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The Second Directive
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European Company Law Coursework, Q. 1 - The Second Directive The EC Commission transmitted original Second Council Directive proposal1 to Council in March 1970. ECOSOC2 and European Parliament Opinions followed in May and October 1971 respectively under consultation procedure, European Parliament exercising little influence3. It was amended in October 1972 to accommodate acceding UK, Ireland and Denmark and adopted on 13 December 19764 within European Company Law harmonisation program, art. 54(3)(g) EC Treaty, to coordinate protection of members and others' interests in companies. British lawyers influenced drafting significantly. Provisions on financial assistance for company's purchase of own shares and their redemption5 were modelled on Companies Act 19486, while some capital maintenance provisions experienced UK caselaw influence7. Many provisions originated from continental legal systems, particularly German AktienGesetz 19658 - disclosure for creditors' confidence9, employee participation facilitation10. Controversial UK common law necessitated amendment to rules on minimum capital, public/private company distinction,...
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