联锁董事法律义务探讨（discussion on legal obligations of interlocking directors）

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1、联锁董事法律义务探讨（Discussiononlegalobligationsofinterlockingdirectors）DiscussiononlegalobligationsofinterlockingdirectorsAuthor:FuQilin/HouYiInterlockingdirectorsmeansthatonepersonisthedirectorofmorethantwocompaniesatthesametime.Thispaperdiscussesseveralproblemswithinterlockingdirectorsiscloselyrel

2、atedtotheboardofdirectorsdutyofprohibitionofbusinessstrife,twowaysofinterlockingdirectorsagainstthecompany(andtheusurpationofcorporateopportunitytransactionswiththecompany)speciallegalobligationandthedirectorsshallbeartheinterlock(i.e.tothesubordinatecompanyofminorityinterestsandcreditorobli

3、gations).I.dutiesofinterlockingdirectorsinthecompanylaw(1)noncompetitionobligations;Itisthedutyoffiduciarydutyofdirectors.Interlockingdirectorsareliabletoviolatethisobligation.The"competition"referstothecompetitiveactivitiesofspecificbusiness,"Prohibition"referstotheboardofdirectorsshallnotc

4、onflictwiththeirdutiesandpersonalinterestsinpositionorengageinactivitiesharmfultothecompany'sinterests,isnotfortheirownorthirdpartymanagementanditshandlingofsimilarbusiness.China's"companylaw"thesixty-firststipulation:"thedirectorsshallnotbeself-employedorforothersandforbusinesssimilartotheb

5、usinessofthecompanyorengageinactivitiesharmfultothecompany'sinterests,"director"inadditiontotheprovisionsofthearticlesofassociationortheconsentoftheshareholders'meeting,shallnotengageintransactionswiththecompanyenteredintoacontractor."Theobligationsinclude:(1)thedirectorshallnotcompeteforthe

6、purposeofprivategainwithhiscompany;(2)thedirectorsshallnotseizethebusinessopportunitiesofthecompany.Theopportunityisaspecificrequirementfortheprincipleof"corporateopportunitiesaboveallelse".Concerningthenoncompetitionduty,thecivillawsystem,thecommonlawsystemandsoonallcountrieshavetheregulati

7、on.(Note:WangBaoshu'sstudyofthelegalstatusofdirectorsinAngloAmericanlaw.)"TheJapaneseCommercialCode"256tharticle:"theboardofdirectorsfortheirownorthirdpeoplebelongingtothecategoryofbusinesstransactions,thetransactionshouldexplainimportantfactstothe