회사정관상 주식양도의 제한 － 상장허용의 제도적 조건을 중심으로 －

The regulation for the restriction on stock transfer by articles of incorporation under the Korean Commercial Act is no use in the present. This regulation was adopted from German for the purpose of defensive measures against a hostile acquisition. At that time of the adoption, there was an assumption which would be applicable to a small family or closely held corporation as an unlisted company. Under this background, listing of the restricted stocks by articles on Korea Exchange has been prohibited by Korean Stock Market Listing Regulation. The restriction on transfer of stocks, however, needs to be vitalized as an effective protection under the name of “shareholder’s autonomy” or “autonomy by corporate articles” against hostile mergers and acquisitions, like the case of Europe, especially Germany or Switzerland. Yet, with all this necessity, it requires some legal conditions: conditions for the consent decision by board of director should be differently regulated between listed and unlisted companies, and especially for the case listed company, the condition for the consent decision by the board should be certain through an acquisition limitation provided in articles of incorporation.