상법상 배당가능이익에 의한 자기주식 취득의 쟁점

Author of this article proposed some interpretative and legislative assertion regarding some issues of treasury shares under newly revised commercial code of Korea from the perspective of comparative corporation law. In short, ① acquired treasury shares have the nature of capital adjustment instead of assets, ② the acquisition and disposal transaction of treasury shares is capital transaction instead of revenue transaction, ③ the legal effect of illegal acquisition of treasury shares is invalid, ④ the legal responsibilities of directors should be revised, especially the scope of responsibilities, ⑤ the procedure of issuance of new shares should be applied mutatis mutandis to the disposal of treasury shares.disposal prors with respect to the scope of responsibility and the need to revise the current regulations apply, mutatis mutandis, to the issuance of procedures for the disposal of treasury shares acquired. ⑤ legislative improvements will be needed. From the broader perspective, the discussion to date tends to focus on the interpretation of newly-enacted treasury share provisions, based on the framework of treasury shares acquired for some specific purpose. However,the author think that revised commercial code has got the structure of treating the acquisition of treasury shares parallel to profit distributions by the influence of Japanese Corporation Act whether the legislator was conscious of the influence is not certain. Therefore in the process of interpretation and legislation regarding treasury shares the conformity of both the institution should be considered seriously henceforth.