The Non-uniformity of Equity Change Model:Practical Review and Theoretical Explanation
On the issue of equity change model,meaningism and formalism have a conflict of positions on the surface,but in essence,they both aim to seek a unified approach to the equity change model.However,whether from the perspective of judicial practice or basic theory,model unification is not an appropriate strategy to solve the problem of equity change.In judicial prac-tice,there are not a majority of cases that focus on the effective time of equity changes,and courts prefer to determine the continuous status of shareholder qualifications based on a combina-tion of formal and substantive elements,rather than the initial point.The so-called equity change is just a general term,and the object to which it refers may be inconsistent in different ca-ses.Insisting on the separability of equity interests is conducive to grasping the different occur-rences of the transfer of equity property interests and the confirmation of personal interests.The parties may agree on the timing of the equity change according to their actual needs.In the ab-sence of an agreement,a complete equity change is a complex process from the law of conduct to the law of organization and then to the law of conduct,thus forming a three-tier legal relation-ship.The first level of legal relationship is the change of property interests between the original shareholder and the successor;the second level of legal relationship is the company's recognition of the qualifications of the successor's shareholder;the third level of legal relationship is the ad-versarial effect of company registration against the counterparty.The effective time of the three levels of legal relationships is not the same,and the requirements for effectiveness are also differ-ent,which making it impossible to achieve the unification of the model.
equity changemeaningismformalismcompany accreditationseparation of equity interests
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