about this bookdeutsch english Under the regulations of the German Aktiengesetz (Public Companies Act) the protection of the shareholder’s right of membership is still insufficient in respect to the so-called Holzmüller-transactions as well as in connection to the utilization of authorized capital under exclusion of subscription rights. Internal decisions of both the executive management and the supervisory board are not voidable on the grounds of the Aktiengesetz and therefore fully effective in relation to third parties. As the implementation of such measures is usually unavoidable by the individual shareholder, the question arises, how such shareholder can recover subsequently. Particularly the small shareholder will encounter large problems with the accurate estimation of his own financial loss. Thus, compensation on the grounds of the German law on damages will regularly not be possible. Against this background, the author pursues the question, if this is acceptable or if the small shareholder should not rather be entitled to claim effective compensation by reason of the constitutionally protection of the right of property. The jurisdiction has chosen a structurally comparable approach already in connection with the constitutional protection of personality rights and particularly considered a preventive effect of compensation necessary to prevent future violations. The implementation of such principles into the field of constitutionally relevant infringements of the shareholder’s right of membership is a central aspect of this book.
keywordsAktienrecht Allgemeines Persönlichkeitsrecht Bezugsrechtsausschluss Eigentumsrecht Genehmigtes Kapital Holzmüller Immaterieller Schaden Mitgliedschaftsrecht Prävention Schadensrecht Verfassungsrecht
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