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THE CONCEPT AND LEGAL NATURE OF EQUITY INTERESTS IN THE CAPITAL COMPANIES IN THE POLISH LEGAL SYSTEM
Abstract
The scientific objective of the research was to determine the substance and legal nature of the equity interests of the shareholders in the capital companies in the Polish legal system. The aim of this research also required answering the question what the shares are in capital companies, as well as defining the mutual relationship between these concepts and the concept of participation in capital companies. The methodology of the research was determined by the indicated objective and both the dogmatic-legal and historical-legal methods were used to achieve it. The relevant provisions of the Commercial Companies Code and the Civil Code have been subjected to logical analysis. Moreover, the indicated method has been supplemented by the analysis of the hitherto achievements of the jurisprudence and the doctrine. The results of the survey led to the conclusion that the term "shares" has more than one meaning in the Polish legal system. The term is used to denote part of the share capital of a capital company which the shareholder participates in. In addition, shares are defined as all the rights and obligations of the shareholders, determining their legal status in the company. In such sense, shares constitute equity interests. Furthermore, a share constitutes a security. Participation in the company is a legal relationship, and the equity interest is part of its content. Determining the substance and legal nature of the equity interests will allow to specify the scope of possible manners of disposal of the participation units in the capital companies. A proper definition of the subject matter of the regulation determines the application of a particular legal structure which results in transferring, encumbering or withdrawing the equity interests. Therefore, achieving the objective of the research - determining the substance and legal nature of the equity interests - is significant both for science and for the legal practice, since the provisions of Polish law are laconic and unclear in this respect.
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