FINANSIJSKA PODRŠKA PRI STICANjU AKCIJA U SOPSTVENOM PREDUZEĆU

Vesić Dobrica (Институт за међународну политику и привреду, Београд), dobrica@diplomacy.bg.ac.rs

Financial assistance to a company for the purchase of its own shares has been incorporated, for decades, in the Company Law in Serbia. However, the prohibition on financial assistance to a company for the purchase of its shares is an outdated company law concept, which restricts shareholders and directors freedom to manage companies in the most efficient way. Convincing reasons against the prohibition lead to the conclusion that restriction of financial assistance is ‘the wrong answer to the wrong question’, and its abolition should, therefore, be recommended. Such a theoretical position caused implementation of a wide range prohibition, with the existence of a small number of exceptions. Nowadays, continental European law is under attack by the ‘liberalization wave’, which ‘threatens’ to change the attitude towards such financial assistance. After recent changes to the Second Company Law Directive, Serbian law on financial assistance is still harmonized with the EC law, although it is in conflict with new tendencies. The ban of financial assistance was introduced in Serbia under article „loan for shares” and was written under the strong influence of the Second Company Law Directive. The aim of this paper is to question the justifications for the prohibition on the financial assistance, to explore the range of its application and recommended future legislative steps.

Ključne reči: European Union, financial assistance, company, purchase, shares, securities market