专题3《股东的出资》

以下为《2026商经法鄢梦萱系统精讲》中专题3《股东的出资》的全部逐字原文内容：

专题3《股东的出资》

一、股东的出资规则

《公司法》第48条 股东可以用货币出资，也可以用实物、知识产权、土地使用权、股权、债权等可以用货币估价并可以依法转让的非货币财产作价出资；但是，法律、行政法规规定不得作为出资的财产除外。

对作为出资的非货币财产应当评估作价，核实财产，不得高估或者低估作价。法律、行政法规对评估作价有规定的，从其规定。

知识点 020 出资形式★★★（两类公司规则相同）

(一) 货币出资

1. 股东以货币出资的，应当将货币出资足额存入公司在银行开设的账户。

2. 货币出资没有金额限制。

(二) 非货币财产出资

1. 一般规则 (1) 以非货币财产出资的，应当依法办理其财产权的转移手续。 (2) 对作为出资的非货币财产应当评估作价，核实财产，不得高估或者低估作价。法律、行政法规对评估作价有规定的，从其规定。 (3) 出资人以符合法定条件的非货币财产出资后，因市场变化或者其他客观原因导致财产贬值，公司请求出资人补足出资的，人民法院不予支持，但是公司章程另有规定或者出资人与公司另有约定的除外。

2. 不动产（如建设用地使用权、建筑物和其他土地附着物等）、需要办理权属变更登记或者核准的知识产权出资 [情形1] 交付未过户：上述出资已经交付公司使用但未按照章程规定的期限办理权属变更登记的，公司有权请求出资人办理权属变更登记； [情形2] 过户未交付：上述出资已经办理权属变更登记但未按照公司章程规定的期限交付公司使用的，公司有权请求出资人交付公司使用并赔偿损失。 [例] 股东张某以房屋出资。若该房屋于1月1日过户至公司名下，但张某一直未撤离，则公司不仅有权要求张某交付该房屋，给公司造成损失的，还要承担赔偿责任。

3. 实务难点：以无处分权财产或犯罪所得财产出资 (1) 出资人以其不享有处分权的财产出资，当事人之间对于出资义务履行产生争议的，人民法院可以参照《民法典》第311条关于“善意取得”的规定予以认定。 [例] 甲以其从A公司租赁的一套设备作为设立萱草公司的出资，即构成以“不享有处分权的财产”出资。 【易错】以“不享有处分权的财产”出资时，要考虑受让公司是否构成善意取得。关键是考虑股东除了出资人的身份之外，是否还有法定代表人、主要设立人等其他可能影响公司经营决策的身份。上例中，如果股东甲还具有特殊身份，如新设立的萱草公司的董事长，则其主观恶意视为所代表公司的恶意，因此，新设立的萱草公司不符合善意取得的条件，不能取得设备的所有权。 (2) 出资人以违法犯罪所得的财产出资并取得股权的，对违法犯罪行为予以追究、处罚时，应当采取拍卖或者变卖的方式处置其股权。 [例] A国有企业改制为A有限责任公司时，厂长张某以贪污挪用的A国有企业公款100万元作为自己对A有限责任公司的出资。A有限责任公司成立后，该案事发。司法机关能否直接从A有限责任公司的账户将该100万元出资款转走？（不能。应处置张某取得的股权。）

4. 股权、债权出资 (1) 股权出资，是指出资人以其对另一公司享有的股权作为出资； (2) 债权出资，是指出资人以其对他人享有的债权作为出资； (3) 原则上，出资后因客观原因导致股权贬值，或者履行期限届满后债权不能实现，公司请求出资人补足出资并赔偿损失的，人民法院不予支持。

5. 非法定出资 法律未明确规定的，其他可以用货币估价并可以依法转让的非货币财产，可作价出资。 [例] A公司将之前归其所有的某公司的净资产，经会计师事务所评估后作价100万元，用于出资设立萱草公司，该部分资产实际交付给萱草公司使用。“净资产”虽然不是法律明确规定的出资方式，但该出资有效。

知识点 021 出资义务和出资程序（两类公司规则存在差异）

〔1〕 有限责任公司允许股东自公司成立之日起5年内缴足出资，所以《公司法》规定“按期足额缴纳”；但股份有限公司统一为实缴资本，要求发起人在“成立前全额缴纳”。

二、股东的瑕疵出资责任

知识点 022 瑕疵出资股东对公司的责任

1. 未全面履行出资义务的股东对公司的“出资+赔偿”责任 未全面履行出资义务，是指股东未按照公司章程规定的出资期限、出资数额等缴纳货币出资，或者已经出资的非货币财产的实际价值显著低于所认缴的出资额。 有限责任公司的股东（股份有限公司的发起人〔1〕）未全面履行出资义务的，对公司承担的责任为：（《公司法》第49条第3款、第107条） (1) 该股东应当向公司足额缴纳； (2) 该股东还应当对给公司造成的损失承担赔偿责任。 上述偿还的主体包括公司或者已经足额缴纳出资的其他股东。 ▶ 可概括为：股东未全面履行出资义务的，公司或者已经足额缴纳出资的其他股东有权请求该股东向公司履行出资义务并承担损失。

2. 设立时的股东（发起人）的连带责任 (1) 有限责任公司：有限责任公司设立时，股东未按照公司章程规定实际缴纳出资，或者实际出资的非货币财产的实际价值显著低于所认缴的出资额的，设立时的其他股东与该股东在出资不足的范围内承担连带责任；（提示：不包括公司成立后新加入公司的股东）（《公司法》第50条） (2) 股份有限公司：发起人未按照其认购的股份缴纳股款，或者作为出资的非货币财产的实际份额显著低于所认购的股份的，其他发起人与该发起人在出资不足的范围内承担连带责任。（《公司法》第99条）

3. 未届出资期限的股东对公司的责任 (1) 有限责任公司：公司不能清偿到期债务的，公司或者已到期债权的债权人有权要求已认缴出资但未届出资期限的股东提前缴纳出资；（《公司法》第54条） (2) 股份有限公司：因为采取实缴资本制，所以不会出现上述股东“认缴期限”的情形。

〔1〕 股份有限公司的“认购人”要先经过法定验资才能取得股权，故不会出现上述“未按期足额缴纳出资”的情形。

知识点 023 实务难点：瑕疵出资股东对公司债权人的责任★★★

1. 未全面履行出资义务的股东对公司债权人的责任 (1) 前提：股东未全面履行出资义务，公司不以诉讼或者仲裁方式主张权利，致使公司债权人对公司的到期债权未能实现； (2) 处理：公司债权人有权以该股东为被告、公司为第三人，请求该股东在未出资以及因此给公司造成的损失范围内对其到期未实现的债权承担责任。

2. 未届出资期限的股东对公司债权人的责任 (1) 前提：公司因客观上缺乏清偿能力而不能清偿到期债务，又不以诉讼或者仲裁方式依法请求股东履行出资义务，公司债权人请求已认缴出资但未届出资期限的股东承担责任； (2) 处理：公司债权人有权以该股东为被告、公司为第三人，请求该股东在未出资以及因此给公司造成的损失范围内对其到期未实现的债权承担责任； (3) 金钱债权执行中，公司债权人申请变更、追加未届出资期限的股东为被执行人，人民法院应当裁定驳回变更、追加申请，并告知其另行提起诉讼。

知识点 024 抽逃出资★★★

《公司法》第53条 公司成立后，股东不得抽逃出资。 违反前款规定的，股东应当返还抽逃的出资；给公司造成损失的，负有责任的董事、监事、高级管理人员应当与该股东承担连带赔偿责任。

1. 抽逃出资的认定 抽逃出资，是指公司成立后，股东未经法定程序抽回出资且损害公司合法权益的行为。常见情形包括：①通过虚构债权债务关系的方式将其出资转出；②通过挪用公司财产的方式将其出资转出；③其他未经法定程序抽回出资且损害公司合法权益的行为。

2. 抽逃出资的股东对公司的“返还+赔偿”责任 (1) 该股东应当返还抽逃的出资； (2) 给公司造成损失的，该股东应当赔偿损失。

3. 对抽逃出资负有责任的董、监、高对公司的赔偿责任 (1) 负有责任的董事、监事、高级管理人员应当与该股东（就不能返还出资造成的损失）承担连带赔偿责任； (2) 负有责任的董事、监事、高级管理人员承担责任后，有权向抽逃出资的股东追偿。

4. 和公司债权人的关系 (1) 前提：股东抽逃出资，公司不以诉讼或者仲裁方式主张权利，致使公司债权人的到期债权未能实现； (2) 处理：公司债权人有权以上述责任人（包括抽逃出资的股东与负有责任的董事、监事、高级管理人员）为被告、公司为第三人，请求上述责任人在其责任范围内（即抽逃出资以及因此给公司造成的损失范围内）对其到期未实现的债权承担责任。

知识点 025 未全面履行出资义务和抽逃出资时，对股东权利的限制★★★

1. 股东失权 (1) 前提：股东未全面履行出资义务及股东抽逃出资。 (2) 措施：

(3) 救济：对失权有异议的，应当自接到失权通知之日起30日内，向人民法院提起诉讼。 (4) 股权处理：失权的股权应当依法转让，或者相应减少注册资本并注销该股权；六个月内未转让或者注销的，由公司其他股东按照其出资比例足额缴纳相应出资。

1. 利润分配请求权、新股优先认购权等权利的限制 (1) 股东未履行或者未全面履行出资义务或者抽逃出资，公司根据公司章程或者股东会决议对其利润分配请求权、新股优先认购权、剩余财产分配请求权等股东权利作出相应合理限制，该股东请求确认限制无效的，人民法院不予支持。 (2) 【概括】受限权利：资产收益权（如分红权、新股优先认购权等）；不受限权利：共益权（如参会表决权、知情权等）。

知识点 026 董事的催缴出资责任★★★

1. 核查义务 公司成立后，董事会应当对股东的出资情况进行核查，发现股东未按期足额缴纳公司章程规定的出资的，应当由公司向该股东发出书面催缴书，催缴出资。

2. 董事赔偿责任 董事会未及时履行前述义务，给公司造成损失的，负有责任的董事应当承担赔偿责任。（《公司法》第51条）

03 常考角度总结 SUMMARIZE

1. 掌握各种出资形式（货币、非货币财产、股权、债权等）。

2. 出资不实（交付未过户、过户未交付、以无处分权财产出资等）的处理。

3. 未全面履行出资义务的法律后果（对公司、对债权人）。

4. 股东失权制度（程序：书面催缴书 → 宽限期≥60日 → 董事会决议发失权通知 → 丧失股权）。

5. 董事的催缴出资责任。

6. 抽逃出资的认定及责任承担。

专题4《股东资格、股东权利和义务》

以下为《2026商经法鄢梦萱系统精讲》中专题4《股东资格、股东的权利和义务》的全部逐字原文内容：

专题4《股东资格、股东的权利和义务》

一、股东资格

知识点 027 股东资格的取得和确认

股东，是指向公司出资，持有公司股份、享有股东权利和承担股东义务的人。股东可以是自然人、法人、非法人组织，还可以是国家。

【提示】 在案情中判断“某人和公司的关系”，不仅要考虑是否记载于股东名册、是否办理了变更登记，还要把握是否向公司出资、股东身份是否为外界知晓，特别是在公司没有置备股东名册，也未办理变更登记时，需要结合多种因素综合认定，即形式和实质统一。

【随堂小测】 A公司拟增资扩股，遂与外人丙协商，由丙出资510万元占公司30%的股权。丙将款项打入了A公司的账户，A公司会计凭证记载为“实收资本”。A公司并未发给丙出资证明书，股东名册也未记载丙，A公司未变更公司登记中的注册资本和股东事项。之后，丙多次参加A公司的股东会，讨论公司经营管理事宜。 问：丙和A公司形成何种法律关系？ 答：丙是A公司的股东。虽然没有记载于A公司的相关文件中，但丙已经向A公司出资并并行使了股东权利。

二、名义股东与实际出资人（股权代持）★★

知识点 028 股权代持的概念和股权代持合同

1. 股权代持的概念名义股东：是指登记于公司股东名册及公司登记机关的登记文件，但事实上并没有向公司出资的人。形式上，名义股东是公司的股东。实际出资人：是指实际出资并实际享受股东权利，但其姓名或者名称并未记载于公司股东名册及公司登记机关的登记文件的人。 [例] 大栗是知名演员，与妹妹小栗签订协议，约定由小栗出面投资萱草公司，但出资款100万元由大栗出，并且投资收益均归大栗；大栗每年支付给小栗5000元管理费。则大栗是实际出资人，小栗是名义股东。

2. 股权代持合同 (1) 股权代持合同，是指有限责任公司的实际出资人与名义股东订立合同，约定由实际出资人出资并享有投资收益、名义股东实际出资人持有公司股权。 (2) 对该合同效力发生争议的，适用《民法典》的规定。 根据《民法典》的规定，无民事行为能力人实施的民事法律行为无效；行为人与相对人恶意串通，损害他人合法权益的民事法律行为无效；违背公序良俗的民事法律行为无效；违反法律、行政法规的强制性规定的民事法律行为无效（但是，该强制性规定不导致该民事法律行为无效的除外）。

具体到股权代持关系，实务中，存在下列情形之一的，应当认定股权代持合同无效：

知识点 029 股权代持关系中，股东和公司的关系

1. 实务难点：实际出资人如何“显名”（实际出资人-公司） 实际出资人请求公司确认其具有股东资格的，依据下列规则处理： (1) 诉讼规则：应当以公司为被告、名义股东为第三人提起诉讼，其他股东可以作为第三人参加诉讼。 (2) 显名条件：存在下列情形之一的，实际出资人有权请求公司确认其具有股东资格，并向其签发出资证明书、变更股东名册以及办理股权变更登记（法律、行政法规或者公司章程另有规定的除外）： ❶ 公司经股东会决议认可实际出资人具有股东资格的； ❷ 过半数的其他股东同意实际出资人行使股东权利，或者过半数的其他股东知道或者应当知道股权代持事实，且对其实际行使股东权利未提出异议的。 (3) 不符合显名条件的处理： ❶ 实际出资人不能依据前述“显名条件”取得股东资格的，有权请求拍卖、变卖股权并取得价款； ❷ 名义股东有权请求支付必要报酬； ❸ 因一方的过错造成对方损失的，对方有权请求赔偿损失。

2. 实务难点：公司如何请求股东承担瑕疵出资责任 (1) 前提：股权代持关系中，股东未全面履行出资义务。 (2) 处理： ❶ 公司请求符合显名条件的实际出资人承担出资责任的，人民法院应予支持；实际出资人仅以其尚未记载于股东名册或者未登记为股东为由主张不承担出资责任的，人民法院不予支持。 ❷ 公司请求名义股东全面履行出资义务，名义股东仅以其并非实际出资人为由提出抗辩的，人民法院不予支持。 ❸ 公司请求实际出资人与名义股东承担连带责任的，人民法院应当告知其选择请求实际出资人或者名义股东承担出资责任。

知识点 030 股权代持关系中，股东和第三人的关系

1. 名义股东处分股权 (1) 名义股东未经实际出资人同意将其名下的股权转让、质押给他人的，受让人可以参照《民法典》第311条规定善意取得股权； (2) 实际出资人主张相对人不构成善意，即相对人知道或者应当知道当事人之间存在股权代持关系的，应当承担证明责任； (3) 名义股东处分股权造成实际出资人损失，实际出资人请求名义股东承担损害赔偿责任的，人民法院应予支持。

2. 公司债权人请求股东承担瑕疵出资责任 (1) 前提：股权代持关系中，股东未全面履行出资义务，且公司债权人有到期未实现的债权； (2) 处理：公司债权人请求名义股东或者实际出资人在未出资以及给公司造成的损失范围内对其到期未实现的债权承担责任的，按照前述“公司请求股东承担瑕疵出资责任”的规定处理。

【随堂小测】

1. 李贝是A公司股东，但是受刘宝之托代其持股。2013年3月，李贝将其名下股权转让给善意不知情的潘龙，并在公司登记中办理了相应的股东变更。 问：刘宝能否主张李贝对潘龙的股权转让行为无效？ 答：不能，该股权转让行为有效。李贝为名义股东，股权受让人潘龙主观上善意且办理了相应的股东变更，符合“善意取得”的条件。

2. 在代持股协议中，大栗（实际出资人）承诺一次性出资10万元，但实际仅出资2万元。小栗是名义股东。 问：当公司不能清偿到期债务时，谁对公司债权人承担补充赔偿责任？ 答：小栗对公司债权人承担补充赔偿责任。因为债权人无法知晓背后的实际出资人。

3. 实务难点：强制执行程序中，股东和第三人（金钱债权人）的关系 案情：成城公司（名义股东）向中国银行借款3000万元，到期未偿还贷款。判决生效后，中行南郊支行向法院申请执行，冻结了成城公司名下渭南信用社1000万股权。经生效判决书确认，成城公司名下渭南信用社1000万股权属上海冠冠公司（实际出资人）所有。 现华冠公司以诉争股权所有人的身份提出执行异议，请求西安中院终止执行成城公司名下渭南信用社1000万股权及股息、红利，并解除对该股权的执行措施。 争议问题：名义股东的债权人（或者实际出资人的债权人）能否申请强制执行名义股东代持的股权？ 处理： (1) 名义股东的金钱债权人申请人民法院强制执行登记在名义股东名下的有限责任公司股权，符合显名条件或者已经缴纳全部出资的实际出资人，在执行异议之诉中请求排除强制执行的，人民法院应予支持，但是在人民法院首次查封股权后，实际出资人在合理期限内未依法提出异议的除外。 (2) 实际出资人的金钱债权人有证据证明实际出资人符合显名条件或者实际出资人已经缴纳全部出资，申请人民法院强制执行登记在名义股东名下的有限责任公司股权的，人民法院应予支持。名义股东以其是股东名册或者公司登记事项记载的股东为由请求排除强制执行的，人民法院不予支持。

知识点 031 冒名股东★

1. 概念 冒名股东（冒名出资），是指冒用他人名义出资，并将他人作为股东在公司登记机关登记的人，被冒名人对此不知情。

2. 责任承担 (1) 被冒名人以公司为被告请求确认其并非股东，并办理股权变更或者涤除登记信息的，人民法院应予支持； (2) 造成被冒名人损害，被冒名人请求冒名者承担损害赔偿责任的，人民法院应予支持； (3) 公司、公司债权人等请求被冒名人履行出资义务或者对公司不能履行到期债务承担损害赔偿责任的，人民法院不予支持。

【随堂小测】 大栗是萱草公司的销售总经理。大栗利用在萱草公司的客户资源准备设立B公司，但为防止萱草公司发现自己的行为，遂用原来在本单位工作但已经离职的小栗留存的身份信息等材料，将自己在B公司的股权登记在小栗名下，小栗对此毫不知情。8年后，大栗准备将其持有的B公司的股权转让套现，但此时股权转让程序趋于严格，当地工商部门要求核验股东信息。此时，小栗才发现自己被登记为B公司的股东。 问：小栗能否要求B公司涤除股东资格？在B公司办理股东变更登记之前，小栗是否要对B公司不能清偿的债务承担责任？ 答：①能够。②小栗无需承担责任。

知识点 032 股权无权处分（一股二卖）纠纷★★

1. 概念 股权无权处分，是指股权转让合同订立后但尚未在公司登记机关办理变更登记前，原股东又将其股权以转让、质押等方式予以处分的行为。

2. 处理规则(原股东) A ——(第一次股权转让，B为“受让人”)——> B(原股东) A ——(第二次股权处分，C为“第三人”)——> C❶ 若C符合“善意取得”的条件，可取得股权；反之，可要求A承担违约责任。❷ 若C善意取得股权，B可要求有过错的董事、高管承担损害赔偿责任，并可要求A承担违约责任。

[情形1] 对“第三人”C（第二次股权处分）的处理： (1) 第三人主张已经取得股权或者设定了股权质权的，人民法院应当参照《民法典》第311条关于善意取得的规定处理； 提示：实务中，受让人主张第三人不构成善意的，应当综合考量第三人在受让股权或者设立质权时，公司是否置备了股东名册、受让人是否已被股东名册记载为股东、股东名册记载与公司登记是否一致以及第三人是否查询了股东名册或公司登记、是否向公司了解股权转让情况等因素予以认定。 (2) 未依法取得股权或者设定质权的第三人，有权依据合同请求转让人承担违约责任。

[情形2] 对“受让人”B（第一次股权转让）的处理： (1) 第三人善意取得股权或者质权，受让人请求对未及时办理变更登记等有过错的董事、高级管理人员承担损害赔偿责任的，人民法院应予支持；受让人对未及时配合办理变更登记等有过错的，可以适当减轻有过错的董事、高级管理人员的责任。 (2) 上述股权受让人，有权依据合同请求转让人承担违约责任。

三、股东的权利和义务

知识点 033 股权的分类

1. 资产收益权 例如，股东有权将股权转让，享有利润分配请求权、新股优先认购权、剩余财产分配请求权等权利。（理论上，这些权利属于“自益权”，即股东专为自己利益行使的权利）

2. 参与重大决策权 例如，修改章程，增加或者减少注册资本，决定公司合并、分立、解散等权利。（理论上，这些权利属于“共益权”，即股东为自己利益同时也为公司利益而行使的权利）

3. 选择管理者权 例如，股东会有权选举和更换董事、监事，决定有关董事、监事的报酬事项。（这些权利属于“共益权”）

知识点 034 股东的义务★★

1. 全体股东的共同义务 (1) 出资义务。 (2) 参加股东会会议的义务。 (3) 不干涉公司正常经营的义务。 (4) 依法行使股东权利的义务。股东应当遵守法律、行政法规和公司章程，依法行使股东权利，不得滥用股东权利损害公司或者其他股东的利益；股东滥用股东权利给公司或者其他股东造成损失的，应当承担赔偿责任。

2. 控股股东、实际控制人的特别义务 (1) 控股股东、实际控制人、董事、监事、高级管理人员不得利用关联关系损害公司利益； (2) 上述人员违反相关规定，给公司造成损失的，应当承担赔偿责任。 强调：即使履行了法定程序，也不能豁免上述主体关联交易的赔偿责任。

[例] 萱草公司是A公司的控股股东。萱草公司和A公司签订了市级代理商的协议，但萱草公司可享有省级代理商的价格优惠待遇，并由A公司垫付萱草公司的全部经营费用，这使得A公司1年多花费百万元。但该项交易是A公司召开股东会并经合法表决程序通过的。本案中，虽然A公司的决议程序合法，但由于该关联交易违反公平原则，给A公司造成了损失，因此萱草公司仍然要对A公司承担赔偿责任。

04 常考角度总结 SUMMARIZE

1. 出资证明书、股东名册、公司登记发生冲突时，判断某人是否是公司股东。

2. 判断某人是公司股东还是公司债权人。（综合认定）

3. 股权代持关系的认定和处理。具体可细分为： (1) 股权代持协议是否有效？ (2) 实际出资人能否行使股东权？（考虑是否具备“显名”条件） (3) 名义股东未经授权即转让股权的，如何处理？ (4) 谁对公司债权人承担赔偿责任？

4. 运用股东义务规则解决纠纷。

专题3《股东的出资》

专题3《股东的出资》

考点 9 出资形式、出资义务

第1题 甲有限责任公司成立于2014年4月，注册资本为1000万元，文某是股东之一，持有40%的股权。文某已实缴其出资的30%，剩余出资按公司章程规定，应在2017年5月缴足。2015年12月，文某以其所持甲公司股权的60%作为出资，评估作价为200万元，与唐某共同设立乙公司。对此，下列哪些选项是正确的？(2017/3/27 改编-多)

A 因实际出资尚未缴纳完毕，故文某对乙公司的股权出资存在权利瑕疵

B 如甲公司经营不善，使得文某用来出资的股权在1年后仅值100万元，则文某应补足差额

C 如至2017年5月文某不缴纳其对甲公司的剩余出资，则甲公司有权要求其履行

D 如至2017年5月文某不缴纳其对甲公司的剩余出资，则乙公司有权要求其履行

第2题 甲、乙、丙、丁设立萱草有限责任公司，甲认缴出资1000万元，以厂房20年使用权出资；乙认缴出资300万元，以其对某公司的300万元到期债权出资；丙认缴出资200万元，以房屋出资；丁实缴出资30万元，并担任董事长和设立阶段主要负责人。后发现丙用于出资的房屋其实归戊所有，丙篡改遗嘱取得该房屋的所有权，董事长丁对此事知情；因某公司破产，乙对某公司的300万元债权仅分得30万元。对此，下列哪些表述是正确的？(2020-回忆版-多)

A 乙对其公司的债权的实现具有不确定性，乙的该项出资不合法

B 萱草有限责任公司有权向乙追缴出资270万元

C 甲以厂房使用权出资不合法，需以厂房所有权出资

D 萱草有限责任公司不能取得该房屋

考点 10 瑕疵出资股东的责任（对公司、对债权人的责任）

第3题 萱草有限公司的股东为甲、乙、丙、丁四人，章程规定缴纳出资期限到2025年。2020年，萱草公司经营陷入困境，拖欠A公司到期货款1000万元，萱草公司账户中的资金已不足以偿付，A公司提起萱草公司不能履行到期债务之诉。在执行阶段，因萱草公司无财产可供执行，法院裁定终结本次执行程序。至此时，股东甲等人的出资仍未缴纳。关于本案，A公司的下列哪些主张能得到法院支持？(2020-回忆版-多)

A A公司以萱草公司不能清偿到期债务为由主张甲等股东提前缴纳出资

B A公司以不能清偿到期债务为由主张甲等股东对债务承担连带责任

C A公司以不能清偿到期债务为由主张甲等股东对债务承担补充赔偿责任

D 若萱草公司被法院受理破产，A公司有权主张甲等股东对上述债务承担补充赔偿责任

考点 11 抽逃出资以及对股东权利的限制、董事催缴出资的责任

第4题 高才、李一、曾平各出资40万元，拟设立“鄂汉食品有限公司”。高才手头只有30万元的现金，就让朋友艾瑟为其垫付10万元，并许诺一旦公司成立，就将这10万元从公司中抽回偿还给艾瑟。公司于2012年5月成立，高才为董事长兼法定代表人。公司成立后，高才以公司名义，与艾瑟签订一份买卖合同，约定公司向艾瑟购买10万元的食材。合同订立后第2天，高才就指示公司财务转账付款，而实际上艾瑟从未经营过食材，也未打算履行该合同。对此，下列表述正确的是：(2012/3/92 改编-任)

A 高才与艾瑟间垫付出资的约定，属于抽逃出资行为，应为无效

B 该食材买卖合同属于恶意串通行为，应为无效

C 高才通过该食材买卖合同而转移10万元的行为构成抽逃出资行为

D 在公司不能偿还债务时，公司债权人可以在10万元的本息范围内，要求高才承担补充赔偿责任

第5题 罗某出资500万元，委托毛某设立星力有限责任公司。毛某随后与赖某、李某成立星力公司，毛某占股80%，担任公司的执行董事，但公司实际事务由罗某管理。后赖某利用罗某、毛某的管理疏忽，通过签订虚假合同将自己的出资抽回，给公司造成重大损失。对此，下列哪些说法是正确的？(2024-回忆版-多)

A 公司有权要求赖某返还抽逃的出资并赔偿损失

B 罗某和毛某对赖某返还抽逃的出资承担连带责任

C 毛某和赖某对不能返还出资给公司造成的损失承担连带责任

D 罗某和赖某对不能返还出资给公司造成的损失承担连带责任

专题4《股东资格、股东权利和义务》

专题4《股东资格、股东权利和义务》

考点 12 股东资格的取得和确认

第6题 甲、乙、丙三人设立宏远公司，于2018年3月办理设立登记，甲的名字在市场监管部门登记，但由于甲是通过朋友转账出资，公司出于太忙忘记为其签发出资证明书和将其名字记载于股东名册。后在认定甲的股东资格时发生争议。就本案，下列哪一选项是正确的？(2019-回忆版-单)

A 应按照公司登记信息认定

B 甲因没有被记载在股东名册上，不具有股东资格

C 甲没有出资证明书，不具有股东资格

D 判断甲是否具有股东资格，应综合各种证据认定

第7题 甲购买了乙所持营草公司的股权，签订了股权转让协议，当即支付给乙部分股权转让款，剩余部分分期支付，营草公司已经变更股东名册，尚未办理股权变更登记。对此，下列说法正确的有：(2020-回忆版-多)

A 办理了股权变更登记，甲才能取得股权

B 甲已经取得了已经支付股权转让款的部分股权

C 未办理股权变更登记，不得对抗善意第三人

D 甲已经取得了所购买的乙的股权

考点 13 股权代持

第8题 甲、乙、丙登记为某公司的股东，但乙所持股份的实际出资人为丁，甲、丙对此知情并且没有提出异议。现乙未告知丁便将所持股份全部转让给甲并办理了转让登记。下列哪些说法是正确的？(2020-回忆版-多)

A 丁有权请求公司确认自己具有股东资格

B 丙有权就所转让的股份行使优先购买权

C 甲有权主张自己受让的股权有效

D 丁可以要求返还股权

考点 14 冒名出资、一股二卖

第9题 胡铭是从事出口贸易的茂福公司的总经理，姚顺曾短期任职于该公司，2016年初离职。2016年12月，姚顺发现自己已被登记为贝达公司的股东。经查，贝达公司实际上是胡铭与其友张莉、王威共同设立的，也从事出口贸易。胡铭为防止茂福公司发现自己的行为，用姚顺留存的身份信息等材料，将自己的股权登记在姚顺名下。就本案，下列哪些选项是错误的？(2017/3/69-多)

A 姚顺可向贝达公司主张利润分配请求权

B 姚顺有权参与贝达公司股东会并进行表决

C 在姚顺名下股权的出资尚未缴纳时，贝达公司的债权人可向姚顺主张补充赔偿责任

D 在姚顺名下股权的出资尚未缴纳时，张莉、王威只能要求胡铭履行出资义务

【English Version】

Commercial and Economic Law

Topic 3: Shareholders' Capital Contributions

The following is the complete verbatim original text of Topic 3, "Shareholders' Capital Contributions," from the 2026 Commercial and Economic Law Systematic Lecture (Yan Mengxuan):

Topic 3: Shareholders' Capital Contributions

I. Rules Governing Shareholders' Capital Contributions

Article 48 of the Company Law of the People's Republic of China: Shareholders may make capital contributions in money, or may make capital contributions in non-monetary property that can be valued in money and can be transferred in accordance with the law, such as property in kind, intellectual property rights, land use rights, shares, and creditor's rights; however, property that laws or administrative regulations provide may not be used as capital contributions is excluded.

Non-monetary property used as capital contributions shall be appraised and valued, and the property shall be verified; the valuation shall not be overestimated or underestimated. Where laws or administrative regulations provide for appraisal and valuation, such provisions shall prevail.

Key Point 020: Forms of Capital Contribution ★★★ (the rules are the same for both types of companies)

(I) Capital Contributions in Money

1. Where a shareholder makes a capital contribution in money, the shareholder shall deposit the full amount of the monetary contribution into an account opened by the company with a bank.

2. There is no limit on the amount of a monetary capital contribution.

(II) Capital Contributions in Non-Monetary Property

1. General Rules (1) Where capital is contributed in non-monetary property, the procedures for transferring the property rights therein shall be completed in accordance with the law. (2) Non-monetary property used as capital contributions shall be appraised and valued, and the property shall be verified; the valuation shall not be overestimated or underestimated. Where laws or administrative regulations provide for appraisal and valuation, such provisions shall prevail. (3) Where, after a contributor has made a capital contribution in non-monetary property satisfying the statutory conditions, the property depreciates due to market changes or other objective causes, and the company requests the contributor to make up the shortfall in the contribution, the people's court shall not support such a request, unless the articles of association of the company provide otherwise or the contributor and the company have agreed otherwise.

2. Contributions of immovable property (such as construction land use rights, buildings, and other fixtures on land) and of intellectual property rights requiring registration of change of ownership or approval [Scenario 1] Delivery without transfer of title: Where such a contribution has been delivered to the company for its use but the registration of change of ownership has not been completed within the period prescribed by the articles of association, the company shall have the right to request the contributor to complete the registration of change of ownership; [Scenario 2] Transfer of title without delivery: Where such a contribution has completed the registration of change of ownership but has not been delivered to the company for its use within the period prescribed by the articles of association, the company shall have the right to request the contributor to deliver it to the company for its use and to compensate for losses. [Example] Shareholder Zhang contributes a house as capital. If the house was transferred to the company's name on January 1, but Zhang has never vacated it, the company shall not only have the right to require Zhang to deliver the house, but, where losses have been caused to the company, Zhang shall also bear liability for compensation.

3. Practical difficulty: Contributions of property over which the contributor has no right of disposal, or of property derived from criminal activity (1) Where a contributor makes a capital contribution with property over which he does not enjoy the right of disposal, and a dispute arises between the parties concerning performance of the contribution obligation, the people's court may make its determination by reference to Article 311 of the Civil Code of the People's Republic of China concerning "acquisition in good faith." [Example] A contributes a set of equipment leased by him from Company A as capital for the establishment of Xuancao Company, which constitutes a capital contribution with "property over which the contributor has no right of disposal." When a capital contribution is made with "property over which the contributor has no right of disposal," consideration must be given to whether the transferee company constitutes a good-faith acquirer. The key is to consider whether, in addition to his identity as contributor, the shareholder also holds another identity that could affect the company's business decisions, such as legal representative or principal promoter. In the above example, if shareholder A also holds a special status, such as chairman of the newly established Xuancao Company, his subjective bad faith shall be deemed to be the bad faith of the company he represents; therefore, the newly established Xuancao Company does not satisfy the conditions for acquisition in good faith and cannot acquire ownership of the equipment. (2) Where a contributor makes a capital contribution with property derived from unlawful or criminal activity and thereby obtains shares, when the unlawful or criminal act is investigated and punished, the shares so obtained shall be disposed of by auction or sale. [Example] When State-owned Enterprise A was restructured into A Limited Liability Company, its factory director Zhang contributed RMB 1,000,000 of public funds of State-owned Enterprise A that he had embezzled and misappropriated as his own capital contribution to A Limited Liability Company. After A Limited Liability Company was established, the case came to light. May the judicial authorities directly transfer the RMB 1,000,000 contribution out of A Limited Liability Company's account? (No. Zhang's shares so obtained shall be disposed of.)

4. Contributions of Shares and Creditor's Rights (1) A contribution of shares means that the contributor contributes shares he holds in another company as capital; (2) a contribution of a creditor's right means that the contributor contributes a creditor's right he holds against another person as capital; (3) in principle, where, after the contribution, the shares depreciate due to objective causes, or the creditor's right cannot be realized upon expiry of the period for performance, and the company requests the contributor to make up the shortfall in the contribution and to compensate for losses, the people's court shall not support such a request.

5. Non-Statutory Forms of Contribution Property not expressly provided for by law, but which can be valued in money and can be transferred in accordance with the law, may be contributed as capital at an appraised value. [Example] Company A contributed the net assets of a certain company previously owned by it, appraised by an accounting firm at RMB 1,000,000, as capital for the establishment of Xuancao Company, and such assets were actually delivered to Xuancao Company for its use. Although "net assets" is not a form of contribution expressly provided for by law, the contribution is valid.

Key Point 021: Contribution Obligations and Contribution Procedures (the rules differ between the two types of companies)

[1] A limited liability company permits shareholders to pay up their contributions within five years from the date of the company's establishment, so the Company Law provides for payment "in full and on schedule"; a company limited by shares, however, uniformly adopts the paid-in capital system, requiring promoters to "pay in full before establishment."

II. Liability of Shareholders for Defective Capital Contributions

Key Point 022: Liability of Shareholders with Defective Capital Contributions to the Company

1. The "Contribution + Compensation" Liability of Shareholders Who Have Not Fully Performed Their Contribution Obligations to the Company Failure to fully perform the contribution obligation means that a shareholder has failed to pay a monetary contribution in accordance with the contribution period, contribution amount, and other terms prescribed by the articles of association, or that the actual value of non-monetary property already contributed is significantly lower than the amount of capital subscribed for. Where a shareholder of a limited liability company (or a promoter of a company limited by shares [1]) has not fully performed his contribution obligation, his liability to the company shall be as follows (Article 49, paragraph 3, and Article 107 of the Company Law): (1) such shareholder shall pay the full amount to the company; (2) such shareholder shall also bear liability for compensation for losses caused to the company. The parties entitled to claim such payment include the company or other shareholders who have already paid their contributions in full. ▶ In summary: where a shareholder has not fully performed his contribution obligation, the company or other shareholders who have already paid their contributions in full shall have the right to request such shareholder to perform his contribution obligation to the company and to bear the losses.

2. Joint and Several Liability of Shareholders (Promoters) at the Time of Establishment (1) Limited liability company: Where, at the time of establishment of a limited liability company, a shareholder has failed to actually pay the contribution in accordance with the articles of association, or the actual value of non-monetary property actually contributed is significantly lower than the amount of capital subscribed for, the other shareholders at the time of establishment shall bear joint and several liability with such shareholder to the extent of the shortfall in the contribution (Note: this does not include shareholders who joined the company after its establishment) (Article 50 of the Company Law). (2) Company limited by shares: Where a promoter has failed to pay the share capital in accordance with the shares subscribed for by him, or the actual value of non-monetary property contributed is significantly lower than the shares subscribed for, the other promoters shall bear joint and several liability with such promoter to the extent of the shortfall in the contribution (Article 99 of the Company Law).

3. Liability of Shareholders Whose Contribution Period Has Not Yet Expired to the Company (1) Limited liability company: Where the company is unable to pay its debts as they fall due, the company or a creditor holding a matured claim against the company shall have the right to require a shareholder who has subscribed for capital but whose contribution period has not yet expired to pay his contribution in advance (Article 54 of the Company Law); (2) company limited by shares: because the paid-in capital system is adopted, the situation of a shareholder having a "subscription period" as described above does not arise.

[1] A "subscriber" of a company limited by shares must first pass statutory capital verification before acquiring shares, and therefore the situation of "failure to pay the subscribed capital in full and on schedule" as described above does not arise.

Key Point 023: Practical Difficulty: Liability of Shareholders with Defective Capital Contributions to the Company's Creditors ★★★

1. Liability of Shareholders Who Have Not Fully Performed Their Contribution Obligations to the Company's Creditors (1) Precondition: the shareholder has not fully performed his contribution obligation, and the company fails to assert its rights by way of litigation or arbitration, with the result that the company's creditor's matured claim against the company cannot be realized; (2) treatment: the company's creditor shall have the right, with such shareholder as defendant and the company as third party, to request such shareholder to bear liability for its matured but unrealized claim to the extent of the unpaid contribution and the losses thereby caused to the company.

2. Liability of Shareholders Whose Contribution Period Has Not Yet Expired to the Company's Creditors (1) Precondition: the company is objectively unable to pay its debts as they fall due due to lack of solvency, and fails to request the shareholder to perform his contribution obligation by way of litigation or arbitration in accordance with the law, and the company's creditor requests the shareholder who has subscribed for capital but whose contribution period has not yet expired to bear liability; (2) treatment: the company's creditor shall have the right, with such shareholder as defendant and the company as third party, to request such shareholder to bear liability for its matured but unrealized claim to the extent of the unpaid contribution and the losses thereby caused to the company; (3) in the enforcement of a monetary claim, where the company's creditor applies to change or add a shareholder whose contribution period has not yet expired as the person against whom enforcement is sought, the people's court shall rule to reject the application for change or addition and shall inform the creditor to file a separate action.

Key Point 024: Withdrawal of Capital Contributions ★★★

Article 53 of the Company Law: After the establishment of a company, shareholders shall not withdraw their capital contributions. Where the preceding paragraph is violated, the shareholder shall return the capital contributions withdrawn; where losses are caused to the company, the directors, supervisors, and senior management personnel who bear responsibility therefor shall bear joint and several liability for compensation together with such shareholder.

1. Determination of Withdrawal of Capital Contributions Withdrawal of capital contributions means conduct whereby, after the establishment of a company, a shareholder withdraws his contribution without going through the statutory procedures and thereby harms the lawful rights and interests of the company. Common scenarios include: ① transferring out his contribution by fabricating creditor-debtor relationships; ② transferring out his contribution by misappropriating company property; ③ other conduct of withdrawing a contribution without going through the statutory procedures and thereby harming the lawful rights and interests of the company.

2. The "Return + Compensation" Liability of a Shareholder Who Has Withdrawn Capital Contributions to the Company (1) Such shareholder shall return the capital contributions withdrawn; (2) where losses are caused to the company, such shareholder shall compensate for the losses.

3. Liability of Directors, Supervisors, and Senior Management Personnel Responsible for the Withdrawal of Capital Contributions to the Company (1) Directors, supervisors, and senior management personnel who bear responsibility shall bear joint and several liability for compensation together with such shareholder (for losses caused by the inability to return the withdrawn contributions); (2) after bearing such liability, the directors, supervisors, and senior management personnel who bear responsibility shall have the right to claim reimbursement from the shareholder who withdrew the capital contributions.

4. Relationship with the Company's Creditors (1) Precondition: the shareholder has withdrawn capital contributions, and the company fails to assert its rights by way of litigation or arbitration, with the result that the company's creditor's matured claim cannot be realized; (2) treatment: the company's creditor shall have the right, with the above-mentioned responsible persons (including the shareholder who withdrew the capital contributions and the directors, supervisors, and senior management personnel who bear responsibility) as defendants and the company as third party, to request the above-mentioned responsible persons to bear liability for its matured but unrealized claim within the scope of their liability (that is, to the extent of the withdrawn capital contributions and the losses thereby caused to the company).

Key Point 025: Restrictions on Shareholders' Rights in Cases of Failure to Fully Perform Contribution Obligations and Withdrawal of Capital Contributions ★★★

1. Forfeiture of Shares (1) Preconditions: the shareholder has not fully performed his contribution obligation, or the shareholder has withdrawn capital contributions. (2) Measures:

(3) Remedy: A shareholder who objects to the forfeiture shall file an action with the people's court within 30 days from the date of receipt of the notice of forfeiture. (4) Disposal of the shares: Forfeited shares shall be transferred in accordance with the law, or the registered capital shall be correspondingly reduced and such shares cancelled; where the shares have not been transferred or cancelled within six months, the other shareholders of the company shall pay the corresponding contributions in full in proportion to their respective contributions.

1. Restrictions on Rights Such as the Right to Claim Profit Distribution and the Pre-emptive Right to Subscribe for New Shares (1) Where a shareholder has failed to perform or has not fully performed his contribution obligation, or has withdrawn capital contributions, and the company, in accordance with the articles of association or a resolution of the shareholders' meeting, imposes corresponding reasonable restrictions on such shareholder's rights, such as the right to claim profit distribution, the pre-emptive right to subscribe for new shares, and the right to claim distribution of residual assets, and such shareholder requests confirmation that the restrictions are invalid, the people's court shall not support such a request. (2) Restricted rights: rights to asset returns (such as dividend rights, pre-emptive rights to subscribe for new shares, etc.); unrestricted rights: common-benefit rights (such as the right to attend meetings and vote, the right to know, etc.).

Key Point 026: Directors' Liability for Demanding Payment of Capital Contributions ★★★

1. Duty of Verification After the establishment of a company, the board of directors shall verify the shareholders' capital contributions; where it discovers that a shareholder has failed to pay in full and on schedule the contribution prescribed by the articles of association, the company shall issue a written demand for payment to such shareholder, demanding payment of the contribution.

2. Directors' Liability for Compensation Where the board of directors fails to perform the above-mentioned duty in a timely manner, causing losses to the company, the directors who bear responsibility shall bear liability for compensation. (Article 51 of the Company Law)

03 Summary of Frequently Tested Angles

1. Master the various forms of capital contribution (money, non-monetary property, shares, creditor's rights, etc.).

2. Handling of contributions that are not genuine (delivery without transfer of title, transfer of title without delivery, contributions of property over which the contributor has no right of disposal, etc.).

3. Legal consequences of failure to fully perform contribution obligations (vis-à-vis the company and vis-à-vis creditors).

4. The system of forfeiture of shares (procedure: written demand for payment → grace period of not less than 60 days → board resolution issuing a notice of forfeiture → forfeiture of shares).

5. Directors' liability for demanding payment of capital contributions.

6. Determination of withdrawal of capital contributions and allocation of liability therefor.

Topic 4: Shareholder Qualification and Shareholders' Rights and Obligations

The following is the complete verbatim original text of Topic 4, "Shareholder Qualification and Shareholders' Rights and Obligations," from the 2026 Commercial and Economic Law Systematic Lecture (Yan Mengxuan):

Topic 4: Shareholder Qualification and Shareholders' Rights and Obligations

I. Shareholder Qualification

Key Point 027: Acquisition and Confirmation of Shareholder Qualification

A shareholder is a person who contributes capital to a company, holds the company's shares, enjoys shareholders' rights, and bears shareholders' obligations. A shareholder may be a natural person, a legal person, an unincorporated organization, or the State.

When determining "the relationship between a person and a company" in a case, consideration must be given not only to whether the person is recorded in the register of shareholders and whether registration of the change has been completed, but also to whether capital has been contributed to the company and whether the shareholder identity is known to the outside world. In particular, where the company has not kept a register of shareholders and has not completed registration of the change, a comprehensive determination must be made by combining multiple factors — that is, form and substance must be unified.

Company A proposes to increase its capital and expand its shares, and therefore negotiates with C, an outsider, under which C will contribute RMB 5,100,000 for 30% of the company's shares. C remitted the funds into Company A's account, and Company A's accounting vouchers recorded the funds as "paid-in capital." Company A did not issue a capital contribution certificate to C, the register of shareholders did not record C, and Company A did not change the registered capital and shareholder particulars in its company registration. Thereafter, C repeatedly attended Company A's shareholders' meetings and discussed the company's business management. Question: What legal relationship is formed between C and Company A? Answer: C is a shareholder of Company A. Although C is not recorded in Company A's relevant documents, C has already contributed capital to Company A and exercised shareholder rights.

II. Nominee Shareholders and Actual Contributors (Nominee Shareholding) ★★

Key Point 028: The Concept of Nominee Shareholding and Nominee Shareholding Contracts

1. The Concept of Nominee Shareholding Nominee shareholder: a person who is recorded in the company's register of shareholders and in the registration documents filed with the company registration authority, but who has in fact not contributed capital to the company. In form, the nominee shareholder is a shareholder of the company. Actual contributor: a person who actually contributes capital and actually enjoys shareholder rights, but whose name is not recorded in the company's register of shareholders or in the registration documents filed with the company registration authority. [Example] Da Li is a well-known actor who entered into an agreement with his younger sister Xiao Li, under which Xiao Li would invest in Xuancao Company in her own name, but the capital contribution of RMB 1,000,000 would be paid by Da Li, and all investment returns would belong to Da Li; Da Li pays Xiao Li a management fee of RMB 5,000 per year. In this case, Da Li is the actual contributor and Xiao Li is the nominee shareholder.

2. Nominee Shareholding Contracts (1) A nominee shareholding contract is a contract entered into between the actual contributor and the nominee shareholder of a limited liability company, under which the actual contributor contributes capital and enjoys the investment returns, and the nominee shareholder holds the company's shares on behalf of the actual contributor. (2) Where a dispute arises concerning the validity of such a contract, the provisions of the Civil Code shall apply. Under the Civil Code, a civil juristic act performed by a person without capacity for civil conduct is void; a civil juristic act performed by parties in malicious collusion to harm the lawful rights and interests of others is void; a civil juristic act contrary to public order and good morals is void; and a civil juristic act in violation of mandatory provisions of laws or administrative regulations is void (except where such mandatory provision does not render the civil juristic act void).

In nominee shareholding relationships specifically, in practice, where any of the following circumstances exists, the nominee shareholding contract shall be determined to be void:

Key Point 029: The Relationship Between Shareholders and the Company in a Nominee Shareholding Relationship

1. Practical difficulty: How an actual contributor becomes a disclosed shareholder (actual contributor — company) Where an actual contributor requests the company to confirm his shareholder qualification, the following rules apply: (1) Litigation rules: the action shall be brought with the company as defendant and the nominee shareholder as third party; other shareholders may participate in the litigation as third parties. (2) Conditions for becoming a disclosed shareholder (显名): Where any of the following circumstances exists, the actual contributor shall have the right to request the company to confirm his shareholder qualification and to issue him a capital contribution certificate, change the register of shareholders, and complete registration of the change of shares (except where laws, administrative regulations, or the articles of association provide otherwise): ❶ the company has, by resolution of the shareholders' meeting, recognized that the actual contributor has shareholder qualification; ❷ more than half of the other shareholders agree that the actual contributor may exercise shareholder rights, or more than half of the other shareholders know or ought to know of the nominee shareholding arrangement and have raised no objection to the actual contributor's actual exercise of shareholder rights. (3) Treatment where the conditions for becoming a disclosed shareholder are not satisfied: ❶ An actual contributor who cannot obtain shareholder qualification under the above "conditions for becoming a disclosed shareholder" shall have the right to request that the shares be sold by auction or private sale and to obtain the proceeds; ❷ the nominee shareholder shall have the right to request payment of necessary remuneration; ❸ where one party's fault causes losses to the other party, the other party shall have the right to request compensation for losses.

2. Practical difficulty: How the company claims liability for defective capital contributions from shareholders (1) Precondition: in a nominee shareholding relationship, a shareholder has not fully performed his contribution obligation. (2) Treatment: ❶ Where the company requests an actual contributor who satisfies the conditions for becoming a disclosed shareholder to bear contribution liability, the people's court shall support such a request; where the actual contributor merely asserts, as grounds for not bearing contribution liability, that he has not yet been recorded in the register of shareholders or registered as a shareholder, the people's court shall not support such an assertion. ❷ Where the company requests the nominee shareholder to fully perform his contribution obligation, and the nominee shareholder merely asserts, as a defence, that he is not the actual contributor, the people's court shall not support such a defence. ❸ Where the company requests the actual contributor and the nominee shareholder to bear joint and several liability, the people's court shall inform the company to choose to request either the actual contributor or the nominee shareholder to bear contribution liability.

Key Point 030: The Relationship Between Shareholders and Third Parties in a Nominee Shareholding Relationship

1. Disposal of Shares by the Nominee Shareholder (1) Where a nominee shareholder transfers or pledges shares in his name to another person without the actual contributor's consent, the transferee may acquire the shares by reference to Article 311 of the Civil Code concerning acquisition in good faith; (2) where the actual contributor asserts that the counterparty does not constitute a good-faith acquirer — that is, that the counterparty knew or ought to have known of the nominee shareholding arrangement between the parties — the actual contributor shall bear the burden of proof; (3) where the nominee shareholder's disposal of shares causes losses to the actual contributor, and the actual contributor requests the nominee shareholder to bear liability for damages, the people's court shall support such a request.

2. Company Creditors Claiming Liability for Defective Capital Contributions from Shareholders (1) Precondition: in a nominee shareholding relationship, a shareholder has not fully performed his contribution obligation, and the company's creditor holds a matured but unrealized claim; (2) treatment: where a company's creditor requests the nominee shareholder or the actual contributor to bear liability for its matured but unrealized claim to the extent of the unpaid contribution and the losses caused to the company, the matter shall be handled in accordance with the above provisions on "the company claiming liability for defective capital contributions from shareholders."

1. Li Bei is a shareholder of Company A, but holds shares on behalf of Liu Bao at Liu Bao's request. In March 2013, Li Bei transferred the shares in his name to Pan Long, a bona fide transferee without knowledge, and completed the corresponding change of shareholders in the company registration. Question: Can Liu Bao assert that Li Bei's transfer of the shares to Pan Long is void? Answer: No; the share transfer is valid. Li Bei is the nominee shareholder, and the transferee Pan Long was subjectively in good faith and completed the corresponding change of shareholders, satisfying the conditions for "acquisition in good faith."

2. Under a nominee shareholding agreement, Da Li (the actual contributor) promised to contribute RMB 100,000 in one lump sum, but actually contributed only RMB 20,000. Xiao Li is the nominee shareholder. Question: When the company is unable to pay its debts as they fall due, who bears supplementary liability for compensation to the company's creditors? Answer: Xiao Li bears supplementary liability for compensation to the company's creditors, because creditors cannot know of the actual contributor behind the arrangement.

3. Practical difficulty: In enforcement proceedings, the relationship between shareholders and third parties (monetary creditors) Facts: Chengcheng Company (the nominee shareholder) borrowed RMB 30,000,000 from the Bank of China, which it failed to repay when due. After the judgment took effect, the Nanjiao Sub-branch of the Bank of China applied to the court for enforcement, and the court froze 10,000,000 shares in the Weinan Credit Cooperative held in Chengcheng Company's name. An effective judgment confirmed that the 10,000,000 shares in the Weinan Credit Cooperative held in Chengcheng Company's name belonged to Shanghai Guanguan Company (the actual contributor). Huaguan Company now, in its capacity as owner of the disputed shares, raises an enforcement objection, requesting the Xi'an Intermediate People's Court to terminate enforcement against the 10,000,000 shares in the Weinan Credit Cooperative held in Chengcheng Company's name and the dividends and bonuses thereon, and to lift the enforcement measures against such shares. Issue in dispute: Can a creditor of the nominee shareholder (or of the actual contributor) apply for compulsory enforcement against shares held by the nominee shareholder on behalf of another? Treatment: (1) Where a monetary creditor of the nominee shareholder applies to the people's court for compulsory enforcement against shares in a limited liability company registered in the nominee shareholder's name, and an actual contributor who satisfies the conditions for becoming a disclosed shareholder or who has already paid all of his contributions, in an action objecting to enforcement, requests exclusion of the compulsory enforcement, the people's court shall support such a request, except where, after the people's court first seals up the shares, the actual contributor fails to raise an objection in accordance with the law within a reasonable period. (2) Where a monetary creditor of the actual contributor, with evidence proving that the actual contributor satisfies the conditions for becoming a disclosed shareholder or has already paid all of his contributions, applies to the people's court for compulsory enforcement against shares in a limited liability company registered in the nominee shareholder's name, the people's court shall support such an application. A nominee shareholder's request to exclude compulsory enforcement on the ground that he is the shareholder recorded in the register of shareholders or in company registration particulars shall not be supported by the people's court.

Key Point 031: Impersonated Shareholders (冒名股东) ★

1. Concept An impersonated shareholder (impersonated capital contribution) means a person who contributes capital by impersonating another person and registers that other person as a shareholder with the company registration authority, without the impersonated person's knowledge.

2. Allocation of Liability (1) Where the impersonated person, with the company as defendant, requests confirmation that he is not a shareholder and completion of registration of the change of shares or cancellation of the registration information, the people's court shall support such a request; (2) where the impersonated person has suffered damage, and requests the impersonator to bear liability for damages, the people's court shall support such a request; (3) where the company, the company's creditors, or others request the impersonated person to perform contribution obligations or to bear liability for damages for the company's failure to pay its debts as they fall due, the people's court shall not support such a request.

Da Li is the sales general manager of Xuancao Company. Using customer resources of Xuancao Company, Da Li prepared to establish Company B, but, in order to prevent Xuancao Company from discovering his conduct, he used identity information and other materials of Xiao Li, who had formerly worked in the same unit but had since left, to register his own shares in Company B in Xiao Li's name, without Xiao Li's knowledge. Eight years later, Da Li prepared to transfer his shares in Company B for cash, but by then the share transfer procedures had become strict, and the local industry and commerce department required verification of shareholder information. At that point, Xiao Li discovered that she had been registered as a shareholder of Company B. Question: Can Xiao Li require Company B to remove her shareholder qualification? Before Company B completes registration of the change of shareholders, does Xiao Li have to bear liability for debts that Company B cannot pay? Answer: ① Yes. ② Xiao Li need not bear any liability.

Key Point 032: Disputes over Unauthorized Disposal of Shares (Double Sale of the Same Shares) ★★

1. Concept Unauthorized disposal of shares means conduct whereby, after a share transfer contract has been concluded but before registration of the change has been completed with the company registration authority, the original shareholder again disposes of his shares by transfer, pledge, or other means.

2. Rules of Treatment (Original shareholder) A —— (first share transfer, B as the "transferee") ——> B; (Original shareholder) A —— (second disposal of shares, C as the "third party") ——> C. ❶ If C satisfies the conditions for "acquisition in good faith," C may acquire the shares; otherwise, C may require A to bear liability for breach of contract. ❷ If C acquires the shares in good faith, B may require directors and senior management personnel at fault to bear liability for damages, and may require A to bear liability for breach of contract.

[Scenario 1] Treatment of the "third party" C (the second disposal of shares): (1) Where the third party asserts that it has acquired shares or that a pledge of shares has been created, the people's court shall handle the matter by reference to Article 311 of the Civil Code concerning acquisition in good faith; Note: In practice, where the transferee asserts that the third party does not constitute a good-faith acquirer, the determination shall comprehensively take into account factors such as whether the company kept a register of shareholders at the time the third party acquired the shares or created the pledge, whether the transferee has been recorded in the register of shareholders as a shareholder, whether the particulars in the register of shareholders are consistent with the company registration, and whether the third party checked the register of shareholders or the company registration, or inquired of the company about the share transfer. (2) A third party who has not lawfully acquired shares or created a pledge shall have the right, under the contract, to require the transferor to bear liability for breach of contract.

[Scenario 2] Treatment of the "transferee" B (the first share transfer): (1) Where the third party acquires shares or a pledge in good faith, and the transferee requests directors and senior management personnel at fault for failing to complete registration of the change in a timely manner and the like to bear liability for damages, the people's court shall support such a request; where the transferee was himself at fault for failing to cooperate with completion of registration of the change and the like, the liability of the directors and senior management personnel at fault may be appropriately reduced. (2) The above-mentioned transferee of shares shall have the right, under the contract, to require the transferor to bear liability for breach of contract.

III. Shareholders' Rights and Obligations

Key Point 033: Classification of Shares

1. Rights to Asset Returns For example, shareholders have the right to transfer their shares, and enjoy rights such as the right to claim profit distribution, the pre-emptive right to subscribe for new shares, and the right to claim distribution of residual assets. (In theory, these rights are "self-benefit rights," that is, rights exercised by shareholders exclusively for their own benefit.)

2. Rights to Participate in Major Decisions For example, rights such as amending the articles of association, increasing or reducing registered capital, and deciding on the merger, division, or dissolution of the company. (In theory, these rights are "common-benefit rights," that is, rights exercised by shareholders both for their own benefit and for the benefit of the company.)

3. Rights to Select Managers For example, the shareholders' meeting has the right to elect and replace directors and supervisors and to decide on matters concerning the remuneration of directors and supervisors. (These rights are "common-benefit rights.")

Key Point 034: Shareholders' Obligations ★★

1. Common Obligations of All Shareholders (1) The obligation to contribute capital. (2) The obligation to attend shareholders' meetings. (3) The obligation not to interfere with the company's normal business operations. (4) The obligation to exercise shareholder rights in accordance with the law. Shareholders shall comply with laws, administrative regulations, and the articles of association, exercise shareholder rights in accordance with the law, and shall not abuse shareholder rights to harm the company or other shareholders; where a shareholder abuses shareholder rights causing losses to the company or other shareholders, the shareholder shall bear liability for compensation.

2. Special Obligations of Controlling Shareholders and Actual Controllers (1) Controlling shareholders, actual controllers, directors, supervisors, and senior management personnel shall not use connected relationships to harm the interests of the company; (2) where the above-mentioned persons violate the relevant provisions, causing losses to the company, they shall bear liability for compensation. Emphasis: Even where statutory procedures have been complied with, the above-mentioned persons' liability for compensation for connected transactions cannot be exempted.

[Example] Xuancao Company is the controlling shareholder of Company A. Xuancao Company and Company A entered into a municipal agency agreement, but Xuancao Company enjoyed the price concessions of a provincial agent, and Company A advanced all of Xuancao Company's operating expenses, which cost Company A more than RMB 1,000,000 over the course of a year. However, this transaction was approved by Company A through a shareholders' meeting convened and a lawful voting procedure. In this case, although Company A's resolution procedure was lawful, because the connected transaction violated the principle of fairness and caused losses to Company A, Xuancao Company must still bear liability for compensation to Company A.

04 Summary of Frequently Tested Angles

1. When the capital contribution certificate, the register of shareholders, and company registration conflict, determine whether a person is a shareholder of the company.

2. Determine whether a person is a shareholder of the company or a creditor of the company (comprehensive determination).

3. Determination and treatment of nominee shareholding relationships. Specifically: (1) Is the nominee shareholding agreement valid? (2) Can the actual contributor exercise shareholder rights? (Consider whether the "disclosed shareholder" conditions are satisfied.) (3) If the nominee shareholder transfers shares without authorization, how is it handled? (4) Who bears liability for compensation to the company's creditors?

4. Resolve disputes by applying the rules on shareholders' obligations.