Recently Supreme Court issued a meaningful judgement on the corporate power to choose the shareholder who can exercise the shareholder s right in corporate affairs, especially between a registered shareholder and an equitable shareholder. It changed n...
Recently Supreme Court issued a meaningful judgement on the corporate power to choose the shareholder who can exercise the shareholder s right in corporate affairs, especially between a registered shareholder and an equitable shareholder. It changed not only the prior judgements on that 앉ue but also the popular view on it. According to the judgement of supreme court commented in this paper, the registered shareholder is the only shareholder to be able to exercise the shareholder’s right even though he or she entered into a contrad with equitable shareholder to make the latter to exercise a shareholder s right under the name of former. And the interpretation to support the registered shareholder is based on the effed of the transfer book of shareholders and the presumed intent of both
shareholders to have registered the former
The opinion of the commented case somewhat helps to simplify the corporate affairs of recognizing shareholders at the time of exercising their right to corporation, But that is contrary to the provisions that afford corporations the power
to give the registered shareholder a chance to exercise the right, whereas does not give a duty to follow contents of the transfer book of shareholders, The provision, *337 of Korean Commercial Ad(KCA) is construed to be a limitation of not a corporation but a shareholder, and corporations can recognize the equitable shareholder as the legal shareholder to be able to exercise a shareholder s right.
And prior judgements of supreme court and opinions supporting an equitable shareholder rather than a registered shareholder are more proper than the commented judgement of supreme court as it protects the real shareholder to
exercise his or her right which is kind of a justice in civil relationship.
Considering that the commented judgement affected enormous parts of corporate aw and thereon cases and that the conclusion of the judgement is contrary to the justice we believe in, the supreme court should have consulted with academic circle prior to conclusion on that case and the position of supreme court needs to be
repealed. And if the object that the judgement to realize needs to come true, which, I believe, is not proper, the amendment of KCA is recommended instead of judgement of court