu 126 LDN 2014 quy dinh, "truang hgp c6 dong la ca nhan chet thi nguai thira ki theo di chuc hoac theo phap luat ciia c6 dong la co dong ciia cong ty" Quy dinh co the hieu, tir thai diem co dong chit thi quyen sa hiiu co phan duong nhien thupc vi nguai thua ke ma khong co ngoai le Dat truang hgp c6 dong sang lap Tmong Thanh Due, Lu^n giai v^ Luat Doanh nghiep 2014:36 k^ sach phap ly cua doanh nghiep, Nxb Sir that, 2017, u 237 Sfi 11(367)16/2019 \ _ L A P P H A P l " J BAN VEDUTANLUAT chet va cong ty co phan van dang thoi han nam ke tir dugc cap Giay chung nhan dang ky doanh nghiep, neu nguai thua ke khong phai la co dong sang lap ciia cong ty thi hp CO duong nhien tra co dong hay can phai dugc thong qua Dai hgi dong CO dong nhu quy dinh tai khoan Dieu 126 LDN 2014 (dSn chiiu din khoan Diiu 119 LDN 2014)? Chling toi cho rang, Dieu 126 LDN 2014 can dugc thiet ke lai theo sy phan chia ro rang nhu tren Chang han, khoan Dieu luat nen sua lai vai ten goi la "quy dinh chung ve chuyen nhugng co phan", khoan Dieu luat sira lai "cac hinh thuc chuyen nhugng co phan", khoan Diiu 126 LDN 2014 can minh thi cu the "quyen mua ban CO phan" de khang djnh ban chat phap ly ciia hoat dgng chuyen nhugng nay, ciing nham dam tinh thong nhat each hieu va ap dung ciia phap luat doanh nghiep Cac trirjmg hgp han ch^ chuyen nhirgng CO phan 2.1 Boi vdi CO phdn wu ddi Co dong so hiiu co phan uu dai co tuc va CO phan uu dai hoan lai dugc LDN 2014 khang dinh co cac quyen nhu co dong thong, tru cac truong hgp han che\ Theo khoan Diiu 114 LDN 2014 vi quyin cua CO dong thong, co dong co quyen "tu chuyen rihugng co phan ciia minh cho nguai khac, tru truang hgp quy dinh tai khoan Dieu 119 va khoan Dieu 126 ciia Luat nay" Theo quy dinh ciia khoan Dieu 126 LDN 2014, neu "trucmg hop Dieu le cong ty CO quy dinh han che ve chuyen nhugng CO phan thi cac quy dinh chi co hieu luc dugc neu ro co phieu ciia co phan tuong ung" Cac quy djnh tren cho thay, co dong sa hiiu co phan uu dai co tuc va co phan uu dai hoan lai co the ty chuyen nhugng co phan cho nguoi ichac, neu cong ty co phan c6 ban che chuyen nhugng loai co phan thi phai dap ung du hai dieu kien: (i) sy han che chuyen nhugng phai duoc quy dinh Dieu le cong ty, va (ii) nhiing han chi phai dugc "neu r6 tren c6 phiiu cua c6 phan tuong irng Do do, niu cong ty da co han che chuyen nhugng nhung khong duac "neu rp" tren c6 phieu thi khong co gia tri han che chuyen nhugng (ching han nhu c6 phieu ton tai duai hinh thuc dii lieu dien tii, biit toan ghi so ) Theo quy dinh cua khoan Dieu 113 LDN 2014, "nguai dugc quyin mua co phan uu dai c6 tuc, c6 phin uu dai hoan lai va c6 phan uu dai khac Diiu If cong ty quy dinh hoac Dai hoi ding c6 dong quyet dinh" Co thi hiiu rang, neu cong ty dat tieu chuin vi "nguai dugc quyen mua co phin uu dai" thi day la mgt trucmg hgp h^n chi chuyin nhugng c6 phan uu dai Nhung tieu chuin nhu vay chi co hieu luc niu thoa man cac diiu kien tai khoan Dieu 126 LDN 2014 - phai "neu ro" tren co phiiu Tuy nhien, ben canh Diiu le cong ty, khoan Diiu 113 LDN 2014 quy dinh: Dai hgi dong CO dong ciing co the dat nhung han che ve nguai mua co phdn uu ddi Quy dinh dat cau hoi sau day: (i) Neu nhiing han che ve nguoi mua co phan uu dai theo quyet dinh ciia Dai hgi dong co dong khong CO Dieu le cong ty va khong dugc "neu ro" tren co phieu uu dai thi quyet dinh CO hieu lyc hay khong? (ii) Dai hgi dong co dong CO quyen dat cac tieu chuan ve nguai mua CO phan uu dai ma cac ben hoan tit viec mua ban hay khong? Sy khong ro rang co the bi Igi dung lam anh huong tieu cue din quyen dugc ty chuyin nhugng CO phan uu daL Khi nha dau tu quyet dinh mua c6 phin uu dai, hg co quyen dugc biit tit ca nhiing thong tin lien quan din loai hang hoa ma hg dy dinh dau tu, nhiing triin vgng ciing nhu kha nang nit lui thong qua each chuyin nhugng Chinh nhung thong tin gop phin giiip hg can nhac viec co nen mua c6 phin uu dai hay khong, dac biet la dii vol nhiing trudng hgp thu hep kha nang chuyin nhugng Bai Diemc, khoan Dieu 117, khoan Dieu 118 Luat Doanh nghiep nam 2014 NGHIENCUU CUU lI NGHIEN M ILAP PHAP-/ , S6 11(387)T6/2019 BANVIDITANLUAT vay, nha dau tu co quyin dugc biet truoc, kha nSngtien lieu truoc nhijng dieu kien ve nguai mua c6 phan uu dai De dap ung quyen nay, cong ty c6 phan phai minh bach, cong khai npi dung quyet djnh han che chuyen nhugng c6 phin uu dai cho nha dau tu, dieu ciing gop phin the hien nguyen tac thien chi cdc giao dich dan su noi chung Tu ^6c cong ty c6 phan, neu cong ty xet thay can han chi nguoi mua co phan uu dai, co the thong qua quyin siia doi, bo sung Dieu le cong ty (diim d khoan Diiu 135 LDN 2014) ciia D^i hoi dfing co dong de dua cac ngi dung vao, nham dam bao tuong thich vai quy dinh tai khoan IDiiu 126 LDN 2014 Do do, chling t6i di xuat bo cum tir "hoac Dai hgi ding co dong quyet dinh" tai khoan Dieu 113 LDN 2014 2.2 Han che chuyen nhuong co phdn thong cua co dong sdng lap Cac c6 dong sang lap phai cung dang ky mua it nhat 20% tong so co phan phi thong dugc quyin chao ban tai thai diim dang ky doanh nghi?p, va lugng co phin bi han che chuyen nhugng ba nam diu theo quy dinh tai khoan Diiu 119 LDN 2014: "trong thoi han 03 nam, ki tu c6ng ty dugc cap Giay chiing nhan dang ky doanh nghiep, co dong sanglap c6 quyen tu chuyen nhugng co phan cua minh cho co dong sang lap khac va chi dugc chuyen nhugng co phan thong ciia minh cho nguoi khong phai la co dong sang lap neu dugc sy chap thuan ciia Dai hgi dong CO dong Truang hgp nay, co dong du dinh chuyin nhugng c6 phin khong co quyen bieu quyet ve viec chuyen nhugng cac co phan do" Quy dinh vi ty le c6 phan thong toi thieu ma c6 dong sang lap phai nam giii va quy djnh han che kha nang chuyen nhugiig cac CO phin ba nam dau la nham dam bao su gin kit cac c6 dong sang lap ve mSt tai san va trach nhiem vai cong ty thoi gian "khoi sy" cua cong ty* Tuy nhien, LDN 2014 co quy dinh vi cac trucmg hgp ngoai le tai khoan Diiu 119, la doi vai: (i) co phan ma co dong sang lap CO them sau dang ky lap doanh nghiep, va (ii) co phan ma co dong sang lap chuyen nhugng cho nguoi khac khong phai la CO dong sang lap ciia cong ty Trong do, "co phan ma co dong sang lap co them sau dang ky lap doanh nghiep" co the den tu nhieu nguon Chang han, co dong sang lap nhan chuyen nhugng co phan tir co dong khac, hoac co dong sang Iflp mua them CO phan cong ty chao ban co phan dugc quyen chao ban qua trinh hoat dgng van de dat la, cac co dong sang lap co the sir dung ngoai le de vo hieu hoa quy dinh ve han che chuyen nhuong tai khoan Diiu 119 LDN 2014 Vi du, Cong ty co phan A co co dong phi thong la Al, A2, A3 va A4 (trong do, Al, A2, A3 la cac co dong sang lap) Vol quy djnh tai khoan Diiu 119 LDN 2014 thi ba nam dau khoi su, Al co the tu chuyin nhugng co phan thong ciia minh cho cac CO dong sang lap lai, nhung niu A1 mu6n chuyen nhugng co phan cho A4 hoac nguoi khac thi phai dugc Dai hgi dong CO dong dong y De "lach" quy dinh nay, Al co thi chuyin nhugng ci phan phi thong ciia minh sang A2, lugng co phan ma A2 nhan chuyin nhugng tu A1 la so co phan ma A2 "co them sau dang ky l|p doanh nghiep" Do do, theo khoan Dieu 119 LDN 2014 thi A2 co thi ty chuyin nhugng cho A4 hoac nguoi khac theo thoa thuan ngim vai Al Liic do, tong lugng co phin ma cac c6 dong sang lap nim giii co thi thip hon so voi liic dang kj^ cong ty Ben canh truang hgp tren, viec cho phep ci dong sang lap co the chuyin nhugng ci phin phi thong cho nguai khong phai la ci dong sang lap diigc Dai hgi dong co dong chip thuan co thi dan din he qua la lugng c6 phin phi thong ma cac c6 dong * Tiycmg D^i hpc LuSt TP H6 Chi Minh, Giao trinh Phap luat vg chil thk kinh doanh, Biii Xuan Hai (Chu bien), Nxb H6ag Diic, 2016, tr.250 So 11(387)16/2019 V L A P P H A P 39 BAN VE Dir AN LUAT sang lap nam giir thip hon 20% so voi liic dang k^ lap doanh nghiep Khi do, y nghTa cua quy dinh tai khoan Diiu 119 LDN 2014 viec gan ket cac co dong sang lap voi cong ty khong Do do, de khac phuc bat cap nay, chiing toi de nghi b6 sung quy dinh ve yeu cau cac cq dong sang lap phai cimg nam giu it nhit 20% ting so CO phan thong 03 nam ki tu cong ty dugc cap Giay chiing nhan dang ky doanh nghiep 2.3 H^n che chuyen nhuffng co phan cua doanh nghiep xd hpi Hien nay, doanli nghiep xa hgi (DNXH) la mot cac doi tugn^ chiu sy diiu chinh ciia LDN 2014, co the tin tai duai ca 04 hinh thiic phap ly doanh nghiep la doanh nghiep tu nhan, cong ty hgp danh, cong ty trach nhiem hftu han va cong ty co phan^ Theo quy dinh tai khoan Dieu Nghi dinh s6 96/2015/ND-CP 19/10/2015 cua Chinh phii quy dinh chi tiet mot si diiu ciia Luat Doanh nghiep (Nghi dinh s6 96/2015/ ND-CP) thi "chii doanh nghiep tu nhan, vien va co d6ng doanh nghiep xa hgi chi dugc chuyen nhugng phan von gop, co phan ciia minh cho to chiic, ca nhan khac neu hg co cam ket tiep tuc thyc hien cac muc tieu xa hgi, moi truang" Yeu cau phai co "cam ket tiep tuc thyc hien cac muc tieu xa hgi, moi truang" co the hieu la dieu kien de dugc chuyen nhuong co phan/phan von gop Quy djnh nham dam bao rang nha dau tu truoc mua co phan co the biet va hieu ro ve nhung dac thii ciia DNXH, boi nhung dac thil co the thu hep quyen Igi ciia co dong Xoay quanh quy dinh ciia Nghj dinh s6 96/2015/ND-CP, chiing toi thiy c6 mot so van de sau: Khoan Diiu 10 LDN 2014 trao quyen cho Chinh phii viec quy dinh chi tiet Dieu 10, tiic la cac ngi dung ve tieu chi nhan dien DNXH, quyen va nghTa vu cua DNXH, uu dai, h6 tro cho DNXH Con vin di chuyin nhuong c6 phan thi LDN 2014 khong CO quy dinh dac thu danh neiig cho DNXH, cho nen viec mua bari co phan cua DNXH vin phai theo quy chi phap ly cua mo hinh cong ty c6 phin Viec Nghi dinh s6 96/2015/ND-CP dat dieu kien phai co "cam kit tiip tuc thyc hien cac muc tieu xa hoi, moi truang" la vugt qua su phan quyen ma LDN 2014 cho phep Hon niia, neu co phiiu cua DNXH khong co ngi dung ve viec nguai mua phai co "cam kit tiep tuc thyc hien cac muc tieu xa hgi, moi truang" thi lieu ring nha diu tu co bit buoc phai lam cam kit hay khong, ma khoan Diiu 126 LDN 2014 quy dinh nhtog han chi chuyin nhugng co phan phai dugc "neu ro" tren co phieu Hien nay, niu lam "cam ket tiep tuc thuc hien cac muc tieu xa hgi, moi truang" thi chling ta ciing dang thieu mot khoang tring phap ly ve van de Chang han, cam ket lam theo hinh thiic nao vi khong co quy dinh cu the, nen cac ben co the ty lua chgn hinh thiic cam ket, ke ca la noi mieng voi nhau, va nhu vay gia tri chung minh cua cam ket la rat thap; Hay ngi dung cua cam kit gim nhiing gi? Hien tai, Nghi dinh s6 96/2015/ND-CP ya Thong tu si 04/2016/ TT-BKHDT co de cap ve ngi dung va bieu mau cua "Cam ket thuc hien muc tieu xa hgi, moi trudng", "cam kit tiip tuc thyc hien cac muc tieu xS hgi, moi truang" thi chua dugc lam ro Khi tro co dong cua cong ty, nha dau tu CO nghia vu tuan thii theo Diiu le cong ty (Diiu 115 LDN 2014), nhirng muc tieu xa hgi, moi truong cua DNXH dugc ghi nhan Dieu Ie cong ty thi cac c6 dong DNXH CO trach nhiem thuc hien theo muc tieu ma DNXH theo duii Do do, chmig toi kien nghj bo quy dinh yeu ciu ti chuc, ca nhan mua co phan ciia DNXH phai lam "cam ket tiep tuc thuc hien cac muc tieu xa hpi, moi truong" nhu Nghi dinh s6 96/2015/ (Xem tiep trang 64) Le Nhat Bao, Ban chat ciia doanh nghiep xa hpi v^ cdch phSn loai hap nhan theo Bo luat Dan su 2015, Tap chi Khoa hpc phSp Iy, s5 (120), 2018, tr 63 CUu • 401NGHIEN LAP P H A P - V S^ 11(387) T6/2019 ... CO dong nhu quy dinh tai khoan Dieu 126 LDN 2014 (dSn chiiu din khoan Diiu 119 LDN 2014) ? Chling toi cho rang, Dieu 126 LDN 2014 can dugc thiet ke lai theo sy phan chia ro rang nhu tren Chang han,... la so co phan ma A2 "co them sau dang ky l|p doanh nghiep" Do do, theo khoan Dieu 119 LDN 2014 thi A2 co thi ty chuyin nhugng cho A4 hoac nguoi khac theo thoa thuan ngim vai Al Liic do, tong lugng... thii theo Diiu le cong ty (Diiu 115 LDN 2014) , nhirng muc tieu xa hgi, moi truong cua DNXH dugc ghi nhan Dieu Ie cong ty thi cac c6 dong DNXH CO trach nhiem thuc hien theo muc tieu ma DNXH theo