Einde inhoudsopgave
Exit rights of minority shareholders in a private limited company (IVOR nr. 72) 2010/7.2.1
7.2.1 Introduction
mr. dr. P.P. de Vries, datum 03-05-2010
- Datum
03-05-2010
- Auteur
mr. dr. P.P. de Vries
- JCDI
JCDI:ADS406334:1
- Vakgebied(en)
Ondernemingsrecht (V)
Voetnoten
Voetnoten
The rules form part of the act introducing Books 3, 5 and 6 DCC. The implementation act dates from 15 November 1989, Stb. 1989, 541. The rules came into force on 1 January 1992.
The rules on association are found in Artt. 2:26 to 2:52 DCC, the rules on cooperatives and mutual insurance societies in Artt. 2:53-63j DCC and the rules on foundations in Artt. 2:285 to 2:304 DCC.
Please note that in the original text of Dutch statutes abbreviations such as 'BV' are not used; instead, the name of each legal form is spelled out.
1. Een rechtspersoon kan zich met inachtneming van de volgende leden omzetten in een andere rechtsvorm. 2. Voor omzetting zijn vereist: a. een besluit tot omzetting, genomen met inachtneming van de vereisten voor een besluit tot statutenwijziging en (...), genomen met de stemmen van ten minste negen tienden van de uitgebrachte stemmen; b. een besluit tot wijziging van de statuten; c. een notariële akte van omzetting die de nieuwe statuten bevat. 3. De in het vorige lid onder a genoemde meerderheid is niet vereist voor een omzetting van een naamloze vennootschap in een besloten vennootschap of omgekeerd. 4. Voor de omzetting (...) in een stichting en van een naamloze of besloten vennootschap in een vereniging is bovendien rechterlijke machtiging vereist. 5. Slechts de rechtspersoon kan machtiging tot omzetting verzoeken aan de rechtbank, onder overlegging van een notarieel ontwerp van de akte. Zij wordt in elk geval geweigerd, indien een vereist besluit nietig is of indien een rechtsvordering tot vernietiging daarvan aanhangig is. Zij wordt geweigerd, indien de belangen van stemgerechtigden die niet hebben ingestemd of van anderen van wie ten minste iemand zich tot de rechter heeft gewend, onvoldoende zijn ontzien. Indien voor de omzetting machtiging van de rechter is vereist, verklaart de notaris in de akte van omzetting dat de machtiging op het ontwerp van de akte is verleend. (...) 7. De rechtspersoon doet opgave van de omzetting ter inschrijving in de registers waarin hij moet zijn en moet worden ingeschreven (...). 8. Omzetting beëindigt het bestaan van de rechtspersoon niet.
1. Wanneer de besloten vennootschap zich krachtens artikel 18 omzet in een vereniging, cooperatie of onderlinge waarborgmaatschappij, wordt iedere aandeelhouder lid, tenzij hij de schadeloosstelling heeft gevraagd, bedoeld in lid 2. 2. Na een besluit tot omzetting kan iedere aandeelhouder die niet met het besluit heeft ingestemd, de vennootschap schadeloosstelling vragen voor het verlies van zijn aandelen, tenzij de vennootschap zich omzet in een naamloze vennootschap. Na zulk een besluit kan iedere aandeelhouder die niet met het besluit heeft ingestemd, de vennootschap schadeloosstelling vragen voor het verlies van zijn aandelen. Het verzoek tot schadeloosstelling moet schriftelijk aan de vennootschap worden gedaan binnen één maand nadat zij aan de aandeelhouder heeft meegedeeld dat hij deze schadeloosstelling kan vragen. De mededeling geschiedt op de zelfde wijze als de oproeping tot een algemene vergadering. 3. Bij gebreke van overeenstemming wordt de schadeloosstelling bepaald door een of meer onafhankelijke deskundigen, ten verzoeke van de meest gerede partij te benoemen door de rechtbank bij de machtiging tot omzetting of door de voorzieningenrechter van de rechtbank. De artikelen 351 en 352 zijn van toepassing.
It is conceivable that particular rights or obligations to which only BVs are entitled may cease to exist upon the conversion taking effect.
The oldest Dutch appraisal right is found in Art. 2:181 DCC and applies in the event of the conversion (change of the legal form) of a BV. In 1992, this appraisal right was introduced within the framework of the introduction of new rules on conversion of legal entities governed by Book 2 DCC.1 A comparable mie is found in Art. 2:71 DCC and applies in the event of the conversion of an NV. In the following, the focus will be on the rules applying to BVs.
The appraisal right of Art. 2:181 DCC is available in the case of a conversion of a BV into an association (vereniging), cooperative (cooperatie), mutual insurance society (onderlinge waarborgmaatschappij) or foundation (stichting).2 The appraisal right is not available in the case of a conversion of a BV into an NV. The general rules on conversion of legal entities are found in Art. 2:18 DCC, of which I only cite the relevant pulls:
Subject to compliance with the following paragraphs, a legal entity may convert itself into another legal form.
The following is required for conversion:
a.a resolution for conversion, adopted in accordance with the requirements for a resolution for an amendment of the articles of association and (..) adopted with the votes of at least nine-tenths of the votes cast;
b.a resolution for amendment of the articles of association;
c.a notarial deed of conversion embodying the new articles of association.
The majority mentioned in subparagraph a of the preceding paragraph is not required for the conversion of an NV into a BV or vice versa.3
For the conversion (..) into a foundation and of an NV or BV into an association authorization by the court shall also be required.
An application to the court for authorization to convert can only be made by the legal entity on submission of a drafi notarial deed. This shall be rejected in any event if any required resolution is null and void or if proceedings for the annulment thereof are pending. It shall be rejected if the interests of persons with voting rights who did not exercise such rights or of any other persons at least one of whom sought the assistance of the court, have been insufficiently respected. If authorization by the court is required for the conversion, the civil-law notary shall state in the conversion deed that such authorization has been granted to the draft of the deed. (..)
7.The legal entity shall file notice of its conversion for entry in the registers in which it was obliged to be and now must be registered. (..)
Conversion shall not terminate the legal existence of a legal entity.4
In addition to the general rules on conversion, Art. 2:181 DCC specifically regards the situation of conversion of a BV into another legal form. This provision stipulates:
1.On the conversion of a BV under Article 18 into an association, cooperative or mutual insurance society, each shareholder shall become a member unless he has requested indemnification under paragraph 2.
2.After a resolution for conversion, any shareholder who has not consented to such resolution may request the company for indemnification against the loss of his shares, unless the company converts itself into an NV The request for indemnification must be made in writing to the company within one month after it has informed the shareholder that he may request such indemnification. Such notice shall be given in the same manner as a convening notice for a general meeting.
In the absence of agreement, such indemnification shall be determined by one or more independent experts appointed, on the application of an interested party, by the court in the case of authorization for conversion or by the immediate remedies judge of that court. Articles 351 and 352 shall apply.5
The rules of Art. 2:181 DCC can be clarified as follows. Shareholders in a BV can no longer be shareholders if the company is converted into an association, cooperative, mutual insurance society or foundation. As these four legal forms do not have a shareholder structure, the shares in the BV will be cancelled upon conversion. Art. 2:285 DCC stipulates that a foundation does not have members. As a result of the conversion of a BV into a foundation, the relationship between the legal entity and the (former) shareholder will cease to exist.
Associations, cooperatives and mutual insurance societies all have members. The later mie is found in Art. 2:26 paragraph 1 DCC, applying to the association, and when read in conjunction with Art. 2:53a DCC, applying to the cooperative and mutual insurance society. Pursuant to Art. 2:181 paragraph 1 DCC, thus at operation of law, each shareholding in the BV will be converted into a membership of an association, cooperative, or mutual insurance society. Regardless of how many shares a shareholder holds, he will have just one membership right in an association, a cooperative or a mutual insurance society, as statute refers to membership in singular and not in plural. Statute does not differentiate between membership rights either obtained by a majority shareholder or by a minority shareholder.
In principle, the conversion of the BV into another legal form does not affect the estate (vermogen) of the legal entity. In the case of conversion, the rights and obligations of the former BV will, in principle, remain with the legal entity.6 In principle, only the legal form will be changed. It is worth noting that that conversion, contrary to the situation before 1992, does not involve the dissolution and liquidation of the legal entity.
In order to convert a BV into one of the legal forms listed above, statute does not prescribe the consent of all shareholders. Art. 2:18 paragraph 2 (a) DCC stipulates that such resolution requires a majority of 90% of the votes cast in the general meeting and must be adopted in accordance with the requirements for a resolution for amendment of the articles of association. The articles of association can provide for a threshold higher than 90% of the votes cast. As the 90% threshold constitutes mandatory law, it is not possible to set a lower threshold in the articles of association.
The increased threshold of 90% of the votes cast offers minority shareholders protection up to a certain degree. For instance, a minority shareholder holding at least 10% of the shares is always able to block a resolution for conversion by attending the general meeting and voting against the resolution. It should be noted that, whereas Art. 2:18 paragraph 2 (a) DCC does not include a quorum requirement, the group of non-consenting shareholders could be considerable and could even hold more than 10% of the shares.