{"id":60906,"date":"2023-12-08T20:22:24","date_gmt":"2023-12-08T11:22:24","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=60906"},"modified":"2024-03-29T11:51:53","modified_gmt":"2024-03-29T02:51:53","slug":"share-transfer-important-point-contract","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract","title":{"rendered":"Jak\u00e9 jsou body, na kter\u00e9 je t\u0159eba d\u00e1vat pozor p\u0159i p\u0159evodu akci\u00ed? Konkr\u00e9tn\u00ed vysv\u011btlen\u00ed klauzul\u00ed, kter\u00e9 by m\u011bly b\u00fdt zahrnuty do smlouvy"},"content":{"rendered":"\n<p>Jedn\u00edm z \u010dasto vyu\u017e\u00edvan\u00fdch sch\u00e9mat v M&amp;A (f\u00faze a akvizice) startup\u016f je p\u0159evod akci\u00ed. D\u016fvodem, pro\u010d je toto sch\u00e9ma tak obl\u00edben\u00e9, je relativn\u00ed jednoduchost cel\u00e9ho procesu v r\u00e1mci M&amp;A sch\u00e9mat.<\/p>\n\n\n\n<p>Nyn\u00ed se zam\u011b\u0159\u00edme na podnikatele, kte\u0159\u00ed se chystaj\u00ed prov\u00e9st p\u0159evod akci\u00ed, a vysv\u011btl\u00edme, na co by m\u011bli d\u00e1vat pozor p\u0159i sestavov\u00e1n\u00ed smlouvy o p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Co_je_smlouva_o_prevodu_akcii\" title=\"Co je smlouva o p\u0159evodu akci\u00ed\">Co je smlouva o p\u0159evodu akci\u00ed<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Co_je_prevod_akcii\" title=\"Co je p\u0159evod akci\u00ed\">Co je p\u0159evod akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Upozorneni_na_prevod_akcii\" title=\"Upozorn\u011bn\u00ed na p\u0159evod akci\u00ed\">Upozorn\u011bn\u00ed na p\u0159evod akci\u00ed<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Zachazeni_s_vedenim_prodavajici_spolecnosti\" title=\"Zach\u00e1zen\u00ed s veden\u00edm prod\u00e1vaj\u00edc\u00ed spole\u010dnosti\">Zach\u00e1zen\u00ed s veden\u00edm prod\u00e1vaj\u00edc\u00ed spole\u010dnosti<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Je_mozne_identifikovat_vsechny_akcie_prodavajici_spolecnosti\" title=\"Je mo\u017en\u00e9 identifikovat v\u0161echny akcie prod\u00e1vaj\u00edc\u00ed spole\u010dnosti?\">Je mo\u017en\u00e9 identifikovat v\u0161echny akcie prod\u00e1vaj\u00edc\u00ed spole\u010dnosti?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Klicove_body_kontroly_smlouvy_o_prevodu_akcii\" title=\"Kl\u00ed\u010dov\u00e9 body kontroly smlouvy o p\u0159evodu akci\u00ed\">Kl\u00ed\u010dov\u00e9 body kontroly smlouvy o p\u0159evodu akci\u00ed<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Ustanoveni_tykajici_se_prevodu_akcii\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se p\u0159evodu akci\u00ed\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se p\u0159evodu akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Ustanoveni_o_prevodni_cene\" title=\"Ustanoven\u00ed o p\u0159evodn\u00ed cen\u011b\">Ustanoven\u00ed o p\u0159evodn\u00ed cen\u011b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Ustanoveni_tykajici_se_uzavreni_transakce\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se uzav\u0159en\u00ed transakce\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se uzav\u0159en\u00ed transakce<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Emitent_akcii\" title=\"Emitent akci\u00ed\">Emitent akci\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Spolecnosti_ktere_nevydavaji_akcie\" title=\"Spole\u010dnosti, kter\u00e9 nevyd\u00e1vaj\u00ed akcie\">Spole\u010dnosti, kter\u00e9 nevyd\u00e1vaj\u00ed akcie<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Klauzule_o_prohlaseni_a_zaruce\" title=\"Klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce\">Klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Ustanoveni_tykajici_se_schvaleni_prevodu\" title=\"Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se schv\u00e1len\u00ed p\u0159evodu\">Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se schv\u00e1len\u00ed p\u0159evodu<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/share-transfer-important-point-contract\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_smlouva_o_prevodu_akcii\"><\/span>Co je smlouva o p\u0159evodu akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nejprve vysv\u011btl\u00edme z\u00e1kladn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se toho, jak\u00fdm mechanismem je smlouva o p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_prevod_akcii\"><\/span>Co je p\u0159evod akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159evod akci\u00ed v r\u00e1mci M&amp;A znamen\u00e1 metodu prodeje spole\u010dnosti, kdy akcion\u00e1\u0159 prod\u00e1vaj\u00edc\u00ed spole\u010dnosti p\u0159evede sv\u00e9 akcie na kupuj\u00edc\u00ed spole\u010dnost. V p\u0159\u00edpad\u011b startup\u016f jsou akcion\u00e1\u0159i prod\u00e1vaj\u00edc\u00ed spole\u010dnosti \u010dasto zakladatel\u00e9.<\/p>\n\n\n\n<p>P\u0159i p\u0159evodu akci\u00ed mohou akcion\u00e1\u0159i prod\u00e1vaj\u00edc\u00ed spole\u010dnosti z\u00edskat protihodnotu za p\u0159evod akci\u00ed v\u00fdm\u011bnou za ztr\u00e1tu kontroly nad spole\u010dnost\u00ed (\u0159\u00edd\u00edc\u00ed pr\u00e1va).<\/p>\n\n\n\n<p>Na druh\u00e9 stran\u011b, kupuj\u00edc\u00ed spole\u010dnost p\u0159evezme kontrolu nad prod\u00e1vaj\u00edc\u00ed spole\u010dnost\u00ed (\u0159\u00edd\u00edc\u00ed pr\u00e1va) prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed a obvykle ji pot\u00e9 p\u0159em\u011bn\u00ed na dce\u0159inou spole\u010dnost.<\/p>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed v\u00fdhod a postupu p\u0159evodu akci\u00ed najdete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/share-transfer-ma\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/share-transfer-ma[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Upozorneni_na_prevod_akcii\"><\/span>Upozorn\u011bn\u00ed na p\u0159evod akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>P\u0159esto\u017ee p\u0159evod akci\u00ed m\u00e1 mnoho v\u00fdhod, existuj\u00ed tak\u00e9 body, na kter\u00e9 je t\u0159eba d\u00e1vat pozor. N\u00e1sledn\u011b vysv\u011btl\u00edme, na co si d\u00e1t pozor p\u0159i p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zachazeni_s_vedenim_prodavajici_spolecnosti\"><\/span>Zach\u00e1zen\u00ed s veden\u00edm prod\u00e1vaj\u00edc\u00ed spole\u010dnosti<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Zda z\u016fstane zakladatel nebo veden\u00ed prod\u00e1vaj\u00edc\u00ed spole\u010dnosti ve spole\u010dnosti po p\u0159evodu akci\u00ed, z\u00e1vis\u00ed na obsahu smlouvy o p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<p>Je v\u0161ak t\u0159eba si uv\u011bdomit, \u017ee p\u0159evod akci\u00ed znamen\u00e1, \u017ee nov\u00fdm akcion\u00e1\u0159em se st\u00e1v\u00e1 kupuj\u00edc\u00ed spole\u010dnost, kter\u00e1 m\u016f\u017ee podle sv\u00e9ho uv\u00e1\u017een\u00ed jmenovat a odvol\u00e1vat \u010dleny p\u0159edstavenstva.<\/p>\n\n\n\n<p>Proto je t\u0159eba m\u00edt na pam\u011bti, \u017ee pokud je rozhodnuto, \u017ee nejsou pot\u0159ebn\u00ed pro kupuj\u00edc\u00ed spole\u010dnost, mohou b\u00fdt odvol\u00e1ni.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/04\/share-transfer-important-point-contract1.jpg\" alt=\"\" class=\"wp-image-31532\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Je_mozne_identifikovat_vsechny_akcie_prodavajici_spolecnosti\"><\/span>Je mo\u017en\u00e9 identifikovat v\u0161echny akcie prod\u00e1vaj\u00edc\u00ed spole\u010dnosti?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V praxi M&amp;A se n\u011bkdy nem\u016f\u017ee vyu\u017e\u00edt p\u0159evod akci\u00ed a je nutn\u00e9 zvolit jin\u00e9 metody, jako je p\u0159evod podniku.<\/p>\n\n\n\n<p>Typick\u00fdm p\u0159\u00edpadem, kdy nelze vyu\u017e\u00edt p\u0159evod akci\u00ed, je situace, kdy nelze identifikovat v\u0161echny akcie prod\u00e1vaj\u00edc\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Takov\u00e1 situace se obvykle nest\u00e1v\u00e1 u startup\u016f, kter\u00e9 p\u016fvodn\u011b pl\u00e1novaly IPO (ve\u0159ejnou nab\u00eddku akci\u00ed). Nicm\u00e9n\u011b, pokud uplynulo mnoho let od zalo\u017een\u00ed spole\u010dnosti nebo pokud zakladatel\u00e9 p\u0159edali akcie rodin\u011b nebo p\u0159\u00e1tel\u016fm jako sou\u010d\u00e1st sv\u00fdch vztah\u016f, m\u016f\u017ee se st\u00e1t, \u017ee nen\u00ed jasn\u00e9, kdo vlastn\u00ed akcie.<\/p>\n\n\n\n<p>Pokud nen\u00ed jasn\u00e9, kdo a kolik akci\u00ed vlastn\u00ed prod\u00e1vaj\u00edc\u00ed spole\u010dnost, m\u016f\u017ee b\u00fdt t\u011b\u017ek\u00e9 prov\u00e9st p\u0159evod akci\u00ed.<\/p>\n\n\n\n<p>Dokonce i kdy\u017e lze identifikovat v\u0161echny akcion\u00e1\u0159e, pokud n\u011bkdo mimo spole\u010dnost vlastn\u00ed akcie, je nutn\u00e9 z\u00edskat souhlas tohoto akcion\u00e1\u0159e pro p\u0159evod akci\u00ed. To plat\u00ed i pro p\u0159\u00edpady, kdy spole\u010dnost z\u00edskala investice od VC (venture capital). Pokud nelze z\u00edskat souhlas v\u0161ech akcion\u00e1\u0159\u016f pro p\u0159evod akci\u00ed, m\u016f\u017ee b\u00fdt t\u011b\u017ek\u00e9 prov\u00e9st p\u0159evod akci\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klicove_body_kontroly_smlouvy_o_prevodu_akcii\"><\/span>Kl\u00ed\u010dov\u00e9 body kontroly smlouvy o p\u0159evodu akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/04\/share-transfer-important-point-contract2.jpg\" alt=\"\" class=\"wp-image-31533\" \/><\/figure>\n\n\n\n<p>P\u0159i uzav\u00edr\u00e1n\u00ed smlouvy o p\u0159evodu akci\u00ed je t\u0159eba se zam\u011b\u0159it na kl\u00ed\u010dov\u00e9 ustanoven\u00ed. V n\u00e1sleduj\u00edc\u00edm p\u0159\u00edkladu ustanoven\u00ed je &#8220;A&#8221; akcion\u00e1\u0159em prod\u00e1vaj\u00edc\u00edm a &#8220;B&#8221; je kupuj\u00edc\u00ed spole\u010dnost\u00ed. C\u00edlovou spole\u010dnost\u00ed pro akciovou spole\u010dnost je &#8220;Akciov\u00e1 spole\u010dnost X&#8221;.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_prevodu_akcii\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se p\u0159evodu akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek \u25cb (P\u0159evod akci\u00ed) <br>Strana A p\u0159evede na stranu B \u25cb akci\u00ed b\u011b\u017en\u00e9ho typu, kter\u00e9 byly vyd\u00e1ny spole\u010dnost\u00ed X (japonsk\u00e1 &#8220;kabushiki gaisha&#8221;), dne \u25cb.\u25cb.\u25cb, a strana B tyto akcie p\u0159ijme. <\/p>\n\n\n\n<p>St\u011b\u017eejn\u00edm bodem smlouvy o p\u0159evodu akci\u00ed je dohoda o p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<p>Je nutn\u00e9 jasn\u011b uv\u00e9st spole\u010dnost, kter\u00e1 je p\u0159edm\u011btem p\u0159evodu akci\u00ed (v p\u0159\u00edkladu ustanoven\u00ed &#8220;kabushiki gaisha X&#8221;), a ur\u010dit typ a po\u010det akci\u00ed. Pokud existuje v\u00edce akcion\u00e1\u0159\u016f, kte\u0159\u00ed jsou prod\u00e1vaj\u00edc\u00edmi, v\u0161ichni se stanou stranami smlouvy o p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_o_prevodni_cene\"><\/span>Ustanoven\u00ed o p\u0159evodn\u00ed cen\u011b<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek \u25cb (P\u0159evodn\u00ed cena) <br>Cena za akcie, kterou B zaplat\u00ed A, je stanovena na \u25cb\u25cb milion\u016f korun. <\/p>\n\n\n\n<p>Spolu s dohodou o p\u0159evodu akci\u00ed je ustanoven\u00ed o p\u0159evodn\u00ed cen\u011b j\u00e1drem smlouvy o p\u0159evodu akci\u00ed. Zde je uvedena \u010d\u00e1stka, kterou akcion\u00e1\u0159 prod\u00e1vaj\u00edc\u00ed z\u00edsk\u00e1 od kupuj\u00edc\u00ed spole\u010dnosti prost\u0159ednictv\u00edm p\u0159evodu akci\u00ed.<\/p>\n\n\n\n<p>Poznamenejme, \u017ee v smlouv\u011b o p\u0159evodu akci\u00ed m\u016f\u017ee b\u00fdt uvedena cena za jednu akcii. I v tomto p\u0159\u00edpad\u011b je d\u016fle\u017eit\u00e9 uv\u00e9st v ustanoven\u00ed tak, aby byla celkov\u00e1 \u010d\u00e1stka, kter\u00e1 m\u00e1 b\u00fdt zaplacena, jednozna\u010dn\u011b stanovena.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_uzavreni_transakce\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se uzav\u0159en\u00ed transakce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek \u25cb (Procedura platby) <br>1. Strana A p\u0159ed\u00e1 sv\u00e9 akcie stran\u011b B v\u00fdm\u011bnou za platbu p\u0159evodn\u00ed ceny stanoven\u00e9 v \u010dl\u00e1nku \u25cb na den p\u0159evodu. <br>2. Strana B provede platbu p\u0159evodn\u00ed ceny p\u0159evodem na bankovn\u00ed \u00fa\u010det, kter\u00fd ur\u010d\u00ed strana A.<\/p>\n\n\n\n<p>Je b\u011b\u017en\u00e9, \u017ee skute\u010dn\u00e1 procedura p\u0159evodu akci\u00ed se provede po ur\u010dit\u00e9 dob\u011b po uzav\u0159en\u00ed smlouvy o p\u0159evodu akci\u00ed. Tento proces prov\u00e1d\u011bn\u00ed na z\u00e1klad\u011b smlouvy o p\u0159evodu akci\u00ed se naz\u00fdv\u00e1 &#8220;uzav\u0159en\u00ed transakce&#8221;.<\/p>\n\n\n\n<p>P\u0159i uzav\u0159en\u00ed transakce kupuj\u00edc\u00ed spole\u010dnost zaplat\u00ed prod\u00e1vaj\u00edc\u00edmu akcion\u00e1\u0159i cenu p\u0159evodu stanovenou v smlouv\u011b o p\u0159evodu akci\u00ed. Sou\u010dasn\u011b s touto platbou kupuj\u00edc\u00ed p\u0159ijme p\u0159evod akci\u00ed.<\/p>\n\n\n\n<p>Procedury pot\u0159ebn\u00e9 pro p\u0159evod akci\u00ed se li\u0161\u00ed v z\u00e1vislosti na tom, zda je prod\u00e1vaj\u00edc\u00ed spole\u010dnost emitentem akci\u00ed nebo ne.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Emitent_akcii\"><\/span>Emitent akci\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>U spole\u010dnosti, kter\u00e1 vyd\u00e1v\u00e1 akcie, je po\u017eadavkem pro uplatn\u011bn\u00ed v\u016f\u010di t\u0159et\u00edm stran\u00e1m p\u0159ed\u00e1n\u00ed akci\u00ed a po\u017eadavkem pro uplatn\u011bn\u00ed v\u016f\u010di prod\u00e1vaj\u00edc\u00ed spole\u010dnosti zm\u011bna v seznamu akcion\u00e1\u0159\u016f.<\/p>\n\n\n\n<p>Po\u017eadavky pro uplatn\u011bn\u00ed znamenaj\u00ed pr\u00e1vn\u00ed po\u017eadavky pot\u0159ebn\u00e9 pro tvrzen\u00ed skute\u010dnosti p\u0159evodu akci\u00ed v\u016f\u010di prod\u00e1vaj\u00edc\u00ed spole\u010dnosti a t\u0159et\u00edm stran\u00e1m, podobn\u011b jako registrace v p\u0159\u00edpad\u011b obchodov\u00e1n\u00ed s nemovitostmi.<\/p>\n\n\n\n<p>V ustanoven\u00ed o uzav\u0159en\u00ed transakce je t\u0159eba stanovit zm\u011bnu v seznamu akcion\u00e1\u0159\u016f a p\u0159ed\u00e1n\u00ed akci\u00ed. Nicm\u00e9n\u011b, i kdy\u017e je spole\u010dnost emitentem akci\u00ed, nen\u00ed nutn\u00e9 skute\u010dn\u011b vyd\u00e1vat akcie, pokud o to akcion\u00e1\u0159i ne\u017e\u00e1daj\u00ed.<\/p>\n\n\n\n<p>Z tohoto d\u016fvodu existuj\u00ed dva typy spole\u010dnost\u00ed, kter\u00e9 vyd\u00e1vaj\u00ed akcie:<\/p>\n\n\n\n<ul>\n<li>Spole\u010dnosti, kter\u00e9 ji\u017e vydaly akcie<\/li>\n\n\n\n<li>Spole\u010dnosti, kter\u00e9 je\u0161t\u011b nevydaly akcie<\/li>\n<\/ul>\n\n\n\n<p>Pokud je spole\u010dnost emitentem akci\u00ed, p\u0159evod akci\u00ed p\u0159ed vyd\u00e1n\u00edm akci\u00ed nem\u00e1 \u00fa\u010dinnost v\u016f\u010di prod\u00e1vaj\u00edc\u00ed spole\u010dnosti. A spole\u010dnosti, kter\u00e9 je\u0161t\u011b nevydaly akcie, mus\u00ed vyd\u00e1vat akcie p\u0159ed p\u0159evodem akci\u00ed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Spolecnosti_ktere_nevydavaji_akcie\"><\/span>Spole\u010dnosti, kter\u00e9 nevyd\u00e1vaj\u00ed akcie<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>V sou\u010dasn\u00e9 dob\u011b jsou v\u011bt\u0161ina nov\u00fdch spole\u010dnost\u00ed, pokud nejsou star\u00e9, spole\u010dnosti, kter\u00e9 nevyd\u00e1vaj\u00ed akcie. To je proto, \u017ee podle z\u00e1kona o spole\u010dnostech (Z\u00e1kon o spole\u010dnostech), kter\u00fd vstoupil v platnost 1. kv\u011btna 2006 (rok 2006 podle gregori\u00e1nsk\u00e9ho kalend\u00e1\u0159e), je z\u00e1kladn\u00edm principem, \u017ee akciov\u00e9 spole\u010dnosti nevyd\u00e1vaj\u00ed akcie.<\/p>\n\n\n\n<p>V p\u0159\u00edpad\u011b spole\u010dnost\u00ed, kter\u00e9 nevyd\u00e1vaj\u00ed akcie, je po\u017eadavkem pro uplatn\u011bn\u00ed p\u0159evodu akci\u00ed v\u016f\u010di t\u0159et\u00edm stran\u00e1m a prod\u00e1vaj\u00edc\u00ed spole\u010dnosti zm\u011bna v seznamu akcion\u00e1\u0159\u016f. Proto je dosta\u010duj\u00edc\u00ed stanovit, \u017ee b\u011bhem uzav\u0159en\u00ed transakce se provede \u017e\u00e1dost o zm\u011bnu v seznamu akcion\u00e1\u0159\u016f, jak je uvedeno v p\u0159\u00edkladu v\u00fd\u0161e.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Klauzule_o_prohlaseni_a_zaruce\"><\/span>Klauzule o prohl\u00e1\u0161en\u00ed a z\u00e1ruce<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek \u25cb (Prohl\u00e1\u0161en\u00ed a z\u00e1ruky) <br>1. Strana A prohla\u0161uje a zaru\u010duje stran\u011b B, \u017ee k datu uzav\u0159en\u00ed t\u00e9to smlouvy a k datu p\u0159evodu jsou n\u00e1sleduj\u00edc\u00ed skute\u010dnosti pravdiv\u00e9 a p\u0159esn\u00e9. <br>(1) (n\u00e1sleduje) <br>2. Pokud se zjist\u00ed, \u017ee skute\u010dnosti, kter\u00e9 strana A nebo strana B prohl\u00e1sila a zaru\u010dila v p\u0159edchoz\u00edm odstavci, jsou nepravdiv\u00e9, a t\u00edm zp\u016fsob\u00ed \u0161kodu druh\u00e9 stran\u011b, strana, kter\u00e1 prohl\u00e1sila a zaru\u010dila, nahrad\u00ed \u0161kodu druh\u00e9 stran\u011b.<\/p>\n\n\n\n<p>Prohl\u00e1\u0161en\u00ed a z\u00e1ruka jsou koncepty, kdy smluvn\u00ed strany prohla\u0161uj\u00ed a zaru\u010duj\u00ed pravdivost skute\u010dnost\u00ed uveden\u00fdch v klauzuli.<\/p>\n\n\n\n<p>V angli\u010dtin\u011b se tyto pojmy ozna\u010duj\u00ed jako &#8220;Representation and Warranty&#8221; a p\u016fvodn\u011b poch\u00e1zej\u00ed z angloamerick\u00e9ho pr\u00e1va.<\/p>\n\n\n\n<p>V Japonsku se tyto pojmy pou\u017e\u00edvaj\u00ed p\u0159i d\u016fle\u017eit\u00fdch transakc\u00edch mezi spole\u010dnostmi, jako jsou finan\u010dn\u00ed transakce a f\u00faze a akvizice.<\/p>\n\n\n\n<p>P\u0159i p\u0159evodu akci\u00ed se p\u0159ed uzav\u0159en\u00edm smlouvy o p\u0159evodu akci\u00ed prov\u00e1d\u00ed proces naz\u00fdvan\u00fd &#8220;due diligence&#8221; (DD), kdy kupuj\u00edc\u00ed spole\u010dnost pe\u010dliv\u011b prov\u011b\u0159uje hodnotu prod\u00e1vaj\u00edc\u00ed spole\u010dnosti z hlediska financ\u00ed, pr\u00e1vn\u00edch z\u00e1le\u017eitost\u00ed, person\u00e1ln\u00edch z\u00e1le\u017eitost\u00ed atd.<\/p>\n\n\n\n<p>Av\u0161ak kv\u016fli \u010dasov\u00fdm a finan\u010dn\u00edm omezen\u00edm nen\u00ed mo\u017en\u00e9 prov\u00e9st due diligence v\u0161ech aspekt\u016f prod\u00e1vaj\u00edc\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>Na druhou stranu, pokud se po p\u0159evodu akci\u00ed objev\u00ed skryt\u00e9 dluhy, m\u016f\u017ee to pro kupuj\u00edc\u00edho znamenat velk\u00e9 ztr\u00e1ty.<\/p>\n\n\n\n<p>Proto se v klauzuli o prohl\u00e1\u0161en\u00ed a z\u00e1ruce po\u017eaduje, aby prod\u00e1vaj\u00edc\u00ed prohl\u00e1sil a zaru\u010dil ur\u010dit\u00e9 skute\u010dnosti (nap\u0159\u00edklad \u017ee neexistuj\u00ed \u017e\u00e1dn\u00e9 skryt\u00e9 dluhy).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2021\/04\/share-transfer-important-point-contract4.jpg\" alt=\"\" class=\"wp-image-31537\" \/><\/figure>\n\n\n\n<p>Pokud se po p\u0159evodu akci\u00ed zjist\u00ed, \u017ee skute\u010dnosti, kter\u00e9 byly prohl\u00e1\u0161eny a zaru\u010deny, jsou nepravdiv\u00e9, vkl\u00e1d\u00e1 se do smlouvy klauzule, kter\u00e1 stanov\u00ed, \u017ee strana, kter\u00e1 prohl\u00e1sila a zaru\u010dila, nahrad\u00ed \u0161kodu druh\u00e9 stran\u011b.<\/p>\n\n\n\n<p>A\u010dkoli to nen\u00ed uvedeno v p\u0159\u00edkladu klauzule, existuj\u00ed p\u0159\u00edpady, kdy kupuj\u00edc\u00ed prohla\u0161uje a zaru\u010duje ur\u010dit\u00e9 skute\u010dnosti prod\u00e1vaj\u00edc\u00edmu. Podrobn\u011bji o klauzuli o prohl\u00e1\u0161en\u00ed a z\u00e1ruce se do\u010dtete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/representations-and-warranties-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/representations-and-warranties-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<p>Mezi skute\u010dnosti, kter\u00e9 jsou obvykle stanoveny v klauzuli o prohl\u00e1\u0161en\u00ed a z\u00e1ruce, pat\u0159\u00ed nap\u0159\u00edklad:<\/p>\n\n\n\n<p>Pokud m\u00e1 kupuj\u00edc\u00ed spole\u010dnost konkr\u00e9tn\u00ed obavy, m\u016f\u017ee se v podstat\u011b jak\u00e1koli skute\u010dnost stanovit jako prohl\u00e1\u0161en\u00ed a z\u00e1ruka.<\/p>\n\n\n\n<ul>\n<li>Byly provedeny v\u0161echny postupy vy\u017eadovan\u00e9 z\u00e1konem, stanovami nebo jin\u00fdmi intern\u00edmi p\u0159edpisy pro p\u0159evod akci\u00ed<\/li>\n\n\n\n<li>P\u0159evod akci\u00ed nevy\u017eaduje povolen\u00ed nebo schv\u00e1len\u00ed od vl\u00e1dy nebo souhlas t\u0159et\u00ed strany<\/li>\n\n\n\n<li>Celkov\u00fd po\u010det akci\u00ed, kter\u00e9 m\u016f\u017ee prod\u00e1vaj\u00edc\u00ed spole\u010dnost vyd\u00e1vat, je \u25cb oby\u010dejn\u00fdch akci\u00ed, z nich\u017e celkov\u00fd po\u010det vyd\u00e1van\u00fdch akci\u00ed je \u25cb akci\u00ed<\/li>\n\n\n\n<li>V\u0161echny vyd\u00e1van\u00e9 akcie byly \u0159\u00e1dn\u011b a platn\u011b vyd\u00e1ny a byly pln\u011b zaplaceny<\/li>\n\n\n\n<li>K datu smlouvy o p\u0159evodu akci\u00ed prod\u00e1vaj\u00edc\u00ed akcion\u00e1\u0159 ozn\u00e1mil v\u0161echny d\u016fle\u017eit\u00e9 informace o prod\u00e1vaj\u00edc\u00ed spole\u010dnosti a v\u0161echny informace, kter\u00e9 kupuj\u00edc\u00ed po\u017eadoval a kter\u00e9 prod\u00e1vaj\u00edc\u00ed znal a m\u011bl, byly pln\u011b zve\u0159ejn\u011bny<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ustanoveni_tykajici_se_schvaleni_prevodu\"><\/span>Ustanoven\u00ed t\u00fdkaj\u00edc\u00ed se schv\u00e1len\u00ed p\u0159evodu<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">\u010cl\u00e1nek \u25cb (Schv\u00e1len\u00ed p\u0159evodu atd.) <br>Strana A provede do dne p\u0159evodu rozhodnut\u00ed org\u00e1n\u016f nezbytn\u00e1 pro p\u0159evod akci\u00ed, v\u010detn\u011b schv\u00e1len\u00ed spr\u00e1vn\u00ed rady spole\u010dnosti X, a zajist\u00ed, aby tak u\u010dinila i spole\u010dnost X. <\/p>\n\n\n\n<p>V\u011bt\u0161ina akci\u00ed spole\u010dnost\u00ed p\u0159ed ve\u0159ejnou nab\u00eddkou akci\u00ed (IPO) jsou omezen\u011b p\u0159evoditeln\u00e9 akcie.<\/p>\n\n\n\n<p>Omezen\u011b p\u0159evoditeln\u00e9 akcie jsou takov\u00e9 akcie, u kter\u00fdch je stanoveno ve stanov\u00e1ch, \u017ee pro p\u0159evod akci\u00ed vyd\u00e1van\u00fdch spole\u010dnost\u00ed t\u0159et\u00ed stran\u011b je vy\u017eadov\u00e1no schv\u00e1len\u00ed spole\u010dnosti.<\/p>\n\n\n\n<p>P\u0159i p\u0159evodu omezen\u011b p\u0159evoditeln\u00fdch akci\u00ed je t\u0159eba prov\u00e9st nezbytn\u00e1 rozhodnut\u00ed org\u00e1n\u016f uvnit\u0159 prod\u00e1vaj\u00edc\u00ed spole\u010dnosti. Nezbytn\u00e1 rozhodnut\u00ed org\u00e1n\u016f jsou n\u00e1sleduj\u00edc\u00ed. Nicm\u00e9n\u011b, pokud jsou ve stanov\u00e1ch stanoveny odli\u0161n\u00e9 ustanoven\u00ed, stanovy maj\u00ed p\u0159ednost.<\/p>\n\n\n\n<ul>\n<li>Spole\u010dnosti s dozor\u010d\u00ed radou &#8211; schv\u00e1len\u00ed dozor\u010d\u00ed radou<\/li>\n\n\n\n<li>Spole\u010dnosti bez dozor\u010d\u00ed rady &#8211; schv\u00e1len\u00ed na valn\u00e9 hromad\u011b akcion\u00e1\u0159\u016f<\/li>\n<\/ul>\n\n\n\n<p>V p\u0159\u00edpad\u011b omezen\u011b p\u0159evoditeln\u00fdch akci\u00ed nem\u016f\u017eete tvrdit, \u017ee jste p\u0159evzali p\u0159evod akci\u00ed od spole\u010dnosti, pokud chyb\u00ed nezbytn\u00e1 rozhodnut\u00ed org\u00e1n\u016f. Z tohoto d\u016fvodu je nutn\u00e9 dokon\u010dit rozhodnut\u00ed org\u00e1n\u016f p\u0159ed uzav\u0159en\u00edm transakce.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>P\u0159i prov\u00e1d\u011bn\u00ed M&amp;A, v\u010detn\u011b p\u0159evodu akci\u00ed, je nezbytn\u00e1 znalost japonsk\u00e9ho z\u00e1kona o obchodn\u00edch spole\u010dnostech (Japanese Company Law).<\/p>\n\n\n\n<p>P\u0159evod akci\u00ed je velmi d\u016fle\u017eit\u00fd obchod, kter\u00fd ovliv\u0148uje osud spole\u010dnosti a podnik\u00e1n\u00ed jak pro prod\u00e1vaj\u00edc\u00edho, tak pro kupuj\u00edc\u00edho.<\/p>\n\n\n\n<p>Obecn\u011b je b\u011b\u017en\u00e9, aby se p\u0159i uzav\u00edr\u00e1n\u00ed smlouvy o p\u0159evodu akci\u00ed vyhnuli probl\u00e9m\u016fm, konzultovali s extern\u00edmi odborn\u00edky, jako jsou pr\u00e1vn\u00edci a da\u0148ov\u00ed poradci, a po\u017e\u00e1dali o jejich podporu.<\/p>\n\n\n\n<p>Nejen p\u0159i p\u0159evodu akci\u00ed, ale tak\u00e9 p\u0159i prov\u00e1d\u011bn\u00ed M&amp;A je nutn\u00e9 se p\u0159edem poradit s da\u0148ov\u00fdm poradcem ohledn\u011b dan\u00ed, kter\u00e9 vznikaj\u00ed v d\u016fsledku toho.<\/p>\n\n\n\n<p>Vzhledem k tomu, \u017ee je pot\u0159eba odborn\u00e9 pr\u00e1vn\u00ed znalosti, v\u010detn\u011b japonsk\u00e9ho z\u00e1kona o obchodn\u00edch spole\u010dnostech, je dobr\u00e9 se poradit s pr\u00e1vn\u00edkem specializuj\u00edc\u00edm se na pr\u00e1vn\u00ed z\u00e1le\u017eitosti firem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jedn\u00edm z \u010dasto vyu\u017e\u00edvan\u00fdch sch\u00e9mat v M&amp;A (f\u00faze a akvizice) startup\u016f je p\u0159evod akci\u00ed. D\u016fvodem, pro\u010d je toto sch\u00e9ma tak obl\u00edben\u00e9, je relativn\u00ed jednoduchost cel\u00e9ho procesu v r\u00e1mci M&amp;A sch\u00e9mat. Ny [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,27],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60906"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=60906"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60906\/revisions"}],"predecessor-version":[{"id":63847,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/60906\/revisions\/63847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63846"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=60906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=60906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=60906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}