無額面株式制度에 관한 法的 考察

Abstract

No-par value share is a share on which only quantity of the share is stated without a specified value on share certificate and articles of incorporation. The system of the no-par value share was first devised and legislated in U.S. Later the system was introduced and practiced in Japan, Germany and other countries. However this system has not been accepted in the Commercial Law in Korea. Introducing no-par value share system it is necessary to relax the limitation that restricts the objective of contribution to investment in money in principle and investment in kind in exception and to permit investment in labor and investment in credit. It is natural that the scope of the objective of contribution should be conformed accurately and an amount of money of the non-monetary objective of contribution should be estimated fairly. It is appropriate to limit the subject introducing no-par value share system to stock listed corporations and KOSDAQ(Korean Securities Dealers' Automated Quotation) listed companies ensured the fairness of issue amount by the market price issue system because in no-par value share system the fairness of issue amount and capital structure should be on the premise. It is proper that the board of directors or general meeting of shareholders decides issue amount.