무액면주식제도 도입에 따른 주식제도의 개선방향

According to the 2011 revision of Korean commercial law, Korean company now can issue no-par value stock without the specification of a par value indicated in the company's articles of incorporation. Before the revision,Korean commercial law had clung to legal capital system based on par-value stock. Many erroneous, ambiguous, and imperfect provisons, however, were emerged from the revision. This article reviews recent debates and issues regarding the erroneous, ambiguous, and imperfect provisions on the no-par value stock. There are five main issues of the debates ; 1) legal capital provisions of no par value stock, 2) capital reduction provisions of no par value stock, 3)dividend and stock division provisions of no par value stock, 4) stock dividend regulations of no par value stock, and 5) rules on the exchange of par value stock and no-par value stock. The author explores these five issues and suggests solutions, with the comparative analysis with the regulations of Australia, Canada, EU, German, Japan, and the United States.