‫ﺍﳉﻤﻬﻮﺭﻳﺔ ﺍﳉﺰﺍﺋﺮﻳﺔ ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ ﺍﻟﺸﻌﺒﻴﺔ‬

‫ﻭﺯﺍﺭﺓ ﺍﻟﺘﻌﻠﻴﻢ ﺍﻟﻌﺎﱄ ﺍﻟﺒﺤﺚ ﺍﻟﻌﻠﻤﻲ‬

‫ﺟﺎﻣﻌﺔ ﺩ‪.‬ﺍﻟﻄﺎﻫﺮ ﻣﻮﻻﻱ –ﺳﻌﻴﺪﺓ‪-‬‬
‫ﻛﻠﻴﺔ ﺍﳊﻘﻮﻕ ﻭ ﺍﻟﻌﻠﻮﻡ ﺍﻟﺴﻴﺎﺳﻴﺔ‬
‫ﻗﺴﻢ ﺍﳊﻘﻮﻕ‬

‫ﻋﻨﻮﺍﻥ ﺍﳌﺬﻛﺮﺓ‪:‬‬

‫ﻣﺬﻛﺮﺓ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺍﳌﺎﺳﺘﺮ ﲣﺼﺺ‪ :‬ﻗﺎﻧﻮﻥ ﺍﺟﺘﻤﺎﻋﻲ‬

‫ﲢﺖ ﺇﺷﺮﺍﻑ ﺍﻷﺳﺘﺎﺫ‪:‬‬ ‫ﻣﻦ ﺇﻋﺪﺍﺩ ﺍﻟﻄﺎﻟﺐ‪:‬‬

‫ﺍﻟﺪﻛﺘﻮﺭ ﻣﻐﺮﰊ ﻓﻮﻳﺪﺭ‬ ‫ﺟﺎﺏ ﻧﻌﻴﻤﺔ‬

‫ﳉﻨﺔ ﺍﳌﻨﺎﻗﺸﺔ‪:‬‬

‫ﺭﺋﻴﺴﺎ‬ ‫‪ −‬ﺍﻟﺪﻛﺘﻮﺭ ﺑﻮﻛﻠﻲ ﺣﺴﻦ ﺷﻜﻴﺐ‬

‫ﻣﺸﺮﻓﺎ ﻣﻘﺮﺭﺍ‬ ‫‪ −‬ﺍﻟﺪﻛﺘﻮﺭ ﻣﻐﺮﰊ ﻗﻮﻳﺪﺭ‬
‫ﻋﻀﻮﺍ ﻣﻨﺎﻗﺸﺎ‬ ‫‪ −‬ﺍﻟﺪﻛﺘﻮﺭ ﻗﻤﻴﺪﻱ ﻓﻮﺯﻱ‬
‫ﻋﻀﻮﺍ ﻣﻨﺎﻗﺸﺎ‬ ‫‪ −‬ﺍﻟﺪﻛﺘﻮﺭ ﺷﻴﺦ ﻗﻮﻳﺪﺭ‬

‫ﺍﻟﺴﻨﺔ ﺍﳉﺎﻣﻌﻴﺔ ‪2017/2016‬‬

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 ‫ﺒﺴـﻡ ﺍﷲ ﺍﻟﺭﺤﻤـﻥ ﺍﻟﺭﺤﻴﻡ‬

‫}ﻳ‪‬ﺎ ﺃﹶﻳ‪‬ﻬ‪‬ﺎ ﺍﻟﱠﺬِﻳﻦ‪ ‬ﺁَﻣ‪‬ﻨ‪‬ﻮﺍ ﺇِﺫﹶﺍ ﻗِﻴﻞﹶ ﻟﹶﻜﹸﻢ‪ ‬ﺗ‪‬ﻔﹶﺴ‪‬ﺤ‪‬ﻮﺍ ﻓِﻲ ﺍﻟﹾﻤ‪‬ﺠ‪‬ﺎﻟِﺲِ ﻓﹶﺎﻓﹾﺴ‪‬ﺤ‪‬ﻮﺍ ﻳ‪‬ﻔﹾﺴ‪‬ﺢِ ﺍﻟﻠﱠﻪ‪ ‬ﻟﹶﻜﹸﻢ‪ ‬ﻭ‪‬ﺇِﺫﹶﺍ ﻗِﻴﻞﹶ‬
‫ﺍﻧ‪‬ﺸ‪‬ﺰ‪‬ﻭﺍ ﻓﹶﺎﻧ‪‬ﺸ‪‬ﺰ‪‬ﻭﺍ ﻳ‪‬ﺮ‪‬ﻓﹶﻊِ ﺍﻟﻠﱠﻪ‪ ‬ﺍﻟﱠﺬِﻳﻦ‪ ‬ﺁَﻣ‪‬ﻨ‪‬ﻮﺍ ﻣِﻨ‪‬ﻜﹸﻢ‪ ‬ﻭ‪‬ﺍﻟﱠﺬِﻳﻦ‪ ‬ﺃﹸﻭﺗ‪‬ﻮﺍ ﺍﻟﹾﻌِﻠﹾﻢ‪ ‬ﺩ‪‬ﺭ‪‬ﺟ‪‬ﺎﺕٍ ﻭ‪‬ﺍﻟﻠﱠﻪ‪ ‬ﺑِﻤ‪‬ﺎ ﺗ‪‬ﻌ‪‬ﻤ‪‬ﻠﹸﻮﻥﹶ‬
‫ﺧ‪‬ﺒِﲑ‪{‬‬

‫ﺳﻮﺭﺓ ﺍ‪‬ﺎﺩﻟﺔ‪ ،‬ﺍﻵﻳﺔ ‪11‬‬

‫ﺻﺪﻕ ﺍﷲ ﺍﻟﻌﻈﻴﻢ‬

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 ‫ﺒﺩﺍﻴﺔ ﻨﺤﻤﺩ ﺍﷲ ﻭﻨﺸﻜﺭﻩ ﺃﻥ ﻭﻓﻘﻨﺎ ﻹﻨﺠﺎﺯ ﻫﺫﻩ ﺍﻟﻤﺫﻜﺭﺓ‪.‬‬
‫ﻭﻋﻤﻼ ﺒﺤﺩﻴﺙ ‪ -‬ﺍﻟﺭﺴﻭل ﺼﻠﻰ ﺍﷲ ﻋﻠﻴﻪ ﻭ ﺴﻠﻡ‪" -‬ﻤﻥ ﻟﻡ ﻴﺸﻜﺭ ﺍﻟﻨﺎﺱ ﻟﻡ ﻴﺸﻜﺭ ﺍﷲ‪،‬‬
‫ﻭﻤﻥ ﺃﺴﺩﻯ ﺇﻟﻴﻜﻡ ﻤﻌﺭﻭﻓﺎ ﻓﻜﺎﻓﺌﻭﻩ‪ ،‬ﻓﺈﻥ ﻟﻡ ﺘﺴﺘﻁﻴﻌﻭﺍ ﻓﺎﺩﻋﻭﺍ ﻟﻪ"‬
‫ﻴﺸﺭﻓﻨﻲ ﺃﻥ ﺃﺘﻘﺩﻡ ﺒﺸﻜﺭﻱ ﺍﻟﺠﺯﻴل ﻭﺜﻨﺎﺌﻲ ﺍﻟﺨﺎﻟﺹ ﻷﺴﺘﺎﺫﻱ ﺍﻟﻔﺎﻀل "ﻤﻐﺭﺒﻲ ﻗﻭﻴﺩﺭ"‬
‫ﺍﻟﻤﺸﺭﻑ ﻋﻠﻰ ﻫﺫﻩ ﺍﻟﻤﺫﻜﺭﺓ ﻭﺍﻟﺫﻱ ﻤﻨﺤﻨﻲ ﺜﻘﺘﻪ ﻭﻟﻡ ﻴﺒﺨل ﻋﻠﻲ ﺒﻨﺼﺎﺌﺤﻪ ﻭﺘﻭﺠﻴﻬﺎﺘﻪ‬
‫ﺍﻟﻘﻴﻤﺔ ﻁﻴﻠﺔ ﻋﻤﻠﻴﺔ ﺇﻋﺩﺍﺩ ﻭﺇﻨﺠﺎﺯ ﻫﺫﺍ ﺍﻟﻌﻤل ﺍﻟﻌﻠﻤﻲ ﺍﻟﻤﺘﻭﺍﻀﻊ‪.‬‬
‫ﻜﻤﺎ ﺃﺘﻭﺠﻪ ﺒﺎﻟﺸﻜﺭ ﻭﺍﻟﺘﻘﺩﻴﺭ ﺇﻟﻰ ﺍﻷﺴﺎﺘﺫﺓ ﺍﻟﻜﺭﺍﻡ ﺃﻋﻀﺎﺀ ﻟﺠﻨﺔ ﺍﻟﻤﻨﺎﻗﺸﺔ ﺒﻘﺒﻭل ﻤﻨﺎﻗﺸﺔ‬
‫ﻤﺫﻜﺭﺘﻲ‪.‬‬
‫ﺩﻭﻥ ﺃﻥ ﺃﻨﺴﻰ ﺃﺴﺎﺘﺫﺘﻲ ﺒﻘﺴﻡ ﺍﻟﺤﻘﻭﻕ ﺍﻟﺫﻴﻥ ﺴﺎﻫﻤﻭﺍ ﻓﻲ ﻫﺫﺍ ﺍﻟﻌﻤل ﻤﻥ ﻗﺭﻴﺏ ﺃﻭ ﻤﻥ‬
‫ﺒﻌﻴﺩ ﺒﻨﺼﺎﺌﺤﻬﻡ ﻭ ﺘﻭﺠﻴﻬﺎﺘﻬﻡ ﺍﻟﻘﻴﻤﺔ‪.‬‬
‫ﻜﻤﺎ ﻻ ﺃﻨﺴﻰ ﺃﻥ ﺃﺸﻜﺭ ﺇﺨﻭﺘﻲ ﺍﻟﻁﻠﺒﺔ ﺯﻤﻼﺌﻲ ﻓﻲ ﺍﻟﺩﺭﺍﺴﺔ ﻋﻠﻰ ﻜل ﻤﺎ ﻗﺩﻤﻭﻩ ﻟﻲ ﻤﻥ‬
‫ﺩﻋﻡ ﻤﻌﻨﻭﻱ ﻓﻠﻬﻡ ﺠﻤﻴﻌﺎ ﺠﺯﻴل ﺍﻟﺸﻜﺭ‪ ،‬ﻭﺃﺴﺄل ﺍﷲ ﺍﻟﻤﻭﻟﻰ ﺠﻠﺕ ﻗﺩﺭﺘﻪ ﺃﻥ ﻴﺠﺯﻴﻬﻡ ﻋﻨﻲ‬
‫ﺨﻴﺭ ﺍﻟﺠﺯﺍﺀ‪ ،‬ﺍﻟﻠﻬﻡ ﺒﻠﻎ ﺍﻟﺸﻜﺭ ﺃﻫﻠﻪ ﻭﺭﺩ ﺍﻟﺠﻤﻴل ﻷﺼﺤﺎﺒﻪ ﻓﻤﺎ ﺠﺯﺍﺀ ﺍﻹﺤﺴﺎﻥ ﺇﻻ‬
‫ﺍﻹﺤﺴﺎﻥ ﻭﻋﻠﻰ ﺍﷲ ﻗﺼﺩ ﺍﻟﺴﺒﻴل‪.‬‬

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 ‫ﺒﺩﺃﻨﺎ ﺃﻜﺜﺭ ﻤﻥ ﻴﺩ ﻭﻗﺎﺴﻴﻨﺎ ﺃﻜﺜﺭ ﻤﻥ ﻫﻡ ﻭﻋﺎﻨﻴﻨﺎ ﺍﻟﻜﺜﻴﺭ ﻤﻥ ﺍﻟﺼﻌﻭﺒﺎﺕ‪ ،‬ﻭﻫﺎ ﻨﺤﻥ ﺍﻟﻴﻭﻡ‬
‫ﻭﺍﻟﺤﻤﺩ ﷲ ﻨﻁﻭﻱ ﺴﻬﺭ ﺍﻟﻠﻴﺎﻟﻲ ﻭﺘﻌﺒﺕ ﺍﻷﻴﺎﻡ‬
‫ﻭﺨﻼﺼﺔ ﻤﻨﺸﻭﺭﻨﺎ ﺒﻴﻥ ﺩﻓﺘﻲ ﻫﺫﺍ ﺍﻟﻌﻤل ﺍﻟﻤﺘﻭﺍﻀﻊ‬
‫ﺇﻟﻰ ﻤﻨﺎﺭﺓ ﺍﻟﻌﻠﻡ ﻭﺍﻹﻤﺎﻡ ﺍﻟﻤﺼﻁﻔﻰ ﺍﻟﺫﻱ ﻋﻠﻡ ﺍﻟﺘﻌﻠﻴﻤﻴﻥ ﺇﻟﻰ ﺴﻴﺩﻨﺎ ﺍﻟﺨﻠﻕ ﺇﻟﻰ ﺭﺴﻭﻟﻨﺎ‬
‫ﺍﻟﻜﺭﻴﻡ ﺴﻴﺩﻨﺎ ﻤﺤﻤﺩ ﺼﻠﻰ ﺍﷲ ﻋﻠﻴﻪ ﻭﺴﻠﻡ‬
‫ﺇﻟﻰ ﺍﻟﻴﻨﺒﻭﻉ ﺍﻟﺫﻱ ﻻ ﻴﻤل ﺍﻟﻌﻁﺎﺀ ﺇﻟﻰ ﻤﻥ ﺤﺎﻜﺕ ﺴﻌﺎﺩﺘﻲ ﺒﺨﻴﻭﻁ ﻤﻨﺴﻭﺠﺔ ﻤﻥ ﻗﻠﺒﻬﺎ ﺇﻟﻰ‬
‫ﻭﺍﻟﺩﺘﻲ ﺍﻟﻌﺯﻴﺯﺓ‬
‫ﺇﻟﻰ ﻤﻥ ﺴﻌﻰ ﻭﺸﻔﻰ ﻷﻨﻌﻡ ﺒﺎﻟﺭﺍﺤﺔ ﻭ ﺍﻟﻬﻨﺎﺀ ﺍﻟﺫﻱ ﻟﻡ ﻴﺒﺨل ﺒﺸﻲﺀ ﻤﻥ ﺃﺠل ﺩﻓﻌﻲ ﻓﻲ‬
‫ﻁﺭﻴﻕ ﺍﻟﻨﺠﺎﺡ ﺍﻟﺫﻱ ﻋﻠﻤﻨﻲ ﺃﻥ ﺃﺭﺘﻘﻲ ﺴﻠﻡ ﺍﻟﺤﻴﺎﺓ ﺒﺤﻜﻤﺔ ﻭﺼﺒﺭ ﺇﻟﻰ ﻭﺍﻟﺩﻱ ﺍﻟﻌﺯﻴﺯ‬
‫ﺇﻟﻰ ﻤﻥ ﺤﺒﻬﻡ ﻴﺠﺭﻱ ﻓﻲ ﻋﺭﻭﻗﻲ ﻭﻴﻠﻬﺞ ﺒﺫﻜﺭﺍﻫﻡ ﻓﺅﺍﺩﻱ ﺇﻟﻰ ﺃﺨﻭﺍﺘﻲ ﻭﺃﺨﻭﺍﻨﻲ‬
‫ﺇﻟﻰ ﻤﻥ ﺴﺭﻨﺎ ﺴﻭﻴﺎ ﻭﻨﺤﻥ ﻨﺸﻕ ﺍﻟﻁﺭﻴﻕ ﻤﻌﺎ ﻨﺤﻭ ﺍﻟﻨﺠﺎﺡ ﻭﺍﻹﺒﺩﺍﻉ ﺇﻟﻰ ﻤﻥ ﺘﻜﺎﺘﻔﻨﺎ ﻴﺩﺍ‬
‫ﺒﻴﺩ ﻭﻨﺤﻥ ﻨﻘﻁﻑ ﺯﻫﺭﺓ ﻭﺘﻌﻠﻤﻨﺎ ﺇﻟﻰ ﺼﺩﻴﻘﺎﺘﻲ ﻭﺯﻤﻴﻼﺘﻲ‬
‫ﺇﻟﻰ ﻤﻥ ﻋﻠﻤﻨﺎ ﺤﺭﻭﻓﺎ ﻤﻥ ﺫﻫﺏ ﻭﻜﻠﻤﺎﺕ ﻤﻥ ﺩﺭﺭ ﻭﻋﺒﺎﺭﺍﺕ ﻤﻥ ﺃﺴﻤﻰ ﻭﺃﺠل ﻋﺒﺎﺭﺍﺕ ﻓﻲ‬
‫ﺍﻟﻌﻠﻡ ﺇﻟﻰ ﻤﻥ ﺼﺎﻏﻭﺍ ﻟﻨﺎ ﻋﻠﻤﻬﻡ ﺤﺭﻭﻓﺎ ﻭﻤﻥ ﻓﻜﺭﻫﻡ ﻤﻨﺎﺭﺓ ﺘﺜﻴﺭ ﻟﻨﺎ ﺴﻴﺭﺓ ﺍﻟﻌﻠﻡ ﻭﺍﻟﻨﺠﺎﺡ‬
‫ﺇﻟﻰ ﺃﺴﺎﺘﺫﺘﻨﺎ ﺍﻟﻜﺭﺍﻡ‬

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 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺨﺘﺼﺮﺍﺕ‬

‫ﻕ‪.‬ﺕ ‪ :‬ﻗﺎﻧﻮﻥ ﲡــﺎﺭﻱ‪.‬‬

‫ﺫ‪.‬ﻡ‪.‬ﻡ‪ :‬ﺫﺍﺕ ﻣﺴﺆﻭﻟﻴﺔ ﳏﺪﻭﺩﺓ‪.‬‬
‫ﻡ‪ :‬ﻣﺎﺩﺓ‪.‬‬
‫ﺏ‪ :‬ﺑﺪﻭﻥ‪.‬‬
‫ﻁ‪ :‬ﻃﺒﻌﺔ‪.‬‬
‫ﺝ‪.‬ﺭ‪ :‬ﺟﺮﻳﺪﺓ ﺭﲰﻴﺔ‪.‬‬
‫ﻍ‪.‬ﻣﻨﺸﻮﺭﺓ‪ :‬ﻏﲑ ﻣﻨﺸـﻮﺭﺓ‪.‬‬

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 ‫ﻣﻘـــﺪﻣﺔ‬

‫ﻣﻘﺪﻣـﺔ‬

‫ﻋﺮﻑ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺧﻼﻝ ﺍﻟﻌﺸﺮﻳﺔ ﺍﻷﺧﲑﺓ ﺗﻌﺪﻳﻼﺕ ﻫﺎﻣﺔ ﻭ ﻣﺘﻌﺪﺩﺓ ﺗ‪‬ﻨ‪‬ﺒِﺊ ﻋﻦ ﻧﻴﺔ‬

‫ﺍﳌﺸﺮﻉ ﰲ ﻣﻮﺍﻛﺒﺘﻪ ﲢﺪﻳﺚ ﺍﳌﻨﻈﻮﻣﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺣﱴ ﻳﺘﻤﺎﺷﻰ ﻣﻊ ﻣﺘﻄﻠﺒﺎﺕ ﺍﻟﺴﻮﻕ ﻭ ﺍﻹﻧﻔﺘﺎﺡ‪.‬‬

‫ﻭﻟﻘﺪ ﺣﺮﺹ ﺍﳌﺸﺮﻉ ﰲ ﻫﺬﻩ ﺍﻟﻔﺘﺮﺓ ﻋﻠﻰ ﻓﺘﺢ ﺍﻟﺒﺎﺏ ﻋﻠﻰ ﻣﺼﺮﺍﻋﻴﻪ ﻟﻠﻨﺸﺎﻁ ﺍﻟﻔﺮﺩﻱ ﺍﳊﺮ ﰲ ﻣﻴﺪﺍﻥ‬

‫ﺍﻟﺘﺠﺎﺭﺓ ﻭ ﺍﻟﺼﻨﺎﻋﺔ ﺃﻣﺮﺍ ﻣﺆﻛﺪﺍ‪ ،‬ﻭ ﻫﻮ ﳚﻌﻞ ﻣﻦ ﺫﻟﻚ ﻣﺒﺪﺃ ﺩﺳﺘﻮﺭﻳﺎ‪ ،‬ﻭﺇﻗﺘﺼﺮ ﺩﻭﺭﻩ ﻋﻠﻰ‬

‫ﺍﻹﻋﺘﺮﺍﻑ ﺑﺎﻷﻭﺿﺎﻉ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﳉﺪﻳﺪﺓ ﺍﻟﱵ ﺃﺳﻔﺮﺕ ﻋﻨﻬﺎ ﻫﺬﺍ ﺍﻟﻨﺸﺎﻁ ﻭ ﺗﺴﺠﻴﻠﻬﺎ‪ .‬ﻭ ﻣﻦ ﺑﲔ‬

‫ﺍﳌﻮﺍﺿﻴﻊ ﺍﻟﱵ ﺷﺪﺕ ﺇﻫﺘﻤﺎﻡ ﺍﳌﺸﺮﻉ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺇﺫ ﺃﺧﺬﺕ ﺃﳘﻴﺔ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﰲ ﻇﻬﻮﺭ ﻣﻊ‬

‫ﺑﺮﻭﺯ ﺭﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﺍﻟﻀﺨﻤﺔ ﻟﻠﻤﺴﺘﺜﻤﺮ ﺍﻟﻮﻃﲏ ﻭ ﺍﻷﺟﻨﱯ‪.1‬‬

‫ﻓﺘﻀﺎﺭﺑﺖ ﺍﻵﺭﺍﺀ ﺍﻟﻔﻘﻬﻴﺔ ﺣﻮﻝ ﲢﺪﻳﺪ ﺍﻟﻄﺒﻴﻌﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻟﻠﺸﺮﻛﺔ ﺑﲔ ﺇﻋﺘﺒﺎﺭﻫﺎ ﻋﻘﺪ ﺃﻭ ﻧﻈﺎﻡ‬

‫ﺃﻭ ﺍﳉﻤﻊ ﺑﻴﻨﻬﻤﺎ‪ ،‬ﻟﻜﻦ ﻧﺘﻴﺠﺔ ﻟﻠﺘﺤﻮﻻﺕ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﺍﻟﱵ ﻋﺮﻓﺘﻬﺎ ﺍ‪‬ﺘﻤﻌﺎﺕ ﺧﺎﺻﺔ‬

‫ﰲ ﺍﻟﻘﺮﻥ ﺍﳌﺎﺿﻲ‪ ،‬ﻭﺍﻟﱵ ﺟﻌﻠﺖ ﺗﺸﺮﻳﻌﺎﺕ ﺍﻟﺪﻭﻝ ﺍﳌﺘﻨﻤﻴﺔ ﻟﻠﻨﻈﺎﻡ ﺍﻟﻼﺗﻴﲏ ﺗﺘﺄﺛﺮ ﺑﻐﲑﻫﺎ ﻣﻦ ﺍﻷﻧﻈﻤﺔ‬

‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻭ ﺗﺘﺒﲎ ﺃﻓﻜﺎﺭﺍ ﺟﺪﻳﺪﺓ ﻛﺘﻜﻮﻳﻦ ﺷﺮﻛﺔ ﻣﻦ ﻃﺮﻑ ﺷﺨﺺ ﻭ ﺣﻴﺪ ﺗﺘﻌﺎﺭﺽ ﻣﻊ ﺑﻌﺾ‬

‫ﺍﳌﺒﺎﺩﺉ ﺍﳌﺴﺘﻘﺮﺓ ﻋﻠﻴﻬﺎ ﰲ ﺍﻟﻨﻈﺮﻳﺔ ﺍﻟﻌﺎﻣﺔ ﻛﻮﺣﺪﺓ ﺍﻟﺬﻣﺔ ﺍﳌﺎﻟﻴﺔ ﻭ ﺍﻟﺸﺨﺼﻴﺔ ﺍﳌﻌﻨﻮﻳﺔ‪...‬ﻧﺘﻴﺠﺔ ﻟﺬﻟﻚ‬

‫ﺃﺻﺒﺤﺖ ﺗﻠﻚ ﺍﻹﺟﺘﻬﺎﺩﺍﺕ ﺍﻟﻔﻘﻬﻴﺔ ﻻ ﺗﺘﻨﺎﺳﺐ ﻣﻊ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﺍﳉﺪﻳﺪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ‬

‫‪1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﰲ ﻗﺎﻧﻮﻥ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﻁ‪ ،2‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،2007 ،‬ﺹ‪.2‬‬

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‫ﺃﺩﻯ ﺇﱃ ﺍﻹﻫﺘﻤﺎﻡ ﺑﺎﳌﺸﺮﻭﻉ ﺍﻟﺬﻱ ﻳﺘﻢ ﺍﻹﺳﺘﺜﻤﺎﺭ ﻓﻴﻪ ﻭ ﺫﻟﻚ ﺑﺎﻋﺘﺒﺎﺭ ﺍﻟﺸﺮﻛﺔ ﻛﺘﻘﻨﻴﺔ ﺃﻭ ﺗﻨﻈﻴﻢ‬

‫ﻗﺎﻧﻮﱐ ﻟﻠﻤﺸﺮﻭﻉ‪.‬‬

‫ﻓﻘﺪ ﺇﲡﻪ ﺍﻟﺸﺨﺺ ﺇﱃ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻷﻋﻤﺎﻝ ﺍﳌﺨﺘﻠﻔﺔ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﻧﺘﺎﺋﺞ ﺃﻓﻀﻞ ﺇﺫﺍ ﻣﺎ‬

‫ﺇﺷﺘﺮﻛﺖ ﺟﻬﻮﺩﻫﻢ ﻭ ﻃﺎﻗﺎ‪‬ﻢ‪ ،‬ﻭﺑﺮﺯﺕ ﺍﻟﻨﺘﺎﺋﺞ ﺍﳌﻮﺟﻮﺩﺓ ﰲ ﺗﻀﺎﻓﺮ ﺍﳉﻬﻮﺩ ﰲ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ‬

‫ﻋﻤﻠﺖ ﰲ ﳎﺎﻝ ﺍﻟﺘﺠﺎﺭﺓ ﺣﻴﺚ ﻗﺎﻣﺖ ﺑﺘﺠﻤﻴﻊ ﺍﻷﻣﻮﺍﻝ ﻭ ﺗﻌﺒﺌﺔ ﺍﳌﺪﺧﺮﺍﺕ ﻭ ﺇﺳﺘﻐﻼﻝ ﺍﻟﻘﺪﺭﺍﺕ‬

‫ﺍﻟﻌﻴﻨﻴﺔ‪.‬‬

‫ﻛﻤﺎ ﻳﻌﺪ ﻣﻮﺿﻮﻉ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺗﻄﻮﻳﺮﻫﺎ ﻣﻦ ﺃﻫﻢ ﺍﳌﻮﺿﻮﻋﺎﺕ ﺍﻟﱵ ﻧﺎﻟﺖ‬

‫ﺣﻴﺰﺍ ﻛﺒﲑﺍ ﰲ ﻗﻀﺎﻳﺎ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻭ ﻳﻈﻬﺮ ﻫﺬﺍ ﺍﻹﻫﺘﻤﺎﻡ ﻣﻦ‬

‫ﺧﻼﻝ ﺍﻵﻟﻴﺎﺕ ﺍﻟﱵ ﺃﻋﺪﺕ ﺧﺼﻴﺼﺎ ﻟﺪﻋﻢ ﻭﲤﻮﻳﻞ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻨﺪ ﺗﺄﺳﻴﺴﻬﺎ‪ .‬ﻭ ﲡﺪ ﻫﺬﻩ‬

‫ﺍﻵﻟﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﺍﳌﺴﺘﺤﺪﺛﺔ ﺿﺎﻟﺘﻬﺎ ﰲ ﻇﻞ ﻭﺍﻗﻊ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺘﻘﻠﻴﺪﻱ ﺍﻟﺬﻱ ﺗﻌﺘﻤﺪﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻋﻨﺪ‬

‫ﺍﻟﺘﺄﺳﻴﺲ ﻭ ﺍﻟﺬﻱ ﻳﺘﻤﻴﺰ ﲟﺤﺪﻭﺩﻳﺔ ﺍﻹﺳﺘﻔﺎﺩﺓ ﻣﻨﻪ ﺳﻮﺍﺀ ﺗﻌﻠﻖ ﺍﻷﻣﺮ ﺑﺄﻣﻮﺍﻝ ﺍﳌﺆﺳﺴﲔ ﺃﻭ ﺑﺎﻟﺘﻤﻮﻳﻞ‬

‫ﺍﳌﺼﺮﰲ‪.1‬‬

‫ﻓﺈﻥ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻫﻲ ﻣﻦ ﻗﺒﻴﻞ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺨﺘﻠﻄﺔ ﺍﻟﱵ ﲡﻤﻊ ﺑﲔ‬

‫ﺍﻹﻋﺘﺒﺎﺭ ﺍﻟﺸﺼﻲ ﻭ ﺍﻹﻋﺘﺒﺎﺭ ﺍﳌﺎﱄ ﰲ ﺁﻥ ﻭﺍﺣﺪ‪ ،‬ﻓﻬﻲ ﲡﻤﻊ ﺧﺼﺎﺋﺺ ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﻭﺷﺮﻛﺎﺕ‬

‫ﺍﻷﺷﺨﺎﺹ‪ .‬ﻓﺄﻣﺎ ﺍﳋﺼﺎﺋﺺ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺸﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﻓﺈ‪‬ﺎ ﻻ ﺗﻘﻮﻡ ﻋﻠﻰ ﺍﻹﻋﺘﺒﺎﺭ ﺍﻟﺸﺨﺼﻲ ﺑﻞ‬

‫‪ 1‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ ) ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ(‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺍﳉﺰﺀ ﺍﻟﺜﺎﱐ‪ ،‬ﺩﺍﺭ ﺍﻟﻌﻠﻮﻡ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ‪،‬‬
‫ﺳﻄﻴﻒ‪ ،2014 ،‬ﺹ ‪.5‬‬

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‫ﻋﻠﻰ ﺍﻹﻋﺘﺒﺎﺭ ﺍﳌﺎﱄ‪ ،‬ﺃﻱ ﺃﻥ ﺷﺨﺺ ﺍﻟﺸﺮﻳﻚ ﻟﻴﺲ ﳏﻞ ﺇﻋﺘﺒﺎﺭ ﺑﻞ ﺍﻟﻌﱪﺓ ﲟﺎ ﻳﻘﺪﻣﻪ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭ ﰲ‬

‫ﺍﳌﻘﺎﺑﻞ ﻓﻤﺴﺆﻭﻟﻴﺘﻪ ﺗﻜﻮﻥ ﰲ ﺣﺪﻭﺩ ﺍﳊﺼﺔ‪.‬‬

‫ﻓﺘﻌﺪ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻧﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻼﺋﻢ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ‬

‫ﻭ ﺍﳌﺘﻮﺳﻄﺔ‪ ،‬ﺫﻟﻚ ﻷﻥ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ﻓﻴﻬﺎ ﳏﺪﻭﺩ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﺗﺸﺠﻊ ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻋﻠﻰ‬

‫ﺇﺳﺘﺘﻤﺎﺭ ﺃﻣﻮﺍﳍﻢ ﻓﻴﻬﺎ ﻷﻥ ﻣﺴﺆﻭﻟﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺗﻈﻞ ﳏﺪﻭﺩﺓ ﺑﻘﺪﺭ ﺣﺼﺼﻬﻢ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻓﻘﺪ ﺷﻬﺪ ﺍﻹﻗﺜﺼﺎﺩ ﺍﳉﺰﺍﺋﺮﻱ ﻭ ﻻ ﻳﺰﺍﻝ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻟﺘﻐﲑﺍﺕ ﺍﳍﺎﻣﺔ‪ ،‬ﺑﻌﺪ ﺗﺒﲏ ﺍﻹﻗﺘﺼﺎﺩ‬

‫ﺍﳊﺮ ﺣﺮﺹ ﺍﳌﺸﺮﻉ ﻋﻠﻰ ﺗﻨﻈﻴﻢ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻟﺪﺍﻋﻤﺔ ﻟﻺﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺍﻟﱵ ﺗﻜﻮﻥ ﳑﻠﻮﻛﺔ ﻣﻦ ﻗﺒﻞ‬

‫ﺍﳋﻮﺍﺹ‪ .‬ﻭﺃﻣﺎﻡ ﺍﻷﺯﻣﺔ ﺍﳌﺎﻟﻴﺔ ﺍﳊﺎﻟﻴﺔ ﺍﻟﱵ ﺗﻌﺮﻓﻬﺎ ﺍﻟﺪﻭﻝ ﺧﺎﺻﺔ ﺍﳌﻌﺘﻤﺪﺓ ﰲ ﺇﻗﺘﺼﺎﺩﻫﺎ ﻋﻠﻰ ﺍﻟﺮﻳﻊ‬

‫ﺍﻟﺒﺘﺮﻭﱄ‪ ،‬ﻭ ﺇﺷﺘﺮﺍﻙ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﺘﺴﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻟﻠﻘﻀﺎﺀ ﻋﻠﻰ ﺍﻹﻗﺘﺼﺎﺩ ﺍﳌﻮﺍﺯﻱ ﻭ ﲢﺴﲔ‬

‫ﻣﻨﺎﺥ ﺍﻷﻋﻤﺎﻝ ﰲ ﺍﳉﺰﺍﺋﺮ‪ ،‬ﻓﺈﻥ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﺗﻌﺪ ﺍﻟﺒﺪﻳﻞ ﻟﻠﻨﻬﻮﺽ ﺑﺎﻹﻗﺘﺼﺎﺩ ﻭ‬

‫ﺑﺎﻟﺘﺎﱄ ﻓﻬﻲ ﺃﻫﻢ ﺭﻛﻴﺰﺓ ﻹﻗﺘﺼﺎﺩ ﺍﻟﺪﻭﻟﺔ‪.‬‬

‫ﻭ ﻧﻈﺮﺍ ﻟﻸﳘﻴﺔ ﺍﻟﱵ ﳛﻮﺯﻫﺎ ﺭﺃﲰﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪ ،‬ﻭ ﺍﻟﺬﻱ ﻃﺮﺡ‬

‫ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺍﻹﺷﻜﺎﻟﻴﺎﺕ ﻟﻌﻞ ﺃﳘﻬﺎ ﻭ ﺃﺑﺮﺯﻫﺎ ﺍﻹﺷﻜﺎﻝ ﺍﻟﺘﺎﱄ‪:‬‬

‫ﻓﻴﻤﺎ ﺗﺘﻤﺜﻞ ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﻨﻈﻤﺔ ﻟﺮﺃﺱ ﺍﳌﺎﻝ ﰲ ﻇﻞ ﻣﺒﺪﺃ ﺍﳊﺮﻳﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ؟‬

‫ﻣﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺚ‪:‬‬

‫ﺳﻴﺘﻢ ﺍﻹﻋﺘﻤﺎﺩ ﻋﻠﻰ ﺍﳌﻨﻬﺞ ﺍﻟﻮﺻﻔﻲ ﺍﻟﺘﺤﻠﻴﻠﻲ‪ ،‬ﻭﺫﻟﻚ ﻷﻥ ﻫﺬﺍ ﺍﳌﻨﻬﺞ ﻳﺘﻨﺎﺳﺐ ﻣﻊ ﻃﺒﻴﻌﺔ‬

‫ﺍﻟﺪﺭﺍﺳﺔ ﺑﺸﻜﻞ ﺃﻓﻀﻞ ﻣﻦ ﺑﺎﻗﻲ ﺍﳌﻨﺎﻫﺞ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﺍﻷﻫﺪﺍﻑ‪.‬‬

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 ‫ﻣﻘـــﺪﻣﺔ‬

‫ﺇﻥ ﺍﻟﺼﻌﻮﺑﺎﺕ ﺍﻟﱵ ﻭﺍﺟﻬﻨﺎﻫﺎ ﰲ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺗﺘﻤﺜﻞ ﰲ ﻗﻠﺔ ﺍﳌﺮﺍﺟﻊ ﺍﳌﺘﺨﺼﺼﺔ‪ ،‬ﺇﱃ ﺟﺎﻧﺐ‬

‫ﺣﺪﺍﺛﺔ ﺍﳌﻮﺿﻮﻉ‪.‬‬

‫ﻭﻟﺪﺭﺍﺳﺔ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﻗﺴﻤﻨﺎ ﲝﺜﻨﺎ ﺇﱃ ﻓﺼﻠﲔ ﺇﺣﺘﻮﻯ ﻛﻞ ﻣﻨﻬﻤﺎ ﻋﻠﻰ ﺛﻼﺙ ﻣﺒﺎﺣﺚ‬

‫ﻛﺎﻟﺘﺎﱄ‪:‬‬

‫ﻛﺎﻥ ﻣﻀﻤﻮﻥ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭ ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ‬

‫ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻭ ﻛﺎﻥ ﺫﻟﻚ ﲢﺖ ﻋﻨﻮﺍﻥ "ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪".‬‬

‫ﻛﻤﺎ ﺗﻀﻤﻦ ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﺇﺟﺮﺍﺀﺍ‪‬ﺎ‪ ،‬ﻭ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ‬

‫ﺍﻟﺸﺮﻛﺔ ﻭﺫﻟﻚ ﲢﺖ ﻋﻨﻮﺍﻥ " ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ"‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪ :‬ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﻧﺘﻴﺠﺔ ﺗﻄﻮﺭ ﺍﻹﻗﺘﺼﺎﺩ‪ ،‬ﺃﺻﺒﺤﺖ ﺍﳊﺎﺟﺔ ﺇﱃ ﲡﻤﻴﻊ ﺍﻷﻣﻮﺍﻝ ﻟﻠﻘﻴﺎﻡ ﺑﺎﳌﺸﺎﺭﻳﻊ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ‬

‫ﺍﻟﻀﺨﻤﺔ ﺿﺮﻭﺭﺓ ﻣﻠﺤﺔ‪ ،‬ﻭﱂ ﺗﻌﺪ ﺍﻷﻣﻮﺍﻝ ﺍ‪‬ﻤﻌﺔ ﻣﻦ ﺍﻷﺛﺮﻳﺎﺀ ﻛﺎﻓﻴﺔ‪ ،‬ﻧﻈﺮﺍ ﻟﻘﻠﺔ ﻋﺪﺩﻫﻢ ﻓﺈﲡﻪ‬

‫ﺍﻟﺒﺤﺚ ﻋﻦ ﻭﺳﺎﺋﻞ ﻹﺳﺘﺨﺪﺍﻡ ﺃﻣﻮﺍﻝ ﺻﻐﺎﺭ ﺍﳌﺪﺧﺮﻳﻦ‪ ،‬ﻭﻫﻜﺬﺍ ﰎ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺇﺳﺘﻌﻤﺎﻝ ﺃﻣﻮﺍﻝ‬

‫ﺍﻟﺬﻳﻦ ﻳﺮﻏﺒﻮﻥ ﰲ ﺇﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﳍﻢ ﻣﻊ ﺿﻤﺎﻥ ﲢﺪﻳﺪ ﻣﺴﺆﻭﻟﻴﺘﻬﻢ ﲟﻘﺪﺍﺭ ﻣﺪﺧﺮﺍ‪‬ﻢ ﺍﻟﱵ ﻳﺴﺎﳘﻮﻥ‬

‫‪‬ﺎ‪ .‬ﻭﺇﻥ ﺍﻟﻜﺜﲑ ﻣﻦ ﻫﺆﻻﺀ ﺍﻟﻴﻮﻡ ﻳﺮﻳﺪﻭﻥ ﺗﻜﻮﻳﻦ ﻣﺆﺳﺴﺎﺕ ﺻﻐﲑﺓ ﻭ ﻣﺘﻮﺳﻄﺔ ﺫﺍﺕ ﻃﺎﺑﻊ ﻋﺎﺋﻠﻲ‪،‬‬

‫ﳑﺎ ﺃﺩﻯ ﺇﱃ ﻇﻬﻮﺭ ﺷﺮﻛﺎﺕ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺍﻟﱵ ﺗﺘﻨﺎﺳﺐ ﻣﻊ ﻣﺸﺮﻭﻋﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭ‬

‫ﺍﳌﺘﻮﺳﻂ‪.‬‬

‫ﻭﻗﺪ ﺭﻋﻰ ﰲ ﺇﺷﺘﺮﺍﻁ ﺍﻟﻮﺣﺪﺓ ﻭ ﺍﻟﺘﺨﺼﺺ ﰲ ﻏﺮﺽ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﻳﻜﻮﻥ ﳏﺪﺩﺍ ﻭﺍﺿﺤﺎ‬

‫ﻛﻲ ﻳﺘﺴﲎ ﻟﻠﺸﺮﻛﺔ ﺍﻟﻘﻴﺎﻡ ﺑﺘﺤﻘﻴﻘﻪ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺗﻮﺟﻴﻪ ﻗﺪﺭﺍﺕ ﺍﻟﺸﺮﻛﺔ ﲨﻴﻌﻬﺎ ﺇﱃ ﻓﺮﻉ ﻭﺍﺣﺪ ﻣﻦ‬

‫ﻓﺮﻭﻉ ﺍﻟﻨﺸﺎﻁ ﳛﻘﻖ ﳍﺎ ﻗﺪﺭﺍ ﺃﻭﻓﺮ ﻣﻦ ﺍﻟﻨﺠﺎﺡ‪.‬‬

‫ﻭﺗﺄﺳﻴﺴﺎ ﻋﻠﻰ ﺫﻟﻚ ﺳﻮﻑ ﳓﺎﻭﻝ ﺗﺒﻴﺎﻥ ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﰲ ﻫﺬﺍ ﺍﻟﻔﺼﻞ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻘﺴﻴﻢ ﺍﻟﺘﺎﱄ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪.‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺗﻈﻬﺮ ﺃﳘﻴﺔ ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺑﺈﻋﺘﺒﺎﺭﻩ ﳝﺜﻞ ﺇﲡﺎﻫﺎ ﺣﺪﻳﺜﺎ ﰲ ﲢﻘﻴﻖ‬

‫ﻣﺒﺪﺃ ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ ﺍﳌﺎﻟﻴﺔ ﺣﱴ ﲤﻜﻦ ﺫﻭﻱ ﺍﻟﺪﺧﻞ ﺍﶈﺪﻭﺩ ﻣﻦ ﺇﺳﺘﺜﻤﺎﺭ ﻣﺪﺧﺮﺍ‪‬ﻢ ﺍﻟﻨﻘﺪﻳﺔ ﰲ ﻣﺸﺎﺭﻳﻊ‬
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‫ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ ﺃﺭﺑﺎﺣﻬﺎ ﻭ ﲢﻤﻞ ﳐﺎﻃﺮﻫﺎ‪.‬‬

‫ﻭﺗﻌﺘﱪ ﻣﺮﺣﻠﺔ ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻣﻦ ﺍﳌﺮﺍﺣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﰲ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺇﺫ ﺃﻥ‬

‫ﺍﻹﻛﺘﺘﺎﺏ ﻣﻦ ﺣﻴﺚ ﺍﳌﺒﺪﺃ ﻫﻮ ﺍﻷﺩﺍﺓ ﺍﻟﱵ ﻳﺘﻢ ﺑﻮﺍﺳﻄﺘﻬﺎ ﲨﻊ ﺍﳌﺘﺒﻘﻲ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ‬

‫ﺇﻛﺘﺘﺎﺏ ﺍﳌﺆﺳﺴﻮﻥ ﻋﻦ ﻃﺮﻳﻖ ﳐﺎﻃﺒﺔ ﺍﳉﻤﻬﻮﺭ‪.‬‬

‫ﻭﻣﻦ ﺧﻼﻝ ﻣﺎ ﺳﺒﻖ ﻭ ﰲ ﳏﺎﻭﻟﺔ ﻟﺘﺒﺴﻴﻂ ﻓﻜﺮﺓ ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺷﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‪ .‬ﻗﺴﻤﻨﺎ‬

‫ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﺛﻼﺛﺔ ﻣﻄﺎﻟﺐ ﻛﺎﻟﺘﺎﱄ‪:‬‬

‫‪ -1‬ﻣﻌﲎ ﻣﺒﺪﺃ ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ ﺍﳌﺎﻟﻴﺔ‪ :‬ﻫﻲ ﺍﻟﱵ ﺗﻮﻓﺮ ﻷﺻﺤﺎﺏ ﺍﻟﺪﺧﻞ ﺍﶈﺪﻭﺩ ﺍﻟﻘﺪﺭﺓ ﻋﻠﻰ ﺇﺳﺘﺜﻤﺎﺭ ﳑﺘﻠﻜﺎ‪‬ﻢ ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﻭﺿﺮﻭﺭﺓ‬
‫ﺗﻮﻓﲑ ﺃﻛﺜﺮ ﻣﻦ ﺍﳋﻴﺎﺭ ﺃﻭ ﺃﺳﻠﻮﺏ ﺃﻣﺎﻡ ﺭﺃﲰﺎﻝ ﺍﻟﻮﻃﲏ ﻟﻜﻲ ﻳﺴﺘﺜﻤﺮ ﰲ ﻣﺸﺮﻭﻋﺎﺕ ﺇﻗﺘﺼﺎﺩﻳﺔ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳌﻄﻠــﺐ ﺍﻷﻭﻝ ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻹﻛﺘﺘﺎﺏ‬

‫ﺑﺈﻋﺘﺒﺎﺭ ﺷﺮﻛﺎﺕ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺭﻛﻴﺰﺓ ﻣﻦ ﺭﻛﺎﺋﺰ ﺑﻨﺎﺀ ﺇﻗﺘﺼﺎﺩ ﻗﻮﻱ ﻭﺫﻟﻚ‬

‫ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﻭﺣﺪﺍﺕ ﺇﻗﺘﺼﺎﺩﻳﺔ ﺗﺘﻤﺮﻛﺰ ﺣﻮﳍﺎ ﺍﻟﻔﻌﺎﻟﻴﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﺨﺘﻠﻔﺔ ‪ .‬ﻭﺇﻥ ﻫﺬﻩ ﺍﳌﺸﺮﻭﻋﺎﺕ‬
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‫ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﺗﺘﻄﻠﺐ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﻳﻌﺠﺰ ﺍﻟﺸﺨﺺ ﻋﻦ ﺗﻘﺪﳝﻬﺎ ﻭﺣﺪﻩ ﰲ ﺍﻟﻐﺎﻟﺐ‪،‬‬

‫ﻓﺎﻥ ﺍﻷﺳﻠﻮﺏ ﺍﻟﻌﻤﻠﻲ ﻭ ﺍﳌﻨﻄﻘﻲ ﺍﻟﺬﻱ ﻳﺘﺒﻊ ﰲ ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﻫﻮ ﺃﺳﻠﻮﺏ ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ﻭ ﻣﻦ ﺧﻼﻝ ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﺳﻨﺤﺎﻭﻝ ﺗﻌﺮﻳﻒ ﺍﻹﻛﺘﺘﺎﺏ ﻣﻦ ﺍﳉﺎﻧﺐ ﺍﻟﻠﻐﻮﻱ ﻭ ﺍﳉﺎﻧﺐ‬

‫ﺍﻹﺻﻄﻼﺣﻲ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺍﻹﻛﺘﺘﺎﺏ ﻟﻐﺔ‬

‫ﺍﻹﻛﺘﺘﺎﺏ ﻣﺼﺪﺭ ﺳﺪﺍﺳﻲ ﻓﻌﻠﻪ‪ :‬ﺇﻛﺘﺘﺎﺏ ﺃﻱ ﻛﺘﺐ ﻭ ﻛﺎﻧﺖ ﺍﻟﻌﺮﺏ ﺗﻘﻮﻝ ﻋﻦ ﻣﻦ ﻛﺘﺐ‬

‫ﻧﻔﺴﻪ ﰲ ﺩﻳﻮﺍﻥ ﺍﻟﺴﻠﻄﺎﻥ‪ :‬ﺇﻛﺘﺘﺎﺏ‪ ،‬ﻭﻳﻘﺎﻝ ﺇﻛﺘﺘﺎﺏ ﻓﻼﻥ ﻓﻼﻧﺎ ﺃﻱ‪ :‬ﺳﺄﻟﻪ ﺃﻥ ﻳﻜﺘﺐ ﻟﻪ‪ .‬ﻭﺇﻛﺘﺘﺐ‪.‬‬

‫ﺃﻱ‪ :‬ﺇﺳﺘﻤﻼﻩ ﻭ ﻣﻨﻪ ﻗﻮﻟﻪ ﺗﻌﺎﱃ‪ }:‬ﻭ‪‬ﻗﹶﺎﻟﹸﻮﺍ ﺃﹶﺳ‪‬ﺎﻃِﲑ‪ ‬ﺍﻟﹾﺄﹶﻭ‪‬ﻟِﲔ‪ ‬ﺍﻛﹾﺘ‪‬ﺘ‪‬ﺒ‪‬ﻬ‪‬ﺎ ﻓﹶﻬِﻲ‪ ‬ﺗ‪‬ﻤ‪‬ﻠﹶﻰ ﻋ‪‬ﻠﹶﻴ‪‬ﻪِ ﺑ‪‬ﻜﹾﺮ‪‬ﺓﹰ‬

‫ﻭ‪‬ﺃَﺼِﻴﻠﹰﺎ { ‪.‬‬
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‫‪ 1‬ﻋﺒﺎﺱ ﻣﺮﺯﻭﻕ ﻓﻠﻴﺢ ﺍﻟﻌﺒﻴﺪﻱ‪ ،‬ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺷﺮﻛﺔ ﺍﻟﻠﻤﺴﺎﳘﺔ‪ ،‬ﺩ‪.‬ﻁ‪ ،‬ﻣﻜﺘﺒﺔ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪،‬‬
‫‪ .1998‬ﺹ ‪.20‬‬
‫‪ 2‬ﺳﻮﺭﺓ ﺍﻟﻔﺮﻗﺎﻥ‪ ،‬ﺍﻵﻳﺔ ‪.5‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭﺇﻛﺘﺘﺒﻪ‪ :‬ﻛﺘﺒﻪ‪ .‬ﻭﺇﻛﺘﺘﺒﺘﻪ‪ :‬ﻛﺘﺒﺘﻪ‪ ،‬ﻭ ﰲ ﺍﳊﺪﻳﺚ ﻋﻦ ﺇﺑﻦ ﻋﺒﺎﺱ ﺃﻥ ﺭﺟﻼ ﻗﺎﻝ ﻟﺮﺳﻮﻝ ﺍﷲ‬

‫ﺻﻠﻰ ﺍﷲ ﻋﻠﻴﻪ ﻭﺳﻠﻢ‪ :‬ﺇﻥ ﺇﻣﺮﺃﰐ ﺧﺮﺟﺖ ﺣﺎﺟﺔ‪ .‬ﻭ ﺇﱐ ﺇﻛﺘﺘﺒﺖ ﰲ ﻏﺰﻭﺓ ﻛﺬﺍ ﻭﻛﺬﺍ‪.‬‬
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‫ﻗﺎﻝ‪}:‬ﺇﻧﻄﻠﻖ ﻓﺤﺞ ﻣﻊ ﺇﻣﺮﺍﺗﻚ{‪.‬‬

‫ﻓﻔﻲ ﺍﳊﺪﻳﺚ‪}:‬ﺇﻛﺘﺘﺒﺖ ﰲ ﻏﺰﻭﺓ ﻛﺬﺍ ﻭ ﻛﺬﺍ{ ﺃﻱ‪:‬ﻛﺘﺒﺖ ﺇﲰﻲ ﻣﻊ ﲨﻠﺔ ﺍﻟﻐﺰﺍﺓ ﻭ ﺍﻟﻜﺘﺒﺔ‪:‬‬

‫ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺍﻟﻔﺮﺽ ﻭ ﺍﻟﺮﺯﻕ‪ .‬ﻭ ﻳﻘﺎﻝ‪:‬ﺇﻛﺘﺘﺐ ﻓﻼﻥ‪ .‬ﺃﻱ‪ :‬ﻛﺘﺐ ﺇﲰﻪ ﰲ ﺍﻟﻔﺮﺽ ﻭ ﺍﳌﻜﺘﺐ ﺑﻮﺯﻥ‬

‫ﺍﳌﺨﺮﺝ ﺍﻟﺬﻱ ﻳﻌﻠﻢ ﺍﻟﻜﺘﺎﺑﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﻹﻛﺘﺘﺎﺏ ﺇﺻﻄﻼﺣﺎ‬

‫ﻣﻦ ﺍﳌﻼﺣﻆ ﺃﻥ ﳐﺘﻠﻒ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﱂ ﺗﻮﺭﺩ ﺗﻌﺮﻳﻔﺎ ﻟﻺﻛﺘﺘﺎﺏ‪ ،‬ﺑﻞ ﺗﻀﻊ ﺇﺟﺮﺍﺀﺍﺕ ﻋﺪﻳﺪﺓ‬

‫ﻟﻌﻤﻠﻴﺔ ﺍﻹﻛﺘﺘﺎﺏ‪ ،‬ﺪﻑ ﻣﻦ ﻭﺭﺍﺋﻬﺎ ﲪﺎﻳﺔ ﺃﻣﻮﺍﻝ ﺍﳌﺪﺧﺮﻳﻦ‪ ،‬ﻭ ﺿﻤﺎﻥ ﺍﳉﺪﻳﺔ ﰲ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‬
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‫ﰲ ﲨﻴﻊ ﺍﻷﻣﻮﺍﻝ ﻟﺘﻜﻮﻳﻦ ﺭﺃﺱ ﻣﺎﳍﺎ‪.‬‬

‫ﺇﻻ ﺃﻥ ﺍﻟﻔﻘﻪ ﺣﺎﻭﻝ ﺃﻥ ﻳﻀﻊ ﺗﻌﺮﻳﻔﺎ ﻟﻺﻛﺘﺘﺎﺏ‪ ،‬ﻭ ﻗﺪ ﻛﺜﺮﺕ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﺩﻭﻥ ﺍﻟﺘﻮﺻﻞ ﺇﱃ‬

‫ﻭﺍﺣﺪ ﻣﻨﻬﺎ ﳝﻜﻦ ﺃﻥ ﺗﺘﺒﻨﺎﻩ ﻏﺎﻟﺒﻴﺔ ﺍﻟﻔﻘﻪ‪ ،‬ﻭ ﻧﻮﺭﺩ ﰲ ﺃﺩﻧﺎ ﻗﺴﻤﺎ ﻣﻨﻬﺎ‪ ،‬ﺣﻴﺚ ﻳﻌﺮﻑ ﻋﻠﻰ ﺃﻧﻪ‪:‬‬

‫"ﺍﻹﻛﺘﺘﺎﺏ ﻋﻤﻞ ﺇﺭﺍﺩﻱ ﻳﺘﻢ ﲟﻘﺘﻀﺎﻩ ﺇﻧﻀﻤﺎﻡ ﺍﳌﻜﺘﺘﺐ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﲢﺖ ﺍﻟﺘﺄﺳﻴﺲ ﻣﻘﺎﺑﻞ‬

‫ﺍﻹﺳﻬﺎﻡ ﰲ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪﺩ ﻣﻌﲔ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﳌﻄﺮﻭﺣﺔ" ‪.‬‬

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‫‪ 1‬ﺭﻭﺍﻩ ﻣﺴﻠﻢ ﰲ ﻛﺘﺎﺏ ﺍﳊﺠﺞ‪ ،‬ﺑﺎﺏ ﺳﻔﺮ‪ ،‬ﺍﳌﺮﺃﺓ ﻣﻊ ﳏﺮﻡ ﺇﱃ ﺍﳊﺞ‪ ،‬ﺍﳌﻜﺘﺒﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﺭﻗﻢ‪.1391‬‬
‫‪ 2‬ﻣﺼﻄﻔﻰ ﻛﻤﺎﻝ ﻃﻪ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ)ﺍﻷﺣﻜﺎﻡ ﺍﻟﻌﺎﻣﺔ(‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ ﺍﳉﺎﻣﻌـﻴﺔ‪ ،‬ﻣﺼﺮ‪،2000 ،‬‬
‫ﺹ ‪.203‬‬
‫‪3‬ﻣﺼﻄﻔﻰ ﻛﻤﺎﻝ ﻃﻪ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.204‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻛﻤﺎ ﺃﻧﻪ" ﺍﻟﺘﺼﺮﻑ ﺍﻟﻘﺎﻧﻮﱐ ﺍﻟﺬﻱ ﲟﻮﺟﺒﻪ ﻳﻠﺘﺰﻡ ﺷﺨﺺ ﺑﺘﻘﺪﱘ ﺣﺼﺔ ﰲ ﺭﺃﺱ ﻣﺎﻝ‬

‫ﺍﻟﺸﺮﻛﺔ ﺗﺘﻤﺜﻞ ﺑﺸﺮﺍﺀ ﺳﻬﻢ ﺃﻭ ﺃﻛﺜﺮ ﻣﻦ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ"‪.‬‬

‫ﺑﻌﺪ ﺇﺳﺘﻌﺮﺍﺿﻨﺎ ﳍﺬﻩ ﺍﻟﺘﻌﺮﻳﻔﺎﺕ ﻧﺴﺘﺨﻠﺺ ﻣﻨﻬﺎ ﻣﺎ ﻳﻠﻲ‪:‬‬

‫ﺍ‪ /‬ﺍﻹﻛﺘﺘﺎﺏ ﻳﻌﲏ ﺑﻴﻊ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﳉﻤﻊ ﺭﺃﲰﺎﳍﺎ ﻋﻨﺪ ﺗﺄﺳﻴﺴﻬﺎ ﺃﻭ ﺑﻴﻊ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﺗﺼﺪﺭﻫﺎ‬

‫ﻋﻨﺪﻣﺎ ﻳﺮﺍﺩ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪.1‬‬

‫ﺏ‪ /‬ﺍﻹﻛﺘﺘﺎﺏ ﻳﺼﺪﺭ ﻣﻨﻪ ﺷﺨﺺ ﻳﺒﺪﻱ ﺭﻏﺒﺘﻪ ﰲ ﺷﺮﺍﺀ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺔ ﺍﳌﻄﺮﻭﺣﺔ‪.‬‬

‫ﺝ‪ /‬ﻗﻴﻤﺔ ﺍﻟﺴﻬﻢ ﲤﺜﻞ ﺟﺰﺀﺍ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭ ﻋﻠﻰ ﺍﳌﻜﺘﺘﺐ ﺃﻥ ﻳﺴﺪﺩ ﺍﻟﻘﻴﻤﺔ ﻛﺎﻣﻠﺔ ﺃﻭ ﻋﻠﻰ‬

‫ﺃﻗﺴﺎﻁ ﻣﻦ ﺑﻌﺾ ﺍﻟﻘﻮﺍﻧﲔ ﺣﺴﺒﻤﺎ ﻳﻨﺺ ﻋﻠﻴﻪ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺇﻧﺸﺎﺀ ﻋﻘﺪ ﺍﻹﻛﺘﺘﺎﺏ‬

‫ﻻ ﳜﻠﻮ ﻋﻘﺪ ﺍﻹﻛﺘﺘﺎﺏ ﻣﻦ ﺍﻷﳘﻴﺔ‪ ،‬ﺣﻴﺚ ﳝﺜﻞ ﺃﺣﺪ ﺃﻫﻢ ﺍﳌﺮﺍﺣﻞ ﺍﻷﺳﺎﺳﻴﺔ ﻟﺘﻜﻮﻳﻦ ﻫﺬﺍ‬

‫ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭ ﺫﻟﻚ ﻧﻈﺮﺍ ﻷﳘﻴﺔ ﺍﻟﺒﺎﻟﻐﺔ ﳍﺬﺍ ﺍﻟﻌﻘﺪ‪ .‬ﺣﻴﺚ ﻳﺘﻀﻤﻦ ﻧﻘﺎﻁ ﺃﺳﺎﺳﻴﺔ ﺭﻛﺰ‬

‫ﻋﻠﻴﻬﺎ ﺍﳌﺸﺮﻉ‪ .‬ﻭﻣﻦ ﺃﻫﻢ ﻫﺬﻩ ﺍﻟﻌﻨﺎﺻﺮ ﻭ ﺍﻟﱵ ﺳﻨﺤﺎﻭﻝ ﺩﺭﺍﺳﺘﻬﺎ ﰲ ﻫﺬﺍ ﺍﳌﻄﻠﺐ‪ :‬ﺗﻘﺪﱘ ﺍﳊﺼﺺ‪،‬‬

‫ﺍﳌﺴـﺆﻭﻟﻴﺔ ﺇﲡﺎﻩ ﺍﻟﻐﲑ‪ ،‬ﺣﻈﺮ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻭ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺃﻭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﺗﺪﺍﻭﻝ ‪.‬‬

‫‪ -1‬ﻓﻮﺯﻱ ﳏﻤﺪ ﺳﺎﻣﻲ‪ ،‬ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ‪ ،‬ﻃﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺇﺻﺪﺍﺭ ﺍﻷﻭﻝ‪ ،‬ﻣﻜﺘﺒﺔ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻟﺒﻨﺎﻥ‪،1999،‬‬
‫ﺹ‪.308‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺗﻘﺪﱘ ﺍﳊﺼﺺ‬

‫ﺍﻷﺻﻞ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ‪‬ﺪﻑ ﺇﱃ ﺇﺳﺘﻐﻼﻝ ﻣﺸﺮﻭﻉ ﻣﺎﱄ ﻳﺴﺘﻮﺟﺐ ﺫﻟﻚ ﺃﻥ ﻳﻌﻠﻢ ﻛﻞ ﺷﺮﻳﻚ‬

‫ﺑﻨﺼﻴﺐ ﻣﻌﲔ ﻣﻦ ﻣﺎﻝ ﺃﻭ ﻧﻘﺪ ﺃﻭ ﻋﻤﻞ ﻳﻄﻠﻖ ﻋﻠﻴﻪ ﺇﺳﻢ ﺍﳊﺼﺔ‪.‬‬

‫ﻭﻋﻠﻴﻪ ﻳﺘﻄﻠﺐ ﻋﻠﻰ ﻛﻞ ﺷﺮﻳﻚ ﺗﻘﺪﱘ ﺍﳊﺼﺔ ﻷﻥ ﻫﺬﺍ ﺍﻹﻟﺘﺰﺍﻡ ﺭﺍﺟﻊ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﻣﻦ‬

‫ﻋﻘﻮﺩ ﺍﳌﻌﺎﻭﺿﺔ ﺍﻟﱵ ﺗﺮﺗﺐ ﺇﻟﺘﺰﺍﻣﺎﺕ ﻭ ﺣﻘﻮﻕ ﻟﻜﻞ ﻣﻦ ﺍﳌﺘﻌﺎﻗﺪﻳﻦ‪ .‬ﻛﻤﺎ ﻳﻠﺘﺰﻡ ﻛﻞ ﺷﺮﻳﻚ ﺑﺘﻘﺪﱘ‬
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‫ﻧﺼﻴﺐ ﻟﺘﻜﻮﻳﻦ ﺃﻱ ﻧﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻷﻧﺼﺒﺔ ﺍﻟﱵ ﻳﻘﺪﻣﻬﺎ ﺍﻟﺸﺮﻳﻚ ﺗﺴﻤﻰ ﺑﺎﳊﺼﺺ‪.‬‬

‫ﻟﻘﺪ ﻭﺿﻊ ﺍﳌﺸﺮﻉ ﰲ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ ﳎﻤﻮﻋﺔ ﻣﻦ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺑﺸﺄﻥ ﺍﳊﺼﺺ‬

‫ﺍﳌﻘﺪﻣﺔ ﰲ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻓﺈﺳﺘﻠﺰﻡ ﺃﻥ ﻳﺘﻢ ﺃﺩﺍﺀ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﻻ ﺗﻘﻞ ﻋﻦ ﲬﺲ)‪ (5/1‬ﻣﻦ‬

‫ﻣﺒﻠﻎ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ ﺣﱴ ﳝﻜﻦ ﺗﻘﺮﻳﺮ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻗﺎﻧﻮﻧﺎ ‪.‬‬

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‫ﺃﻭﻻ‪ :‬ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﻨﻈﻤﺔ ﳊﺼﺺ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﺇﺳﺘﻠﺰﻡ ﺍﳌﺸﺮﻉ ﺍﳉﺰﺍﺋﺮﻱ ﻗﺒﻞ ﺗﻌﺪﻳﻞ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ‪ ،‬ﺣﺴﺐ ﻧﺺ ﺍﳌﺎﺩﺓ ‪ 566‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳉﺰﺍﺋﺮﻱ ﲟﺎ ﻳﻠﻲ‪" :‬ﻻ ﳚﻮﺯ ﺃﻥ ﻳﻜﻮﻥ‬
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‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺃﻗﻞ ﻣﻦ ‪100.000‬ﺩ‪.‬ﺝ ﻭ ﻳﻨﻘﺴﻢ ﺍﻟﺮﺃﲰﺎﻝ ﺇﱃ ﺣﺼﺺ‬

‫ﺫﺍﺕ ﻗﻴﻤﺔ ﺇﲰﻴﺔ ﻣﺘﺴﺎﻭﻳﺔ ﻣﺒﻠﻐﻬﺎ ‪1000‬ﺩ‪.‬ﺝ ﻋﻠﻰ ﺍﻷﻗﻞ‪.‬‬

‫‪ 1‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺗﻨﻈﻴﻢ ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﺍﳉﺪﻳﺪﺓ ﻟﻠﻨﺸﺮ‪ ،‬ﻣﺼﺮ‪ ،2002 ،‬ﺹ ‪.191‬‬
‫‪2‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪. 192‬‬
‫‪3‬ﺍ ﳌﺎﺩﺓ ‪ 566‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﺼﺎﺩﺭ ﻣﻦ ﺍﻷﻣﺮ ﺭﻗﻢ ‪ 59_75‬ﺍﳌﺆﺭﺥ ﰲ ‪ 20‬ﺭﻣﻀﺎﻥ ﻋﺎﻡ ‪1395‬‬
‫ﺍﳌﻮﺍﻓﻖ ‪ 26‬ﺳﺒﺘﻤﱪ ﺳﻨﺔ ‪.1975‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﲢﻮﻳﻠﻪ ﺇﱃ ﻣﺒﻠﻎ ﺃﻗﻞ ﻣﺘﺒﻮﻉ ﺑﺰﻳﺎﺩﺓ ﰲ ﺃﺟﻞ ﺳﻨﺔ ﺑﻘﺼﺪ ﺇﻋﺎﺩﺗﻪ ﺇﱃ ﺍﳌﺒﻠﻎ‬

‫ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻪ ﰲ ﺍﻟﻔﻘﺮﺓ ﺍﳌﺘﻘﺪﻣﺔ‪ ،‬ﻣﺎ ﱂ ﲢﻮﻝ ﺍﻟﺸﺮﻛﺔ ﰲ ﻧﻔﺲ ﺍﻷﺟﻞ ﺇﱃ ﺷﺮﻛﺔ ﺫﺍﺕ ﺷﻜﻞ‬

‫ﺃﺧﺮ‪ .‬ﻭ ﻋﻨﺪ ﻋﺪﻡ ﺫﻟﻚ ﳚﻮﺯ ﻟﻜﻞ ﻣﻦ ﻳﻬﻤﻪ ﺍﻷﻣﺮ ﺃﻥ ﻳﻄﻠﺐ ﻣﻦ ﺍﻟﻘﻀﺎﺀ ﻓﺴﺦ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ ﺇﻧﺬﺍﺭ‬

‫ﳑﺜﻠﻴﻬﺎ ﺑﺘﺴﻮﻳﺔ ﺍﳊﺎﻟﺔ‪.‬‬

‫ﻭﺗﻨﻘﻀﻲ ﺍﻟﺪﻋﻮﻯ ﺇﺫﺍ ﻛﺎﻥ ﺳﺒﺐ ﺍﻟﺒﻄﻼﻥ ﻣﻨﻌﺪﻣﺎ ﰲ ﺍﻟﻴﻮﻡ ﺍﻟﺬﻱ ﺗﺘﻮﱃ ﻓﻴﻪ ﺍﶈﻜﻤﺔ ﺍﻟﻨﻈﺮ‬

‫ﰲ ﺃﺻﻞ ﺍﻟﺪﻋﻮﻯ ﺇﺑﺘﺪﺍﺋﻴﺎ"‪.‬‬

‫ﻭ ﻋﻠﻴﻪ ﻛﺎﻥ ﻻ ﳚﻮﺯ ﺃﻥ ﻳﻘﻞ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﻋﻦ ‪100.000‬ﺩ‪.‬ﺝ‪ ،‬ﻭ ﳚﺐ ﺃﻥ‬

‫ﻳﺒﻘﻰ ﻗﺎﺋﻤﺎ ﺧﻼﻝ ﺣﻴﺎﺓ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻓﺈﺫﺍ ﻗﻞ ﺃﻭ ﻧﻘﺺ ﻋﻦ ﺫﻟﻚ ﻟﺴﺒﺐ ﻣﺎ ﻭﺟﺐ ﻋﻠﻰ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﺯﻳﺎﺩﺗﻪ ﺧﻼﻝ ﺳﻨﺔ ﺇﱃ ﺍﳊﺪ ﺍﻷﺩﱏ ﺍﻟﻘﺎﻧﻮﱐ ﻣﺎ ﱂ ﺗﺘﺤﻮﻝ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺷﻜﻞ ﺃﺧﺮ ﻣﻦ‬

‫ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﻧﻔﺲ ﺍﻟﺴﻨﺔ‪.‬‬

‫ﺃﻣﺎ ﺇﺫﺍ ﱂ ﻳﺘﻤﻜﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﺯﻳﺎﺩﺗﻪ ﺟﺎﺯ ﻟﻜﻞ ﻣﻦ ﻳﻬﻤﻪ ﺍﻷﻣﺮ ﺃﻥ ﻳﺮﻓﻊ ﺩﻋﻮﻯ ﻟﻠﻘﻀﺎﺀ‬

‫ﻗﺼﺪ ﺍﳌﻄﺎﻟﺒﺔ ﺑﻔﺴﺦ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ ﺃﻥ ﻳﻮﺟﻪ ﺇﻧﺬﺍﺭ ﺇﱃ ﳑﺜﻠﻴﻬﺎ ﺑﺘﺴﻮﻳﺔ ﺍﳊﺎﻟﺔ‪.‬‬

‫ﻓﺎﳌﺸﺮﻉ ﻗﺪﺭ ﺃﻥ ﺍﻟﻀﻤﺎﻥ ﺍﻟﻮﺣﻴﺪ ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ ﻫﻮ ﺭﺃﲰﺎﳍﺎ ﺑﺴﺒﺐ ﻣﺴﺆﻭﻟﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﺍﶈﺪﻭﺩﺓ ﻋﻦ ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻟﺬﺍ ﺃﺭﺍﺩ ﺃﻻ ﻳﻘﻞ ﻫﺬﺍ ﺍﻟﻀﻤﺎﻥ ﻋﻦ ﺣﺪ ﻣﻌﲔ ﻭﺇﻻ ﲤﻜﻦ ﺍﻷﻓﺮﺍﺩ ﻣﻦ‬

‫ﺍﻟﺘﺤﺎﻳﻞ ﻋﻠﻰ ﺍﻟﻘﺎﻧﻮﻥ ﺑﺘﺄﺳﻴﺲ ﺷﺮﻛﺎﺕ ﻻ ﺗﻮﻓﺮ ﺿﻤﺎﻧﺎ ﻛﺎﻓﻴﺎ ﻟﺪﺍﺋﻨﻬﺎ‪ .‬ﻭ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﻣﺎﻝ‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﺸﺮﻛﺔ ﺷﺮﻁ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭ ﻟﺒﻘﺎﺋﻬﺎ ﺑﻌﺪ ﻣﺰﺍﻭﻟﺔ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﻟﺬﺍ ﺇﺫﺍ ﺃﺻﻴﺒﺖ ﺍﻟﺸﺮﻛﺔ ﲞﺴﺎﺋﺮ‬
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‫ﺑﻌﺪ ﻣﺰﺍﻭﻟﺔ ﻧﺸﺎﻃﻬﺎ ﲝﻴﺚ ﺯﺍﺩﺕ ﻫﺪﻩ ﺍﳋﺴﺎﺋﺮ ﻋﻠﻰ ﻧﺼﻒ ﺭﺃﲰﺎﳍﺎ ﺗﻌﲔ ﻋﻠﻰ ﻣﺪﻳﺮﻫﺎ ﺩﻋﻮﺓ‬

‫ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﺇﱃ ﺍﺟﺘﻤﺎﻉ ﻏﲑ ﻋﺎﺩﻱ ﻟﺘﺼﺪﺭ ﻗﺮﺍﺭﻫﺎ ﺇﻣﺎ ﺑﺘﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺑﺎﺳﺘﻤﺮﺍﺭ‬

‫ﺑﻘﺎﺋﻬﺎ‪ .‬ﻭﺃﻣﺎ ﺇﺫﺍ ﺑﻠﻐﺖ ﺍﳋﺴﺎﺋﺮ ﺍﻟﺸﺮﻛﺔ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ﻗﻴﻤﺔ ﺭﺃﲰﺎﳍﺎ ﻓﻴﺠﺐ ﺗﺼﻔﻴﺔ ﺍﻟﺸﺮﻛﺔ ﺇﻻ ﺇﺫﺍ‬

‫ﻗﺮﺭﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﰲ ﺇﺟﺘﻤﺎﻉ ﻏﲑ ﻋﺎﺩﻱ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﲟﺎ ﻻ ﻳﻘﻞ ﻋﻦ ﻧﺼﻒ‬

‫ﺍﳋﺴﺎﺋﺮ‪.‬‬

‫ﻫﺬﺍ ﻓﻴﻤﺎ ﳜﺺ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﻠﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‪ ،‬ﺃﻣﺎ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﳊﺪ ﺍﻷﻗﺼﻰ‪ ،‬ﻓﻠﻢ ﻳﺘﻌﺮﺽ ﻟﻪ‬

‫ﺍﳌﺸﺮﻉ‪ ،‬ﺭﻏﻢ ﺃﻧﻪ ﺿﺮﻭﺭﻱ ﲟﺎ ﺃﻥ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺧﺎﺹ ﺑﺎﳌﺸﺮﻭﻋﺎﺕ ﺍﻟﺼﻐﲑﺓ‬

‫ﻭﺍﳌﺘﻮﺳﻄﺔ ‪.‬‬
‫‪2‬‬

‫ﻭﻭﻓﻘﺎ ﻟﻨﺺ ﺍﱂ ‪ 566‬ﻕ‪.‬ﺕ ﻓﻘﺪ ﻗﺮﺭ ﺍﳌﺸﺮﻉ ﺃﻥ ﻳﻘﺴﻢ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺣﺼﺺ‬

‫ﻣﺘﺴﺎﻭﻳﺔ ﺍﻟﻘﻴﻤﺔ ﻭ ﺃﻥ ﻻ ﺗﻘﻞ ﻛﻞ ﺣﺼﺔ ﻋﻠﻰ ‪1000‬ﺩ‪.‬ﺝ‪.‬‬

‫‪/1‬ﺍﳊﺼﺺ ﺃﻧﺼﺒﺔ ﻣﺘﺴﺎﻭﻳﺔ‪:‬‬

‫ﻳﻘﺴﻢ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺇﱃ ﺣﺼﺺ ﻣﺘﺴﺎﻭﻳﺔ ﻻ ﺗﻘﻞ ﻛﻞ ﻣﻨﻬﺎ ﻋﻦ ‪1000‬ﺩ‪.‬ﺝ ﻭ‬

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‫ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﻫﺬﺍ ﺍﻟﺘﺴﺎﻭﻱ ﺃﻧﻪ ﲢﻮﻝ ﻟﻠﺸﺮﻛﺎﺀ ﺣﻘﻮﻕ ﻣﺘﺴﺎﻭﻳﺔ ﻭ ﺗﻌﺮﺽ ﻋﻠﻴﻬﻢ ﻧﻔﺲ ﺍﻟﻮﺍﺟﺒﺎﺕ‪.‬‬

‫‪1‬ﻣﻌﻤﺮﻱ ﻓﻴﺼﻞ‪ ،‬ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺣﻴﺪ‪ ،‬ﺭﺳﺎﻟﺔ ﻣﺎﺳﺘﺮ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﲣﺼﺺ ﻗﺎﻧﻮﻥ ﻋﺎﻡ ﻟﻸﻋﻤﺎﻝ‪ ،‬ﺟﺎﻣﻌﺔ‬
‫ﻭﺭﻗﻠﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ .2014/2013 ،‬ﻍ‪ .‬ﻣﻨﺸﻮﺭﺓ‪ ،‬ﺹ‪.9‬‬
‫‪2‬ﻣﻌﻤﺮﻱ ﻓﻴﺼﻞ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.11‬‬
‫‪ 2‬ﺧﺎﻟﺪ ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﺘﻼﲪﺔ‪ ،‬ﺍﻟﻮﺟﻴﺰ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﻬﻴﻨﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪،‬ﻋﻤﺎﻥ‪ ،‬ﺏ‪.‬ﺩ ﺳﻨﺔ‪ ،‬ﺹ ‪.173‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭ ﺍﳊﻜﻤﺔ ﻣﻦ ﺍﻟﺘﺴﺎﻭﻱ ﺃﻧﻪ ﻳﺴﻬﻞ ﺗﻘﺪﻳﺮ ﺍﻷﻏﻠﺒﻴﺔ ﻋﻨﺪ ﺍﻟﺘﺼﻮﻳﺖ ﰲ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺃﻭ ﻋﻨﺪ‬

‫ﺣﺴﺎﺏ ﺍﻟﻨﺼﺎﺏ‪ ،‬ﺻﺤﺔ ﺍﻻﺟﺘﻤﺎﻉ ﻭ ﻛﺬﺍ ﺗﻴﺴﲑ ﺗﻮﺯﻳﻊ ﻓﺎﺋﺾ ﺍﻟﺘﺼﻔﻴﺔ ﻭ ﺍﻷﺭﺑﺎﺡ ﻃﺒﻘﺎ ﻟﻠﻤﺎﺩﺓ‬

‫‪1/723‬ﻕ‪.‬ﺕ‪" :‬ﲢﺪﺩ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺑﻌﺪ ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺍﳊﺴﺎﺑﺎﺕ ﻭ ﺍﻟﺘﺤﻘﻖ ﻣﻦ ﻭﺟﻮﺩ ﻣﺒﺎﻟﻎ‬

‫ﻗﺎﺑﻠﺔ ﻟﻠﺘﻮﺯﻳﻊ‪ ،‬ﺍﳊﺼﺔ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺸﺮﻛﺎﺀ ﲢﺖ ﺷﻜﻞ ﺃﺭﺑﺎﺡ‪ .‬ﻭﻛﻞ ﺭﺑﺢ ﻳﻮﺯﻉ ﺧﻼﻓﺎ ﳍﺬﻩ ﺍﻟﻘﻮﺍﻋﺪ‬

‫ﻳﻌﺪ ﺭﲝﺎ ﺻﻮﺭﻳﺎ"‪.‬‬

‫‪/2‬ﻋﺪﻡ ﻗﺎﺑﻠﻴﺔ ﺍﳊﺼﺔ ﻟﻠﻘﺴﻤﺔ‪ :‬ﻣﺒﺪﺃ ﻋﺪﻡ ﻗﺎﺑﻠﻴﺔ ﺍﳊﺼﺔ ﻟﻠﺘﺠﺰﺋﺔ ﱂ ﻳﺮﺩ ﺑﺸﺄﻧﻪ ﻧﺺ ﻗﺎﻧﻮﱐ ﺇﻻ ﺃﻧﻪ‬

‫ﳝﻜﻦ ﺇﻋﺘﻤﺎﺩﻩ ﻟﻠﻨﻈﺮ ﰲ ﺍﳊﻘﻮﻕ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﳊﺼﺔ ﻭ ﻫﻲ ﻧﻮﻋﲔ‪:‬‬

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‫ﺃﻭﻻ‪ :‬ﺣﻘﻮﻕ ﻣﺎﻟﻴﺔ ﻭ ﺃﺧﺮﻯ ﻏﲑ ﻣﺎﻟﻴﺔ‬

‫ﻭ ﺗﺘﻤﺜﻞ ﺍﻷﻭﱃ ﰲ ﺣﻖ ﺍﳊﺼﻮﻝ ﺍﻟﺸﺮﻳﻚ ﻋﻠﻰ ﻧﺼﻴﺐ ﰲ ﺍﻷﺭﺑﺎﺡ‪ ،‬ﻭ ﺇﻗﺘﺴﺎﻡ ﺍﳋﺴﺎﺋﺮ ﺍﻟﱵ‬

‫ﻗﺪ ﺗﻨﺠﻢ ﻋﻦ ﻗﻴﺎﻣﻬﺎ ﺑﺎﻟﻌﺮﺽ ﺍﻟﺬﻱ ﺃﺳﺴﺖ ﻣﻦ ﺃﺟﻠﻪ‪ ،‬ﻭﻛﺬﻟﻚ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻓﺎﺋﺾ ﺍﻟﺘﺼﻔﻴﺔ‪ ،‬ﻭ‬

‫ﺟﺰﺀ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ‪.‬‬

‫ﺃﻣﺎ ﺍﻟﺜﺎﻧﻴﺔ ﻓﺘﺸﻤﻞ ﺍﳊﻖ ﰲ ﺍﳊﻀﻮﺭ ﻟﻠﺠﻤﻌﻴﺎﺕ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭ ﺍﻟﺘﺼﻮﻳﺖ ﻓﻴﻬﺎ‪،‬‬

‫ﻭﺿﻤﺎﻥ ﺍﻟﺒﻘﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻋﺪﻡ ﻗﺎﺑﻠﻴﺔ ﺍﳊﺼﺔ ﻟﻺﻗﺘﺴﺎﻡ ﻣﻌﻨﺎﻩ ﻋﺪﻡ ﺟﻮﺍﺯ ﲡﺰﺋﺔ ﺍﳊﻘﻮﻕ ﺍﻟﱵ‬

‫ﳝﻨﺤﻬﺎ ﺍﻟﺸﺮﻳﻚ‪ ،‬ﲝﻴﺚ ﻳﺘﻢ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ ﻣﺴﺘﻘﻠﺔ ﻋﻦ ﺍﳊﺼﺔ ‪.‬‬

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‫‪1‬ﻣﻌﻤﺮﻱ ﻓﻴﺼﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.12‬‬

‫‪2‬ﺧﺎﻟﺪ ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﺘﻼﲪﺔ ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.174‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺿﺮﻭﺭﺓ ﺍﻟﻮﻓﺎﺀ ﺑﻘﻴﻤﺔ ﺍﳊﺼﺺ‬

‫ﻛﺎﻧﺖ ﺍﳌﺎﺩﺓ ‪ 567‬ﻕ‪.‬ﺕ ﺗﻨﺺ ﻋﻠﻰ ﻣﺎﻳﻠﻲ‪" :‬ﳚﺐ ﺃﻥ ﻳﺘﻢ ﺍﻹﻛﺘﺘﺎﺏ ﲜﻤﻴﻊ ﺍﳊﺼﺺ ﻣﻦ‬

‫ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﺃﻥ ﺗﺪﻓﻊ ﻗﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﺍﳊﺼﺺ ﻋﻴﻨﻴﺔ ﺃﻭ ﻧﻘﺪﻳﺔ‪ ،‬ﻭﻻ ﳚﻮﺯ ﺃﻥ ﳝﺜﻞ‬

‫ﺍﳊﺼﺺ ﺑﺘﻘﺪﱘ ﻋﻤﻞ ﻭ ﻳﺬﻛﺮ ﺗﻮﺯﻳﻊ ﺍﳊﺼﺺ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‪.‬‬

‫ﺇﻥ ﺍﳌﺎﻝ ﺍﻟﻨﺎﺗﺞ ﻋﻦ ﺗﺴﺪﻳﺪ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﳌﻮﺩﻋﺔ ﲟﻜﺘﺐ ﺍﻟﺘﻮﺛﻴﻖ‪ ،‬ﺗﺴﻠﻢ ﺇﱃ ﻣﺪﻳﺮ ﺍﻟﺸﺮﻛﺔ‬
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‫ﺑﻌﺪ ﻗﻴﺪﻫﺎ ﺑﺎﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ"‬

‫ﻳﺘﻀﺢ ﻣﻦ ﻧﺺ ﺍﳌﺎﺩﺓ ﺃﻧﻪ ﳚﺐ ﺃﻥ ﻳﺘﻢ ﺗﻘﺪﱘ ﻗﻴﻤﺔ ﺍﳊﺼﺔ ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻋﻴﻨﻴﺔ ﺃﻭ ﻧﻘﺪﻳﺔ‬

‫ﻛﺎﻣﻠﺔ ﻋﻨﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻻ ﻳﻜﻔﻲ ﳎﺮﺩ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﺬﻱ ﻳﻌﺮﻑ ﺑﺄﻧﻪ ﺗﺼﺮﻑ ﻗﺎﻧﻮﱐ‪ ،‬ﻭﻳﺘﻢ‬

‫ﻣﻦ ﺧﻼﻟﻪ ﺍﻹﻋﻼﻥ ﻋﻦ ﺍﻹﺭﺍﺩﺓ ﰲ ﺍﻻﺷﺘﺮﺍﻙ ﰲ ﻣﺸﺮﻭﻉ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻣﻊ ﺍﻟﺘﻌﻬﺪ ﺑﺘﻘﺪﱘ ﺣﺼﺔ ﰲ‬

‫ﺭﺃﲰﺎﳍﺎ ﺑﻘﺪﺭ ﻗﻴﻤﺔ ﺍﳌﻜﺘﺘﺐ ﻓﻴﻬﺎ ﻭ ﻳﺆﺩﻱ ﺍﻹﻛﺘﺘﺎﺏ ﺇﱃ ﻣﻨﺢ ﺍﳌﻜﺘﺘﺐ ﺻﻔﺔ ﺍﻟﺸﺮﻳﻚ ﰲ ﺍﻟﺸﺮﻛﺔ‬
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‫ﻣﱴ ﲤﺖ ﺇﺟﺮﺀﺍﺕ ﺗﺄﺳﻴﺴﻬﺎ‪.‬‬

‫ﻭ ﺗﻜﻤﻦ ﺍﳊﻜﻤﺔ ﻣﻦ ﺇﻟﺰﺍﻡ ﺍﻟﺸﺮﻛﺎﺀ ﺑﺎﻟﻮﻓﺎﺀ ﺑﺎﻟﻜﺎﻣﻞ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﲡﻨﺒﺎ ﻟﺘﻜﻮﻳﻦ ﺷﺮﻛﺎﺕ‬

‫ﺻﻮﺭﻳﺔ ﻓﻀﻼ ﻋﻦ ﲡﻨﻴﺐ ﺍﻟﺸﺮﻛﺔ ﻣﻄﺎﻟﺒﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺎﻟﺒﺎﻗﻲ ﻣﻦ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﻭ ﺑﺎﻟﺘﺎﱄ ﺿﻤﺎﻧﺔ‬

‫ﺩﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ ﻷﻥ ﺿﻤﺎ‪‬ﻢ ﻳﻨﺤﺼﺮ ﰲ ﺭﺃﲰﺎﳍﺎ ﺍﻟﺬﻱ ﳚﺐ ﺃﻥ ﻳﻮﺿﻊ ﲢﺖ ﺗﺼﺮﻑ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ‬

‫ﻗﻴﺪﻫﺎ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪567‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﺼﺎﺩﺭ ﺍﻷﻣﺮ ﺭﻗﻢ ‪.59_75‬‬

‫‪ 2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ ‪ ،‬ﺹ‪.9‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭﻛﺎﻥ ﳛﻈﺮ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﺗﻘﺪﱘ ﺣﺼﺔ ﺑﻌﻤﻞ ﻭﻫﺬﺍ ﻣﺎ ﻧﺼﺖ ﻋﻠﻴﻪ ﺍﱂ‪:1/567‬‬

‫"‪...‬ﻭﻻ ﳚﻮﺯ ﺃﻥ ﳝﺜﻞ ﺍﳊﺼﺺ ﺑﺘﻘﺪﱘ ﻋﻤﻞ‪ ."...‬ﻭﺫﻟﻚ ﻷﻥ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻳﺘﻜﻮﻥ ﻣﻦ ﺃﻣﻮﺍﻝ‬

‫ﻗﺎﺑﻠﺔ ﻟﻠﺘﻘﻴﻴﻢ ﺑﺎﻟﻨﻘﻮﺩ ﻭ ﺍﳊﺼﺔ ﺑﻌﻤﻞ ﻻ ﳝﻜﻦ ﺑﺎﻟﻨﻘﻮﺩ‪ ،‬ﻭﻻ ﺍﳊﺠﺰ ﻋﻠﻴﻬﺎ‪ ،‬ﻷ‪‬ﺎ ﻣﻦ ﺍﻷﻣﻮﺍﻝ‬

‫ﺍﳌﺴﺘﻘﺒﻠﻴﺔ‪ ،‬ﻭﻻ ﳝﻜﻦ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ‪ ،‬ﻭﻻ ﺇﻧﺘﻘﺎﳍﺎ ﺇﱃ ﺍﻟﻮﺭﺛﺔ ﻷ‪‬ﺎ ﺣﻖ ﺷﺨﺼﻲ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﻻ ﺗﻌﺘﱪ‬

‫ﺿﻤﺎﻧﺎ ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪ /1‬ﺍﻟﻮﻓﺎﺀ ﺑﺎﳊﺼﺔ ﺍﻟﻨﻘﺪﻳﺔ‪:‬‬

‫ﺍﳊﺼﺔ ﺍﻟﻨﻘﺪﻳﺔ ﻫﻲ ﻋﺒﺎﺭﺓ ﻋﻦ ﻣﺒﻠﻎ ﻣﻦ ﺍﻟﻨﻘﻮﺩ‪ .‬ﻳﻘﺪﻣﻪ ﺍﻟﺸﺮﻳﻚ ﻛﺠﺰﺀ ﻣﻦ ﺭﺃﲰﺎﻝ‬

‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻻ ﻳﻜﻔﻲ ﺃﻥ ﻳﺘﻢ ﺍﻻﻛﺘﺘﺎﺏ ﰲ ﻫﺬﻩ ﺍﳊﺼﺔ‪ ،‬ﺑﻞ ﻳﺘﻌﲔ ﺍﻟﻮﻓﺎﺀ ﺑﻘﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ‪ ،‬ﻭ ﻫﺬﺍ ﻣﺎ‬

‫ﻧﺼﺖ ﻋﻠﻴﻪ ﺍﳌﺎﺩﺓ ‪567‬ﻕ‪.‬ﺕ ﻭ ﻳﺘﻢ ﺇﻳﺪﺍﻉ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﺑﺎﻟﻜﺎﻣﻞ ﻟﺪﻯ ﻣﻜﺘﺐ ﺍﻟﺘﻮﺛﻴﻖ‬
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‫ﻋﻠﻰ ﺃﻥ ﺗﺴﻠﻢ ﻟﻠﻤﺪﻳﺮ ﺑﻌﺪ ﻗﻴﺪ ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪/2‬ﺍﻟﻮﻓﺎﺀ ﺑﺎﳊﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ‪:‬‬

‫ﳝﻜﻦ ﺃﻥ ﺗﺮﺩ ﺣﺼﺔ ﺍﻟﺸﺮﻳﻚ ﻋﻠﻰ ﻋﲔ ﻣﻌﻴﻨﺔ‪ ،‬ﻛﺄﻥ ﺗﻜﻮﻥ ﻋﻘﺎﺭ‪ ،‬ﺃﻭ ﳏﻞ ﲡﺎﺭﻱ‪ ،‬ﺃﻭ‬

‫ﻭﺳﻴﻠﺔ ﻧﻘﻞ ﺃﻭ ﺁﻟﺔ‪ ،‬ﺃﻭ ﺑﻀﺎﻋﺔ‪ ،‬ﺃﻭ ﺗﻨﺼﻴﺐ ﻋﻠﻰ ﺣﻖ ﺇﻧﺘﻔﺎﻉ ﻭ ﺗﻌﺮﺿﺖ ﺍﳌﺎﺩﺓ ‪ 567‬ﻕ‪.‬ﺕ‬

‫ﻟﻠﺤﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ ﻭﺃﻟﺰﻣﺖ ﺍﻟﺸﺮﻳﻚ ﺑﺘﻘﺪﳝﻬﺎ ﻋﻨﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻛﻤﺎ ﻫﻮ ﺍﳊﺎﻝ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺤﺼﺔ‬

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‫‪.‬ﻋﺒﺎس ﻣﺮزق ﻓﻠﯿﺢ اﻟﻌﺒﯿﺪي‪ ،‬اﻟﻤﺮﺟﻊ اﻟﺴﺎﺑﻖ‪ ،‬ص ‪..32‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻨﻘﺪﻳﺔ‪ ،‬ﻓﻼ ﳝﻜﻦ ﺍﻟﺘﻌﻬﺪ ﺑﺘﺴﻠﻴﻤﻬﺎ ﻓﻴﻤﺎ ﺑﻌﺪ ﺃﻭ ﻋﻠﻰ ﺍﻟﺘﻌـﺎﻗﺐ‪ ،‬ﺑﻞ ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻛﺎﻣﻠﺔ ﻭ ﻏﲑ‬

‫ﻣﺜﻘﻠﺔ ﺑﺄﻋﺒﺎﺀ ﺍﻟﺮﻫﻦ ‪.‬‬

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‫ﻭﺗﻨﺺ ﺍﳌﺎﺩﺓ ‪ 1/568‬ﻕ‪.‬ﺕ‪" :‬ﳚﺐ ﺃﻥ ﻳﺘﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﺫﻛﺮ ﻗﻴﻤﺔ ﺍﳊﺼﺺ‬

‫ﺍﻟﻌﻴﻨﻴﺔ ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﻳﺘﻢ ﺫﻟﻚ ﺑﻌﺪ ﺍﻹﻃﻼﻉ ﻋﻠﻰ ﺗﻘﺮﻳﺮ ﻣﻠﺤﻖ ﺑﺎﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﳛﺮﺭﻩ‬

‫ﲢﺖ ﻣﺴﺆﻭﻟﻴﺔ ﺍﳌﻨﺪﻭﺏ ﺍﳌﺨﺘﺺ ﺑﺎﳊﺼﺺ ﻭ ﺍﳌﻌﲔ ﺑﺄﻣﺮ ﻣﻦ ﺍﶈﻜﻤﺔ ﻣﻦ ﺑﲔ ﺍﳋﱪﺍﺀ ﺍﳌﻌﺘﻤﺪﻳﻦ"‪.‬‬

‫ﻭﺍﻟﻌﱪﺓ ﰲ ﺗﻘﻮﱘ ﻗﻴﻤﺔ ﺍﳊﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ‪ ،‬ﻫﻲ ﺑﻮﻗﺖ ﺍﻟﻌﻘﺪ‪ ،‬ﻭﻻ ﺗﺄﺛﲑ ﻹﳔﻔﺎﺽ ﺃﻭ ﺯﻳﺎﺩﺓ ﻗﻴﻤﺘﻬﺎ‬

‫ﻻﺣﻘﺎ ﲝﻴﺚ ﻻ ﻳﻜﻮﻥ ﳌﻘﺪﻡ ﺍﳊﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ ﺣﻖ ﺍﳌﻄﺎﻟﺒﺔ ﲟﺎ ﺣﻘﻘﺘﻪ ﺍﳊﺼﺔ‪ ،‬ﻧﺘﻴﺠﺔ ﻹﺭﺗﻔﺎﻉ ﻗﻴﻤﺘﻬﺎ‪،‬‬

‫ﻛﺬﻟﻚ ﻻ ﳝﻜﻦ ﺍﻟﺮﺟﻮﻉ ﻋﻠﻴﻪ ﺑﺎﻟﺘﻌﻮﻳﺾ ﰲ ﺣﺎﻟﺔ ﺗﻐﲑ ﺍﻟﻈﺮﻭﻑ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﺍﻟﱵ ﺗﺆﺩﻱ ﺇﱃ ﻧﻘﺺ‬
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‫ﻗﻴﻤﺔ ﺣﺼﺘﻪ‪ ،‬ﻃﺎﳌﺎ ﰎ ﺗﻘﺪﻳﺮﻫﺎ ﻭﻓﻘﺎ ﻟﻠﻘﺎﻧﻮﻥ‪.‬‬

‫ﺛﺎﻟﺜﺎ‪:‬ﺣﻖ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺣﺼﺼﻬﻢ‬

‫ﺇﺫﺍ ﻛﺎﻥ ﺍﳌﺒﺪﺃ ﻫﻮ ﻋﺪﻡ ﻗﺎﺑﻠﻴﺔ ﺍﻟﺘﺪﺍﻭﻝ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻟﻘﺎﻧﻮﻥ ﻗﺪ ﺃﺟﺎﺯ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﻫﺬﻩ ﺍﳊﺼﺔ‬

‫ﺇﱃ ﺍﻟﻐﲑ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﺗﻨﺘﻘﻞ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﺭﺙ‪ ،‬ﻭﳝﻜﻦ ﺃﻳﻀﺎ ﺇﺣﺎﻟﺘﻬﺎ ﺑﻜﻞ ﺣﺮﻳﺔ ﺑﲔ ﺍﻷﺯﻭﺍﺝ ﻭ‬

‫ﺍﻷﺻﻮﻝ ﻭﺍﻟﻔﺮﻭﻉ‪ .‬ﻭﺇﺣﺎﻟﺘﻬﺎ ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ ‪.‬‬

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‫‪ -1‬ﻋﺒﺪ ﺍﻟﻔﻀﻴﻞ ﳏﻤﺪ ﺃﲪﺪ‪ ،‬ﺗﻮﻇﻴﻒ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﻣﻜﺘﺒﺔ ﺍﳉﻼﺀ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،1999 ،‬ﺹ‪133‬‬
‫‪ 2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.11‬‬
‫‪ 3‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ‪ ،‬ﺹ‪12‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻏﲑ ﺃﻥ ﺍﳌﺸﺮﻉ ﺃﺣﺎﻁ ﻫﺬﺍ ﺍﻟﺘﻨﺎﺯﻝ ﺑﺸﺮﻭﻁ ﻣﺸﺪﺩﺓ‪ ،‬ﺇﺫ ﺇﺷﺘﺮﻁ ﺇﺛﺒﺎﺕ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﻖ‬

‫ﺑﺼﻮﺭﺓ ﺭﲰﻴﺔ‪ ،‬ﻓﺄﻭﺟﺐ ﺇﺧﻄﺎﺭ ﺍﻟﺸﺮﻛﺔ ﺑﻌﻘﺪ ﺭﲰﻲ‪ ،‬ﻭﻗﺒﻮﻝ ﺍﻟﺸﺮﻛﺔ ﻟﺬﻟﻚ ﺑﻌﻘﺪ ﺭﲰـﻲ‪ ،‬ﻭﺇﻻ‬

‫ﻻ ﳛﺘﺞ ‪‬ﺬﻩ ﺍﻹﺣﺎﻟﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺍﻟﻐﲑ‪.‬‬

‫ﻭﻫﺬﺍ ﲞﻼﻑ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﻌﺎﻣﺔ‪ .‬ﻫﺬﺍ‪ ،‬ﻭﳜﺘﻠﻒ ﻧﻈﺎﻡ ﲢﻮﻳﻞ ﺍﳊﺼﺺ‪ ،‬ﺑﺈﺧﺘﻼﻑ ﺻﻔﺔ ﺍﶈﺎﻝ‬
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‫ﻟﻪ ـ ﺍﳌﺸﺘﺮﻱ ـ ﺗﺒﻌﺎ ﻓﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻥ ﰲ ﺫﻟﻚ ﻣﺴﺎﺳﺎ ﻻ ﺑﺎﻹﻋﺘﺒﺎﺭ ﺍﻟﺸﺨﺼﻲ‪ .‬ﻓﺘﻨﺎﺯﻝ ﺃﺣﺪ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﻟﺸﺮﻳﻚ ﺃﺧﺮ ﲝﺼﺘـﻪ‪ ،‬ﻻ ﻳﺜﲑ ﺃﻱ ﺇﺷﻜﺎﻝ ﻃﺎﳌﺎ ﺃﻥ ﻫﺬﺍ ﺍﻟﺸﺮﻳﻚ ﻣﻌﺮﻭﻑ ﻣﻦ ﻗﺒﻞ ﺑﺎﻗﻲ‬

‫ﺍﻟﺸﺮﻛﺎﺀ‪ .‬ﻭ ﺇﺫﺍ ﺣﺪﺙ ﺃﻥ ﻋﺎﺭﺽ ﺍﻟﺸﺮﻛﺎﺀ ﻫﺬﺍ ﺍﻟﺘﻨﺎﺯﻝ‪ ،‬ﻓﻤﺎ ﻋﻠﻴﻬﻢ ﺇﻻ ﺍﻟﻘﻴﺎﻡ ﺑﺸﺮﺍﺀ ﺣﺼﺺ‬

‫ﺍﻟﺸﺮﻳﻚ ﺍﳌﺘﻨﺎﺯﻝ‪ ،‬ﺣﱴ ﻻ ﻳﺒﻘﻰ ﺣﺒﻴﺲ ﺣﺼﺘﻪ‪ ،‬ﻭﻳﻜﻮﻥ ﺫﻟﻚ ﺑﻨﻔﺲ ﺍﻟﺸﺮﻭﻁ ﺍﻟﱵ ﻳﺘﻢ ‪‬ﺎ ﺍﻟﺘﻨﺎﺯﻝ‬

‫ﻟﻠﻐﲑ‪.‬‬

‫ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ‪ ،‬ﻓﺎﻥ ﺣﺎﻻﺕ ﺍﻟﺘﻨﺎﺯﻝ ﺍﻟﱵ ﺗﺜﲑ ﺇﺷﻜﺎﻝ‪ ،‬ﻫﻲ ﺍﳊﺎﻻﺕ ﺍﻟﱵ ﻋﺎﳉﻬﺎ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﺑﺸﻲﺀ ﻣﻦ ﺍﻟﺘﻔﺼﻴﻞ ﻭ ﺗﺘﻤﺜﻞ ﰲ ﺣﺎﻟﺘﲔ‪:‬‬

‫‪1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺃﺣﻜﺎﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻐﺮﺏ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺗﻠﻤﺴﺎﻥ‪،2007،‬‬
‫ﺹ ‪.238‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳊﺎﻟﺔ ﺍﻷﻭﱃ‪ :‬ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﺇﱃ ﺷﺨﺺ ﺃﺟﻨﱯ ﻋﻦ ﺍﻟﺸﺮﻛﺔ‬

‫ﻳﺴﺘﺨﻠﺺ ﻣﻦ ﻧﺺ ﺍﳌﺎﺩﺓ ‪ 571‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻋﻠﻰ ﺍﻟﺘﻔﺼﻴﻞ ﺍﻟﺬﻱ ﺃﺗﺖ ﺑﻪ ﺃ‪‬ﺎ‬
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‫ﻭﺿﻌﺖ ﺗﺮﺗﻴﺐ ﻣﻌﻘﺪ ﻹﲤﺎﻡ ﻫﺬﺍ ﺍﻟﺘﻨﺎﺯﻝ‪ ،‬ﻭﻫﺬﺍ ﻣﺎ ﻳﻈﻬﺮ ﻣﻦ ﺧﻼﻝ ﺍﻷﺣﻜﺎﻡ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫ﺃ‪ /‬ﳚﺐ ﻋﻠﻰ ﺍﻟﺸﺮﻳﻚ ﺍﻟﺬﻱ ﻳﺮﻏﺐ ﰲ ﺇﺣﺎﻟﺔ ﺣﺼﺼﻪ ﺇﱃ ﺍﻟﻐﲑ‪ ،‬ﺃﻥ ﻳﺒﻠﻎ ﻣﺸﺮﻭﻉ ﻫﺬﻩ‬
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‫ﺍﻹﺣﺎﻟﺔ ﺇﱃ ﻛﻞ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﺍﻟﺸﺮﻛﺔ ﻛﺸﺨﺺ ﻣﻌﻨﻮﻱ‪.‬‬

‫ﺏ‪/‬ﺇﺷﺘﺮﻁ ﺍﳌﺸﺮﻉ ﻹﲤﺎﻡ ﺍﻟﺘﻨﺎﺯﻝ‪ ،‬ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﻣﻮﺍﻓﻘﺔ ﺃﻏﻠﺒﻴﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﱵ ﲤﺜﻞ ﺛﻼﺛﺔ‬

‫ﺃﺭﺑﺎﻉ )‪ (3/4‬ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺍﻷﻗﻞ‪ .‬ﻓﺎﻷﻣﺮ ﻳﺘﻌﻠﻖ ﺑﺘﻮﺍﻓﺮ ﺃﻏﻠﺒﻴﺘﲔ ﰲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ‪ :‬ﺍﻷﻏﻠﺒﻴﺔ‬

‫ﺍﻟﻌﺪﺩﻳﺔ ﻟﻠﺸﺮﻛﺎﺀ‪ ،‬ﻭﺃﻏﻠﺒﻴﺔ ﺍﳊﺼﺺ ﺍﻟﱵ ﳝﻠﻜﻮ‪‬ﺎ‪.‬‬

‫ﺍﳊﻜﻤﺔ ﻣﻦ ﻫﺬﺍ ﺍﻟﺘﺸﺪﺩ ﰲ ﺍﻷﻏﻠﺒﻴﺔ‪ ،‬ﺗﻔﺴﺮ ﲟﺪﻯ ﺃﳘﻴﺔ ﺍﻟﻘﺮﺍﺭ ﺍﻟﺬﻱ ﺳﻴﺘﺨﺬﻭﻧﻪ‪ ،‬ﻭ ﻫﺬﺍ‬

‫ﺍﳊﻜﻢ ﻳﺘﻌﻠﻖ ﺑﺎﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ‪ ،‬ﻓﻼ ﳚﻮﺯ ﺇﺳﺘﺒﻌﺎﺩﻩ ﺑﻨﺺ ﰲ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﳚﻴﺰ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ‬

‫ﻟﻠﻐﲑ ﺑﺪﻭﻥ ﻗﻴﺪ ﺃﻭ ﺷﺮﻁ‪.‬‬

‫ﻭﺍﳌﻼﺣﻆ‪ ،‬ﺃﻥ ﺇﺷﺘﺮﺍﻁ ﺍﻷﻏﻠﺒﻴﺔ ﻣﻦ ﺷﺄ‪‬ﺎ ﺃﻥ ﺗﺜﲑ ﻣﺸﺎﻛﻞ ﺣﺴﺎﺳﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺔ ﺫﺍﺕ‬

‫ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺍﻟﱵ ﺗﺘﺸﻜﻞ ﻓﻘﻂ ﻣﻦ ﺷﺨﺼﲔ ﺃﻭ ﺛﻼﺛﺔ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﻳﺘﻄﻠﺐ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ‬

‫ﻣﻮﺍﻓﻘﺔ ﲨﻴﻊ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫‪ 1‬ﺍﳌﺎﺩﺓ ‪ ":1/571‬ﻻ ﳚﻮﺯ ﺇﺣﺎﻟﺔ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺎﺀ ﺇﱃ ﺍﻷﺷﺨﺎﺹ ﺍﻷﺟﺎﻧﺐ ﻋﻦ ﺍﻟﺸﺮﻛﺔ ﺇﻻ ﲟﻮﺍﻓﻘﺔ ﺃﻏﻠﺒﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﱵ‬
‫ﲤﺜﻞ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪ .‬ﺇﺫﺍ ﺇﺷﺘﻤﻠﺖ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺃﻛﺜﺮ ﻣﻦ ﺷﺮﻳﻚ‪ ،‬ﻳﺒﻠﻎ ﻣﺸﺮﻭﻉ ﺍﻹﺣﺎﻟﺔ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﻭ ﺇﱃ ﻛﻞ‬
‫ﻭﺍﺣﺪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ‪".‬‬
‫‪ 2‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.240‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭﰲ ﺍﻟﻮﺍﻗﻊ‪ ،‬ﻻ ﺗﺜﻮﺭ ﺃﻳﺔ ﺻﻌﻮﺑﺔ ﰲ ﺣﺎﻟﺔ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﳌﻮﺍﻓﻘﺔ ﻭﻛﺬﺍ ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺇﻋﻼﻥ‬

‫ﺍﻟﺸﺮﻛﺔ ﺑﻘﺮﺍﺭﻫﺎ ﻋﻦ ﺍﻟﻘﺒﻮﻝ ﺧﻼﻝ ﺛﻼﺛﺔ ﺃﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺒﻠﻴﻐﻬﺎ ﺑﺎﻟﺘﻨﺎﺯﻝ‪ ،‬ﺇﺫ ﻳﻌﺘﱪ ﺫﻟﻚ‬

‫ﻗﺒﻮﻻ ﺿﻤﻨﻴﺎ ﻣﻦ ﺍﻟﺸﺮﻛﺔ ‪.‬‬

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‫ﻏﲑ ﺃﻧﻪ ﺇﺫﺍ ﺃﻋﻠﻨﺖ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﻋﺪﻡ ﻗﺒﻮﳍﺎ ﳍﺬﺍ ﺍﻟﺘﻨﺎﺯﻝ‪ ،‬ﻓﻼ ﺑﺪ ﻣﻦ ﺇﳚﺎﺩ ﳐﺮﺝ ﻟﻠﺸﺮﻳﻚ‬

‫ﺍﳌﺘﻨﺎﺯﻝ ﺣﱴ ﻻ ﻳﺒﻘﻰ ﺳﺠﲔ ﺣﺼﺘﻪ‪ ،‬ﻭﻟﺘﺤﻘﻴﻖ ﺫﻟﻚ ﻭﺿﻊ ﺍﳌﺸﺮﻉ ﺣﻠﲔ ‪:‬‬

‫ﺃ‪ /‬ﻳﺘﺤﺘﻢ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺃﺟﻞ ﺛﻼﺛﺔ ﺃﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ ﺗﺎﺭﻳﺦ ﺭﻓﺾ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﻳﺸﺘﺮﻭﺍ ﺑﺄﻧﻔﺴﻬﻢ‬

‫ﻫﺬﻩ ﺍﳊﺼﺺ‪ ،‬ﺃﻭ ﺃﻥ ﻳﻌﻤﻠﻮﺍ ﻋﻠﻰ ﺷﺮﺍﺋﻬﺎ ﻣﻦ ﻃﺮﻑ ﺍﻟﻐﲑ‪ ،‬ﻭﻻﺑﺪ ﻣﻦ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺧﺒﲑ ﻣﻌﺘﻤﺪ‬

‫ﻟﺘﻘﺪﻳﺮ ﲦﻦ ﺍﳊﺼﺺ‪ .‬ﻭﻫﺬﺍ ﺍﳋﺒﲑ ﻳﻌﲔ ﺇﻣﺎ ﻣﻦ ﻃﺮﻑ ﺍﻷﻃﺮﺍﻑ‪ ،‬ﻭﺇﻣﺎ ﺑﺄﻣﺮ ﻣﻦ ﺭﺋﻴﺲ ﺍﶈﻜﻤﺔ ﻭ‬

‫ﻫﺬﺍ ﺑﺄﻣﺮ ﻣﻦ ﺭﺋﻴﺲ ﺍﶈﻜﻤﺔ ﻭ ﻫﺬﺍ ﻋﻨﺪ ﻋﺪﻡ ﺣﺼﻮﻝ ﺍﻻﺗﻔﺎﻕ ﺑﲔ ﺍﻷﻃﺮﺍﻑ‪.‬‬

‫ﻫﺬﺍ ﻭ ﳚﻮﺯ ﺑﻄﻠﺐ ﻣﻦ ﺍﳌﺪﻳﺮ ﲤﺪﻳﺪ ﺍﻷﺟﻞ ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﺑﻘﺮﺍﺭ ﻗﻀﺎﺋﻲ‪ ،‬ﺩﻭﻥ ﺃﻥ ﻳﺘﺠﺎﻭﺯ‬
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‫ﻫﺬﺍ ﺍﻟﺘﻤﺪﻳﺪ ﺳﺘﺔ ﺃﺷﻬﺮ‪.‬‬

‫ﺏ‪/‬ﳝﻜﻦ ﻟﻠﺸﺮﻛﺔ ﺃﻥ ﺗﻘﺘﺮﺡ ﲣﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﲟﺒﻠﻎ ﻗﻴﻤﺔ ﺣﺼﺺ ﺍﻟﺸﺮﻳﻚ ﺍﶈﻴﻞ‪ .‬ﻭ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ‪،‬‬

‫ﺗﻘﻮﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺸﺮﺍﺀ ﻫﺪﻩ ﺍﳊﺼﺺ ﻣﻦ ﺟﺪﻳﺪ ﲟﺒﻠﻎ ﻗﻴﻤﺘﻬﺎ ﰲ ﻫﺬﺍ ﺍﻟﻮﻗﺖ‪ ،‬ﻭﻳﻘﺪﺭ ﺫﻟﻚ ﺑﻮﺍﺳﻄﺔ‬

‫ﺧﺒﲑ ﺣﺴﺐ ﺍﻟﺸﺮﻭﻁ ﺍﳌﺬﻛﻮﺭﺓ ﰲ ﺍﻟﻔﻘﺮﺓ ﺃﻋﻼﻩ‪.‬‬

‫‪1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.242‬‬

‫‪2‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﻧﻔﺴﻪ ‪ ،‬ﺹ ‪.244‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺗﺴﺘﻠﺰﻡ ﻃﺒﻌﺎ ﺭﺿﺎ ﺍﻟﺸﺮﻳﻚ ﺍﶈﻴﻞ‪ ،‬ﻛﻤﺎ ﳝﻜﻦ ﻟﻠﺸﺮﻛﺔ ﺃﻥ ﲢﺼﻞ ﺑﺄﻣﺮ ﻣﻦ‬

‫ﺍﻟﻘﻀﺎﺀ ﻋﻠﻰ ﺃﺟﻞ ﻟﻠﺪﻓﻊ ﻻ ﳚﺎﻭﺯ ﺳﻨﺔ ﻭﺍﺣﺪﺓ ﺑﻌﺪ ﺍﻷﺩﺍﺀ ﲟﺎ ﻳﱪﺭ ﺫﻟﻚ‪.‬‬

‫ﻭﻟﻜﻦ ﻫﺬﺍ ﺍﳊﻞ ﺍﻟﺜﺎﱐ‪ ،‬ﻟﻴﺲ ﰲ ﺻﺎﱀ ﺍﻟﺸﺮﻳﻚ ﺍﶈﻴﻞ‪ ،‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻣﺎ ﳝﻜﻦ ﺃﻥ ﻳﺴﺒﺒﻪ‬

‫ﻣﻦ ﺿﺮﺭ ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺿﻤﺎ‪‬ﻢ ‪.‬‬

‫ﻫﺬﺍ‪ ،‬ﻭﻗﺪ ﻭﺍﺟﻪ ﺍﳌﺸﺮﻉ ﰲ ﺍﻷﺧﲑ ﺣﺎﻟﺔ ﻋﺪﻡ ﺣﺼﻮﻝ ﺃﻱ ﺍﳊﻞ ﻣﻦ ﺍﳊﻠﲔ ﻋﺪﻡ ﺷﺮﺍﺀ‬

‫ﺍﳊﺼﺺ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﺍﻟﻐﲑ ﺍﻟﺬﻱ ﻳﻌﻴﻨﻪ ﺍﻟﺸﺮﻛﺎﺀ ‪ ،‬ﺃﻭ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺑﻘﺪﺭ‬
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‫ﺍﳊﺼﺺ ﺍﳌﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ‪ ،‬ﻭﺷﺮﺍﺋﻬﺎ ﻣﻦ ﺟﺪﻳﺪ ﻭ ﺫﻟﻚ ﰲ ﺧﻼﻝ )‪( 3‬ﺃﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ ﺗﺎﺭﻳﺦ‬

‫ﺍﻟﺮﻓﺾ‪ ،‬ﻓﺄﻋﻄﻰ ﻟﻠﺸﺮﻳﻚ ﺍﶈﻴﻞ ﺍﳊﻖ ﰲ ﲢﻘﻴﻖ ﺍﻹﺣﺎﻟﺔ ﺍﻟﺬﻱ ﻗﺮﺭﻫﺎ ﺃﺻﻼ ﰲ ﺍﻟﺒﺪﺍﻳﺔ‪ ،‬ﲟﻌﲎ ﺃﻥ ﻫﺪﺍ‬

‫ﺍﻟﺸﺮﻳﻚ ﻳﻜﻮﻥ ﺣﺮﺍ ﰲ ﺍﻟﺘﺼﺮﻑ ﰲ ﺣﺼﺘﻪ ﻟﻠﻐﲑ‪.‬‬

‫ﻭﻫﻜﺬﺍ ﻳﺘﻀﺢ ﺃﻥ ﺍﳌﺸﺮﻉ ﺃﻋﺘﱪ ﺭﻓﺾ ﻛﻞ ﺍﳊﻠﻮﻝ ﺍﻟﱵ ﺃﺗﺖ ‪‬ﺎ ﺍﳌﺎﺩﺓ ‪ 571‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ‬

‫ﺍﻟﺘﺠـﺎﺭﻱ‪ ،‬ﲟﺜﺎﺑﺔ ﻗﺒﻮﻝ ﻟﻺﺣﺎﻟﺔ ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻳﻚ‪ ،‬ﻭﻫﺬﺍ ﺣﱴ ﻻ ﻳﺒﻘﻰ ﻫﺬﺍ ﺍﻟﺸﺮﻳﻚ‬

‫ﺍﻟﺬﻱ ﻳﺮﻳﺪ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺣﺼﺘﻪ ﺣﺒﻴﺲ ﻫﺪﻩ ﺍﳊﺼﺔ ‪.‬‬

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‫‪1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪21‬‬

‫‪2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.22،‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳊﺎﻟﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ :‬ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﻟﻸﺯﻭﺍﺝ ﻭ ﺍﻷﺻﻮﻝ ﻭ ﺍﻟﻔﺮﻭﻉ‪ ،‬ﻭﺇﻧﺘﻘﺎﳍﺎ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﺭﺙ‬

‫ﻃﺒﻘﺎ ﻟﻠﻤﺎﺩﺓ ‪ 1/570‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﳝﻜﻦ ﺇﻧﺘﻘﺎﻝ ﺍﳊﺼﺺ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﺭﺙ‪،‬‬
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‫ﻛﻤﺎ ﳚﻮﺯ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻨﻬﺎ ﻟﻸﺯﻭﺍﺝ ﻭ ﺍﻷﺻﻮﻝ ﻭ ﺍﻟﻔﺮﻭﻉ ﺑﻜﻞ ﺣﺮﻳﺔ‪.‬‬

‫ﻏﲑ ﺃﻥ ﻫﺬﻩ ﺍﳊﺮﻳﺔ ﳝﻜﻦ ﺗﻘﻴﻴﺪﻫﺎ ﺑﺈﺩﺭﺍﺝ ﺷﺮﻁ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ ﳜﺎﻟﻒ‬

‫ﺩﻟﻚ‪.‬‬

‫ﻭﰲ ﻫﺬﺍ ﺍﻟﻮﺿﻊ‪ ،‬ﺳﻴﻜﻮﻥ ﻣﺮﻛﺰ ﻛﻞ ﻣﻦ ﺍﻷﺯﻭﺍﺝ ﻭ ﺍﻷﺻﻮﻝ ﻭ ﺍﻟﻔﺮﻭﻉ ﺍﳌﺮﺍﺩ ﺍﻟﺘﻨﺎﺯﻝ ﳍﻢ‬

‫ﻋﻦ ﺍﳊﺼﺔ ﳑﺎﺛﻼ ﳌﺮﻛﺰ ﺍﻷﺟﺎﻧﺐ‪.‬‬

‫ﻭ ﻋﻠﻰ ﻫﺬﺍ ﺍﻷﺳﺎﺱ‪ ،‬ﻳﻄﺒﻖ ﺑﺼﺪﺩ ﺍﻟﺘﻨﺎﺯﻝ ﳍﻢ ﻛﻞ ﻣﺎ ﺇﺷﺘﺮﻁ ﰲ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﻟﻠﻐﲑ‬

‫)ﺍﻷﺟﻨﱯ ﻋﻦ ﺍﻟﺸﺮﻛﺔ(‪ ،‬ﻭ ﻫﺬﺍ ﻣﺎ ﺗﻀﻤﻨﺘﻪ ﺻﺮﺍﺣﺔ ﺍﳌﺎﺩﺓ ‪ 2/570‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺑﻨﺼﻬﺎ‬

‫ﻋﻠﻰ ﻣﺎﻳﻠﻲ‪" :‬ﻏﲑ ﺃﻧﻪ ﳝﻜﻦ ﺃﻥ ﻳﺸﺘﺮﻁ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﺃﻧﻪ ﻻ ﳚﻮﺯ ﺃﻥ ﻳﺼﺒﺢ ﺍﻟﺰﻭﺝ ﺃﻭ ﺃﺣﺪ‬

‫ﺍﻟﻮﺭﺛﺔ ﺃﻭ ﺍﻷﺻﻞ ﺃﻭ ﺍﻟﻔﺮﻉ ﺷﺮﻳﻜﺎ ﺇﻻ ﺑﻌﺪ ﻗﺒﻮﻝ ﺿﻤﻦ ﺍﻟﺸﺮﻭﻁ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ‪ .‬ﺇﻥ ﺍﻵﺟﺎﻝ‬

‫ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺸﺮﻛﺔ ﻟﻠﻔﺼﻞ ﰲ ﺍﻟﻘﺒﻮﻝ ﻻ ﳚﻮﺯ ﺃﻥ ﺗﻜﻮﻥ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﱵ ﻧﺼﺖ ﻋﻠﻴﻬﺎ ﺍﳌﺎﺩﺓ ‪ 571‬ﻭ‬

‫ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﺸﺘﺮﻃﺔ ﻻ ﺗﻜﻮﻥ ﺃﻗﻮﻯ ﻣﻦ ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﰲ ﺍﳌﺎﺩﺓ ﺍﳌﺬﻛﻮﺭﺓ‪ ،‬ﻭﺫﻟﻚ ﲢﺖ ﻃﺎﺋﻠﺔ‬

‫ﺑﻄﻼﻥ ﺍﻟﺸﺮﻁ ﺍﳌﺬﻛﻮﺭ‪ ،‬ﻭ ﳚﺮﻱ ﻋﻨﺪ ﺭﻓﺾ ﺍﻟﻘﺒﻮﻝ ﺗﻄﺒﻴﻖ ﺃﺣﻜﺎﻡ ﺍﻟﻔﻘﺮﺗﲔ ‪3‬ﻭ‪ 4‬ﻣﻦ ﺍﳌﺎﺩﺓ‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪":1/570‬ﻟﻠﺤﺼﺺ ﻗﺎﺑﻠﺔ ﺍﻹﻧﺘﻘﺎﻝ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﺭﺙ ﻛﻤﺎ ﺃﻧﻪ ﳝﻜﻦ ﺇﺣﺎﻟﺘﻬﺎ ﺑﻜﻞ ﺣﺮﻳﺔ ﺑﲔ ﺍﻷﺯﻭﺍﺝ ﺍﻷﺻﻮﻝ‬
‫ﻭﺍﻟﻔﺮﻭﻉ‪".‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫‪ ،571‬ﻭ ﻳﻌﺘﱪ ﺍﻟﻘﺒﻮﻝ ﻣﻜﺘﺴﺒﺎ ﺇﺫﺍ ﱂ ﳛﺼﻞ ﺣﻞ ﻣﻦ ﺍﳊﻠﻮﻝ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﻫﺎﺗﲔ ﺍﻟﻔﻘﺮﺗﲔ‬

‫ﰲ ﺍﻵﺟﺎﻝ ﺍﳌﻘﺮﺭﺓ "‪.‬‬

‫ﻭ ﻣﺎ ﲡﺪﺭ ﻣﻼﺣﻈﺘﻪ ﻫﻨﺎ ﻫﻮ ﺃﻧﻪ ﰲ ﺣﺎﻟﺔ ﺩﺧﻮﻝ ﺍﻟﻮﺍﺭﺙ ﻛﺸﺮﻳﻚ ﲝﺼﺺ ﻣﻮﺭﺛﻪ‪ ،‬ﻳﺒﺪﺃ‬

‫ﺣﺴﺎﺏ ﺍﳌﺪﺓ ﺍﳌﻤﻨﻮﺣﺔ ﻟﻠﺸﺮﻛﺔ ﻟﻠﻔﺼﻞ ﰲ ﺍﻟﻘﺒﻮﻝ ﻭ ﺍﻟﱵ ﺗﺘﻤﺜﻞ ﰲ ﺛﻼﺛﺔ ﺃﺷﻬﺮ ﻣﻦ ﺗﺎﺭﻳﺦ ﻭﻓﺎﺓ‬

‫ﺍﻟﺸﺮﻳﻚ ﺍﳌــــﻮﺭﺙ‪ ،‬ﺑﻴﻨﻤﺎ ﰲ ﺍﳊﺎﻻﺕ ﺍﻷﺧﺮﻯ‪ ،‬ﺃﻱ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﻟﻠﺰﻭﺝ ﺃﻭ ﺍﻷﺻﻞ‬
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‫ﺃﻭ ﺍﻟﻔﺮﻉ‪ ،‬ﻓﻤﻦ ﺗﺎﺭﻳﺦ ﺍﻟﺘﺒﻠﻴﻎ ﲟﺸﺮﻭﻉ ﺍﻹﺣﺎﻟﺔ‪.‬‬

‫ﻛﻤﺎ ﺃﻥ ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﺸﺘﺮﻃﺔ ﻻ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﺃﻗﻮﻯ ﻣﻦ ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﰲ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ‬

‫ﺍﳊﺼﺔ ﺇﱃ ﺍﻟﻐﲑ‪ ،‬ﻭﺍﻟﱵ ﺗﺘﻤﺜﻞ ﰲ ﺍﻷﻏﻠﺒﻴﺔ ﺍﻟﻌﺪﺩﻳﺔ ﺍﻟﱵ ﲤﻠﻚ )¾( ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻛﻤﺎ ﺗﻄﺒﻖ ﺃﺣﻜﺎﻡ‬

‫ﺍﳌـﺎﺩﺓ ‪3/571‬ﻭ‪ 4‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﱵ ﺗﻨﺺ ﻋﻠﻰ ﻣﺎﻳﻠﻲ‪ ...":‬ﻓﺈﺫﺍ ﺇﻣﺘﻨﻌﺖ ﺍﻟﺸﺮﻛﺔ ﻣﻦ‬

‫ﻗﺒﻮﻝ ﺍﻹﺣﺎﻟـﺔ‪ ،‬ﻳﺘﺤﺘﻢ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺃﺟﻞ ﺛﻼﺛﺔ ﺃﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ ﺍﻹﻣﺘﻨﺎﻉ ﺃﻥ ﻳﺸﺘﺮﻭﺍ ﺃﻭ‬

‫ﻳﻌﻠﻤﻮﺍ ﻋﻠﻰ ﺷﺮﺍﺀ ﺍﳊﺼﺺ ﺑﺎﻟﺜﻤﻦ ﺍﻟﺬﻱ ﻳﻘﺪﺭﻩ ﺧﺒﲑ ﻣﻌﺘﻤﺪ ﻣﻌﲔ ﺇﻣﺎ ﻣﻦ ﻗﺒﻞ ﺍﻷﻃﺮﺍﻑ‪ ،‬ﻭ ﺇﻣﺎ‬

‫ﻋﻨﺪ ﻋﺪﻡ ﺣﺼﻮﻝ ﺍﻹﺗﻔﺎﻕ ﺑﻴﻨﻬﻢ‪ ،‬ﺑﺄﻣﺮ ﻣﻦ ﺭﺋﻴﺲ ﺍﶈﻜﻤﺔ ﺑﻨﺎﺀ ﻋﻠﻰ ﻃﻠﺐ ﺍﻟﻄﺮﻑ ﺍﻟﺬﻱ ﻳﻌﻴﻨﻪ‬

‫ﺍﻟﺘﻌﺠﻴﻞ‪ .‬ﻭﳝﻜﻦ ﺑﻄﻠﺐ ﻣﻦ ﺍﳌﺪﻳﺮ ﲤﺪﻳﺪ ﺍﻷﺟﻞ ﻣﺮﺓ ﻭﺍﺣﺪﺓ ﺑﻘﺮﺍﺭ ﻗﻀﺎﺋﻲ ﺩﻭﻥ ﺃﻥ ﻳﺘﺠﺎﻭﺯ ﻫﺬﺍ‬

‫ﺍﻟﺘﻤﺪﻳﺪ ﺳﺘﺔ ﺃﺷﻬﺮ‪.‬‬

‫ﳚﻮﺯ ﺃﻳﻀﺎ ﻟﻠﺸﺮﻛﺔ ﺑﺮﺿﺎ ﺍﻟﺸﺮﻳﻚ ﺍﶈﻴﻞ ﺃﻥ ﺗﻘﺮﺭ ﰲ ﻧﻔﺲ ﺍﻷﺟﻞ ﲣﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﲟﺒﻠﻎ‬

‫ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﻫﺬﺍ ﺍﻟﺸﺮﻳﻚ ﻭ ﺷﺮﺍﺋﻬﺎ ﻣﻦ ﺟﺪﻳﺪ ﺍﳊﺼﺺ ﺑﺎﻟﺜﻤﻦ ﺍﳌﻌﲔ ﺣﺴﺐ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻮﺍﺭﺩﺓ‬

‫‪ 1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪244‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺃﻋﻼﻩ‪ ،‬ﻭ ﳝﻜﻦ ﺃﻥ ﲤﻨﺢ ﺍﻟﺸﺮﻛﺔ ﺑﺄﻣﺮ ﻣﻦ ﺍﻟﻘﻀﺎﺀ ﺃﺟﻼ ﻟﻠﺪﻓﻊ ﻻ ﻳﺘﺠﺎﻭﺯ ﺳﻨﺔ ﻭﺍﺣﺪﺓ ﺑﻌﺪ ﺍﻷﺩﺍﺀ‬

‫ﲟﺎ ﻳﱪﺭ ﺫﻟﻚ‪".‬‬

‫ﲟﻌﲎ ﺷﺮﺍﺀ ﺍﻟﺸﺮﻛﺎﺀ ﻟﻠﺤﺼﺺ ﺃﻭ ﺍﻟﺒﺤﺚ ﻋﻦ ﻣﻦ ﻳﺸﺘﺮﻳﻬﺎ ﺑﺎﺧﺘﻴﺎﺭﻫﻢ ﻭﺇﻻ ﺍﻟﻠﺠﻮﺀ ﺇﱃ‬

‫ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺑﻘﻴﻤﺔ ﺍﳊﺼﺺ ﺍﳌﺘﻨﺎﺯﻝ ﻋﻠﻴﻬﺎ‪ ،‬ﻭﺷﺮﺍﺋﻬﺎ ﻣﻦ ﺟﺪﻳﺪ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺔ‪،‬‬

‫ﻣﻊ ﻛﻞ ﺍﻟﺘﻔﺼﻴﻼﺕ ﺍﻟﱵ ﺳﺒﻖ ﺫﻛﺮﻫﺎ ﲟﻨﺎﺳﺒﺔ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﻟﻸﺟﻨﱯ ‪.‬‬
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‫ﺍﳊﺎﻟﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ :‬ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺺ ﺇﱃ ﺃﺣﺪ ﺍﻟﺸﺮﻛﺎﺀ )ﺍﻟﺘﻮﺯﻳﻊ ﺍﻟﺪﺍﺧﻠﻲ( ﻻ ﻳﺆﺩﻱ ﺇﱃ ﺩﺧﻮﻝ ﺃﺟﻨﱯ ﺃﻭ‬

‫ﺃﺷﺨﺎﺹ ﻣﻦ ﺍﻟﻐﲑ ﻭ ﺇﳕﺎ ﻳﺘﻄﻠﺐ ﺿﺮﻭﺭﺓ ﺗﻌﺪﻳﻞ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﲟﺎ ﻳﺘﻄﻠﺒﻪ ﻣﻦ ﺇﻋﺎﺩﺓ ﺍﻟﺘﻮﺍﺯﻥ ﰲ‬

‫ﻧﻈﺎﻡ ﺍﳊﺼﺺ ﻓﻘﻂ‪ ،‬ﻓﻬﻮ ﻳﻌﺪ ﻣﻦ ﻗﺒﻴﻞ ﺍﻟﺘﻮﺯﻳﻊ ﺍﻟﺪﺍﺧﻠﻲ‪ ،‬ﻛﻤﺎ ﻻ ﻳﺆﺩﻱ ﺇﱃ ﺍﳌﺴﺎﺱ ﺑﺎﻹﻋﺘﺒﺎﺭ‬

‫ﺍﻟﺸﺨﺼﻲ‪ ،‬ﻭﻣﻨﻪ ﻻ ﳝﻜﻦ ﺇﻋﺘﺒﺎﺭ ﺍﻟﺸﺮﻳﻚ ﺃﻥ ﻳﺄﺧﺬ ﻣﺮﺗﺒﺔ ﺍﻟﺸﺨﺺ ﺍﻷﺟﻨﱯ‪ .‬ﻟﺬﺍ ﻓﻔﻲ ﺍﻟﺸﺮﻛﺔ‬

‫ﺫ‪.‬ﻡ‪.‬ﻡ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺺ ﺇﱃ ﺃﺣﺪ ﺍﻟﺸﺮﻛﺎﺀ ﻳﺘﻢ ﺑﻜﻞ ﺣﺮﻳﺔ‪ ،‬ﻣﻊ ﺇﻣﻜﺎﻧﻴﺔ ﺃﻥ ﻳﺸﺘﺮﻁ ﰲ ﺍﻟﻘﺎﻧﻮﻥ‬

‫ﺍﻷﺳﺎﺳﻲ ﺗﻮﺍﻓﺮ ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﺸﺘﺮﻃﺔ ‪.‬‬

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‫‪ 1‬ﺃﺳﺎﻣﺔ ﻧﺎﺋﻞ ﺍﶈﺴﲔ‪ ،‬ﺍﻟﻮﺟﻴﺰ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺍﻹﻓﻼﺱ‪ ،‬ﻁ‪،1‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪،2010،‬ﺹ‬
‫‪.222‬‬
‫‪ -2‬ﺍﳌﺎﺩﺓ ‪ 571‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺍﳌﺴﺆﻭﻟﻴﺔ ﺇﲡﺎﻩ ﺍﻟﻐﲑ‬

‫ﻛﻤﺎ ﺃﺷﺎﺭﺕ ﺍﳌﺎﺩﺓ ‪568‬ﻕ‪.‬ﺕ )ﻣﻌﺪﻟﺔ( ﻋﻠﻰ ﺃﻧﻪ‪":‬ﳚﺐ ﺃﻥ ﻳﺘﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‬

‫ﺫﻛﺮ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﺍﳌﻘﺪﻣﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﻳﺘﻢ ﺫﻟﻚ ﺑﻌﺪ ﺍﻹﻃﻼﻉ ﻋﻠﻰ ﺗﻘﺮﻳﺮ ﻣﻠﺤﻖ‬

‫ﺑﺎﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﳛﺮﺭﻩ ﲢﺖ ﻣﺴﺆﻭﻟﻴﺔ ﺍﳌﻨﺪﻭﺏ ﺍﳌﺨﺘﺺ ﺑﺎﳊﺼﺺ ﻭ ﺍﳌﻌﲔ ﺑﺄﻣﺮ ﻣﻦ ﺍﶈﻜﻤﺔ ﻣﻦ‬

‫ﺑﲔ ﺍﳋﱪﺍﺀ ﺍﳌﻌﺘﻤﺪﻳﻦ ‪.‬‬

‫ﻭﻳﻜﻮﻥ ﺍﻟﺸﺮﻛﺎﺀ ﻣﺴﺆﻭﻟﲔ ﺑﺎﻟﺘﻀﺎﻣﻦ ﳌﺪﺓ ‪ 5‬ﺳﻨﻮﺍﺕ ﺍﲡﺎﻩ ﺍﻟﻐﲑ ﻋﻦ ﺍﻟﻘﻴﻤﺔ ﺍﳌﻘﺪﺭﺓ ﻟﻠﺤﺼﺺ‬

‫ﺍﻟﻌﻴﻨﻴﺔ ﺍﻟﱵ ﻗﺪﻣﻬﺎ ﻋﻦ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ "‪.‬‬

‫ﻛﻤﺎ ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻥ ﺍﳊﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﳚﺐ ﲢﺪﻳﺪﻫﺎ ﰲ ﻋﻘﺪ ﺍﻟﺸﺮﻛﺔ ﻭﻳﺴﺘﻌﺎﻥ ﲞﺒﲑ ﺃﻭ‬
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‫ﺃﻛﺘﺮ ﻟﺘﻘﻴﻴﻤﻬﺎ ﻭ ﳚﺐ ﺍﻟﻮﻓﺎﺀ ‪‬ﺎ ﻛﺎﻣﻠﺔ ﻋﻨﺪ ﻋﻘﺪ ﺍﻟﺘﺄﺳﻴﺲ ﻛﺎﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﲤﺎﻣﺎ‪.‬‬

‫ﻓﺈﻥ ﺍﻟﺸﺮﻳﻚ ﻣﻘﺪﻡ ﺍﳊﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ ﻛﻌﻨﺼﺮ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺗﻘﻮﻡ ﻣﺴﺆﻭﻟﻴﺘﻪ ﺇﲡﺎﻩ ﺍﻟﻐﲑ ﻋﻦ‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﳌﻘﺪﺭﺓ ﳍﺬﻩ ﺍﳊﺼﺔ ﺗﻘﺪﻳﺮﺍ ﻣﺒﺎﻟﻐﺎ ﻓﻴﻪ ﰲ ﻋﻘﺪ ﺍﻟﺘﺄﺳﻴﺲ‪ .‬ﲟﻌﲎ ﺃﻧﻪ ﺇﺫﺍ ﺛﺒﺖ ﺣﺪﻭﺙ ﻫﺪﻩ‬

‫ﺍﳌﺒﺎﻟﻐﺔ ﲟﺎ ﳜﺎﻟﻒ ﺍﳊﻘﻴﻘﺔ ﻓﺎﻥ ﺍﻟﺸﺮﻳﻚ ﺻﺎﺣﺐ ﻫﺬﻩ ﺍﳊﺼﺔ ﻳﻠﺘﺰﻡ ﻗﺎﻧﻮﻧﺎ ﺑﺄﺩﺍﺀ ﺍﻟﻔﺮﻕ ﺑﲔ ﺍﻟﻘﻴﻤﺔ‬

‫ﺍﳌﻘﺪﺭﺓ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﳊﻘﻴﻘﻴﺔ‪ .‬ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺗﻘﺮﻳﺮ ﻣﺴﺆﻭﻟﻴﺔ ﺑﺎﻗﻲ ﺍﻟﺸﺮﻛﺎﺀ ﺑﺎﻟﺘﻀﺎﻣﻦ ﻋﻦ ﺃﺩﺍﺀ ﻫﺬﺍ‬

‫ﺍﻟﻔﺮﻕ ﻟﻠﺸﺮﻛﺔ ﻣﺎ ﱂ ﻳﺜﺒﺖ ﻋﺪﻡ ﻋﻠﻤﻬﻢ ﺑﺬﻟﻚ ﻭ ﻟﻌﻞ ﺍﳌﺸﺮﻉ ﻗﺪ ﺃﺭﺍﺩ ﺭﻋﺎﻳﺔ ﻣﺼﻠﺤﺔ ﺍﻟﻐﲑ‬

‫ﺍﳌﺘﻌﺎﻣﻠﲔ ﻣﻊ ﺍﻟﺸﺮﻛﺔ ﻭ ﺇﻋﺘﻤﺎﺩﻫﻢ ﺑﺼﻔﺔ ﺃﺳﺎﺳﻴﺔ ﻋﻠﻰ ﺭﺃﲰﺎﳍﺎ ﻭ ﺍﻟﺬﻱ ﻳﺸﻜﻞ ﰲ ﺍﳊﻘﻴﻘﺔ‬
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‫‪ 1‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.193‬‬

‫‪2‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.194‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻀﻤﺎﻥ ﺍﻟﻌﺎﻡ ﳍﻢ ﻓﻜﺎﻥ ﻻﺑﺪ ﻣﻊ ﺇﻟﺰﺍﻡ ﺍﻟﺸﺮﻛﺎﺀ ﺍﳌﺘﻀﺎﻣﻨﲔ ﻣﻊ ﺍﻟﺸﺮﻳﻚ ﻣﻘﺪﻡ ﺍﳊﺼﺔ ﻟﻠﺸﺮﻛﺔ‪،‬‬

‫ﻭﺃﻗﺎﻡ ﺍﳌﺸﺮﻉ ﰲ ﻫﺪﺍ ﺍﻟﺼﺪﺩ ﻗﺮﻳﻨﺔ ﺑﺴﻴﻄﺔ ﺗﻔﻴﺪ ﻋﻠﻤﻬﻢ ﻫﺪﺍ ﺍﻟﻔﺮﻕ ﺍﻟﻨﻘﺪﻱ ﻭ ﺃﺟﺎﺯ ﳍﻢ ﻫﺪﻩ‬

‫ﺍﻟﻘﺮﻳﻨﺔ ﺑﺈﺛﺒﺎﺕ ﻋﻠﻤﻬﻢ ﺑﺬﻟﻚ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺣﻈﺮ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻭ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺃﻭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ‬

‫ﻭ ﰲ ﻫﺬﺍ ﺍﻟﺼﺪﺩ ﺟﺎﺀ ﻧﺺ ﺍﳌﺎﺩﺓ ‪569‬ﻕ‪.‬ﺕ ‪.‬ﺝ‪":‬ﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﺇﲰﻴﺔ ﻭﻻ ﳝﻜﻦ ﺃﻥ ﺗﻜﻮﻥ ﳑﺜﻠﺔ ﰲ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ"‬

‫ﻻ ﳚﻮﺯ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺃﻭ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺃﻭ ﺍﻹﻗﺘﺮﺍﺽ ﳊﺴﺎ‪‬ﺎ‬

‫ﻋﻦ ﻃﺮﻳﻖ ﺍﻻﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ‪ ،‬ﻭ ﻻ ﳚﻮﺯ ﳍﺎ ﺇﺻﺪﺍﺭ ﺍﻷﺳﻬﻢ ﺃﻭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﺑﺎﻟﻄﺮﻕ‬
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‫ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻭﻳﻜﻮﻥ ﺇﻧﺘﻘﺎﻝ ﺍﳊﺼﺺ ﻓﻴﻬﺎ ﺧﺎﺿﻌﺎ ﻹﺳﺘﺮﺩﺍﺩ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫ﻭ ﺍﳊﻜﻤﺔ ﻣﻦ ﻫﺬﺍ ﺍﳊﻈﺮ ﺃﻥ ﻫﺪﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﻳﻘﻮﻡ ﻹﺳﺘﻐﻼﻝ ﻣﺸﺮﻭﻋﺎﺕ‬

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‫ﺇﻗﺘﺼﺎﺩﻳﺔ ﻣﺘﻮﺳﻄﺔ ﻭﺻﻐﲑﺓ ﻭ ﺗﺆﻟﻒ ﺑﲔ ﻋﺪﺩ ﳏﺪﻭﺩ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻳﻌﺮﻑ ﺑﻌﻀﻬﻢ ﺍﻟﺒﻌﺾ ﻭﻳﺜﻖ‬

‫ﻛﻞ ﻣﻨﻬﻢ ﺑﺎﻵﺧﺮ ﻓﻠﻮ ﺃﺟﻴﺰ ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﳍﺎ ﺃﻭ ﺯﻳﺎﺩﺗﻪ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻷﺩﻯ ﺫﻟﻚ ﺇﱃ‬

‫ﺩﺧﻮﻝ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ﻻ ﻳﻌﺮﻑ ﺑﻌﻀﻬﻢ ﺍﻟﺒﻌﺾ ﻭ ﻻ ﻳﺜﻖ ﻛﻞ ﻣﻨﻬﻢ ﺑﺎﻷﺧﺮ‪.‬‬

‫‪ 1‬ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺷﺮﺡ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،1‬ﺟﺰﺀ ﺍﻟﺮﺍﺑﻊ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻣﺼﺮ‪ ،2002،‬ﺹ‬
‫‪.210‬‬
‫‪2‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.198‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻛﻤﺎ ﻻ ﳚﻴﺰ ﳍﺎ ﺍﳌﺸﺮﻉ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺃﻭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﻟﻠﺴﺒﺐ ﻧﻔﺴﻪ ﺇﱃ ﺿﻌﻒ‬
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‫ﺍﺋﺘﻤﺎﻥ ﺍﻟﺸﺮﻛﺔ ﺑﺴﺒﺐ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻟﻠﺸﺮﻛﺎﺀ ﻭ ﺿﻌﻒ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ﻭﺇﺫﺍ ﻛﺎﻥ ﺍﳌﺸﺮﻉ ﻳﺴﻤﺢ ﺑﺘﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﻭ ﺍﻟﺴﻨﺪﺍﺕ ﺍﻟﱵ ﺗﺼﺪﺭﻫﺎ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‬

‫ﻓﺬﻟﻚ ﻳﻌﻮﺩ ﺇﱃ ﻣﺘﺎﻧﺔ ﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﻭﻗﺪﺭﺓ ﺍﳌﺘﻌﺎﻣﻠﲔ ﺑﺄﺳﻬﻤﻬﺎ ﻭ ﺳﻨﺪﺍ‪‬ﺎ ﻣﻦ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﻫﺪﻩ‬

‫ﺍﳌﺮﺍﻛﺰ ﻗﺒﻞ ﺍﻟﺘﻌﺎﻣﻞ ‪‬ﺎ ﻣﻦ ﺧﻼﻝ ﻣﺎ ﻳﻨﺸﺮ ﻋﻦ ﻣﺮﺍﻛﺰﻫﺎ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﲞﻼﻑ ﺍﻟﺸﺮﻛﺎﺕ ﺫ‪.‬ﻡ‪.‬ﻡ ﺍﻟﱵ ﲤﺘﺎﺯ‬

‫ﺑﻀﻌﻒ ﺇﺋﺘﻤﺎ‪‬ﺎ ﻭ ﺗﻌﺬﺭ ﻣﻌﺮﻓﺔ ﻣﺮﻛﺰﻫﺎ ﺍﳌﺎﱄ ﺍﻟﱵ ﻻﺗﻮﺟﺐ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻧﺸﺮﻫﺎ ﻛﻤﺎ ﻫﻮ ﺍﻟﺸﺄﻥ‬

‫ﺑﺎﻟﻨﺴﺒﺔ ﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‪.‬‬

‫ﻭ ﻧﻈﺮﺍ ﻷﳘﻴﺔ ﺍﻹﻋﺘﺒﺎﺭ ﺍﻟﺸﺨﺼﻲ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺀ ﻳﺮﻯ ﺑﻌﻀﻬﻢ ﺃﻥ ﺍﻟﻐﻠﻂ ﰲ ﺷﺨﺼﻴﺔ‬

‫ﺍﻟﺸﺮﻳﻚ ﰲ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻳﻌﺪ ﺳﺒﺒﺎ ﻣﻦ ﺃﺳﺒﺎﺏ ﺍﻟﺒﻄﻼﻥ‪.‬‬

‫‪/1‬ﺃﺳﺒﺎﺏ ﺣﻈﺮ ﺍﻟﺘﺪﺍﻭﻝ‪:‬‬

‫ﺃﻫﻢ ﻣﺎ ﻳﱪﺭ ﻣﻨﻊ ﺇﺻﺪﺭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ﰲ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺍﻟﻀﻤﺎﻥ‬

‫ﺍﻟﺬﻱ ﺗﻔﺮﺿﻪ ﺍﻟﺸﺮﻛﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﲔ ﻣﻌﻬﺎ‪ ،‬ﺑﺴﺒﺐ ﺿﻌﻒ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ﻭﻟﺬﺍﺕ ﺍﻟﺴﺒﺐ ﺃﻳﻀﺎ ﻣﻨﻊ ﺍﳌﺸﺮﻉ ﺑﺄﻋﻤﺎﻝ ﺍﻟﺘﺄﻣﲔ ﻭ ﺃﻋﻤﺎﻝ ﺍﻟﺒﻨﻮﻙ ﻭ ﺍﻹﺩﺧﺎﺭ‪ .‬ﺃﻭ ﺇﺳﺘﺜﻤﺎﺭ‬

‫ﺍﻷﻣﻮﺍﻝ ﳊﺴﺎﺏ ﺍﻟﻐﲑ ‪‬ﺬﻩ ﲪﺎﻳﺔ ﺍﳌﺼﺎﱀ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﻷﻥ ﺍﻷﻋﻤﺎﻝ ﺳﺎﻟﻔﺔ ﺍﻟﺬﻛﺮ ﺗﺘﻀﻤﻦ ﺍﻟﻜﺜﲑ‬

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‫ﻋﻠﻲ ﺳﻴﺪ ﺍﻟﻘﺎﺳﻢ‪ ،‬ﺗﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻤﺸﺮﻭﻉ ﺍﳉﻤﺎﻋﻲ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﺰﺀ ‪ ،2‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺑﺪﻭﻥ ﺳﻨﺔ‪،‬‬
‫ﺹ‪.120‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻣﻦ ﺍﳌﺨﺎﻃﺮ ﺍﻟﱵ ﳜﺸﻰ ﻣﻌﻬﺎ ﺇﻓﻼﺱ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻻ ﺗﺼﻠﺢ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﺑﺴﺒﺐ ﺭﺃﲰﺎﳍﺎ ﺇﻻ‬
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‫ﻟﻠﻤﺸﺮﻭﻋﺎﺕ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﺍﻟﺼﻐﲑﺓ ﻭﺍﳌﺘﻮﺳﻄﺔ ﺍﻟﱵ ﻻ ﲢﺘﺎﺝ ﺇﱃ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﻛﺒﲑﺓ‪.‬‬

‫ﺑﺈﻋﺘﺒﺎﺭ ﺇﱃ ﺃﻥ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﺗﻨﺸﺄ ﻛﻤﺆﺳﺴﺔ ﺻﻐﲑﺓ ﺃﻭ ﻣﺘﻮﺳﻄﺔ ﺍﳊﺠﻢ ﺍﻟﱵ ﻻ ﲢﺘﺎﺝ ﺇﱃ‬

‫ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﻛﺒﲑﺓ ﻭ ﻟﻜﻦ ﺃﺛﻨﺎﺀ ﺣﻴﺎ‪‬ﺎ ﻗﺪ ﻳﺘﻀﺎﻋﻒ ﺭﺃﲰﺎﳍﺎ ﻟﻴﻔﻮﻕ ﺭﺃﲰﺎﻝ ﺷﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ‬

‫ﻷﻥ ﺍﳌﺸﺮﻉ ﺍﳉﺰﺍﺋﺮﻱ ﱂ ﳛﺪﺩ ﺍﳊﺪ ﺍﻷﻗﺼﻰ ﻟﻠﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪.‬‬

‫‪/2‬ﺍﻵﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﺍﳊﻈﺮ‪:‬‬

‫ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﻫﺬﺍ ﺍﳌﻨﻊ ﺇﻧﺘﻘﺎﻝ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺎﺀ ﺑﻄﺮﻳﻖ ﺍﻹﺭﺙ ﻭ ﺫﻟﻚ ﰲ ﺣﺎﻟﺔ ﺍﻟﻮﻓﺎﺓ ﺃﺣﺪ‬
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‫ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻓﺈﻥ ﺣﺼﺘﻪ ﺗﻨﺘﻘﻞ ﺇﱃ ﻭﺭﺛﺘﻪ ﺑﻘﻮﺓ ﺍﻟﻘﺎﻧﻮﻥ‪ ،‬ﺇﻻ ﺃﻥ ﺍﳌﺸﺮﻉ ﺃﻋﻄﻰ ﻟﻠﺸﺮﻛﺔ ﺍﳊﻖ ﰲ ﻋﺪﻡ‬

‫ﻗﺒﻮﻝ ﺍﻟﻮﺭﺛﺔ ﰲ ﻋﺪﺍﺩ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻭﺫﻟﻚ ﻋﻦ ﻃﺮﻳﻖ ﺇﺩﺭﺍﺝ ﻧﺺ ﰲ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺮﻛﺔ‬

‫ﻳﻌﻄﻴﻬﻤﺎ ﺍﳋﻴﺎﺭ ﰲ ﻋﺪﻡ ﻗﺒﻮﻝ ﺍﻟﻮﺭﺛﺔ‪ ،‬ﺃﻭ ﺑﻌﻀﻬﻢ ﻛﺸﺮﻛﺎﺀ ﻭﺫﻟﻚ ﺑﺎﺳﺘﻴﻔﺎﺀ ﻫﺆﻻﺀ ﺍﻟﻮﺭﺛﺔ ﺣﻘﻮﻗﻬﻢ‬

‫ﺍﻟﺬﻱ ﲢﺪﺩ ﺭﺿﺎﺀ ﺃﻭ ﻗﻀﺎﺀ‪.‬‬

‫ﺃﻭ ﺗﻨﺘﻘﻞ ﺑﻄﺮﻳﻖ ﺍﻹﺣﺎﻟﺔ ﺳﻮﺍﺀ ﺇﱃ ﺃﺣﺪ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﺃﻭ ﺇﱃ ﺷﺨﺺ ﺃﺟﻨﱯ ﻋﻦ ﺍﻟﺸﺮﻛﺔ‪،‬‬

‫ﻭﻗﻴﺪ ﺍﳌﺸﺮﻉ ﺣﻖ ﺍﻟﺘﺪﺍﻭﻝ ﻋﻦ ﺍﳊﺼﺺ ﻟﻸﺟﺎﻧﺐ‪ ،‬ﳑﺎ ﻳﻌﲏ ﺃﻥ ﺍﻟﺸﺮﻳﻚ ﺍﻟﺬﻱ ﻳﺘﻨﺎﺯﻝ ﻋﻦ ﺣﺼﺘﻪ‬

‫‪ 1‬ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺍﻟﻮﺳﻴﻂ ﰲ ﺷﺮﺡ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،1‬ﺟﺰﺀ ﺍﻟﺮﺍﺑﻊ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪،‬‬
‫ﻣﺼﺮ‪.307 ،1998،‬‬
‫‪2‬ﺃﺳﺎﻣﺔ ﻧﺎﺋﻞ ﺍﶈﺴﲔ ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪238‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻟﺸﺮﻳﻚ ﺃﺧﺮ ﻻ ﳜﻀﻊ ﺗﻨﺎﺯﻟﻪ ﻷﻱ ﻗﻴﺪ‪ ،‬ﻭﻟﻜﻦ ﻗﺪ ﺗﻔﺮﺽ ﻗﻴﻮﺩ ﰲ ﻋﻘﺪ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﳜﻀﻊ ﺗﻨﺎﺯﻝ‬

‫ﺃﺣﺪ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻦ ﺣﺼﺘﻪ ﻟﺸﺮﻳﻚ ﺁﺧﺮ‪ ،‬ﻛﻤﻮﺍﻓﻘﺔ ﺃﻏﻠﺒﻴﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ‪.‬‬
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‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺗﻌﺪ ﻣﺮﺣﻠﺔ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺎﺕ ﺑﺼﻔﺔ ﻋﺎﻣﺔ ﻭ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺑﺼﻔﺔ‬

‫ﺧﺎﺻﺔ ﻣﻦ ﺃﻫﻢ ﺍﳌﺮﺍﺣﻞ ﺍﻟﱵ ﻗﺪ ﺗﻄﺮﺡ ﻟﻠﺒﺤﺚ ﻭ ﺍﳌﻨﺎﻗﺸﺔ ﻟﺪﻯ ﺍﻟﻔﻘﻪ ﻭ ﺍﻟﻘﻀﺎﺀ ﲟﻨﺎﺳﺒﺔ ﻣﺎ ﻗﺪ ﻳﻨﺸﺄ‬

‫ﻣﻦ ﻛﺜﺮﺓ ﺍﻟﺘﺼﺮﻓﺎﺕ ﻭ ﺍﻟﻌﻘﻮﺩ ﺍﻟﱵ ﺗﱪﻡ ﳊﺴﺎ‪‬ﺎ ﺣﱴ ﺗﺘﻤﻜﻦ ﻣﻦ ﻣﺰﺍﻭﻟﺔ ﻧﺸﺎﻃﻬﺎ ﺑﺼﻔﺔ ﻗﺎﻧﻮﻧﻴﺔ‪.‬‬

‫ﻛﻤﺎ ﻧﺒﺤﺚ ﰲ ﻣﺮﺣﻠﺔ ﺍﻟﺘﺄﺳﻴﺲ‪ ،‬ﺗﻠﻚ ﺍﻟﻔﺘﺮﺓ ﺍﻟﱵ ﻳﻘﺮﺭ ﻓﻴﻬﺎ ﺍﳌﺆﺳﺴﻮﻥ ﺍﻹﻋﻼﻥ ﻋﻦ‬

‫ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﻠﺤﻈﺔ ﺍﻟﱵ ﺗﻨﺘﻬﻲ ﻓﻴﻬﺎ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺄﺳﻴﺲ ﺑﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﻋﻘﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭﻧﻈﺎﻣﻬﺎ‬

‫ﻳﺘﻄﻠﺐ ﺍﳌﺸﺮﻉ ﻟﺘﻜﻮﻳﻦ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺃﻥ ﻳﻜﻮﻥ ﺫﻟﻚ ﲟﻮﺟﺐ ﻋﻘﺪ ﺗﺄﺳﻴﺲ ﳛﺮﺭ ﺑﲔ‬
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‫ﺍﻟﺸﺮﻛﺎﺀ ﻳﺘﻀﻤﻦ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻵﺗﻴﺔ‪:‬‬

‫ـ ﺃﲰﺎﺀ ﲨﻴﻊ ﺍﻟﺸﺮﻛﺎﺀ ﻭﺻﻔﺎ‪‬ﻢ‪.‬‬

‫ـ ﻏﺮﺽ ﺍﻟﺸﺮﻛﺔ ﻭ ﺗﺴﻤﻴﺘﻬﺎ ﻭﻣﻘﺮﻫﺎ ﻭ ﻣﺒﻠﻎ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ـ ﺣﺼﺔ ﻛﻞ ﺷﺮﻳﻚ ﻣﻊ ﺑﻴﺎﻥ ﻗﻴﻤﺘﻬﺎ ﺇﺫﺍ ﻛﺎﻧﺖ ﻋﻴﻨﻴﺔ‪.‬‬

‫ـ ﺗﻮﻗﻴﻊ ﻛﻞ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫‪1‬ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.‬ﺹ ‪. 218‬‬

‫‪2‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ ‪ ،‬ﺹ ‪.100‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺃﻣﺎ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﻓﻴﺠﺐ ﺃﻥ ﻳﺘﻀﻤﻦ ﺇﱃ ﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫ـ ﻃﺮﻳﻘﺔ ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻭ ﻋﺪﺩ ﺃﻋﻀﺎﺀ ﻫﻴﺌﺔ ﺍﳌﺪﻳﺮﻳﻦ ﻭ ﺻﻼﺣﻴﺎﺕ ﻫﺬﻩ ﺍﳍﻴﺌﺔ ﲟﺎ ﰲ ﺫﻟﻚ ﺣﺪﻭﺩ‬
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‫ﻭ ﺭﻫﻦ ﻣﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ ﻭﻛﻔﺎﻟﺔ ﺇﻟﺘﺰﺍﻣﺎﺕ ﺍﻟﻐﲑ ﲟﺎ ﳛﻘﻖ ﻣﺼﻠﺤﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﻏﺎﻳﺎ‪‬ﺎ‪.‬‬

‫ـ ﺷﺮﻭﻁ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺍﳊﺼﺺ ﰲ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﻮﺍﺟﺐ ﺇﺗﺒﺎﻋﻬﺎ ﰲ ﺫﻟﻚ ﻭ ﺍﻟﺼﻴﻐﺔ‬

‫ﺍﻟﱵ ﳚﺐ ﺃﻥ ﳛﺮﺭ ‪‬ﺎ ﺍﻟﺘﻨﺎﺯﻝ‪.‬‬

‫ـ ﻛﻴﻔﻴﺔ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ ﻭﺍﳋﺴﺎﺋﺮ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ‪.‬‬

‫ـ ﺇﺟﺘﻤﺎﻋﺎﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﻫﻴﺌﺔ ﺍﳌﺪﻳﺮﻳﻦ ﻓﻴﻬﺎ ﻭ ﺍﻟﻨﺼﺎﺏ ﺍﻟﻘﺎﻧﻮﱐ ﻹﺟﺘﻤﺎﻋﺎ‪‬ﻤﺎ ﻭ‬

‫ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﻓﻴﻬﻤﺎ ﻭﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳋﺎﺻﺔ ﺑﻜﻴﻔﻴﺔ ﻋﻘﺪ ﺗﻠﻚ ﺍﻻﺟﺘﻤﺎﻋﺎﺕ ﻭ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺪﻋﻮﻯ‬

‫ﳊﻀﻮﺭﻫﺎ‪.‬‬

‫ﻭﺍﻟﺒﻴﺎﻧﺎﺕ ﺍﻟﱵ ﻳﺸﺘﻤﻞ ﻋﻠﻴﻬﺎ ﻋﻘﺪ ﺃﻭ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﱂ ﺗﺄﺕ ﻋﻠﻰ ﺳﺒﻴـﻞ ﺍﳊﺼﺮ‪،‬‬

‫ﻭﺇﳕﺎ ﺟﺎﺀﺕ ﻋﻠﻰ ﺳﺒﻴﻞ ﺍﳌﺜﺎﻝ ﲝﻴﺚ ﳚﻮﺯ ﺃﻥ ﻳﺘﻀﻤﻦ ﺑﻴﺎﻧﺎﺕ ﺃﺧﺮﻯ ﺑﺸﺮﻁ ﺃﻻ ﲣﺎﻟﻒ ﻃﺒﻴﻌﺔ‬

‫ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ‪ ،‬ﻛﺎﻥ ﻳﺘﻀﻤﻦ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﺃﺣﻜﺎﻣﺎ ﺧﺎﺻﺔ ﺑﻜﻴﻔﻴﺔ ﺗﻘﺪﻳﺮ ﻗﻴﻤﺔ ﺍﳊﺼﺺ‬

‫ﺍﻟﻌﻴﻨﻴﺔ‪ ،‬ﻭﺑﺘﻨﻈﻴﻢ ﻣﺎﻟﻴﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﺣﺴﺎﺑﺎ‪‬ﺎ‪ ،‬ﻭ ﺃﺳﺒﺎﺏ ﺣﻠﻬﺎ‪.‬‬

‫‪1‬ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.309‬‬

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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﻣﺮﺣﻠﺔ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‬

‫ﺗﻘﺪﻡ ﺃﻥ ﻋﻘﺪ ﺍﻟﺸﺮﻛﺔ ﻻ ﻳﺸﺒﻪ ﻏﲑﻩ ﻣﻦ ﺍﻟﻌﻘﻮﺩ‪ ،‬ﻓﻼ ﻳﻘﺘﺼﺮ ﺃﺛﺮﻩ ﻋﻠﻰ ﺇﻧﺸﺎﺀ ﺍﳊﻘﻮﻕ ﻭ‬

‫ﺍﻹﻟﺘﺰﺍﻣﺎﺕ ﰲ ﺫﻣﺔ ﺃﻃﺮﺍﻓﻪ‪ ،‬ﻭﺇﳕﺎ ﻳﺘﻮﻟﺪ ﻋﻨﻪ ﺷﺨﺺ ﻣﻌﻨﻮﻱ ﻣﺴﺘﻘﻞ ﻋﻦ ﺃﺷﺨﺎﺹ ﺍﻟﺸﺮﻛﺎﺀ ﻟﻪ‬

‫ﻛﻴﺎﻥ ﻗﺎﺋﻢ ﺑﺬﺍﺗﻪ ﻭﺃﻫﻠﻴﺔ ﻭ ﺫﻣﺔ ﻣﺴﺘﻘﻠﺔ‪ ،‬ﻫﻮ ﺍﻟﺸﺮﻛﺔ ﺫﺍ‪‬ﺎ ‪.‬‬
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‫ﻟﺬﺍ ﺃﻟﺰﻡ ﺍﳌﺸﺮﻉ ﻛﻞ ﺷﺨﺺ ﻃﺒﻴﻌﻲ ﺃﻭ ﻣﻌﻨﻮﻱ ﺧﺎﺿﻊ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﻘﻴﺎﻡ‬

‫ﺑﺈﺟﺮﺍﺀ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻪ ﰲ ﺍﻟﺘﺸﺮﻳﻊ ﻭ ﺍﻟﺘﻨﻈﻴﻢ ﺍﳌﻌﻤﻮﻝ ‪‬ﻤﺎ ﻭ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ‬

‫ﻧﻮﻋﺎﻥ ‪:‬‬
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‫‪1‬ـ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳋﺎﺹ ﺑﺎﻷﺷﺨﺎﺹ ﺍﻹﻋﺘﺒﺎﺭﻳﲔ‪.‬‬

‫‪2‬ـ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳋﺎﺹ ﺑﺎﻷﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ‪.‬‬

‫ﻳﻘﺼﺪ ﺑﺎﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﻹﻋﺘﺒﺎﺭﻳﲔ ‪":‬ﺇﻃﻼﻉ ﺍﻟﻐﲑ ﲟﺤﺘﻮﻯ ﺍﻷﻋﻤﺎﻝ‬

‫ﺍﻟﺘﺄﺳﻴﺴﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﻭ ﺍﻟﺘﺤﻮﻳﻼﺕ ﻭ ﺍﻟﺘﻌﺪﻳﻼﺕ ﻭ ﻛﺬﺍ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﲤﺲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﻭﺭﻫﻮﻥ ﺍﳊﻴﺎﺯﺓ ﻭ ﺇﳚﺎﺭ ﺍﻟﺘﺴﻴﲑ ﻭ ﺑﻴﻊ ﺍﻟﻘﺎﻋﺪﺓ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﻛﺬﺍ ﺍﳊﺴﺎﺑﺎﺕ ﻭ ﺍﻹﺷﻌﺎﺭﺍﺕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫ﻛﻤﺎ ﺗﻜﻮﻥ ﻣﻮﺿﻮﻉ ﺇﺷﻬﺎﺭ ﻗﺎﻧﻮﱐ ﺻﻼﺣﻴﺎﺕ ﻫﻴﺌﺎﺕ ﺍﻹﺩﺍﺭﺓ ﻭ ﺍﻟﺘﺴﻴﲑ ﻭ ﺣﺪﻭﺩﻫﺎ ﻭ‬

‫ﻣﺪ‪‬ﺎ ﻭﻛﺬﺍ ﻛﻞ ﺍﻹﻋﺘﺮﺍﺿﺎﺕ ﺍﳌﺘﻌﻠﻘﺔ ‪‬ﺬﻩ ﺍﻟﻌﻤﻠﻴﺎﺕ ﻭ ﻋﻼﻭﺓ ﻋﻠﻰ ﺫﻟﻚ ﺗﻜﻮﻥ ﻛﻞ ﺃﺣﻜﺎﻡ ﻭ‬

‫‪1‬ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪310 ،‬‬

‫‪2‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻭ ﰲ ﺳﺠﻞ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﺘﻘﻠﻴﺪﻳﺔ ﻭ ﺍﳊﺮﻓﻴﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﻣﻨﺸﻮﺭﺍﺕ ﺑﻐـﺪﺍﺩﻱ‪،‬‬
‫ﺍﳉﺰﺍﺋﺮ‪.2009،‬‬

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‫ﻗﺮﺍﺭﺍﺕ ﺍﻟﻌﺪﺍﻟﺔ ﺍﻟﱵ ﺗﺘﻀﻤﻦ ﺗﺼﻔﻴﺎﺕ ﻭﺩﻳﺔ ﺃﻭ ﺇﻓﻼﺱ ﻭ ﻛﺬﺍ ﻛﻞ ﺇﺟﺮﺍﺀ ﻳﺘﻀﻤﻦ ﻣﻨﻊ ﺃﻭ ﺇﺳﻘﺎﻁ‬

‫ﺍﳊﻖ ﰲ ﳑﺎﺭﺳﺔ ﺍﻟﺘﺠﺎﺭﺓ ﺃﻭ ﺷﻄﺐ ﺃﻭ ﺳﺤﺐ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻣﻮﺿﻮﻉ ﺇﺷﻬﺎﺭ ﻗﺎﻧﻮﱐ ﻋﻠﻰ ﻧﻔﻘﺔ‬
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‫ﺍﳌﻌﲏ"‪.‬‬

‫ﻓﻴﻤﺎ ﻳﻘﺼﺪ ﺑﺎﻟﺸﻬﺮ ﺍﻟﻘﺎﻧﻮﱐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻫﻮ" ﺇﻋﻼﻡ ﺍﻟﻐﲑ ﲝﺎﻟﺔ ﻭ ﺃﻫﻠﻴﺔ‬
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‫ﺍﻟﺘﺎﺟﺮ ﻭ ﻋﻨﻮﺍﻥ ﺍﳌﺆﺳﺴﺔ ﺍﻟﺮﺋﻴﺴﻴﺔ ﻟﻼﺳﺘﻐﻼﻝ ﺍﻟﻔﻌﻠﻲ ﻟﻠﺘﺠﺎﺭﺓ ﻭ ﻣﻠﻜﻴﺔ ﺍﻟﻘﺎﻋﺪﺓ ﺍﻟﺘﺠﺎﺭﻳﺔ "‪.‬‬

‫ﻭﺍﻟﺪﺍﺭﺱ ﻟﻠﻨﺼﲔ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳌﺬﻛﻮﺭﻳﻦ ﺃﻋﻼﻩ ﻳﻨﺘﺎﺑﻪ ﺗﺴﺎﺅﻟﲔ ﻣﻬﻤﲔ ﳘﺎ‪:‬‬

‫ـ ﻛﻴﻒ ﺗﺘﻢ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ؟‬

‫ـ ﻭ ﻣﺎ ﻫﻲ ﺍﻵﻟﻴﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﱵ ﻳﺘﻢ ﺑﻮﺍﺳﻄﺘﻬﺎ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ؟‬

‫ﺃﻭﻻ ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﻛﻤﺎ ﻫﻮ ﻭﺍﺿﺢ ﰲ ﺃﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪ 08_04‬ﺍﳌﺸﺎﺭ ﺇﻟﻴﻪ ﺳﺎﻟﻔﺎ‪ ،‬ﻓﺈﻥ ﻫﻨﺎﻙ ﲤﻴﻴﺰ ﺑﲔ‬
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‫ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻭ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﻣﻦ ﺣﻴﺚ ﺍﻹﺟﺮﺍﺀﺍﺕ‪:‬‬

‫ﺍـ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ‪.‬‬

‫ﳝﻜﻦ ﺣﺼﺮ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ ﺑﺜﻼﺛﺔ ﻣﺮﺍﺣﻞ ﺃﺳﺎﺳﻴﺔ ﻫﻲ ‪:‬‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪11‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪08_04‬ﺍﳌﺆﺭﺥ ﰲ ‪.2004/08/14‬‬

‫‪2‬ﺍﳌﺎﺩﺓ ‪ 2/15‬ﻣﻦ ﻗﺎﻧﻮﻥ ﺭﻗﻢ‪ 08/04‬ﺍﳌﺆﺭﺥ ﰲ ‪.2004/08/14‬‬

‫‪ 3‬ﻗﺎﻧﻮﻥ ﺭﻗﻢ ‪ 08-04‬ﺍﳌﺆﺭﺥ ﰲ ‪ 14‬ﺃﻭﺕ ‪ 2004‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﳑﺎﺭﺳﺔ ﺍﻷﻧﺸﻄﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺝ‪.‬ﺭ‪ ،‬ﻋﺪﺩ‪ 14‬ﺍﻟﺼﺎﺩﺭ‬
‫ﰲ ‪ 18‬ﺃﻭﺕ ‪. 2004‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫‪ ü‬ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﻟﺴﺎﺑﻖ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪.‬‬

‫‪ ü‬ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪ ü‬ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳌﺘﺮﺗﺐ ﻋﻦ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ ﻋﻠﻰ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪1‬ـ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺍﻟﺴﺎﺑﻘﺔ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ )ﺍﻟﻌﻘﻮﺩ ﺍﻟﺘﺄﺳﻴﺴﻴﺔ(‬

‫ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﻳﻘﺘﺼﺮ ﻋﻠﻰ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﺩﻭﻥ ﺍﻷﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﲝﻴﺚ ﺃﻥ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﻳﻠﺰﻡ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﺑﺸﻬﺮ ﻋﻘﻮﺩﻫﺎ ﺍﻟﺘﺄﺳﻴﺴﻴﺔ‪ ،‬ﻓﺒﺎﻹﺿﺎﻓﺔ ﺇﱃ ﻧﺺ ﺍﳌﺎﺩﺓ ‪ 12‬ﻣﻦ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪ 08_04‬ﺍﳌﺸﺎﺭ ﺇﻟﻴﻪ ﺳﻠﻔﺎ ﻓﺎﻥ ﺍﳌﺎﺩﺓ ‪ 548‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺗﻨﺺ ﻋﻠﻰ ﺃﻧﻪ‪" :‬‬

‫ﳚﺐ ﺃﻥ ﺗﻮﺩﻉ ﺍﻟﻌﻘﻮﺩ ﺍﻟﺘﺄﺳﻴﺴﻴﺔ ﻭﺍﻟﻌﻘﻮﺩ ﺍﳌﻌﺪﻟﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻟﺪﻯ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ ﻭﺗﻨﺸﺮ ﺣﺴﺐ ﺍﻷﻭﺿﺎﻉ ﺍﳋﺎﺻﺔ ﺑﻜﻞ ﺷﻜﻞ ﻣﻦ ﺃﺷﻜﺎﻝ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺇﻻ ﻛﺎﻧﺖ ﺑﺎﻃﻠﺔ"‪.‬‬

‫ﻋﻤﻠﻴﺎ ﻳﺴﺒﻖ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﺇﺟﺮﺍﺀ ﺃﺧﺮ ﻳﺪﺧﻞ ﺿﻤﻦ ﺻﻴﻎ ﺇﺷﻬﺎﺭ ﺍﻟﻌﻘﻮﺩ ﺍﻟﺘﺄﺳﻴﺴﺔ ﻭ ﻫﻮ‬

‫ﺇﺟﺮﺍﺀ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ ﻟﺘﺴﻤﻴﺔ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﺍﳌﺮﻏﻮﺏ ﺗﺄﺳﻴﺴﻪ ‪.‬‬

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‫ﻋﻤﻠﻴﺎ ﻳﺴﺒﻖ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﺇﺟﺮﺍﺀ ﺃﺧﺮ ﻳﺪﺧﻞ ﺿﻤﻦ ﺻﻴﻎ ﺇﺷﻬﺎﺭ ﺍﻟﻌﻘﻮﺩ ﺍﻟﺘﺄﺳﻴﺴﺔ ﻭ ﻫﻮ‬

‫ﺇﺟﺮﺍﺀ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ ﻟﺘﺴﻤﻴﺔ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﺍﳌﺮﻏﻮﺏ ﺗﺄﺳﻴﺴﻪ ‪.‬‬

‫ﻭﻳﺘﻢ ﺫﻟﻚ ﺑﻄﺮﻳﻘﺘﲔ ﺇﻣﺎ ﻛﺘﺎﺑﺔ ﺃﻱ ﻋﻦ ﻃﺮﻳﻖ ﻣﺮﺍﺳﻠﺔ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺃﻭ‬

‫ﺇﺣﺪﻯ ﻣﻠﺤﻘﺎﺗﻪ ﺍﳌﺨﺘﺼﺔ ﺃﻭ ﺍﻟﺘﻘﺪﻡ ﻣﺒﺎﺷﺮﺓ ﺇﱃ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ )ﻣﺼﻠﺤﺔ ﺍﻟﺒﺤﺚ‬

‫‪ 1‬ﻣﻊ ﺍﻟﻌﻠﻢ ﺃﻥ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﳜﺺ ﺍﻟﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﻭ ﺍﻟﻄﺒﻴﻌﻲ ﻣﻌﺎ ﻭ ﻳﺘﻢ ﺑﻨﻔﺲ ﺍﻟﻄﺮﻳﻘﺔ ﺇﻻ ﺃﻥ ﻫﺬﺍ ﺟﻮﻫﺮ ﺍﻹﺧﺘﻼﻑ ﻳﻜﻤﻦ‬
‫ﰲ ﺃﻥ ﺍﻷﻭﻝ ﳛﺘﺎﺝ ﺇﻟﻴﻪ ﺍﳋﺎﺿﻊ ﻋﻨﺪ ﲢﺮﻳﺮﻩ ﻟﻠﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﻓﻴﻤﺎ ﳛﺘﺎﺟﻪ ﺍﻟﺜﺎﱐ ﻋﻨﺪ ﲢﺮﻳﺮﻩ ﻟﻄﻠﺐ ﺍﻟﻘﻴﺪ ﰲ‬
‫ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ( ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺨﺎﺿﻌﲔ ﻟﻠﻘﻴﺪ ﺍﻟﺘﺎﺑﻌﲔ ﳌﻠﺤﻘﺔ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺑﺎﳉﺰﺍﺋﺮ‬

‫ﺍﻟﻌﺎﺻﻤﺔ ﻟﻠﺘﺨﻔﻴﻒ ﻋﻦ ﻫﺬﻩ ﺍﻷﺧﲑﺓ‪ .‬ﻓﻴﻤﺎ ﻳﺒﻘﻰ ﺍﳋﺎﺿﻌﻮﻥ ﻟﻠﻘﻴﺪ ﺧﺎﺭﺝ ﺇﺧﺘﺼﺎﺹ ﻣﻠﺤﻘﺔ‬

‫ﺍﻟﻌﺎﺻﻤﺔ ﻣﻠﺰﻣﻮﻥ ﺑﺎﻟﺘﻮﺟﻪ ﺇﱃ ﺍﳌﻠﺤﻘﺎﺕ ﺍﳌﺨﺘﺼﺔ ﺍﳌﺘﻮﺍﺟﺪﺓ ﻋﻠﻰ ﻣﺴﺘﻮﻱ ﻭﻻﻳﺎﺕ ﺍﻟﻘﻄﺮ ﺍﻟﺜﻤﺎﻧﻴﺔ ﻭ‬

‫ﺍﻷﺭﺑﻌﲔ )‪. (48‬‬

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‫ﻭﻷﻥ ﻋﻤﻠﻴﺔ ﺍﳌﺮﺍﺳﻠﺔ ﺗﺄﺧﺪ ﻭﻗﺘﺎ ﻃﻮﻳﻼ ﻓﺎﻥ ﺍﳋﺎﺿﻌﻮﻥ ﻟﻠﻘﻴﺪ ﻳﻔﻀﻠﻮﻥ ﻃﺮﻳﻘﺔ ﺍﳊﻀﻮﺭ‬

‫ﺍﳌﺒﺎﺷﺮ ﺃﻣﺎﻡ ﺍﳉﻬﺔ ﺍﳌﺨﺘﺼﺔ ﻭ ﲝﻀﻮﺭ ﺍﳌﻌﲏ ﺗﺘﻢ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺎﻟﻴﺔ ‪:‬‬
‫‪2‬‬

‫ـ ﺗﺴﻠﻢ ﻟﻠﺨﺎﺿﻊ ﺇﺳﺘﻤﺎﺭﺓ ﺗﻌﺪ ﲟﺜﺎﺑﺔ ﻃﻠﺐ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ ﻟﺘﺴﻤﻴﺔ ﺍﻟﻨﺸﺎﻁ ﺍﳌﺮﻏﻮﺏ‬

‫ﳑﺎﺭﺳﺘﻪ‪.‬‬

‫ـ ﻳﻘﻮﻡ ﺍﳋﺎﺿﻊ ﲟﻞﺀ ﺍﻹﺳﺘﻤﺎﺭﺓ ﻭ ﺍﻗﺘﺮﺍﺡ ﺃﺭﺑﻌﺔ ‪ 04‬ﺗﺴﻤﻴﺎﺕ ﺗﺮﺗﺐ ﻭﺟﻮﺑﺎ ﺣﺴﺐ ﺭﻏﺒﺔ‬

‫ﺍﳋﺎﺿﻊ ‪.‬‬

‫ـ ﺗﻘﻮﻡ ﻣﺼﻠﺤﺔ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ ﻟﻠﻤﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺑﺎﻟﺒﺤﺚ ﺍﳌﻨﺎﺳﺐ ﲝﻀﻮﺭ‬

‫ﺍﳋﺎﺿﻊ‬

‫ـ ﻋﻨﺪﻣﺎ ﻳﺴﺘﻘﺮ ﺍﻟﺒﺤﺚ ﻋﻠﻰ ﺗﺴﻤﻴﺔ ﻣﻦ ﺑﲔ ﺗﺴﻤﻴﺎﺕ ﺍﻷﺭﺑﻌﺔ ﺍﳌﻘﺘﺮﺣﺔ‪ ،‬ﻳﻄﻠﺐ ﻣﻦ ﺍﳋﺎﺿﻊ‬

‫ﺗﺴﺪﻳﺪ ﻣﺒﻠﻎ ﻧﻘﺪﻱ ﳛﺪﺩﻩ ﺍﳌﺮﻛﺰ ﻣﻘﺎﺑﻞ ﺍﳋﺪﻣﺔ ﺍﳌﻘﺪﻣﺔ ﻟﻪ‪.‬‬

‫‪ 1‬ﺍﳌﺎﺩﺓ ‪547‬ﻕ‪.‬ﺕ‪":‬ﻳﻜﻮﻥ ﻣﻮﻃﻦ ﺍﻟﺸﺮﻛﺔ ﰲ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ "‪.‬‬

‫‪2‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪231‬‬

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‫ـ ﺗﺴﻠﻢ ﻣﺼﻠﺤﺔ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻷﺳﺒﻘﻴﺔ ﻟﻠﻤﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻟﻠﻤﻌﲏ "ﺷﻬﺎﺩﺓ ﺗﺴﺠﻴﻞ‬

‫ﺍﻟﺘﺴﻤﻴﺔ"‪.‬‬

‫ﺗﻌﺪ ﻫﺬﻩ ﺍﻟﺸﻬﺎﺩﺓ ﲟﺜﺎﺑﺔ ﺣﺠﺰ ﳍﺬﻩ ﺍﻟﺘﺴﻤﻴﺔ ﺃﻭ ﺍﻻﺳﻢ ﻭ ﺫﻟﻚ ﳌﺪﺓ ﺳﺘﺔ )‪ (06‬ﺃﺷﻬﺮ ﺇﺑﺘﺪﺍﺀ‬

‫ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺴﻠﻴﻤﻬﺎ‪ ،‬ﻭﺣﱴ ﳝﻜﻦ ﻟﻠﻤﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺇﻋﺘﻤﺎﺩ ﻫﺬﻩ ﺍﻟﺘﺴﻤﻴﺔ ﺑﺼﻔﺔ‬

‫‪‬ﺎﺋﻴﺔ ﻳﻠﺰﻡ ﺍﳋﺎﺿﻊ ﺑﺘﻘﺪﱘ ﻧﺴﺨﺔ ﻣﻦ ﻣﺴﺘﺨﺮﺝ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻟﺪﻯ ﻣﺼﻠﺤﺔ ﺍﻟﺒﺤﺚ ﻋﻦ‬

‫ﺍﻷﺳﺒﻘﻴﺔ ﻟﻠﺘﺄﻛﺪ ﻣﻦ ﺃﻥ ﺍﳋﺎﺿﻊ ﻧﻔﺴﻪ ﺇﻋﺘﻤﺪ ﻫﺬﻩ ﺍﻟﺘﺴﻤﻴﺔ ﺭﲰﻴﺎ‪ ،‬ﻭ ﺑﺎﻟﺘﺎﱄ ﻻ ﳚﻮﺯ ﻟﻠﻐﲑ‬
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‫ﺇﻋﺘﻤﺎﺩﻫﺎ ﺛﺎﻧﻴﺔ‪ ،‬ﻭﺃﻱ ﺇﺳﺘﻌﻤﺎﻝ ﻣﻦ ﺍﻟﻐﲑ ﻳﻌﺪ ﺇﻋﺘﺪﺍﺀ ﻋﻠﻰ ﺍﻟﺘﺴﻤﻴﺔ‪.‬‬

‫ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺇﺳﺘﻜﻤﺎﻝ ﺍﻹﺟﺮﺍﺀ ﺍﳌﻄﻠﻮﺏ ﺑﺘﺜﺒﻴﺖ ﺍﻟﺘﺴﻤﻴﺔ ﺧﻼﻝ ﺍﳌﺪﺓ ﺍﶈﺪﺩﺓ ﻳﻨﺘﻬﻲ ﺍﳊﺠﺰ‬

‫ﻭ ﺗﺼﺒﺢ ﺍﻟﺘﺴﻤﻴﺔ ﺍﶈﺠﻮﺯﺓ ﻗﺎﺑﻠﺔ ﻟﻺﻋﺘﻤﺎﺩ ﻣﻦ ﻗﺒﻞ ﺍﻟﻐﲑ‪.‬‬

‫ﺑﻌﺪ ﺃﻥ ﳛﺼﻞ ﺍﳌﻌﲏ ﻋﻠﻰ ﺷﻬﺎﺩﺓ ﺗﺴﺠﻴﻞ ﺍﻟﺘﺴﻤﻴﺔ ﳝﻜﻨﻪ ﺍﻟﻌﻮﺩﺓ ﺇﱃ ﺍﳌﻮﺛﻖ ﻟﺘﺤﺮﻳﺮ ﺍﻟﻌﻘﺪ‬

‫ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺨﺺ ﺍﳌﻌﻨﻮﻱ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﻭ ﺇﻋﺘﻤﺎﺩ ﻫﺬﻩ ﺍﻟﺘﺴﻤﻴﺔ ﰲ ﺍﻟﻌﻘﺪ‬

‫ﺍﻟﺘﺄﺳﻴﺴﻲ‪ .‬ﻭﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺨﺺ ﺍﻟﻄﺒﻴﻌﻲ ﺇﺩﺭﺍﺟﻬﺎ ﰲ ﻣﻠﻒ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺑﻌﺪ ﺃﻥ ﻳﺪﻭﻥ‬

‫ﺍﻟﺘﺴﻤﻴﺔ ﻋﻠﻰ ﺇﺳﺘﻤﺎﺭﺓ ﻃﻠﺐ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪.‬‬

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‫‪ 1‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.232‬‬

‫‪2‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ‪ ،‬ﺹ ‪.233‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻋﻨﺪ ﺇﻧﺘﻬﺎﺀ ﺍﳋﺎﺿﻊ ﻣﻦ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﻭ ﺑﻌﺪ ﲢﺮﻳﺮ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺨﺺ‬

‫ﺍﳌﻌﻨﻮﻱ ﳝﻨﺤﻪ ﺍﳌﻮﺛﻖ ﻣﻠﺨﺺ ﻋﻦ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﻘﻴﺎﻡ ﺑﺸﻬﺮﻩ ﻟﺪﻯ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﺑﻨﻔﺲ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺘﺒﻌﺔ ﻟﺘﺴﻤﻴﺔ ﺍﻟﻨﺸﺎﻁ ﺍﳌﺮﻏﻮﺏ ﳑﺎﺭﺳﺘﻪ ﻳﺘﻘﺪﻡ ﺍﳋﺎﺿﻊ ﻣﺮﻓﻘﺎ ﺑﺜﻼﺛﺔ‬

‫ﻧﺴﺦ ﻣﻦ ﻣﻠﺨﺺ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﺃﻣﺎﻡ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺃﻭ ﺇﺣﺪﻯ ﻣﻠﺤﻘﺎﺕ‬

‫ﺍﳌﺮﻛﺰ ﻣﻘﺮ ﳑﺎﺭﺳﺔ ﺍﻟﻨﺸﺎﻁ ﻹﺷﻬﺎﺭ ﻋﻘﺪﻩ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻭ ﺗﺴﻠﻢ ﺍﳌﻠﺨﺼﺎﺕ ﺍﻟﺜﻼﺛﺔ ﻟﻠﻤﺮﻛﺰ ﻓﻴﺤﺘﻔﻆ‬

‫ﺍﳌﺮﻛﺰ ﺑﻨﺴﺨﺘﲔ ﻭ ﻳﻌﻴﺪ‬

‫ﻟﻠﺨﺎﺿﻊ ﻧﺴﺨﺔ ﳐﺘﻮﻡ ﻋﻠﻴﻬﺎ ﲞﺎﰎ ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﳛﺪﺩ ﲟﻮﺟﺒﻪ ﺗﺎﺭﻳﺦ ﺍﻹﻳﺪﺍﻉ ﻭ‬
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‫ﺗﺎﺭﻳﺦ ﺍﻟﻨﺸﺮ ﻭ ﺭﻗﻢ ﺍﳉﺮﻳﺪﺓ ﺍﻟﱵ ﺳﻴﻨﺸﺮ ﻓﻴﻬﺎ ﻣﻠﺨﺺ ﺍﻟﻌﻘﺪ‪.‬‬

‫ﻳﺒﺎﺷﺮ ﺍﳋﺎﺿﻊ ﺑﻌﺪ ﻫﺬﺍ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺩﻭﻥ ﺇﻧﺘﻈﺎﺭ ﺗﺎﺭﻳﺦ ﺍﻟﻨﺸﺮ‬

‫ﻛﻤﺎ ﻫﻮ ﻣﻨﺼﻮﺹ ﻋﻠﻴﻪ ﻗﺎﻧﻮﻧﺎ ﻭ ﻳﻘﻮﻡ ﻣﻘﺎﺑﻞ ﺫﻟﻚ ﺑﺪﻓﻊ ﻣﻘﺎﺑﻞ ﺍﳋﺪﻣﺔ ﺍﳌﻘﺪﻣﺔ ﻣﺒﻠﻎ ﻧﻘﺪﻱ ﳛﺪﺩﻩ‬

‫ﺍﳌﺮﻛﺰ ﺍﻟﻮﻃﲏ ﻟﻠﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻭﻓﻖ ﻣﻌﺎﻳﲑ ﺧﺎﺻﺔ‪.‬‬

‫‪ /2‬ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪:‬‬

‫ﺑﻌﺪ ﺇﲤﺎﻡ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻳﻘﻮﻡ ﺍﳌﺮﻛﺰ ﺑﺈﺷﻬﺎﺭ ﺁﱄ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻭ ﺫﻟﻚ ﲟﺠﺮﺩ ﺇﺳﺘﻼﻣﻪ ﳌﻠﻔﺎﺕ ﺍﻟﻘﻴﺪ ﺍﳌﺮﺳﻠﺔ ﺇﻟﻴﻪ ﻣﻦ ﺍﳌﻠﺤﻘﺎﺕ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻪ ﻭﻻ ﻳﻄﻠﺐ ﰲ‬

‫‪1‬ﳏﻤﺪ ﺧﺮﻳﻂ‪ ،‬ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﳉﺰﺍﺋﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳉﺰﺍﺋﺮﻱ ﻭ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳌﻘﺎﺭﻥ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﻫﻮﻣﺔ‬
‫ﻟﻠﻄﺒﺎﻋﺔ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،2003،‬ﺹ ‪.141‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻣﻦ ﺍﳋﺎﺿﻊ ﻟﻠﻘﻴﺪ ﺑﺪﻓﻊ ﻣﺒﻠﻎ ﻧﻘﺪﻱ ﻣﻘﺎﺑﻞ ﻫﺬﻩ ﺍﳋﺪﻣﺔ ﺍﳌﻘﺪﻣﺔ ﻷﻥ ﺍﳌﺒﻠﻎ ﺑﺒﺴﺎﻃﺔ‬
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‫ﳏﺴﻮﺏ ﺿﻤﻦ ﻣﺼﺎﺭﻳﻒ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﻭﻣﻦ ﻫﺬﺍ ﺍﳌﻨﻄﻠﻖ ﻭﻗﻊ ﺍﻹﻟﺘﺒﺎﺱ ﻋﻨﺪ ﺍﻟﺒﻌﺾ ﺑﺎﻋﺘﺒﺎﺭ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺃﺛﺮ ﻣﻦ ﺃﺛﺎﺭ ﺍﻟﻘﻴﺪ ﰲ‬

‫ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻷﻧﻪ ﻳﺘﻢ ﺑﺼﻔﺔ ﺁﻟﻴﺔ ﺩﻭﻥ ﺍﳉﻮﻉ ﺇﱃ ﺍﻟﺸﺨﺺ ﺍﳌﻠﺰﻡ ﺑﻪ ﻭ ﻗﺪ ﻭﺭﺩ ﻣﺎ ﳜﺎﻟﻒ ﻫﺬﺍ‬

‫ﺍﻟﺮﺃﻱ ﰲ ﺻﻴﺎﻏﺔ ﺃﺣﻜﺎﻡ ﺍﳌﺎﺩﺓ ‪11‬ﻭ‪15‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪ 04_08‬ﻣﺎ ﻳﻨﻔﻲ ﻫﺬﺍ ﺍﻟﻔﻬﻢ ﲝﻴﺚ‬

‫ﺇﻋﺘﱪ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺇﺟﺮﺍﺀ ﻣﻜﻤﻞ ﻟﻠﻘﻴﺪ ‪.‬‬

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‫‪/3‬ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﺘﺼﺮﻓﺎﺕ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪:‬‬

‫ﻫﻮ ﺇﺟﺮﺍﺀ ﻛﺬﻟﻚ ﻳﻨﺼﺐ ﻋﻠﻰ ﻛﻞ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻣﻦ‬

‫ﺗﻌﺪﻳﻞ ﻭ ﺗﻌﻠﻴﻖ ﻟﻠﻨﺸﺎﻁ ﺃﻭ ﺷﻄﺐ ‪‬ﺎﺋﻲ ﺑﺼﻔﺔ ﺇﺭﺍﺩﻳﺔ ﺃﻭ ﻏﲑ ﺇﺭﺍﺩﻳﺔ ﻻﺳﻴﻤﺎ ﻣﺎ ﻭﺭﺩ ﻣﻦ ﻧﺼﻮﺹ‬

‫ﲞﺼﻮﺹ ﺫﻟﻚ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻳﺘﻌﻠﻖ ﺑﺎﻟﻘﺎﻋﺪﺓ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﻹﻓﻼﺱ ﻭ ﺍﻟﺘﺴﻮﻳﺔ‬

‫ﺍﻟﻘﻀﺎﺋﻴﺔ ‪.‬‬
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‫‪ 1‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.234 ،‬‬

‫‪2‬ﺃﻧﻈﺮ ﺇﱃ ﺍﳌﻮﺍﺩ ‪11‬ﻭ‪15‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪ 04_08‬ﺍﳌﺘﻌﻠﻖ ﲟﻤﺎﺭﺳﺔ ﺍﻷﻧﺸﻄﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ‪.‬‬
‫‪3‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.240‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺏ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﺔ‬

‫ﳜﺘﻠﻒ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻋﻦ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﰲ ﻛﻮﻥ ﺃﻥ‬

‫ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﲞﺼﻮﺹ ﺍﻟﻄﺒﻴﻌﻴﺔ ﻳﻘﺘﺼﺮ ﻋﻠﻰ ﺇﺟﺮﺍﺋﲔ ﺁﺧﺮﻳﻦ ﺍﻟﻠﺬﻳﻦ ﺳﺒﻘﺎ ﺫﻛﺮﳘﺎ ﲞﺼﻮﺹ‬

‫ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﺔ ﻭﳘﺎ‪:‬‬

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‫_ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫_ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﺘﺼﺮﻓﺎﺕ ﺍﻟﻮﺍﺭﺩﺓ ﻋﻠﻰ ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﻭﺗﺘﻢ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﲞﺼﻮﺹ ﺍﻷﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﺑﻨﻔﺲ ﺍﻟﻜﻴﻔﻴﺔ ﺍﻟﱵ ﰎ‬

‫ﺍﻟﺘﻄﺮﻕ ﺇﻟﻴﻬﺎ ﲞﺼﻮﺹ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ ﻣﺎﻋﺪﺍ ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﱵ ﺗﺮﺩ ﻋﻠﻰ ﺍﻟﻌﻘﻮﺩ‬

‫ﺍﻟﺘﺄﺳﻴﺴﻴﺔ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﺔ ﻓﻬﺬﻩ ﺍﻹﺷﻬﺎﺭﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻛﻮ‪‬ﺎ ﲣﺺ ﺍﻷﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﲔ‬

‫ﺩﻭﻥ ﺍﻟﻄﺒﻴﻌﻴﲔ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪:‬ﺁﻟﻴﺎﺕ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪.‬‬

‫ﻧﺼﺖ ﺃﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ ‪04‬ـ‪ 08‬ﺍﳌﺸﺎﺭ ﺇﻟﻴﻪ ﺳﻠﻔﺎ‪ ،‬ﻻﺳﻴﻤﺎ ﺍﳌﺎﺩﺗﺎﻥ ‪13‬ﻭ‪ 14‬ﻣﻨﻪ‬
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‫ﻋﻠﻰ ﺁﻟﻴﺘﲔ ﻟﻺﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺍﻟﱵ ﳝﻜﻦ ﻣﻦ ﺧﻼﳍﺎ ﺇﻃﻼﻉ ﺍﳉﻤﻬﻮﺭ‬

‫ﻋﻤﻮﻣﺎ ﻭ ﺍﻟﺘﺠﺎﺭ ﺧﺼﻮﺻﺎ ﲟﺤﺘﻮﻯ ﺍﻷﻋﻤﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻴﺔ ﻟﻸﺷﺨﺎﺹ ﺍﳌﻌﻨﻮﻳﺔ ‪.‬‬

‫‪1‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ‪ ،‬ﺹ‪.241‬‬

‫‪ -2‬ﻡ ‪":13‬ﻳﺒﺪﺃﺳﺮﻳﺎﻥ ﺍﻹﺷﻬﺎﺭﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﱵ ﻳﻘﻮﻡ ‪‬ﺎ ﺍﻟﺸﺨﺺ ﺍﻹﻋﺘﺒﺎﺭﻱ ﲢﺖ ﻣﺴﺆﻭﻟﻴﺘﻬﻮ ﻋﻠﻰ ﻧﻔﻘﺘﻪ ﺑﻌﺪ ﻳﻮﻡ ﻛﺎﻣﻞ‬
‫ﺇﺑﺘﺪﺍﺀ ﻣﻦ ﺗﺎﺭﻳﺦ ﻧﺸﺮﻫﺎ ﰲ ﺍﳉﺮﻳﺪﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ"‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻭﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻸﺷﺨﺎﺹ ﺍﻟﻄﺒﻴﻌﻴﲔ ﻭ ﺍﳌﻌﻨﻮﻳﲔ ﻣﻌﺎ ﻭ ﻛﺬﺍ ﻛﻞ‬

‫ﺍﻟﺘﺼﺮﻓﺎﺕ ﺍﻟﱵ ﺗﺮﺩ ﻋﻠﻰ ﺍﻟﻘﻴﺪ ﻣﻦ ﺗﻌﺪﻳﻞ ﻭ ﺗﻌﻠﻴﻖ ﻭﺷﻄﺐ ﺑﺈﺭﺍﺩﺓ ﺍﳋﺎﺿﻊ ﺃﻭ ﺑﻐﲑ ﺇﺭﺍﺩﺗﻪ‪ ،‬ﻭ ﻫﺬﻳﻦ‬

‫ﺍﻵﻟﻴﺘﲔ ﳘﺎ‪:‬‬

‫_ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪.‬‬

‫_ ﺍﻟﺼﺤﺎﻓﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺍﳌﻜﺘﻮﺑﺔ ﺃﻭ ﺃﻱ ﻭﺳﻴﻠﺔ ﻣﻼﺋﻤﺔ‪.‬‬

‫ﺃـ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‬

‫ﻳﺘﻌﲔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺍﳌﺆﺳﺴﲔ ﻟﻠﺸﺮﻛﺔ ﰲ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺣﻴﺚ ﺃﻥ‬

‫ﻋﻘﻮﺩ ﺍﻟﺸﺮﻛﺎﺕ ﻭ ﺍﻟﺘﻌﺪﻳﻼﺕ ﻭ ﺍﻟﺘﻐﲑﺍﺕ ﻭ ﺍﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﱵ ﺗﺸﻤﻞ ﺭﺃﲰﺎﳍﺎ ﻛﻠﻬﺎ ﲣﻀﻊ ﻟﻺﺷﻬﺎﺭ‬

‫ﻛﻤﺎ ﺟﺎﺀ ﰲ ﺍﳌﺎﺩﺓ ‪ 2‬ﻣﻦ ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺭﻗﻢ ‪ 07 _92‬ﺍﳌﺆﺭﺥ ﰲ ‪ 1992/02/18‬ﻳﺘﻌﻠﻖ‬

‫ﺑﺎﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ‪.‬‬

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‫ﻡ ‪ ":14‬ﺗﻜﻮﻥ ﺍﻹﺷﻬﺎﺭﺍﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺃﻳﻀﺎ ﻣﻮﺿﻮﻉ ﺇﺩﺭﺍﺝ ﰲ ﺍﻟﺼﺤﺎﻓﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺍﳌﻜﺘﻮﺑﺔ ﺃﻭ ﺃﻱ ﻭﺳﻴﻠﺔ ﻣﻼﺋﻤﺔ‪ ،‬ﻭ ﻋﻠﻰ ﻋﺎﺗﻖ‬
‫ﻭ ﻧﻔﻘﺔ ﺍﻟﺸﺨﺺ ﺍﻹﻋﺘﺒﺎﺭﻱ"‪.‬‬

‫‪ 1‬ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺭﻗﻢ ‪07-92‬ﺍﳌﺆﺭﺥ ﰲ ‪18‬ﻓﻴﻔﺮﻱ ‪ 1992‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺟﺮﻳﺪﺓ‬
‫ﺭﲰﻴﺔ‪ ،‬ﺭﻗﻢ ‪ ،14‬ﺍﻟﺼﺎﺩﺭﺓ ﰲ ‪.1992‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺏ ـﺎﻟﺼﺤﺎﻓﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺍﳌﻜﺘﻮﺑﺔ ﺃﻭ ﺃﻱ ﻭﺳﻴﻠﺔ ﻣﻼﺋﻤﺔ‬

‫ﺍﻹﺷﻬﺎﺭ ﰲ ﺍﻟﺼﺤﺎﻓﺔ ﺍﻟﻮﻃﻨﻴﺔ ﺍﳌﻜﺘﻮﺑﺔ ﺃﻭ ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﻼﺋﻤﺔ ﻣﺜﻞ ﺍ‪‬ﻼﺕ ﺍﳌﺨﺘﺼﺔ ﺑﺎﻹﺷﻬﺎﺭ‬

‫ﻭ ﻏﲑﻫﺎ ﻻ ﺗﻌﺪ ﺑﺪﻳﻼ ﻋﻦ ﺍﻵﻟﻴﺔ ﺍﻷﻭﱃ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺑﻞ ﻫﻮ‬

‫ﺇﺷﻬﺎﺭ ﻣﻮﺍﺯ‪.‬‬

‫ﺍﻟﻐﺎﻳﺔ ﻣﻨﻪ ﺇﻋﻼﻡ ﺍﳉﻤﻬﻮﺭ ﻋﻤﻮﻣﺎ ﻭ ﺍﻟﺘﺠﺎﺭ ﺧﺼﻮﺻﺎ ﲟﺎ ﻳﻬﻤﻬﻢ ﻣﻦ ﳑﺎﺭﺳﺎﺕ ﻟﻸﻧﺸﻄﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ‬

‫ﺍﳋﺎﺿﻌﺔ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﻭﻳﻌﺪ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻹﺷﻬﺎﺭ ﺃﺣﺪ ﺍﻟﻮﺳﺎﺋﻞ ﺍﶈﻘﻘﺔ ﻟﻼﺋﺘﻤﺎﻥ ﻛﺄﺳﺎﺱ ﻣﻦ ﺃﺳﺲ ﺍﻟﻌﻤﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻛﻤﺎ ﺃ‪‬ﺎ ﺍﻟﻮﺳﻴﻠﺔ ﺍﻷﻛﺜﺮ ﺗﺪﺍﻭﻻ ﻭ ﺍﻷﻛﺜﺮ ﳒﺎﻋﺔ ﰲ ﺇﻃﻼﻉ ﺍﻟﻐﲑ ﻋﻤﺎ ﻳﻘﺪﻡ ﻋﻠﻴﻪ ﺍﻟﺒﻌﺾ‬

‫ﻣﻦ ﺗﺼﺮﻓﺎﺕ ﻗﺎﻧﻮﻧﻴﺔ ﻗﺪ ﻳﻜﻮﻥ ﺍﻟﻐﲑ ﻣﻌﲏ ‪‬ﺎ‪ ،‬ﳑﺎ ﻳﺴﺘﻮﺟﺐ ﻋﻠﻴﻪ ﺍﻟﻄﻌﻦ ﻣﻦ ﺧﻼﻫﺎ ﰲ ﺍﻟﺘﺼﺮﻑ‬
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‫ﺍﳌﺮﺍﺩ ﺍﻟﻘﻴﺎﻡ ﺑﻪ ﻭ ﺗﻌﻠﻴﻘﻪ ﺇﱃ ﻏﺎﻳﺔ ﺇﳚﺎﺩ ﺻﻴﻐﺔ ﻟﻠﺤﻞ ﺃﻭ ﺍﻟﺘﻮﺟﻪ ﺃﻱ ﺍﻟﻘﻀﺎﺀ ﳊﻞ ﻧﺰﺍﻉ ﺑﺸﺄﻧﻪ‪.‬‬

‫ﻓﻤﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﻌﻤﻠﻴﺔ ﻳﻘﻮﻡ ﺍﳌﻌﲏ ‪‬ﺬﺍ ﺍﻹﺷﻬﺎﺭ ﰲ ﺍﻟﺼﺤﻒ ﺍﻟﻮﻃﻨﻴﺔ ﺍﳌﻜﺘﻮﺑﺔ ﺑﻨﻔﺴﻪ ﺃﻭ‬

‫ﺑﻮﺍﺳﻄﺔ ﺍﳌﻮﺛﻖ ﲞﺼﻮﺹ ﺷﻬﺮ ﻣﻠﺨﺺ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻭ ﻳﺘﻢ ﺫﻙ ﲟﻘﺎﺑﻞ ﻣﺎﱄ ﻧﻘﺪﻱ ﻳﺪﻓﻌﻪ ﺍﳌﻌﲏ‬

‫ﺑﺎﻷﻣﺮ ‪.‬‬
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‫‪1‬ﻡ ‪13‬ﻭ‪14‬ﻣﻦ ﻕ ‪ 08_04‬ﺍﳌﺆﺭﺥ ﰲ ‪2004/08/14‬‬

‫‪2‬ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.243‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﺣﺬﻑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻷﺩﱏ ﺍﻟﺘﺄﺳﻴﺴﻲ‪.‬‬

‫ﻳﻨﺪﺭﺝ ﻣﺸﺮﻭﻉ ﻫﺬﺍ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺬﻱ ﻳﻘﺘﺮﺡ ﺗﻌﺪﻳﻞ ﺍﻷﻣﺮ ﺭﻗﻢ ‪75 _59‬ﺍﳌﺆﺭﺥ ﰲ ‪26‬‬

‫ﺳﺒﺘﻤﱪ ‪1975‬ﺍﳌﺘﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﰲ ﺇﻃﺎﺭ ﲢﺴﲔ ﻣﻨﺎﺥ ﺍﻷﻋﻤﺎﻝ ﰲ ﺑﻼﺩﻧﺎ ﻣﻦ ﺧﻼﻝ‬

‫ﻣﺮﺍﺟﻌﺔ ﺍﻷﺣﻜﺎﻡ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺫ‪.‬ﻡ‪ .‬ﻡ ﺍﻟﱵ ﺗﻌﺪ ﺍﻷﻛﺜﺮ ﺭﻭﺍﺟﺎ ﰲ ﺍﳉﺰﺍﺋﺮ‪.‬‬

‫ﻭﻳﻬﺪﻑ ﺍﻟﺘﻌﺪﻳﻞ ﺇﱃ ﺗﺴﻬﻴﻞ ﺇﻧﺸﺎﺀ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻌﺪ ﻣﺆﺳﺴﺎﺕ ﺻﻐﲑﺓ ﻭ ﻣﺘﻮﺳﻄﺔ‬

‫ﻭﺧﻠﻖ ﻣﻨﺎﺻﺐ ﺍﻟﺸﻐﻞ ﻣﻦ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺎ‪‬ﻢ ﺍﳋﺎﺻﺔ ﻭ ﺇﺷﺮﺍﻛﻬﻢ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ‬

‫ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺒﻼﺩ ﻭﺍﻟﻘﻀﺎﺀ ﻋﻠﻰ ﺍﻹﻗﺘﺼﺎﺩ ﺍﳌﻮﺍﺯﻱ‪.‬‬

‫ﻭﻋﻠﻴﻪ ﺳﻮﻑ ﻧﻘﺴﻢ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﻣﻄﻠﺒﲔ ‪:‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ‪ :‬ﺃﺳﺒﺎﺏ ﺣﺬﻑ ﺭﺃﲰﺎﻝ ﺍﻷﺩﱏ ﺍﻟﺘﺄﺳﻴﺴﻲ ‪.‬‬

‫ﻧﻈﻢ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺃﺳﺒﺎﺏ ﺣﺬﻑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ‪ ،‬ﻭ ﺫﻟﻚ ﻗﺼﺪ ﺗﺒﺴﻴﻂ ﻭ‬
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‫ﺗﺴﻬﻴﻞ ﺗﺄﺳﻴﺴﻬﺎ ﻟﺘﺘﻨﺎﺳﺐ ﺃﻛﺜﺮ ﻣﻊ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﺍﻟﱵ ﻳﻌﻮﻝ ﻋﻠﻴﻬﺎ ﻟﻠﻨﻬﻮﺽ‬

‫ﺑﺎﻹﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﻭ ﺑﻌﺚ ﺍﻟﻨﻤﻮ ﺍﻹﻗﺘﺼﺎﺩﻱ ﻭ ﺍﻹﺟﺘﻤﺎﻋﻲ ‪.‬‬

‫ﻭ ﺗﺘﻌﻠﻖ ﺃﺳﺒﺎﺏ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺍﳌﻘﺘﺮﺣﺔ ﰲ ﻫﺬﺍ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﺏ‪:‬‬

‫‪1‬ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ‪ 20_15‬ﺍﳌﺆﺭﺥ ‪30‬ﺳﺒﺘﻤﱪ ‪ 2015‬ﺍﳌﺘﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻳﻌﺪﻝ ﻭ ﻳﺘﻤﻢ ﺍﻷﻣﺮ ﺭﻗﻢ ‪ 59_75‬ﺍﳌﻮﺍﻓﻖ‬
‫‪ 26‬ﺳﺒﺘﻤﱪ‪.1975‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪ :‬ﺗﺸﺠﻴﻊ ﺻﻐﺎﺭ ﺍﳌﺴﺘﺜﻤﺮﻳﻦ‪.‬‬

‫ﺗﻨﺺ ﺍﳌﺎﺩﺓ ‪ 566‬ﺍﳌﻌﺪﻟﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﻣﻦ ﺍﻷﻣﺮ ﺭﻗﻢ‪75‬ـ‪ 59‬ﻋﻠﻰ ﺃﻧﻪ‪":‬ﳛﺪﺩ‬

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‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﲝﺮﻳﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ‬

‫ﻭ ﻳﻘﺴﻢ ﺇﱃ ﺣﺼﺺ ﺫﺍﺕ ﻗﻴﻤﺔ ﺇﲰﻴﺔ ﻣﺘﺴﺎﻭﻳﺔ‪.‬‬

‫ﳚﺐ ﺃﻥ ﻳﺸﺎﺭ ﺍﻟﺮﺃﲰﺎﻝ ﰲ ﲨﻴﻊ ﻭﺛﺎﺋﻖ ﺍﻟﺸﺮﻛﺔ"‬

‫ﻳﻨﺪﺭﺝ ﺇﻗﺘﺮﺍﺡ ﺇﻟﻐﺎﺀ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﰲ ﺇﻃﺎﺭ ﺗﺸﺠﻴﻊ ﺇﻧﺸﺎﺀ‬

‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ‪ ،‬ﺫﻟﻚ ﺃﻥ ﺍﻟﻘﻮﻝ ﺑﺄﻥ ﻫﺬﺍ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻳﺸﻜﻞ ﺿﻤﺎﻧﺎ ﻟﺪﺍﺋﲏ‬

‫ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﲡﺎﻭﺯﻩ ﺍﻟﻮﺍﻗﻊ‪ ،‬ﺍﻟﺬﻱ ﺃﺛﺒﺖ ﺃﻧﻪ ﳝﻜﻦ ﺇﺳﺘﻌﻤﺎﻝ ﺍﳌﺒﺎﻟﻎ ﺍﳌﻜﺘﺘﺒﺔ ﻭ ﺻﺮﻓﻬﺎ ﺑﺎﻟﻜﺎﻣﻞ ﺑﻌﺪ‬

‫ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺍﳋﺴﺎﺋﺮ ﺍﻟﱵ ﻗﺪ ﺗﻜﺒﺪﻫﺎ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﺗﻄﺎﻝ ﺍﻟﺮﺃﲰﺎﻝ ﺃﻳﻀﺎ‪ ،‬ﻓﻘﻴﻤﺔ‬

‫ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﻟﺴﻮﻕ ﻻ ﳛﺪﺩﻫﺎ ﺍﻟﺮﺃﲰﺎﻝ ﻭﺇﳕﺎ ﻗﺪﺭ‪‬ﺎ ﻋﻠﻰ ﺍﻹﺳﺘﺜﻤﺎﺭ‪ ،‬ﻋﻼﻭﺓ ﻋﻠﻰ ﺃﻧﻪ ﺃﺻﺒﺢ ﺍﻟﻴﻮﻡ‬

‫ﲟﻘﺪﻭﺭ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻭﺳﺎﺋﻞ ﺃﺧﺮﻯ ﻟﻠﺘﻤﻮﻳﻞ ﻻﺳﻴﻤﺎ ﻋﱪ ﺍﻟﻘﺮﻭﺽ ﺍﻟﺒﻨﻜﻴﺔ‪.‬‬

‫ﻓﻀﻼ ﻋﻠﻰ ﺃﻥ ﺍﳌﺒﻠﻎ ﺍﻟﺬﻱ ﳛﺪﺩﻩ ﺍﻟﻘﺎﻧﻮﻥ ﻟﻠﺤﺪ ﺍﻷﺩﱏ ﻟﻠﺮﺃﲰﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‬

‫ﻭﻫﻮ ‪100000‬ﺩﺝ ﻣﺒﻠﻐﺎ ﺿﺌﻴﻼ ﻭ ﻻ ﻳﺸﻜﻞ ﺿﻤﺎﻧﺎ ﻟﻠﺪﺍﺋﻨﲔ‪.‬‬

‫‪ 1‬ﺍﳌﺎﺩﺓ ‪ 566‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺭﻗﻢ‪ 20_15‬ﺍﳌﺆﺭﺥ ‪30‬ﺳﺒﺘﻤﱪ ‪ 2015‬ﺍﳌﺘﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻳﻌﺪﻝ ﻭ ﻳﺘﻤﻢ ﺍﻷﻣﺮ ﺭﻗﻢ‬
‫‪ 59_75‬ﺍﳌﻮﺍﻓﻖ ‪ 26‬ﺳﺒﺘﻤﱪ‪.1975‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻟﺬﻟﻚ ﻳﻘﺘﺮﺡ ﻫﺪﺍ ﺍﳌﺸﺮﻭﻉ‪ ،‬ﺗﻌﺪﻳﻞ ﺍﳌﺎﺩﺓ ‪ 566‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﲝﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ‬

‫ﺍﻷﺩﱏ ﻭ ﺗﺮﻙ ﺍﻷﻃﺮﺍﻑ ﺣﺮﻳﺔ ﲢﺪﻳﺪ ﺭﺃﲰﺎﻝ ﺷﺮﻛﺘﻬﻢ ﰲ ﻗﺎﻧﻮ‪‬ﺎ ﺍﻷﺳﺎﺳﻲ‪ ،‬ﻣﻊ ﺇﻟﺰﺍﻣﻬﻢ ﺑﺎﻹﺷﺎﺭﺓ‬

‫ﺇﱃ ﺍﻟﺮﺃﲰﺎﻝ ﰲ ﲨﻴﻊ ﻭﺛﺎﺋﻖ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﺇﻛﺘﺘﺎﺏ ﻭ ﲢﺮﻳﺮ ﺍﳌﺒﺎﻟﻎ ﺍﻟﻨﻘﺪﻳﺔ‬

‫ﺗﻨﺺ ﺍﳌﺎﺩﺓ ‪ 567‬ﻕ‪.‬ﺕ ﺍﳌﻌﺪﻟﺔ ﻣﻦ ﺍﻷﻣﺮ ﺭﻗﻢ‪75‬ـ‪" :59‬ﳚﺐ ﺃﻥ ﺗﻮﺯﻉ ﺍﳊﺼﺺ ﺑﲔ‬
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‫ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ ﻭﺃﻥ ﻳﺘﻢ ﺍﻹﻛﺘﺘﺎﺏ ﲜﻤﻴﻊ ﺍﳊﺼﺺ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺀ ﻭ‬

‫ﺃﻥ ﺗﺪﻓﻊ ﻗﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ ﻓﻴﻤﺎ ﳜﺺ ﺍﳊﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ‪.‬‬

‫ﳚﺐ ﺃﻥ ﺗﺪﻓﻊ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﺑﻘﻴﻤﺔ ﻻ ﺗﻘﻞ ﻋﻦ ﲬﺲ )‪ (5/1‬ﻣﺒﻠﻎ ﺍﻟﺮﺃﲰﺎﻝ‬

‫ﺍﻟﺘﺄﺳﻴﺴـﻲ‪ ،‬ﻭﻳﺪﻓﻊ ﺍﳌﺒﻠﻎ ﺍﳌﺘﺒﻘﻲ ﻋﻠﻰ ﻣﺮﺣﻠﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﻣﺮﺍﺣﻞ ﺑﺄﻣﺮ ﻣﻦ ﻣﺴﲑ ﺍﻟﺸﺮﻛﺔ ﻭ‬

‫ﺫﻟﻚ ﰲ ﻣﺪﺓ ﺃﻗﺼﺎﻫﺎ ﲬﺴﺔ )‪ (5‬ﺳﻨﻮﺍﺕ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺴﺠﻴﻞ ﺍﻟﺸﺮﻛﺔ ﻟﺪﻯ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫ﳚﺐ ﺃﻥ ﺗﺪﻓﻊ ﺍﳊﺼﺺ ﻛﺎﻣﻠﺔ ﻗﺒﻞ ﺃﻱ ﺇﻛﺘﺘﺎﺏ ﳊﺼﺺ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ ﻭﺫﻟﻚ ﲢﺖ ﻃﺎﺋﻠﺔ‬

‫ﺑﻄﻼﻥ ﺍﻟﻌﻤﻠﻴﺔ ‪.‬‬

‫ﺇﻥ ﺍﳌﺎﻝ ﺍﻟﻨﺎﺗﺞ ﻋﻦ ﺗﺴﺪﻳﺪ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﳌﻮﺩﻋﺔ ﲟﻜﺘﺐ ﺍﻟﺘﻮﺛﻴﻖ‪ ،‬ﺗﺴﻠﻢ ﺇﱃ ﻣﺪﻳﺮ ﺍﻟﺸﺮﻛﺔ‬

‫ﺑﻌﺪ ﻗﻴﺪﻫﺎ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪".‬‬

‫‪ 1‬ﺍﳌﺎﺩﺓ ‪ 567‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪.20_15‬‬

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‫ﻳﻨﺺ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﰲ ﻣﺎﺩﺗﻪ ‪ 567‬ﻋﻠﻰ ﺇﻟﺰﺍﻣﻴﺔ ﺍﻻﻛﺘﺘﺎﺏ ﺍﻟﻜﺎﻣﻞ ﳉﻤﻴﻊ ﺍﳊﺼـﺺ‬
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‫ﻭ ﻭﺟـﻮﺏ ﺩﻓﻊ ﻗﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ‪ ،‬ﻋﻨﺪ ﺍﻟﺘﺄﺳﻴﺲ‪ ،‬ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻋﻴﻨﻴﺔ ﺃﻭ ﻧﻘﺪﻳﺔ ﻭﻗﺼﺪ ﺗﺴﻬﻴﻞ‬

‫ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻳﻘﺘﺮﺡ ﻫﺪﺍ ﺍﳌﺸﺮﻭﻉ ﺣﺬﻑ ﺇﻟﺰﺍﻣﻴﺔ ﺗﻘﺪﱘ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﻛﺎﻣﻠﺔ ﻋﻨﺪ ﺍﻟﺘﺄﺳﻴﺲ‬

‫ﻭ ﺇﺑﻘﺎﺀ ﻫﺬﺍ ﺍﻟﺸﺮﻁ ﻓﻴﻤﺎ ﳜﺺ ﺍﻟﻌﻴﻨﻴﺔ ﻓﻘﻂ‪ ،‬ﻭ ﻳﻨﺺ ﻋﻠﻰ ﻭﺟﻮﺏ ﺃﻥ ﺗﺪﻓﻊ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ‬

‫ﺑﻘﻴﻤﺔ ﻻ ﺗﻘﻞ ﻋﻦ ﲬﺲ )‪ (5/1‬ﻣﺒﻠﻎ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ‪ ،‬ﻭﻳﺪﻓﻊ ﺍﳌﺒﻠﻎ ﺍﳌﺘﺒﻘﻲ ﻋﻠﻰ ﻣﺮﺣﻠﺔ ﻭﺍﺣﺪﺓ‬

‫ﺃﻭ ﻋﺪﺓ ﻣﺮﺍﺣﻞ ﺑﺄﻣﺮ ﻣﻦ ﻣﺴﲑ ﺍﻟﺸﺮﻛﺔ ﻭ ﺫﻟﻚ ﰲ ﻣﺪﺓ ﺃﻗﺼﺎﻫﺎ )‪ (5‬ﺳﻨﻮﺍﺕ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺴﺠﻴﻞ‬

‫ﺍﻟﺸﺮﻛﺔ ﻟﺪﻯ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻛﻤﺎ ﻳﻨﺺ ﻋﻠﻰ ﺃﻧﻪ ﻻ ﳝﻜﻦ ﺇﻛﺘﺘﺎﺏ ﺣﺼﺺ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ‪ ،‬ﻗﺒﻞ‬

‫ﺩﻓﻊ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﻛﺎﻣﻠﺔ‪ ،‬ﻭ ﺫﻟﻚ ﲢﺖ ﻃﺎﺋﻠﺔ ﺑﻄﻼﻥ ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬

‫ﻛﻤﺎ ﻳﻘﺘﺮﺡ ﺍﳌﺸﺮﻭﻉ ﺇﻣﻜﺎﻧﻴﺔ ﺃﻥ ﺗﻜﻮﻥ ﺣﺼﺔ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ ﺗﻘﺪﱘ ﻋﻤﻞ ﻭ ﺫﻟﻚ ﻋﻠﻰ ﻏﺮﺍﺭ ﻣﺎ ﻫﻮ ﻣﻌﻤﻮﻝ ﺑﻪ ﰲ ﻋﺪﺓ ﺩﻭﻝ‪ ،‬ﻭﻳﻨﺺ ﺍﳌﺸﺮﻭﻉ ﰲ ﻫﺬﺍ‬

‫ﺍﻟﺼﺪﺩ ﰲ ﺍﳌﺎﺩﺓ ‪ 567‬ﻣﻜﺮﺭ ﺟﺪﻳﺪﺓ ﻋﻠﻰ ﺇﻣﻜﺎﻧﻴﺔ ﺃﻥ ﺗﻜﻮﻥ ﺍﳌﺴﺎﳘﺔ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ ﺗﻘﺪﱘ ﻋﻤﻞ ﻭﳛﻴﻞ ﻋﻠﻰ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ ﻟﺘﺤﺪﻳﺪ ﻛﻴﻔﻴﺎﺕ ﺗﻘﺪﻳﺮ ﻗﻴﻤﺘﻪ ﻭ ﻣﺎ‬

‫ﳜﻮﻟﻪ ﻣﻦ ﺃﺭﺑﺎﺡ ﻭ ﻳﻨﺺ ﻋﻠﻰ ﺃﻧﻪ ﻻ ﻳﺪﺧﻞ ﰲ ﺗﺄﺳﻴﺲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪ 567‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﻧﻔﺲ ﺍﻟﻘﺎﻧﻮﻥ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺑﺎﻹﺿﺎﻓﺔ ﺇﱃ ﺍﳌﺎﺩﺓ ‪ 567‬ﻣﻜﺮﺭ‪ 1‬ﺗﻨﺺ ﻋﻠﻰ ﺃﻧﻪ‪" :‬ﺇﺫﺍ ﱂ ﻳﺘﻢ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﰲ ﻣﺪﺓ ‪6‬‬

‫ﺃﺷﻬﺮ ﺇﺑﺘﺪﺍﺀ ﻣﻦ ﺗﺎﺭﻳﺦ ﺇﻳﺪﺍﻉ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﳚﻮﺯ ﻟﻜﻞ ﻣﻜﺘﺘﺐ ﺃﻥ ﻳﻄﻠﺐ ﻣﻦ ﺍﳌﻮﺛﻖ ﺳﺤﺐ ﻣﺒﻠﻎ‬

‫ﻣﺴﺎﳘﺘﻪ‪.‬‬

‫ﻭﰲ ﺣﺎﻟﺔ ﺗﻌﺬﺭ ﺫﻟﻚ ﳝﻜﻨﻪ ﺁﻥ ﻳﻄﻠﺐ ﻣﻦ ﺍﻟﻘﺎﺿﻲ ﺍﻹﺳﺘﻌﺠﺎﱄ ﺍﻟﺘﺮﺧﻴﺺ ﺑﺴﺤﺐ ﻫﺬﺍ‬

‫ﺍﳌﺒﻠﻎ‪".‬‬

‫ﻳﻘﺘﺮﺡ ﻫﺬﺍ ﺍﳌﺸﺮﻭﻉ ﲪﺎﻳﺔ ﺧﺎﺻﺔ ﻟﻠﺸﺮﻛﺎﺀ ﺑﺘﻤﻜﻴﻨﻬﻢ ﻣﻦ ﺇﺳﺘﺮﺟﺎﻉ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ‬

‫ﺃﻭﺩﻋﻮﻫﺎ ﻟﺪﻯ ﺍﳌﻮﺛﻖ‪ ،‬ﰲ ﺣﺎﻟﺔ ﻋﺪﻡ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ ﻣﺮﻭﺭ ﺳﺘﺔ ‪ 6‬ﺃﺷﻬﺮ‪ ،‬ﻣﻦ ﺗﺎﺭﻳﺦ‬

‫ﺇﻳﺪﺍﻋﻬﺎ‪ ،‬ﻣﻊ ﲤﻜﻴﻨﻬﻢ ﻣﻦ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺍﻟﻘﻀﺎﺀ ﻹﺳﺘﺮﺟﺎﻋﻬﺎ ﰲ ﺣﺎﻟﺔ ﺗﻌﺬﺭ ﺫﻟﻚ ﺑﻄﺮﻕ ﺍﻟﻌﺎﺩﻳﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺭﻓﻊ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﺗﻨﺺ ﺍﳌﺎﺩﺓ ‪ 590‬ﻕ‪.‬ﺕ ﺍﳌﻌﺪﻟﺔ ﻣﻦ ﺍﻷﻣﺮ ‪75‬ـ‪ 59‬ﻛﺎﻟﺘﺎﱄ‪" :‬ﻻ ﻳﺴﻮﻍ ﺃﻥ ﻳﺘﺠﺎﻭﺯ‬
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‫ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﲬﺴﲔ ﺷﺮﻳﻜﺎ‪ .‬ﻭ ﺇﺫﺍ ﺃﺻﺒﺤﺖ ﺍﻟﺸﺮﻛﺔ‬

‫ﻣﺸﺘﻤﻠﺔ ﻋﻠﻰ ﺃﻛﺜﺮ ﻣﻦ ﲬﺴﲔ ﺷﺮﻳﻜﺎ ﻭ ﺟﺐ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﺷﺮﻛﺔ ﻣﺴﺎﳘﺔ ﰲ ﺃﺟﻞ ﺳﻨﺔ ﻭﺍﺣﺪﺓ‪ .‬ﻭ‬

‫ﻋﻨﺪ ﻋﺪﻡ ﺍﻟﻘﻴﺎﻡ ﺑﺬﻟﻚ ﺗﻨﺤﻞ ﺍﻟﺸﺮﻛﺔ ﻣﺎ ﱂ ﻳﺼﺒﺢ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺗﻠﻚ ﺍﻟﻔﺘﺮﺓ ﻣﻦ ﺍﻟﺰﻣﻦ ﻣﺴﺎﻭﻳﺎ‬

‫ﳋﻤﺴﲔ ﺷﺮﻳﻜﺎ ﺃﻭ ﺃﻗﻞ"‪.‬‬

‫ﳛﺪﺩ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﰲ ﺍﳌﺎﺩﺓ ‪ 590‬ﻣﻨﻪ ﺍﻟﻌﺪﺩ ﺍﻷﻗﺼﻰ ﻟﻠﺸﺮﻛﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ‬

‫ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺑﻌﺸﺮﻳﻦ ‪ 20‬ﺷﺮﻳﻜﺎ‪ ،‬ﻭﰲ ﺣﺎﻟﺔ ﲡﺎﻭﺯ ﻫﺪﺍ ﺍﻟﻌﺪﺩ ﻳﻠﺰﻣﻬﻢ ﺑﺘﺤﻮﻳﻠﻬﺎ ﺇﱃ ﺍﻟﺸﺮﻛﺔ‬

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‫ﺍﳌﺎﺩﺓ ‪ 590‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﻧﻔﺲ ﺍﻟﻘﺎﻧﻮﻥ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺍﳌﺴﺎﳘﺔ ﰲ ﺃﺟﻞ ﺳﻨﺔ ﻭﺍﺣﺪﺓ‪ ،‬ﻳﻘﺘﺮﺡ ﻫﺬﺍ ﺍﳌﺸﺮﻭﻉ ﺭﻓﻊ ﻫﺪﺍ ﺍﻟﻌﺪﺩ ﺇﱃ ‪ 50‬ﺷﺮﻳﻜﺎ ﻭ ﺫﻟﻚ‬ ‫‪1‬‬

‫ﻟﻸﺳﺒﺎﺏ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫ـ ﺗﻔﺎﺩﻱ ﲢﻮﻳﻞ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﻭ ﲤﻜﲔ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﻣﻮﺍﺻﻠﺔ ﳑﺎﺭﺳﺔ ﺍﻟﻨﺸﺎﻁ ﰲ‬

‫ﺷﻜﻞ ﺷﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﰲ ﺣﺎﻟﺔ ﺯﻳﺎﺩﺓ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫ـ ﺇﻥ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺷﺮﻛﺔ ﺻﻐﲑﺓ ﺃﻭ ﻣﺘﻮﺳﻄﺔ ﺫﺍﺕ ﺻﺒﻐﺔ ﻋﺎﺋﻠﻴﺔ ﺗﻨﺘﻘﻞ ﺣﺼﺼﻬﺎ ﺑﲔ ﺍﻟﻮﺭﺛﺔ ﺃﻭ‬

‫ﺍﻷﺻﻮﻝ ﺃﻭ ﺍﻟﻔﺮﻭﻉ‪ ،‬ﳑﺎ ﻗﺪ ﻳﺆﺩﻱ ﺇﱃ ﺭﻓﻊ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ﺇﱃ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﻌﺪﺩ ﺍﻷﻗﺼﻰ ﺍﶈﺪﺩ‬

‫ﻗﺎﻧﻮﻧﺎ‪ ،‬ﻭ ﺃﻥ ﺇﻟﺰﺍﻣﻬﻢ ﺑﺘﻐﻴﲑ ﺷﻜﻞ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﻳﺘﻌﺎﺭﺽ ﻣﻊ ﺭﻏﺒﺘﻬﻢ ﰲ ﻣﻮﺍﺻﻠﺔ ﺍﳌﻤﺎﺭﺳﺔ ﰲ ﺷﻜﻞ‬

‫ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺴﺄﻟﺔ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺃﻭ ﺍﻷﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻦ ﺣﺬﻑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ ‪.‬‬

‫ﺑﺪﺍﻓﻊ ﺍﳊﺎﺟﺎﺕ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻟﺮﺅﻭﺱ ﺍﻷﻣﻮﺍﻝ ﳌﻤﺎﺭﺳﺔ ﺑﻌﺾ ﺍﻷﻧﺸﻄﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻓﺈﻥ‬
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‫ﺍﻷﺷﺨﺎﺹ ﻣﻬﻤﺎ ﻛﺎﻧﺖ ﺻﻔﺘﻬﻢ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ )ﲡﺎﺭ ﺃﻭ ﻏﲑ ﲡﺎﺭ( ﰲ ﺃﻏﻠﺐ ﺍﻷﺣﻴﺎﻥ ﻳﺘﻜﺘﻠﻮﻥ ﺿﻤﻦ‬

‫ﻛﻴﺎﻥ ﻟﻪ ﻭﺟﻮﺩ ﻗﺎﻧﻮﱐ ﻳﻜﻮﻥ ﻟﻪ ﺭﺃﺱ ﻣﺎﻝ ﺿﻤﺎﻧﺎ ﻟﻠﻮﻓﺎﺀ ﺑﺘﻌﺎﻣﻼ‪‬ﻢ‪ ،‬ﻭﻗﺼﺪ ﺇﻧﺸﺎﺀ ﻫﺬﺍ ﺍﻟﻜﻴﺎﻥ‬

‫ﺍﻟﻘﺎﻧﻮﱐ ﻣﺘﻤﺘﻌﺎ ﺑﺎﻟﺸﺨﺼﻴﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﲢﺖ ﺗﺴﻤﻴﺔ ﺷﺮﻛﺔ ﻣﺘﻤﺘﻊ ﺑﺎﺳﺘﻘﻼﻝ ﻣﺎﱄ ﻭ ﺇﺩﺍﺭﻱ‪ ،‬ﻟﻜﻦ ﻗﺪ‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪ 590‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﻧﻔﺲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪2‬ﺑﺮﺯ ﺍﻟﻮﺯﻳﺮ ﺍﻟﻌﺪﻝ ﺣﺎﻓﻆ ﺍﻷﺧﺘﺎﻡ ﻃﻴﺐ ﻟﻮﺡ ﺃﺳﺒﺎﺏ ﻫﺬﺍ ﺍﻟﺘﻌﺪﻳﻞ ﺑﻜﻮﻥ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﻳﻌﺘﻤﺪ ﺣﺎﻟﻴﺎ ﻋﻠﻰ ﻣﺴﺘﻮﻯ ﺃﺯﻳﺪ ﻣﻦ‬
‫‪ 112‬ﺩﻭﻟﺔ ﰲ ﺍﻟﻌﺎﱂ‪ .‬ﻭ ﻣﻨﻬﺎ ﺑﻌﺾ ﺍﻟﺪﻭﻝ ﺍﳉﻮﺍﺭ ﻓﻀﻼ ﻋﻦ ﻛﻮﻥ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﻠﺮﺃﲰﺎﻝ ﰲ ﺍﳉﺰﺍﺋﺮ ﻳﻌﺪ ﻣﺒﻠﻐﺎ ﺿﺌﻴﻼ ﻭﻻ ﳝﻜﻦ‬
‫ﰲ ﺃﻱ ﺣﺎﻝ ﻣﻦ ﺍﻷﺣﻮﺍﻝ ﺃﻥ ﻳﺸﻜﻞ ﺿﻤﺎﻧﺎ ﰲ ﺣﺎﻝ ﺗﻜﺒﺪ ﺍﻟﺸﺮﻛﺔ ﲞﺴﺎﺋﺮ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﻳﻔﺮﺽ ﺍﳌﺸﺮﻉ ﰲ ﺑﻌﺾ ﺍﻷﺣﻴﺎﻥ ﺣﺪﺍ ﺃﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭ ﺛﺎﺭﺓ ﺃﺧﺮﻯ ﻳﺘﺮﻙ ﻟﻸﻃﺮﺍﻑ ﺣﺮﻳﺔ‬

‫ﲢﺪﻳﺪﻩ ﲟﺎ ﻳﺘﻨﺎﺳﺐ ﻣﻊ ﺇﻣﻜﺎﻧﻴﺘﻬﻢ ﻭ ﺣﺠﻢ ﺍﳌﺸﺮﻭﻉ‪ .‬ﻓﺈﺫﺍ ﻛﺎﻥ ﺭﺃﲰﺎﻝ ﺷﺮﻛﺎﺕ ﺍﻷﺷﺨﺎﺹ ﻏﲑ‬

‫ﳏﺪﺩ ﻧﺘﻴﺠﺔ ﺍﳌﺴﺆﻭﻟﻴﺔ ﻏﲑ ﺍﶈﺪﻭﺩﺓ ﻟﻠﺸﺮﻛﺎﺀ‪ ،‬ﻋﻠﻰ ﺍﻟﻌﻜﺲ ﻣﻦ ﺫﻟﻚ ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﺍﻟﱵ ﻳﻌﺪ‬

‫ﺍﻟﻀﻤﺎﻥ ﺍﻟﻮﺣﻴﺪ ﻟﺘﺤﺪﻳﺪ ﻣﺴﺆﻭﻟﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﻟﺬﻟﻚ ﻻ ﺑﺪ ﻣﻦ ﺇﺣﺘﺮﺍﻡ ﺍﳊﺪ ﺍﻷﺩﱏ‪.‬‬

‫ﻣﺎ ﻳﻬﻢ ﰲ ﻣﻮﺿﻮﻉ ﺍﻟﺪﺭﺍﺳﺔ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺑﺎﻋﺘﺒﺎﺭﻫﺎ ﺷﺮﻛﺔ ﲡﺎﺭﻳﺔ‬

‫ﺫﺍﺕ ﺍﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ ﺍﻟﻮﺳﻂ ﺑﲔ ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﻭ ﺷﺮﻛﺎﺕ ﺍﻷﺷﺨﺎﺹ‪ ،‬ﺗﺘﻨﺎﺳﺐ ﻣﻊ ﻃﺒﻴﻌﺔ‬

‫ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ‪ ،‬ﺍﻟﺬﻱ ﻋﺮﻓﺖ ﺃﺣﻜﺎﻣﻪ ﺗﻄﻮﺭﺍ ﻛﺒﲑﺍ ﺑﻌﺪ ﺗﻌﺪﻳﻞ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‬

‫ﰲ ﺳﻨﺔ ‪ ،2015‬ﻓﺒﻌﺪﻣﺎ ﻛﺎﻥ ﺍﳌﺸﺮﻉ ﻳﻔﺮﺽ ﺣﺪﺍ ﺃﺩﱏ ﻟﺮﺃﲰﺎﻝ ﻳﻠﺰﻡ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﺘﻘﻴﻴﺪ ﺑﻪ‪،‬‬

‫ﺃﺻﺒﺤﺖ ﳍﻢ ﺣﺮﻳﺔ ﲢﺪﻳﺪ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺬﻱ ﻳﺮﻭﻧﻪ ﻣﻨﺎﺳﺒﺎ ﺇﻻ ﺇﺳﺘﺜﻨﺎﺀﺍ‪.‬‬

‫ﻭﺇﻥ ﺍﳌﺸﺮﻉ ﻳﻮﱄ ﺃﳘﻴﺔ ﺑﺎﻟﻐﺔ ﳊﻤﺎﻳﺔ ﺩﺍﺋﲏ ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﺑﺘﺪﺧﻠﻪ ﺑﻘﻮﺍﻋﺪ ﺁﻣﺮﺓ ﺗﺘﻌﻠﻖ‬

‫ﺑﺎﻟﻨﻈﺎﻡ ﺍﻟﻌﺎﻡ ﺧﺎﺻﺔ ﻓﻴﻤﺎ ﻳﺘﻌﻠﻖ ﺑﺎﳊﺪ ﺍﻷﺩﱏ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻀﻤﺎﻥ ﺍﻟﻌﺎﻡ ﻟﺪﺍﺋﻨﻴـﻬﺎ‪ ،‬ﻭﻛﺬﺍ ﻧﻈﻢ‬

‫ﻋﻤﻠﻴﺔ ﺍﻹﻛﺘﺘﺎﺏ ﻭ ﺍﻟﻮﻓﺎﺀ ﺑﺎﳊﺼﺺ‪ .‬ﻏﲑ ﺃﻧﻪ ﻭ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺪﻳﻞ ﺍﻷﺧﲑ ﻟﻠﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‬

‫ﲟﻮﺟﺐ ﻗﺎﻧﻮﻥ ‪ ،20-15‬ﻓﺈﻥ ﺍﳌﺸﺮﻉ ﻗﺪ ﺗﻨﺎﺯﻝ ﻋﻦ ﺟﺰﺀ ﻣﻌﺘﱪ ﻣﻦ ﺍﳊﻤﺎﻳﺔ ﺍﳌﻘﺮﺭﺓ ﻟﻠﺪﺍﺋﻨﲔ‬

‫ﻟﺼﺎﱀ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﳌﺸﺮﻭﻉ ‪.‬‬

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‫‪1‬ﺣﺴﺒﻤﺎ ﺃﻓﺎﺩﺕ ﺑﻪ ﻣﺼﺎﺩﺭ ﻣﻦ ﺩﺍﺧﻞ ﺍﻟﻠﺠﻨﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺑﺎﻟﱪﳌﺎﻥ ﻓﺈﻥ ﺍﻟﻌﺪﻳﺪ ﻣﻦ ﺃﻋﻀﺎﺋﻬﺎ ﲢﺘﻔﻆ ﻋﻠﻰ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺇﺫ ﻣﻦ ﺷﺄ‪‬ﺎ‬
‫ﺃﻥ ﲢﻮﻝ ﻛﻞ ﺟﺰﺍﺋﺮﻱ ﺑﺸﺮﻛﺔ ﻣﺜﻠﻤﺎ ﺣﺪﺙ ﻣﻊ ﻣﺸﺎﺭﻳﻊ ﺍﻟﺘﺎﺑﻌﺔ ﻟﻮﻛﺎﻟﺔ ﺍﻟﻮﻃﻨﻴﺔ ﻟﺪﻋﻢ ﺗﺸﻐﻴﻞ ﺍﻟﺸﺒﺎﺏ ﻭﻏﲑﻫﺎ ﻣﻦ ﺍﳌﺸﺎﺭﻳﻊ‬
‫ﺍﻟﱵ ﻛﺎﻧﺖ ﺃﺭﻗﺎﻣﻬﺎ ﻋﺎﻟﻴﺔ ﻟﻜﻦ ﻧﺘﺎﺋﺠﻬﺎ ﱂ ﺗﻈﻬﺮ ﻋﻠﻰ ﺃﺭﺽ ﺍﻟﻮﺍﻗﻊ‪.‬‬

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 ‫ﺗﻜﻮﯾﻦ رأﺳﻤﺎل اﻟﺸﺮﻛﺔ ذات اﻟﻤﺴﺆوﻟﯿﺔ اﻟﻤﺤﺪودة‬ ‫اﻟﻔﺼﻞ اﻷول‬

‫ﺇﻧﻄﻼﻗﺎ ﻣﻦ ﺃﻥ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﳛﺪﺩ ﺑﻜﻞ ﺣﺮﻳﺔ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‪ ،‬ﻓﺎﻟﻘﻮﻝ ﺑﺄﻥ ﺭﺃﺱ ﺍﳌﺎﻝ ﻳﻌﺪ ﺍﻟﻀﻤﺎﻥ ﺍﻟﻌﺎﻡ ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺍﻟﻐﲑ ﺍﳌﺘﻌﺎﻣﻞ‬

‫ﺃﺻﺒﺢ ﻣﺄﺧﻮﺫ ﻋﻠﻴﻪ ﻭ ﺫﻟﻚ ﺑﺴﺒﺐ ﺃﻥ ﺍﳌﺮﻛﺰ ﺍﻹﻗﺘﺼﺎﺩﻱ ﻟﻠﺸﺮﻛﺔ ﺃﻭ ﺍﳌﺆﺳﺴﺔ ﻻ ﳛﺪﺩﻩ ﺭﺃﺱ ﺍﳌﺎﻝ‬

‫ﺑﻞ ﻣﺪﻯ ﻗﺪﺭﺗﻪ ﻋﻠﻰ ﺍﻹﺳﺘﺜﻤﺎﺭ ﻭ ﺍﳌﻨﺎﻓﺴﺔ ﺇﱃ ﺟﺎﻧﺐ ﺍﻟﺘﺴﻬﻴﻼﺕ ﺍﳌﻘﺪﻣﺔ ﻟﺘﻠﻚ ﺍﻟﺸﺮﻛﺎﺕ ﲟﻨﺎﺳﺒﺔ‬

‫ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻋﻤﻠﻴﺎﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳋﺎﺭﺟﻲ‪.‬‬

‫ﻭﻣﻦ ﺃﻫﻢ ﺍﻷﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﺣﺬﻑ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺗﺮﺟﻊ ﺍﻟﻨﻈﺮﻳﺔ ﺍﻟﺘﻨﻈﻴﻤﻴﺔ ﻭ ﺍﻟﱵ ﺗﻌﺘﱪ‬

‫ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻧﻈﺎﻡ ﻗﺎﻧﻮﱐ‪ ،‬ﺣﻴﺚ ﺃﺻﺒﺤﺖ ﺍﻟﻴﻮﻡ ﺍﻟﻨﻈﺮﻳﺔ ﺍﻟﻌﻘﺪﻳﺔ ﺩﻭﺭ ﺇﳚﺎﰊ ﰲ‬

‫ﲢﺪﻳﺪ ﺭﺃﺱ ﺍﳌﺎﻝ ﺃﺛﻨﺎﺀ ﺍﻟﻘﻴﺎﻡ ﺑﺈﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺄﺳﻴﺴﻲ‪.‬ﲟﻌﲎ ﺗﺄﺛﲑ ﺍﳊﺮﻳﺔ ﺍﻟﺘﻌﺎﻗﺪﻳﺔ ﻋﻠﻰ ﻣﺼﺎﱀ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﺃﺛﻨﺎﺀ ﺗﻜﻮﻳﻦ ﺍﻟﺸﺮﻛﺔ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺳﺒﻖ ﻭ ﺃﻥ ﺃﺷﺮﻧﺎ ﺃﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺫ‪.‬ﻡ‪.‬ﻡ ﻟﻜﻲ ﺗﻨﺠﺰ ﻣﺸﺎﺭﻳﻊ ﻛﺒﲑﺓ ﻭﺃﻫﺪﺍﻑ ﺻﻨﺎﻋﻴﺔ ﻭ‬

‫ﺇﺳﺘﺜﻤﺎﺭﻳﺔ ﺿﺨﻤﺔ ﺗﻌﺠﺰ ﻋﻦ ﲢﻘﻴﻘﻬﺎ ﺍﳌﺸﺎﺭﻳﻊ ﺍﻟﻔﺮﺩﻳﺔ ﺃﻭ ﻣﺆﺳﺴﺎﺕ ﺻﻐﲑﺓ‪ ،‬ﻭﻣﻦ ﻫﻨﺎ ﻇﻬﺮﺕ‬

‫ﺃﳘﻴﺔ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﲢﺮﻳﻚ ﻧﺸﺎﻁ ﻫﺪﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻭ ﳍﺬﺍ ﺍﻟﺴﺒﺐ ﳒﺪ ﺃﻏﻠﺐ ﺍﻟﻘﻮﺍﻧﲔ‬

‫ﲢﺪﺩ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫ﻭﺑﻌﺪ ﻓﺘﺮﺓ ﻣﻦ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭﻣﺰﺍﻭﻟﺘﻬﺎ ﻟﻨﺸﺎﻃﻬﺎ ﻗﺪ ﺗﺮﻯ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻮﺳﻴﻊ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﻭ‬

‫ﺗﻮﺯﻳﻊ ﺃﻋﻤﺎﳍﺎ ﻭ ﺑﺎﻟﺘﺎﱄ ﺗﻠﺠﺄ ﰲ ﺳﺒﻴﻞ ﺍﻟﻌﻤﻞ ﻋﻠﻰ ﲢﻘﻴﻖ ﺫﻟﻚ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺃﻣﻮﺍﻝ ﺇﺿﺎﻓﻴﺔ ﺇﻣﺎ‬

‫ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﻗﺘﺮﺍﺽ ﻣﻦ ﺍﻟﺒﻨﻮﻙ ﻭ ﻫﺬﺍ ﻳﻜﻠﻒ ﺍﻟﺸﺮﻛﺔ ﻛﺜﲑﺍ‪ ،‬ﻧﻈﺮﺍ ﻹﺭﺗﻔﺎﻉ ﺍﻟﻔﻮﺍﺋﺪ ﺍﻟﱵ ﺗﺴﺘﻮﻓﻴﻬﺎ‬

‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻋﻦ ﺍﻟﻘﺮﻭﺽ ﺍﻟﱵ ﲤﻨﺤﻬﺎ‪.‬‬

‫ﺃﻭ ﺃﻥ ﺗﻌﻤﻞ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺑﺈﺻﺪﺍﺭ ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﺗﻜﻮﻥ ﻗﻴﻤﺘﻬﺎ ﲟﻘﺪﺍﺭ ﺍﻟﺰﻳﺎﺩﺓ‬

‫ﺍﳌﻄﻠﻮﺑﺔ ﻟﺮﻓﻊ ﺭﺃﲰﺎﳍﺎ ﺍﻷﺻﻠﻲ ﻭﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﻻﺑﺪ ﻣﻦ ﻋﺮﺽ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ ﻟﻠﺒﻴﻊ ﻭ ﺫﻟﻚ ﻋﻦ‬

‫ﻃﺮﻳﻖ ﺍﻹﻛﺘﺘﺎﺏ ‪‬ﺎ ﻣﻦ ﺍﳉﻤﻬﻮﺭ ﺃﻭ ﻣﻦ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﺪﻣﺎﺀ‪.‬‬

‫ﻟﻜﻦ ﺑﻌﺾ ﺍﳊﺎﻻﺕ ﻗﺪ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﲣﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﻭ ﻟﻴﺲ ﺯﻳﺎﺩﺗﻪ‪ ،‬ﻭ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ‪،‬‬

‫ﻭﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﺗﺘﺨﺬﻩ ﻋﻨﺪﻣﺎ ﻳﺘﺒﲔ ﺃﻥ ﺭﺃﲰﺎﳍﺎ ﺃﻛﺜﺮ ﻣﻦ ﺣﺎﺟﺘﻬﺎ‪ ،‬ﻓﺘﻘﻮﻡ ﻋﻨﺪﺋﺬ ﺑﺈﺟﺮﺍﺀ ﺍﻟﺘﺨﻔﻴﺾ‬

‫ﻟﻜﻲ ﺗﺘﻠﺨﺺ ﻣﻦ ﺍﳉﺰﺀ ﺍﻟﻔﺎﺋﺾ ﻋﻦ ﺣﺎﺟﺘﻬﺎ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭﺳﻨﺒﺤﺚ ﺗﺒﺎﻋﺎ ﻛﻴﻔﻴﺔ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﻛﻴﻔﻴﺔ ﲣﻔﻴﻀﻪ ﻭ ﺇﺟﺮﺀﺍ‪‬ﻤﺎ ﻭ ﻟﺬﻟﻚ ﺳﻨﻘﺴﻤﻪ ﺇﱃ‬

‫ﻣﺒﺤﺜﲔ‪:‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪ :‬ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‪.‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪:‬ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪:‬ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺃﺳﺒﺎﺏ ﻋﺪﻳﺪﺓ ﺗﺪﻓﻊ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﻓﻘﺪ ﺗﺪﻋﻮ ﺫﻟﻚ ﺣﺎﺟﺘﻬﺎ ﻟﻠﺤﺼﻮﻝ ﻋﻠﻰ‬

‫ﺃﻣﻮﺍﻝ ﺟﺪﻳﺪﺓ ﻟﺘﻤﻮﻳﻞ ﻣﺸﺎﺭﻳﻌﻬﺎ ﺍﻟﱵ ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺘﻨﻔﻴﺬﻫﺎ‪ ،‬ﺃﻭ ﻟﺘﻨﻔﻴﺬ ﺧﻄﻄﻬﺎ ﺍﻹﺳﺘﺜﻤﺎﺭﻳﺔ‬

‫ﺍﳌﻘﺒﻠﺔ‪ ،‬ﺃﻭ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﺴﺘﻌﻤﻞ ﺍﻷﻣﻮﺍﻝ ﺍﻹﺿﺎﻓﻴﺔ ﻟﺘﺤﺪﻳﺚ ﻭﺳﺎﺋﻞ ﺍﻹﻧﺘﺎﺝ ﺃﻭ ﺍﻟﺘﻮﺳﻊ ﰲ ﺍﳊﺼﻮﻝ‬

‫ﻋﻠﻰ ﺍﻵﻻﺕ ﻭ ﺍﻷﺟﻬﺰﺓ ﺍﳉﺪﻳﺪﺓ ﻟﺘﺤﺴﲔ ﻭﺗﻄﻮﻳﺮ ﺇﻧﺘﺎﺟﻬﺎ‪ ،‬ﻛﻲ ﺗﺘﻤﻜﻦ ﻣﻦ ﻣﻨﺎﻓﺴﺔ ﻣﻨﺘﺠﺎﺕ‬

‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻷﺧﺮﻯ‪ ،‬ﻓﻘﺪ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﻟﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﻟﻜﻲ ﺗﻘﻮﻡ ﺑﺴﺪﺍﺩ ﺩﻳﻮ‪‬ﺎ ‪.1‬‬

‫ﻭﻻ ﺗﺘﻢ ﺍﻟﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺇﻻ ﻋﻨﺪ ﲢﻘﻖ ﻃﺮﻕ ﻭ ﺷﺮﻭﻁ ﻣﺒﻨﻴﺔ ﻻ ﺑﺪ ﻣﻦ ﺇﺗﺒﺎﻋﻬﺎ ﻟﺬﻟﻚ ﻗﺴﻤﻨﺎ‬

‫ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ‪ 3‬ﻣﻄﺎﻟﺐ‪:‬‬

‫‪1‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺰﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘـﺔ ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ‬
‫ﺍﻟﺘﻮﺯﻳﻊ‪،‬ﻋﻤﺎﻥ‪ ،2002 ،‬ﺹ‪15‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪:‬ﺃﺳﺒﺎﺏ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.,‬ﻡ‬

‫ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺗﻜﻴﻴﻒ ﻗﺪﺭ‪‬ﺎ ﺍﳌﺎﻟﻴﺔ ﲟﺎ ﻳﺘﻔﻖ ﻭ ﺍﻷﻭﺿﺎﻉ ﺍﳉﺪﻳﺪﺓ ﺍﻟﱵ ﲢﻴﻂ ‪‬ﺎ‪ ،‬ﻭﺍﻟﱵ‬

‫ﺗﻮﺟﺐ ﺗﻐﻴﲑ ﺭﺃﲰﺎﳍﺎ ﺑﺎﻟﺰﻳﺎﺩﺓ‪.‬‬

‫ﻭﻧﻼﺣﻆ ﺃﻥ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻮﻗﺖ ﺍﳊﺎﺿﺮ ﺗﻠﺠﺄ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺑﺸﻜﻞ ﻣﺘﺰﺍﻳﺪ‪ .‬ﻭﺗﻮﺟﺪ‬

‫ﻋﺪﺓ ﺃﺳﺒﺎﺏ ﺗﺪﻓﻊ ﺑﺎﻟﺸﺮﻛﺔ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﻭﻫﻲ ﻛﺎﻷﰐ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺗﻮﺳﻊ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ‬

‫ﻗﺪ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﺣﲔ ﲢﻘﻖ ﳒﺎﺣﺎ ﺑﺎﻫﺮﺍ ﻭ ﺗﻼﻗﻲ ﺇﻗﺒﺎﻻ ﻣﻦ ﺍﳉﻤﻬﻮﺭ‬

‫ﺍﳌﺴﺘﻬﻠﻜﲔ‪ ،‬ﻭﺗﻨﺠﺢ ﰲ ﺃﻋﻤﺎﳍﺎ‪ ،‬ﻓﺘﺮﻏﺐ ﺑﺘﻮﺳﻴﻊ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﻓﻘﺪ ﻳﺼﺒﺢ ﺭﺃﺱ ﺍﳌﺎﻝ ﻏﲑ ﻗﺎﺩﺭ ﻋﻠﻰ‬

‫ﻣﻮﺍﺟﻬﺔ ﻫﺬﺍ ﺍﻟﺘﻮﺳﻊ‪ ،‬ﻓﻴﻄﻠﺐ ﺫﻟﻚ ﰲ ﺍﻟﻐﺎﻟﺐ ﺇﺿﺎﻓﺔ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﺟﺪﻳﺪﺓ ﻭﺫﻟﻚ ﻟﺘﻤﻮﻳﻞ‬

‫ﻣﺸﺎﺭﻳﻌﻬﺎ ﺍﻟﱵ ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺘﻨﻔﻴﺬﻫﺎ ﻛﺄﻥ ﺗﺮﻏﺐ ﺑﺸﺮﺍﺀ ﻣﺼﻨﻊ ﺟﺪﻳﺪ ﻓﺘﺠﺪ ﻧﻔﺴﻬﺎ ﳏﻤﻮﻟﺔ ﻋﻠﻰ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﺃﻭ ﻟﺘﻨﻔﻴﺬ ﺧﻄﻄﻬﺎ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﺍﳌﻘﺒﻠﺔ‪ ،‬ﺃﻭ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﺴﺘﻌﻤﻞ ﺍﻷﻣﻮﺍﻝ ﺍﻹﺿﺎﻓﻴﺔ‬

‫ﻟﺘﺤﺪﻳﺚ ﻭﺳﺎﺋﻞ ﺍﻹﻧﺘﺎﺝ ﻭ ﺍﻟﺘﻮﺳﻊ ﰲ ﺍﻟﺘﺤﻮﻝ ﻋﻠﻰ ﺁﻻﺕ ﻭ ﺍﻷﺟﻬﺰﺓ ﺟﺪﻳﺪﺓ ﻟﺘﺤﺴﲔ ﻭﺗﻄﻮﻳﺮ‬
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‫ﺇﻧﺘﺎﺟﻬﺎ ﻛﻲ ﺗﺘﻤﻜﻦ ﻣﻦ ﻣﻨﺎﻓﺴﺔ ﻣﻨﺘﺠﺎﺕ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻷﺧﺮﻯ‪.‬‬

‫ﻭﻗﺪ ﺗﺮﻏﺐ ﺑﺘﺤﻘﻴﻖ ﻭﻓﻮﺭﺍﺕ ﺍﻗﺘﺼﺎﺩﻳﺔ ﻟﺘﺨﻔﻴﺾ ﻛﻠﻔﺔ ﺍﻹﻧﺘﺎﺝ ﻭ ﻫﻮ ﻣﺎ ﻳﺘﺤﻘﻖ ﻋﻠﻰ ﺃﺛﺮ‬

‫ﺍﻹﻧﺘﺎﺝ ﺍﻟﻜﺒﲑ‪.‬‬

‫‪.1‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪16‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﺇﺧﻔﺎﻕ ﺍﳌﺆﺳﺴﲔ ﺍﺑﺘﺪﺍﺀ ﰲ ﺗﻘﺪﻳﺮ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻋﻨﺪ ﺗﺄﺳﻴﺴﻬﺎ‬

‫ﻗﺪ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺃﻳﻀﺎ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﰲ ﺣﺎﻟﺔ ﺇﺧﻔﺎﻕ ﺍﳌﺆﺳﺴﲔ ﺇﺑﺘﺪﺍﺀ ﰲ ﺗﻘﺪﻳﺮ‬

‫ﺭﺃﲰﺎﻝ ﺃﺛﻨﺎﺀ ﺍﳌﺮﺣﻠﺔ ﺍﻟﺘﺄﺳﻴﺴﻴﺔ ‪ ،‬ﻭﺫﻟﻚ ﻋﻨﺪﻣﺎ ﻳﻜﻮﻥ ﺗﻘﺪﻳﺮﻫﻢ ﻟﻪ ﲟﺴﺘﻮﻯ ﺃﻗﻞ ﳑﺎ ﻳﺘﻄﻠﺒﻪ ﻧﺸﺎﻁ‬
‫‪1‬‬

‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻓﻴﺘﺒﲔ ﻟﻠﺸﺮﻛﺔ ﻋﺪﻡ ﻛﻔﺎﻳﺔ ﺭﺃﲰﺎﳍﺎ ﻟﻠﻤﺸﺮﻭﻉ ﺍﻟﺬﻱ ﺗﺄﺳﺴﺖ ﻣﻦ ﺃﺟﻠﻪ‪ ،‬ﻭﺫﻟﻚ ﺑﺴﺒﺐ‬

‫ﺳﻮﺀ ﺗﻘﺪﻳﺮ ﺍﳌﺆﺳﺴﲔ ﻛﻔﺎﻳﺔ ﺭﺃﲰﺎﻝ ﻣﻨﺬ ﺍﻟﺒﺪﺍﻳﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﻣﻄﺎﻟﺒﺔ ﺃﻋﻀﺎﺀ ﺍﻟﺸﺮﻛﺔ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻹﺣﺘﻴﺎﻃﻲ‬

‫ﺇﻥ ﻣﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﺗﻜﻮﻥ ﻛﺒﲑﺓ‪ ،‬ﻭﻣﻦ ﰎ ﺗﻠﺠﺄ ﺷﺮﻛﺔ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺇﱃ ﺗﻘﻮﻳﺔ‬

‫ﻣﺮﻛﺰﻫﺎ ﻋﻦ ﻃﺮﻳﻖ ﲢﻮﻳﻞ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺇﱃ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭ ﺇﺻﺪﺍﺭ ﺣﺼﺺ ﺗﻮﺯﻉ ﳎﺎﻧﺎ ﻋﻠﻰ ﺍﳌﺆﺳﺴﲔ‬

‫ﻟﻠﺤﻴﻠﻮﻟﺔ ﺩﻭﻥ ﺗﻈﻠﻤﻬﻢ ﻭ ﻣﻄﺎﻟﺒﺘﻬﻢ ﺑﺘﻮﺯﻳﻌﻪ ﺑﻮﺻﻔﻪ ﺃﻧﻪ ﻣﺘﺄﺕ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﺣﻘﻘﺘﻬﺎ ﺍﻟﺸﺮﻛﺔ ‪.‬‬
‫‪2‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺮﺍﺑﻊ‪:‬ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﻟﺴﺪﺍﺩ ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ‬

‫ﺇﻥ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﻗﺪ ﺗﻨﻮﺀ ﺑﺘﺤﻤﻞ ﻣﺎ ﻋﻠﻴﻬﺎ ﻣﻦ ﺩﻳﻮﻥ‪ ،‬ﻭﻣﻦ ﺃﺟﻞ ﺃﻥ ﺗﺘﺨﻠﺺ ﻣﻦ ﻫﺬﻩ‬

‫ﺍﻟﺪﻳﻮﻥ‪ ،‬ﻓﺈ‪‬ﺎ ﺗﻠﺠﺄ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﻣﺎﳍﺎ ﻟﻜﻲ ﺗﻘﻮﻡ ﺑﺴﺪﺍﺩ ﺩﻳﻮ‪‬ﺎ‪ ،‬ﺣﻴﺚ ﺗﻠﺠﺄ ﺇﱃ ﲢﻮﻳﻠﻬﺎ ﺇﱃ‬

‫ﺣﺼﺺ‪ ،‬ﻓﻴﺰﻳﺪ ﺑﺎﻟﺘﺎﱄ ﻫﺬﺍ ﺍﻷﺧﲑ ﺑﻘﺪﺭ ﺍﻟﺪﻳﻮﻥ ﺍﻟﱵ ﰎ ﲢﻮﻳﻠﻬﺎ ‪.‬‬
‫‪3‬‬

‫‪1‬ﺇﻟﻴﺎﺱ ﻧﺎﺻﻴﻒ‪ ،‬ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺗﻮﺯﻳﻊ ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ ﺍﳊﻘﻮﻗﻴـــﺔ ﻟﺒﻨﺎﻥ‪ ،2011،‬ﺹ ‪.58‬‬
‫‪2‬ﺇﻟﻴﺎﺱ ﻧﺎﺻﻴﻒ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪60‬‬
‫‪3‬ﺇﻟﻴﺎﺱ ﻧﺎﺻﻴﻒ‪ ،‬ﺷﺮﻛﺔ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺍﺣﺪ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺍﳉﺰﺀ ﺍﳋﺎﻣﺲ‪،‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ ﺍﳊﻘﻮﻗﻴﺔ‪ ،‬ﻟﺒﻨﺎﻥ‪ ،2002 ،‬ﺹ‬
‫‪.68‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭﺑﺬﻟﻚ ﻗﺪ ﻳﺰﻳﺪ ﺭﺃﺱ ﺍﳌﺎﻝ ﻧﻈﺮﺍ ﻟﻌﺪﻡ ﻣﻘﺪﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺳﺪﺍﺩ ﺇﻟﺘﺰﺍﻣﺎ‪‬ﺎ ﳑﺎ ﻗﺪ ﻳﺪﻓﻌﻬﺎ‬

‫ﺑﺎﻟﺘﺎﱄ ﺇﱃ ﺍﻹﺗﻔﺎﻕ ﻣﻊ ﺍﻟﺪﺍﺋﻨﲔ ﻋﻠﻰ ﺇﻋﻄﺎﺋﻬﻢ ﺣﺼﺺ ﰲ ﺍﻟﺸﺮﻛﺔ ﻧﻈﲑ ﺍﻟﺘﻨﺎﺯﻝ ﻋﻦ ﺩﻳﻮ‪‬ﻢ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺷﺮﻭﻁ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﺇﻥ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻳﺴﺘﻠﺰﻡ ﺷﺮﻭﻁ ﻣﻌﻴﻨﺔ ﳚﺐ ﺃﻥ ﺗﺘﻮﺍﻓﺮ ﻟﻜﻲ ﳝﻜﻦ ﻟﻠﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ ﺃﻥ ﺗﺰﻳﺪ ﻣﻦ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﻭ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﳝﻜﻦ ﺗﻘﺴﻴﻤﻬﺎ ﺇﱃ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺃﺩﺍﺀ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﺎﻟﻜﺎﻣﻞ‬

‫ﺇﺳﺘﺤﺪﺙ ﻧﻈﺎﻡ ﺭﺃﲰﺎﻝ ﺍﳌﻜﺘﺘﺐ ﺑﻪ "ﺍﳌﺼﺪﺭ" ﻭ ﺭﺃﲰﺎﻝ ﺍﳌﺼﺮﺡ ﺑﻪ "ﺍﳌﺮﺧﺺ ﺑـﻪ"‪ ،‬ﺑﻌﺪ‬

‫ﺃﻥ ﻛﺎﻥ ﻫﺬﺍ ﺍﻷﻣﺮ ﻏﲑ ﻣﻌﺮﻭﻑ‪ ،‬ﻭ ﺑﻌﺪ ﺃﻥ ﺃﻭﺭﺩ ﺍﻟﻘﺎﻧﻮﻥ ﺷﺮﻭﻁ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭﺫﻟﻚ‬

‫ﺣﺴﺐ ﺍﳌﺎﺩﺓ ‪566‬ﻕ‪.‬ﺕ‪.‬ﺝ‪" :‬ﻻ ﳚﻮﺯ ﺃﻥ ﻳﻜﻮﻥ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺍﻗﻞ‬

‫ﻣﻦ ‪100.000‬ﺩﺝ ﻭ ﻳﻨﻘﺴﻢ ﺍﻟﺮﺃﲰﺎﻝ ﺇﱃ ﺣﺼﺺ ﺫﺍﺕ ﻗﻴﻤﺔ ﺇﲰﻴﺔ ﻣﺘﺴﺎﻭﻳﺔ ﻣﺒﻠﻐﻬﺎ ‪1000‬ﺩﺝ‬

‫ﻋﻠﻰ ﺍﻷﻗﻞ‪.‬‬

‫ﻭ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﲢﻮﻳﻠﻪ ﺇﱃ ﻣﺒﻠﻎ ﺃﻗﻞ ﻣﺘﺒﻮﻉ ﺑﺰﻳﺎﺩﺓ ﰲ ﺃﺟﻞ ﺳﻨﺔ ﺑﻘﺼﺪ ﺇﻋﺎﺩﺗﻪ ﺇﱃ ﺍﳌﺒﻠﻎ‬

‫ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻪ ﰲ ﺍﻟﻔﻘﺮﺓ ﺍﳌﺘﻘﺪﻣﺔ‪ ،‬ﻣﺎ ﱂ ﲢﻮﻝ ﺍﻟﺸﺮﻛﺔ ﰲ ﻧﻔﺲ ﺍﻷﺟﻞ ﺇﱃ ﺷﺮﻛﺔ ﺫﺍﺕ ﺷﻜﻞ‬

‫ﺃﺧﺮ‪ ،‬ﻭﻋﻨﺪ ﻋﺪﻡ ﺫﻟﻚ ﳚﻮﺯ ﻟﻜﻞ ﻣﻦ ﻳﻬﻤﻪ ﺍﻷﻣﺮ ﺃﻥ ﻳﻄﻠﺐ ﻣﻦ ﺍﻟﻘﻀﺎﺀ ﻓﺴﺦ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ ﺇﻧﺬﺍﺭ‬
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‫ﳑﺜﻠﻴﻬﺎ ﺑﺘﺴﻮﻳﺔ ﺍﳊﺎﻟﺔ"‪.‬‬

‫‪1‬ﺍﳌﺎﺩﺓ ‪ 566‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺃﻥ ﻳﻜﻮﻥ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﻫﻮ ‪ 100.000‬ﺩ‪.‬ﺝ ﻗﺪ ﺇﻛﺘﺘﺐ ﺑﻪ ﺑﺎﻟﻜﺎﻣﻞ‪ ،‬ﺇﺫ ﻻ ﳚﻮﺯ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻭ ﻻ ﻳﺰﺍﻝ ﺟﺰﺀﺍ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﳌﺼﺮﺡ ﺑﻪ ﻏﲑ ﻣﻜﺘﺘﺐ ﺑﻪ‪.‬‬

‫ﻭ ﺍﳊﻜﻤﺔ ﻣﻦ ﻫﺬﺍ ﺍﻟﻨﺺ ﻭﺍﺿﺤﺔ ﻷﻥ ﺍﳌﻔﺮﻭﺽ ﺃﻥ ﻳﻜﻮﻥ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﺳﺪﺩ ﺑﻜﺎﻣﻠﻪ ﺫﻟﻚ‬

‫ﺃﻥ ﺍﳊﺎﺟﺔ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺭﺃﲰﺎﻝ ﺇﺿﺎﰲ ﻳﻨﺒﻐﻲ ﺃﻥ ﻳﻠﱯ ﻣﻦ ﺭﺃﲰﺎﳍﺎ ﺍﳊﺎﱄ‪ ،‬ﻭﻏﲑ ﺍﳌﺴﺪﺩ ﻗﺒﻞ ﺃﻥ ﺗﺘﺠﻪ‬
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‫ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ﻓﺎﻟﺸﺮﻛﺔ ﺍﻟﱵ ﱂ ﻳﺴﺪﺩ ﺭﺃﲰﺎﳍﺎ ﺑﺎﻟﻜﺎﻣﻞ‪ ،‬ﻭﺇﳕﺎ ﺳﺪﺩ ﺟﺰﺀ ﻣﻨﻪ‪ ،‬ﻓﺈﻧﻪ ﳝﻜﻦ ﺍﻹﺳﺘﻐﻨﺎﺀ ﻋﻦ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﲟﻄﺎﻟﺒﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺑﺎﻟﺒﺎﻗﻲ ﻋﻠﻴﻬﻢ ﻣﻦ ﻗﻴﻤﺔ ﺣﺼﺼﻬـﻢ‪ ،‬ﻷﻥ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﳍﺎ ﺑﺬﻣﺔ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﺟﺰﺀﺍ ﻣﺘﺒﻘﻴﺎ ﻣﻦ ﺭﺃﲰﺎﻝ‪ ،‬ﻳﻜﻮﻥ ﻣﻦ ﺍﻷﻭﱃ ‪‬ﺎ ﺍﻟﺴﻌﻲ ﺇﱃ ﲢﺼﻴﻠﻪ ﺑﺪﻻ ﻣﻦ ﺳﻌﻴﻬﺎ ﺇﱃ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﻭ ﺃﻥ ﻫﺬﺍ ﺍﻟﺸﺮﻁ ﻣﻨﻄﻘﻲ‪ ،‬ﺇﺫ ﻛﻴﻒ ﳝﻜﻦ ﻟﺸﺮﻛﺔ ﱂ ﲢﺼﻞ ﺑﻌﺪ ﻋﻠﻰ ﻗﻴﻤﺔ‬

‫ﺣﺼﺼﻬﺎ ﻛﺎﻣﻠﺔ ﺃﻥ ﺗﺰﻳﺪ ﻣﻦ ﺭﺃﲰﺎﳍﺎ‪.‬‬

‫ﻭﰲ ﺣﺎﻟﺔ ﻣﺎ ﺇﺫﺍ ﺑﻘﻲ ﺃﻗﺴﺎﻁ ﻣﻦ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﱵ ﱂ ﺗﺴﺪﺩ ﻋﻨﺪ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﺘﺄﺳﻴﺴﻲ‪،‬‬

‫ﻓﺈﻧﻪ ﻻ ﳝﻜﻦ ﺇﲣﺎﺫ ﻗﺮﺍﺭ ﺑﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺇﻻ ﺑﻌﺪ ﻣﻀﻲ ﻣﺪﺓ ﲬﺲ ﺳﻨﻮﺍﺕ ﺃﻭ ﺃﻗﻞ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺄﺳﻴﺲ‬

‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭ ﺍﻟﺴﺒﺐ ﰲ ﺫﻟﻚ ﻫﻮ ﺃﻥ ﺍﻟﻘﺎﻧﻮﻥ ﺃﻭﺟﺐ ﺗﺴﺪﻳﺪ ﺍﻷﻗﺴﺎﻁ ﺍﳌﺘﺒﻘﻴﺔ ﻣﻦ ﻗﻴﻤﺔ ﺍﳊﺼﺺ‬

‫ﺍﻟﱵ ﱂ ﻳﺘﻢ ﺗﺴﺪﻳﺪﻫﺎ ﺧﻼﻝ ﻣﺪﺓ ﻻ ﺗﺰﻳﺪ ﻋﻠﻰ ﲬﺲ ﺳﻨﻮﺍﺕ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ‪.‬‬
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‫‪1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪88‬‬

‫‪2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪89‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺻﺪﻭﺭ ﻗﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﺑﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ‬

‫ﳚﻴﺰ ﺍﻟﻘﺎﻧﻮﻥ ﻟﻠﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﻭﻳﻜﻮﻥ ﺫﻟﻚ ﺑﻘﺮﺍﺭ ﻣﻌﺪﻝ ﻟﻠﻌﻘﺪ ﺍﻟﺬﻱ ﺗﺘﺨﺬﻩ‬
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‫ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﻭ ﺑﺈﺻﺪﺍﺭ ﺣﺼﺺ ﺟﺪﻳﺪﺓ‪.‬‬

‫ﻭ ﻳﻘﺪﻡ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ ﺇﱃ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺎﺀ ﺍﻟﱵ ﺗﻀﻢ ﲨﻴﻊ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﻫﻲ ﺗﺘﺨﺬ ﻗﺮﺍﺭﺍﺕ ‪‬ﻢ‬

‫ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺧﻼﻝ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﳉﻤﺎﻋﻴﺔ ﺍﳌﺘﺨﺬﺓ ﺃﺛﻨﺎﺀ ﺇﺟﺘﻤﺎﻋﺎ‪‬ﺎ ﺍﻟﱵ ﺗﻌﻘﺪ ﻭﻓﻖ ﺃﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻥ‪.‬‬

‫ﺣﻴﺚ ﻧﺼﺖ ﺍﳌﺎﺩﺓ ‪ 580‬ﻣﻦ ﻕ‪.‬ﺕ‪.‬ﺝ ‪:‬‬

‫"ﺗﺼﺪﺭ ﻗﺮﺍﺭﺍﺕ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﲨﻌﻴﺎﺕ ﻳﻌﻘﺪﻭ‪‬ﺎ‪.‬‬

‫ﻏﲑ ﺃﻧﻪ ﻳﺴﻮﻍ ﺃﻥ ﻳﺸﺘﺮﻁ ﰲ ﻋﻘﺪ ﺍﻟﺘﺄﺳﻴﺲ ﺑﺄﻥ ﺗﺘﺨﺬ ﲨﻴﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﻭ ﺑﻌﻀﻬﺎ‬

‫ﺑﺈﺳﺘﺸﺎﺭﺓ ﻣﻜﺘﻮﺑﺔ ﻣﻦ ﻃﺮﻑ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫ﻳﺴﺘﺪﻋﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻗﺒﻞ ‪ 15‬ﻳﻮﻣﺎ ﻣﻦ ﺇﻧﻌﻘﺎﺩ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺑﻜﺘﺎﺏ ﻣﻮﺻﻰ ﻋﻠﻴﻪ ﻳﺘﻀﻤﻦ‬

‫ﺑﻴﺎﻥ ﺟﺪﻭﻝ ﺍﻷﻋﻤﺎﻝ‪.‬‬

‫ﳚﻮﺯ ﻟﻮﺍﺣﺪ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﻋﺪﺓ ﺷﺮﻛﺎﺀ ﳝﺜﻠﻮﻥ ﻋﻠﻰ ﺍﻷﻗﻞ ¼ ﺭﺃﺱ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺃﻥ‬

‫ﻳﻄﻠﺒﻮﺍ ﻋﻘﺪ ﲨﻌﻴﺔ ﻋﺎﻣﺔ‪.‬‬

‫ﻭ ﻳﻌﺘﱪ ﻛﻞ ﺷﺮﻁ ﳐﺎﻟﻒ ﻟﺬﻟﻚ ﻛﺄﻥ ﱂ ﻳﻜﻦ‪.‬‬

‫ﻳﺴﻮﻍ ﻟﻜﻞ ﺷﺮﻳﻚ ﺃﻥ ﻳﻄﻠﺐ ﻣﻦ ﺍﻟﻘﻀﺎﺀ ﺗﻌﻴﲔ ﻭﻛﻴﻞ ﻣﻠﻒ ﺑﺎﺳﺘﺪﻋﺎﺀ ﺍﻟﺸﺮﻛﺎﺀ ﻟﻠﺠﻤﻌﻴﺔ ﻭ‬

‫ﲢﺪﻳﺪ ﺟﺪﻭﻝ ﺍﻷﻋﻤﺎﻝ "‪.‬‬

‫‪1‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.114‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻷﺻﻞ ﺃﻥ ﺍﻟﺼﻼﺣﻴﺎﺕ ﺍﻟﱵ ﲡﻮﺯ ﺣﺪﻭﺩ ﺍﳌﺪﻳﺮ ﺗﺘﺨﺬ ﻣﻦ ﻗﺒﻞ ﲨﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﺍﻟﱵ ﻫﻲ ﻣﺼﺪﺭ‬
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‫ﺍﻟﺴﻠﻄﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻭﻫﺬﻩ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺗﺴﺘﻮﺟﺐ ﻋﻘﺪ ﲨﻌﻴﺔ ﲝﻀﻮﺭ ﻛﻞ ﺍﻟﺸﺮﻛﺎﺀ ﺳﻮﺍﺀ ﺑﺄﻧﻔﺴﻬﻢ ﺃﻭ ﲟﻦ ﳝﺜﻠﻬﻢ ﺑﻮﻛﺎﻟﺔ‬

‫ﺧﺎﺻـﺔ‪ ،‬ﻭﻳﺘﻢ ﺗﺒـﺎﺩﻝ ﻭ ﻭﺟﻬﺎﺕ ﺍﻟﻨﻈﺮ ﻓﻴﻤﺎ ﻳﻄﺮﺡ ﻣﻦ ﻣﺴﺎﺋﻞ ﻟﻠﻮﺻﻮﻝ ﺇﱃ ﻗﺮﺍﺭ ﻳﺒﺚ ﰲ‬

‫ﺍﳌﺴﺎﺋﻞ ﺍﳌﻄﺮﻭﺣﺔ ﻋﻠﻰ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻭ ﺍﻟﱵ ‪‬ﻢ ﺍﳊﻴﺎﺓ ﺍﻻﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬

‫ﺃﻭﻻ‪:‬ﺇﻧﻌﻘﺎﺩ ﺍﳉﻤﻌﻴﺔ‬

‫ﺗﻄﺒﻴﻘﺎ ﻟﻨﺺ ﺍﳌﺎﺩﺓ ‪ 583‬ﻣﻦ ﻕ‪.‬ﺕ ‪ ،‬ﻓﺈﻥ ﻣﺪﻳﺮ ﺍﻟﺸﺮﻛﺔ ﻫﻮ ﺍﻟﺬﻱ ﻳﺮﺃﺱ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺎﺀ‪،‬‬
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‫ﻭ ﻳﺴﺘﺪﻋﻲ ﻫﺆﻻﺀ ﻣﻦ ﻃﺮﻓﻪ ﻗﺒﻞ ‪15‬ﻳﻮﻣﺎ ﻋﻠﻰ ﺍﻷﻗﻞ ﻣﻦ ﺇﻧﻌﻘﺎﺩ ﺍﳉﻤﻌﻴﺔ ﺑﻜﺘﺎﺏ ﻣﻮﺻﻰ ﻋﻠﻴﻪ‬

‫ﻳﺘﻀﻤﻦ ﺑﻴﺎﻥ ﺟﺪﻭﻝ ﺍﻷﻋﻤﺎﻝ‪ .‬ﻭ ﰲ ﺣﺎﻟﺔ ﺇﳘﺎﻝ ﺍﳌﺪﻳﺮ‪ ،‬ﻳﻌﻮﺩ ﻫﺬﺍ ﺍﳊﻖ ﻟﻜﻞ ﺷﺮﻳﻚ ﺃﻭ ﻋﺪﺓ‬

‫ﺷﺮﻛﺎﺀ ﳝﺜﻠﻮﻥ ﻋﻠﻰ ﺍﻷﻗﻞ ﺭﺑﻊ )‪1/4‬ﺭﺃﺱ ﻣﺎﻝ(ﺍﻟﺸﺮﻛﺔ‪ .‬ﻛﻤﺎ ﺃﺟﺎﺯ ﺍﻟﻘﺎﻧﻮﻥ ﻟﻜﻞ ﺷﺮﻳﻚ ﺃﻥ‬

‫ﻳﻄﻠﺐ ﻣﻦ ﺍﻟﻘﻀﺎﺀ ﺗﻌﻴﲔ ﺷﺨﺺ ﻳﺘﻮﱃ ﺩﻋﻮﺓ ﺍﳉﻤﻌﻴﺔ‪ ،‬ﻭﻭﺿﻊ ﺟﺪﻭﻝ ﻷﻋﻤﺎﳍﺎ‪.‬‬

‫‪1‬ﻧﺴﺮﻳﻦ ﺷﺮﻳﻔﻲ‪ ،‬ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺑﻠﻘﻴﺲ‪ ،‬ﺍﳉﺰﺍﺋـﺮ‪ ،2013 ،‬ﺹ ‪.94‬‬
‫‪2‬ﺍﳌﺎﺩﺓ ‪ ":583‬ﻳﺮﺃﺱ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺎﺀ‪ ،‬ﻣﺪﻳﺮ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻭ ﻛﻞ ﻣﺪﺍﻭﻟﺔ ﳉﻤﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺗﺜﺒﺖ ﲟﺤﻀﺮ"‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﻛﻴﻔﻴﺔ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﱂ ﳛﺪﺩ ﺍﻟﻘﺎﻧﻮﻥ ﻧﺼﺎﺑﺎ ﻟﺼﺤﺔ ﺇﻧﻌﻘﺎﺩ ﺍﳉﻤﻌﻴﺔ ‪ ،‬ﻭﻟﻜﻨﻪ ﺣﺪﺩ ﺍﻷﻏﻠﺒﻴﺔ ﻹﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ‪ ،‬ﻭﺫﻟﻚ‬
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‫ﺑﻨﺼﻪ ﰲ ﺍﳌﺎﺩﺓ ‪582‬ﻕ‪.‬ﺕ‪ ،‬ﻋﻠﻰ ﻣﺎﻳﻠﻲ‪" :‬ﺗﺘﺨﺬ ﺍﻟﻘﺮﺍﺭﺍﺕ ﰲ ﺍﳉﻤﻌﻴﺎﺕ ﺃﻭ ﺧﻼﻝ ﺍﻹﺳﺘﺸﺎﺭﺍﺕ‬

‫ﻣﻦ ﻭﺍﺣﺪ ﺃﻭ ﺃﻛﺜﺮ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﺬﻳﻦ ﳝﺜﻠﻮﻥ ﺃﻛﺜﺮ ﻣﻦ ﻧﺼﻒ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻭﺇﺫﺍ ﱂ ﲢﺼﻞ ﻫﺬﻩ ﺍﻷﻏﻠﺒﻴﺔ ﰲ ﺍﳌﺪﺍﻭﻟﺔ ﺍﻷﻭﱃ ﻭﺟﺐ ﺩﻋﻮﺓ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﺇﺳﺘﺸﺎﺭ‪‬ﻢ ﻣﺮﺓ‬

‫ﺛﺎﻧﻴﺔ ﺣﺴﺐ ﺍﻷﺣﻮﺍﻝ ﻭ ﺗﺼﺪﺭ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺑﺄﻏﻠﺒﻴﺔ ﺍﻷﺻﻮﺍﺕ ﻣﻬﻤﺎ ﻛﺎﻥ ﻣﻘﺪﺍﺭ ﺟﺰﺀ ﺭﺃﺱ ﺍﳌﺎﻝ‬

‫ﺍﳌﻤﺜﻞ‪ ،‬ﻣﺎ ﱂ ﻳﻨﺺ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻋﻠﻰ ﺷﺮﻁ ﳜﺎﻟﻒ ﺫﻟﻚ"‪.‬‬

‫ﻭﻗﺪ ﻧﺼﺖ ﺍﳌﺎﺩﺓ‪ 2/580‬ﻕ‪.‬ﺕ‪ ،‬ﻋﻠﻰ ﺇﻣﻜﺎﻧﻴﺔ ﺇﲣﺎﺫ ﲨﻴﻊ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺃﻭ ﺑﻌﻀﻬﺎ‬

‫ﺑﺎﻹﺳﺘﺸﺎﺭﺓ ﺍﳌﻜﺘﻮﺑﺔ ﻟﻠﺸﺮﻛﺎﺀ‪ ،‬ﻭﺫﻟﻚ ﲟﻮﺟﺐ ﺇﺩﺭﺍﺝ ﺷﺮﻁ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﻳﻘﻀﻲ ﺑﺬﻟﻚ‪.‬‬

‫ﻭﻣﺎ ﲡﺐ ﻣﻼﺣﻈﺘﻪ ﺃﻥ ﻫﺬﻩ ﺍﻷﻏﻠﺒﻴﺔ ﺍﳌﻄﻠﻮﺑﺔ ﻻ ﺗﻜﻮﻥ ﺇﻻ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺻﻼﺣﻴﺎﺕ ﻫﺬﻩ‬

‫ﺍﳉﻤﻌﻴﺔ ﺗﺘﻤﺜﻞ ﻓﻴﻤﺎ ﻧﺼﺖ ﻋﻠﻴﻪ ﺍﳌﺎﺩﺓ ‪584‬ﻕ‪.‬ﺕ‪ ،‬ﺍﻟﱵ ﺃﻭﺟﺒﺖ ﻋﻠﻰ ﻣﺴﲑﻱ ﺍﻟﺸﺮﻛﺔ ﺍﻟﻌﻤﻞ‬

‫ﺟﺎﻫﺪﺍ‪ ،‬ﻋﻠﻰ ﺇﻧﻌﻘﺎﺩ ﲨﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﺃﺟﻞ ﺍﻟﺴﺘﺔ )‪ (6‬ﺃﺷﻬﺮ ﻣﻦ ﺗﺎﺭﻳﺦ ﻗﻔﻞ ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴﺔ‪ ،‬ﻛﻠﻤﺎ‬

‫ﺗﻌﻠﻖ ﺍﻷﻣﺮ ﲟﺎ ﻳﻠﻲ‪:‬‬

‫‪ /1‬ﺗﻌﻴﲔ ﺍﳌﺪﻳﺮﻳﻦ ﻭ ﻋﺰﳍﻢ‪ :‬ﻭﻓﻘﺎ ﳌﺎ ﻧﺼﺖ ﻋﻠﻴﻪ ﺍﳌﺎﺩﺓ ‪ 2/576‬ﻕ‪.‬ﺕ‪ ،‬ﺣﻴﺚ ﻳﺘﻢ ﺫﻟﻚ ﰲ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‪ ،‬ﺃﻭ ﺑﻌﻘﺪ ﻻﺣﻖ ﺣﺴﺐ ﺍﻟﺸﺮﻭﻁ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﰲ ﺍﳌﺎﺩﺓ ‪2/582‬ﻕ‪.‬ﺕ‪ ،‬ﻓﺈﻥ‬

‫‪1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﺓ‪،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.256‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺩﻋﻮﺓ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﺇﺳﺘﺸﺎﺭ‪‬ﻢ ﻣﺮﺓ ﺛﺎﻧﻴﺔ ﻳﺼﺒﺢ ﻭﺟﻮﰊ ﻋﻠﻰ ﻣﺪﻳﺮ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺭﺋﻴﺴﺎ ﳉﻤﻌﻴﺔ‬
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‫ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫‪/2‬ﺍﻹﻃﻼﻉ ﻋﻠﻰ ﺣﺴﺎﺑﺎﺕ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﳌﺼﺎﺩﻗﺔ ﻋﻠﻴﻬﺎ ﺃﻭ ﺭﻓﻀﻬﺎ‪ .‬ﻭ ﻟﺘﺤﻘﻴـﻖ ﺫﻟـﻚ‪ ،‬ﺃﻭﺟﺒﺖ‬

‫ﺍﳌﺎﺩﺓ ‪ 2/584‬ﻕ‪.‬ﺕ‪ ،‬ﺗﻮﺟﻴﻪ ﻛﻞ ﺍﻟﻮﺛﺎﺋﻖ ﺍﻟﻀﺮﻭﺭﻳﺔ ﺍﳌﺘﻤﺜﻠﺔ ﰲ ﺍﻟﺘﻘﺮﻳﺮ ﺍﻟﺼﺎﺩﺭ ﻋﻦ ﻋﻤﻠﻴﺎﺕ‬

‫ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴـﺔ‪ ،‬ﻭﺇﺟﺮﺍﺀ ﺍﳉﺮﺩ ﻭ ﺣﺴﺎﺏ ﺍﻟﻨﺘﺎﺋﺞ ﻭ ﺍﳌﻴﺰﺍﻧﻴﺔ ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﰲ ﺳﺘﺔ ﺃﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ‬

‫ﻗﻔﻞ ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴﺔ ‪.‬‬

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‫ﺃﻣﺎ ﺇﲣﺎﺫ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﻣﻦ ﺷﺄ‪‬ﺎ ﺗﻌﺪﻳﻞ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‪ ،‬ﻓﺈﻥ ﺍﳌﺸﺮﻉ ﺇﺷﺘﺮﻁ ﻟﺼﺤﺔ ﺍﻟﻘﺮﺍﺭﺍﺕ‬

‫ﺃﻏﻠﺒﻴﺔ ﺧﺎﺻﺔ ﺗﺘﻤﺜﻞ ﰲ ﻣﻮﺍﻓﻘﺔ ﺃﻏﻠﺒﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﱵ ﲤﺜﻞ ¾ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭ ﻫﺬﺍ ﻣﺎ ﱂ ﻳﻮﺟﺪ ﻧﺺ‬
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‫ﻳﻘﻀﻲ ﲞﻼﻑ ﺫﻟﻚ‪.‬‬

‫‪1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.258‬‬

‫‪2‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.259‬‬
‫‪3‬ﺍﳌﺎﺩﺓ ‪": 586‬ﻻ ﳚﻮﺯ ﺇﺩﺧﺎﻝ ﺃﻱ ﺗﻌﺪﻳﻞ ﻋﻠﻰ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﺇﻻ ﲟﻮﺍﻓﻘﺔ ﺍﻷﻏﻠﺒﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ¾ ﺭﺃﲰﺎﻝ‬
‫ﺍﻟﺸﺮﻛﺔ ﻣﺎ ﱂ ﻳﻘﻀﻲ ﻋﻘﺪ ﺍﻟﺘﺄﺳﻴﺲ ﺧﻼﻑ ﺫﻟﻚ"‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﻃﺮﻕ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﺗﻌﺪ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺃﻫﻢ ﺍﻟﺘﻌﺪﻳﻼﺕ ﺍﻟﱵ ﺗﻘﻮﻡ ‪‬ﺎ ﲨﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﻏﲑ‬

‫ﺍﻟﻌﺎﺩﻳﺔ ﰲ ﻋﻘﺪ ﻭﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻫﻲ ﺗﻠﺠﺄ ﺇﱃ ﻫﺬﺍ ﺍﻹﺟﺮﺍﺀ ﺇﻣﺎ ﺑﺴﺒﺐ ﺗﻮﺳﻊ ﺃﻋﻤﺎﳍﺎ ﻭ ﺣﺎﺟﺘﻬﺎ‬

‫ﺇﱃ ﺃﻣﻮﺍﻝ ﺟﺪﻳﺪﺓ‪ ،‬ﻭﺇﻣﺎ ﺑﺴﺒﺐ ﺍﳋﺴﺎﺋﺮ ﺍﻟﱵ ﺣﻠﺖ ‪‬ﺎ ﻟﺘﻐﻄﻴﺔ ﻫﺬﻩ ﺍﳋﺴﺎﺋـﺮ‪ ،‬ﻻﺳﻴﻤﺎ ﺍﳌﺸﺮﻉ‬

‫ﻳﻮﺟﺐ ﰲ ﺍﳌﺎﺩﺓ ‪573‬ﻕ‪.‬ﺕ‪.‬ﺝ‪" :‬ﰲ ﺣﺎﻟﺔ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﻛﺘﺘﺎﺏ ﺑﻘﺒﻮﻝ ﺣﺼﺺ‬

‫ﻧﻘﺪﻳﺔ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺗﻄﺒﻖ ﺃﺣﻜﺎﻡ ﺍﳌﺎﺩﺓ ‪."567‬‬

‫ﻭﻟﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻃﺮﻕ ﻣﺘﻌﺪﺩﺓ‪ ،‬ﻓﻘﺪ ﺗﻜﻮﻥ ﺍﻟﺰﻳﺎﺩﺓ ﻋﻦ ﻃﺮﻳﻖ ﺇﺻﺪﺍﺭ ﺣﺼﺺ‬

‫ﺟﺪﻳﺪﺓ ﺗﺴﺎﻭﻱ ﻗﻴﻤﺘﻬﺎ ﻣﺒﻠﻎ ﺍﻟﺰﻳﺎﺩﺓ‪ ،‬ﻭ ﻗﺪ ﺗﺘﻢ ﻋﻦ ﻃﺮﻳﻖ ﺯﻳﺎﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ ﺍﻟﻘﺪﳝﺔ‬

‫ﲝﻴﺚ ﻳﺪﻓﻊ ﻛﻞ ﺷﺮﻳﻚ ﺍﻟﻔﺮﻕ ﻋﻦ ﻛﻞ ﺣﺼﺔ ﻭ ﺑﻌﺪﺩ ﺍﳊﺼﺺ ﺍﻟﱵ ﳝﻠﻜﻬﺎ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪،‬‬

‫ﻭ ﺗﺘﻤﺜﻞ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻣﻦ ﺍﻟﻔﺮﻕ ﺑﲔ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﻘﺪﳝﺔ ﻭ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ‪ .‬ﻛﻤﺎ ﳚﻮﺯ‬

‫ﺃﻥ ﺗﺘﻢ ﺍﻟﺰﻳﺎﺩﺓ ﻋﻦ ﻃﺮﻳﻖ ﺇﺩﻣﺎﺝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺭﺃﲰﺎﻝ ﺍﻻﺧﺘﻴﺎﺭﻱ ﺑﺘﻘﺴﻴﻤﻪ ﺇﱃ ﺣﺼﺺ ﻣﺘﺴﺎﻭﻳﺔ ﰲ‬
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‫ﻗﻴﻤﺘﻬﺎ ﳊﺼﺺ ﺭﺃﲰﺎﻝ ﺗﻮﺯﻉ ﳎﺎﻧﺎ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻛﻞ ﺑﻨﺴﺒﺔ ﺣﺼﺼﻪ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺍﻟﺰﻳﺎﺩﺓ ﺑﻘﺒﻮﻝ ﺣﺼﺺ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ‬

‫ﻣﻦ ﺍﻟﻄﺮﻕ ﺍﻟﱵ ﺗﻠﺠﺄ ﺇﻟﻴﻬﺎ ﺷﺮﻛﺔ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻫﻲ ﻃﺮﻳﻘﺔ ﺍﻹﻛﺘﺘﺎﺏ ﲝﺼﺺ‬
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‫ﺟﺪﻳﺪﺓ‪ .‬ﻭ ﺗﻌﺪ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﲟﺜﺎﺑﺔ ﺗﺄﺳﻴﺲ ﺟﺰﺋﻲ ﻟﻠﺸﺮﻛﺔ ﺣﻴﺚ ﲣﻀﻊ ﻹﺟﺮﺍﺀﺍﺕ ﳑﺎﺛﻠﺔ ﺍﻟﱵ ﻧﺺ‬

‫‪ 1‬ﺣﺴﲔ ﺍﳌﺎﺣﻲ‪ ،‬ﺷﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ ﺍﻟﻘﺎﻫﺮﺓ‪ ،2002،‬ﺹ ‪.360‬‬
‫‪ 2‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.86‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻋﻠﻴﻬﺎ ﺍﻟﻘﺎﻧﻮﻥ ﻋﻨﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻟﺬﻟﻚ ﻳﻄﺒﻖ ﻋﻠﻰ ﻫﺬﺍ ﺍﻹﻛﺘﺘﺎﺏ‪ ،‬ﺃﻱ ﺍﻹﻛﺘﺘﺎﺏ ﲝﺼﺺ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺑﻌﺾ ﺷﺮﻭﻁ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﺘﺄﺳﻴﺴﻲ‪.‬‬

‫ﺣﻴﺚ ﻳﻨﺺ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﰲ ﻣﺎﺩﺗﻪ ‪ 567‬ﻋﻠﻰ ﺇﻟﺰﺍﻣﻴﺔ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﻜﺎﻣﻞ ﳉﻤﻴﻊ‬
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‫ﺍﳊﺼﺺ ﻭﻭﺟﻮﺏ ﺩﻓﻊ ﻗﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ‪ ،‬ﻋﻨﺪ ﺍﻟﺘﺄﺳﻴﺲ‪ ،‬ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﻋﻴﻨﻴﺔ ﺃﻭ ﻧﻘﺪﻳﺔ‪.‬‬

‫ﻭﻗﺼﺪ ﺗﺴﻬﻴﻞ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻳﻘﺘﺮﺡ ﻫﺬﺍ ﺍﳌﺸﺮﻭﻉ ﺣﺬﻑ ﺇﻟﺰﺍﻣﻴﺔ ﺗﻘﺪﱘ ﺍﳊﺼﺺ‬

‫ﺍﻟﻨﻘﺪﻳﺔ ﻛﺎﻣﻠﺔ ﻋﻨﺪ ﺍﻟﺘﺄﺳﻴﺲ ﻭ ﺇﺑﻘﺎﺀ ﻫﺬﺍ ﺍﻟﺸﺮﻁ ﻓﻴﻤﺎ ﳜﺺ ﺍﳊﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﻓﻘﻂ‪ ،‬ﻭﻳﻨﺺ ﻋﻠﻰ‬

‫ﻭﺟﻮﺏ ﺍﻥ ﺗﺪﻓﻊ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﺑﻘﻴﻤﺔ ﻻ ﺗﻘﻞ ﻋﻦ ﲬﺲ )‪ (5/1‬ﻣﺒﻠﻎ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ‪ ،‬ﻭ‬

‫ﻳﺪﻓﻊ ﺍﳌﺒﻠﻎ ﺍﳌﺘﺒﻘﻲ ﻋﻠﻰ ﻣﺮﺣﻠﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻋﺪﺓ ﻣﺮﺍﺣﻞ ﺑﺄﻣﺮ ﻣﻦ ﻣﺴﲑ ﺍﻟﺸﺮﻛﺔ ﻭ ﺫﻟﻚ ﰲ ﻣﺪﺓ‬

‫ﺃﻗﺼﺎﻫﺎ ﲬﺴﺔ ﺳﻨﻮﺍﺕ ﻣﻦ ﺗﺎﺭﻳﺦ ﺗﺴﺠﻴﻞ ﺍﻟﺸﺮﻛﺔ ﻟﺪﻯ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﻛﻤﺎ ﻳﻨﺺ ﻋﻠﻰ ﺃﻧﻪ ﻻ‬

‫ﳝﻜﻦ ﺇﻛﺘﺘﺎﺏ ﺣﺼﺺ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ‪ ،‬ﻗﺒﻞ ﺩﻓﻊ ﺍﳊﺼﺺ ﺍﻟﻨﻘﺪﻳﺔ ﻛﺎﻣﻠﺔ‪ ،‬ﻭﺫﻟﻚ ﲢﺖ ﺑﻄﻼﻥ‬

‫ﺍﻟﻌﻤﻠﻴﺔ‪.‬‬

‫ﻭﳚﺐ ﺃﻥ ﺗﺘﻢ ﺍﻟﺰﻳﺎﺩﺓ ﺍﻟﻨﻘﺪﻳﺔ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﰲ ﺷﻜﻞ ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﻳﻜﺘﺘﺐ ﻓﻴﻬﺎ‬

‫ﺃﺻﺤﺎﺏ ﺍﳊﺼﺺ ﺍﻷﺻﻠﻴﲔ‪ ،‬ﻛﻞ ﺑﻨﺴﺒﺔ ﺣﺼﺘﻪ‪ ،‬ﺃﻭ ﺷﺮﻛﺎﺀ ﺟﺪﺩ ﺗﻮﺍﻓﻖ ﻋﻠﻴﻬﻢ ﲨﺎﻋﺔ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﺑﺎﻷﻏﻠﺒﻴﺔ ﺍﻟﻌﺪﺩﻳﺔ‬

‫‪ 1‬ﺃﻧﻈﺮ ﺇﱃ ﺍﳌﺎﺩﺓ ‪ 567‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻟﻠﺸﺮﻛﺎﺀ ﺍﳊﺎﺋﺰﻳﻦ ﻋﻠﻰ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ﺭﺃﲰﺎﻝ ﻳﺸﺘﺮﻁ ﺃﻻ ﻳﺘﻌﺪﻯ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ﲨﻴﻌﻬﺎ ‪ 50‬ﺷﺮﻳﻜﺎ‪،‬‬

‫ﻛﻤﺎ ﳚﻮﺯ ﺃﻥ ﺗﺘﺤﻘﻖ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﺰﻳﺎﺩﺓ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﻘﺎﺋﻤﺔ ﺑﺎﻟﺸﺮﻛﺎﺀ ﲟﺒﺎﻟﻎ‬

‫ﻣﺘﺴﺎﻭﻳﺔ ‪.‬‬
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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﺍﻟﺰﻳﺎﺩﺓ ﺑﺘﻘﺪﳝﺎﺕ ﻋﻴﻨﻴﺔ‬

‫ﺇﺫﺍ ﺣﻘﻘﺖ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﲝﺼﺺ ﻧﻘﺪﻳﺔ ﺃﻭ ﻋﻴﻨﻴﺔ ﻓﻼ ﳚﻮﺯ ﺃﻥ ﺗﻄﺮﺡ‬

‫ﻟﻺﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ‪ ،‬ﻭ ﳚﺐ ﺗﻮﺯﻳﻌﻬﺎ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻭﺗﻌﻴﲔ ﺣﺼﺺ ﻛﻞ ﻣﻨﻬﻢ‪ .‬ﻛﻤﺎ ﳚﺐ ﺃﻥ ﻳﻮﰲ‬

‫ﺑﻘﻴﻤﺘﻬﺎ ﻛﺎﻣﻠﺔ ﻋﻨﺪ ﺍﻹﻛﺘﺘﺎﺏ‪ ،‬ﻭﻻ ﳚﻮﺯ ﺃﻥ ﺗﻜﻮﻥ ﺍﳊﺼﺔ ﻣﻦ ﻋﻤﻞ‪.‬‬

‫ﻭﺇﺫﺍ ﲢﻘﻘﺖ ﺍﻟﺰﻳﺎﺩﺓ ﺑﺼﻔﺔ ﻛﻠﻴﺔ ﺃﻭ ﺟﺰﺋﻴﺔ ﻭ ﻛﺎﻧﺖ ﺍﳊﺼﺺ ﻋﻴﻨﻴﺔ‪ ،‬ﻓﻴﺠﺐ ﺃﻥ ﻳﺸﺘﻤﻞ‬

‫ﻗﺮﺍﺭ ﺍﻟﺘﻌﺪﻳﻞ ﻋﻠﻰ ﻗﻴﻤﺘﻬﺎ ﺑﻌﺪ ﺍﻹﺳﺘﻌﺎﻧﺔ ﲞﺒﲑ ﻣﻌﺘﻤﺪ ﻳﻌﲔ ﺑﺄﻣﺮ ﻣﻦ ﺍﶈﻜﻤﺔ ﺍﳌﺨﺘﺼﺔ ﻣﻦ ﻗﺎﺋﻤﺔ‬

‫ﺍﳋﱪﺍﺀ ﺍﳌﻌﺘﻤﺪﻳﻦ ﻭ ﻳﻜﻮﻥ ﻣﺪﻳﺮﻭ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﺸﺮﻛﺎﺀ ﻣﺴﺆﻭﻟﲔ ﺑﺎﻟﺘﻀﺎﻣﻦ ﻣﺪﺓ ‪ 5‬ﺳﻨﻮﺍﺕ ﻣﻦ‬
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‫ﺍﻟﻘﻴﻤﺔ ﺍﳌﻘﺪﺭﺓ ﻟﻠﺤﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﲡﺎﻩ ﺍﻟﻐﲑ‪ .‬ﻭﻫﺬﺍ ﺇﺳﺘﻨﺎﺩﺍ ﺇﱃ ﺍﳌﺎﺩﺓ ‪ 574‬ﻕ‪.‬ﺕ ﺍﻟﱵ ﺟﺎﺀ ﻓﻴﻬﺎ ﻣﺎ‬

‫ﻳﻠﻲ‪ ":‬ﺇﺫﺍ ﲢﻘﻘﺖ ﺍﻟﺰﻳﺎﺩﺓ ﺑﺼﻔﺔ ﻛﻠﻴﺔ ﺃﻭ ﺟﺰﺋﻴﺔ ﺑﺘﻘﺪﻣﺎﺕ ﻋﻴﻨﻴﺔ‪ ،‬ﺗﻄﺒﻖ ﺃﺣﻜﺎﻡ ﺍﻟﻔﻘﺮﺓ ﺍﻷﻭﱃ ﻣﻦ‬

‫ﺍﳌﺎﺩﺓ ‪.568‬‬

‫ﻳﻜﻮﻥ ﻣﺪﻳﺮﻭ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻷﺷﺨﺎﺹ ﺍﻟﺬﻳﻦ ﺇﻛﺘﺘﺒﻮﺍ ﺑﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻣﺴﺆﻭﻟﲔ ﺑﺎﻟﺘﻀﺎﻣﻦ ﻣﺪﺓ‬

‫ﲬﺲ ﺳﻨﻮﺍﺕ ﲡﺎﻩ ﺍﻟﻐﲑ ﺑﻘﻴﻤﺔ ﺍﻟﺘﻘﺪﻣﺎﺕ ﺍﻟﻌﻴﻨﻴﺔ"‪.‬‬

‫‪1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪56‬‬

‫‪ 2‬ﺍﳌﺎﺩﺓ ‪ 2/568‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﳚﺐ ﺃﻥ ﻳﻠﺤﻖ ﺗﻘﺮﻳﺮ ﺍﳋﺒﲑ ﰲ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭﻓﻀﻼ ﻋﻦ ﺫﻟﻚ ﻻﺑﺪ ﻣﻦ ﺗﺴﺠﻴﻠﻪ ﰲ‬

‫ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻗﺼﺪ ﺇﺷﻬﺎﺭﻩ ﻟﻠﻐﲑ ﺍﻟﺬﻱ ﻳﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﺬﻱ ﻣﻦ ﺣﻘﻪ ﻣﻌﺮﻓﺔ ﻣﺎ ﻳﻄﺮﺃ‬
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‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺟﺪﻳﺪ ﻭﻣﺎ ﻗﺪ ﻳﺘﻌﺮﺽ ﺇﻟﻴﻪ ﺍﻟﻀﻤﺎﻥ ﺍﻟﻌﺎﻡ ﺍﻟﺬﻱ ﻳﻌﺘﻤﺪ ﻋﻠﻴﻪ‪.‬‬

‫ﻭﺇﺫﺍ ﺣﺎﻭﻟﻨﺎ ﻣﻘﺎﺭﻧﺔ ﺍﳊﺼﺔ ﺍﻟﻌﻴﻨﻴﺔ ﺍﻟﱵ ﻳﻘﺪﻣﻬﺎ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻨﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭ ﺗﻠﻚ ﺍﻟﱵ‬

‫ﻳﻘﺪﻣﻬﺎ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ‪ .‬ﺃﻭ ﺑﻌﺒﺎﺭﺓ ﺃﺧﺮﻯ ﺇﺫﺍ ﻣﺎ ﺣﺎﻭﻟﻨﺎ ﻣﻘﺎﺭﻧﺔ ﺍﳌﺎﺩﺗﲔ ‪ 568‬ﻭ‬

‫‪ 574‬ﻕ‪.‬ﺕ‪.‬ﺝ ﻧﻼﺣﻆ ﺃﻥ ﻫﺬﻩ ﺍﻷﺧﲑﺓ ﻗﺼﺮﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﻟﺘﻀﺎﻣﻨﻴﺔ ﻋﻠﻰ ﻣﺴﲑﻱ ﺍﻟﺸﺮﻛﺔ ﻭ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﺬﻳﻦ ﺇﻛﺘﺘﺒﻮﺍ ﺑﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪ .‬ﻓﺒﻴﻨﻤﺎ ﺍﳌﺎﺩﺓ ‪ 568‬ﻕ‪.‬ﺕ ﻓﻘﺪ ﺃﻟﻘﺖ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﻋﻠﻰ ﲨﻴﻊ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻭﻫﺬﺍ ﺍﻟﺘﻀﺎﻣﻦ ﻗﺎﻧﻮﱐ ﻓﺮﺿﻪ ﺍﳌﺸﺮﻉ ﳊﻤﺎﻳﺔ ﺍﻟﻐﲑ ﻭ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻠﻰ ﺣﺪ ﺳﻮﺍﺀ‬

‫ﲡﻨﺒﺎ ﻟﻠﺘﻘﺪﻳﺮ ﺍﻟﺼﻮﺭﻱ ﻟﻠﺤﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﺍﻟﺬﻱ ﻗﺪ ﻳﺆﺩﻱ ﺇﱃ ﻫﻼﻙ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻭﱂ ﻳﻘﺮﺭ ﺍﻟﺸﺮﻛﺎﺀ ﺍﻟﻘﺪﺍﻣﻰ ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ ﰲ ﺍﻹﻛﺘﺘﺎﺏ ﺑﺎﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﻭﻻ ﻳﻮﺟﺪ ﻣﺎ‬

‫ﳝﻨﻊ ﻣﻦ ﺇﺩﺭﺍﺝ ﻫﺬﺍ ﺍﳊﻖ ﰲ ﺍﻟﻌﻘﺪ ﺍﻟﺘﺄﺳﻴﺴﻲ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭﺇﺫﺍ ﺧﻼ ﺍﻟﻌﻘﺪ ﻣﻦ ﻫﺬﺍ ﺍﳊﻖ ﻟﻠﺠﻤﻌﻴﺔ‬

‫ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺎﺀ ﻋﻨﺪ ﺗﻘﺮﻳﺮ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﺗﻘﺮﺭﻩ ‪.‬‬

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‫ﻭﺗﺴﻤﺢ ﻏﺎﻟﺒﻴﺔ ﺍﻟﻘﻮﺍﻧﲔ ﻓﻀﻼ ﻋﻦ ﺗﻘﺮﻳﺮ ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ ﻟﻠﻤﺴﺎﳘﲔ ﺍﻟﻘﺪﺍﻣﻰ ﺑﺎﻹﻛﺘﺘﺎﺏ‬

‫ﻓﺈ‪‬ﺎ ﲡﻴﺰ ﺇﺿﺎﻓﺔ ﻋﻼﻭﺓ ﺇﺻﺪﺍﺭ ﻟﻠﺤﺼﺺ ﺍﳉﺪﻳﺪﺓ‪.‬‬

‫‪ 1‬ﺇﺑﺮﺍﻫﻴﻢ ﺳﻴﺪ ﺃﲪﺪ‪ ،‬ﺍﻟﻌﻘﻮﺩ ﻭ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﻨﺸﺮ‪ ،‬ﺍﻹﺳﻜﻨﺪﺭﻳـﺔ ‪،1999،‬‬
‫ﺹ ‪.220‬‬
‫‪2‬ﺇﺑﺮﺍﻫﻴﻢ ﺳﻴﺪ ﺃﲪﺪ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪221‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫‪/1‬ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ‬

‫ﳝﻜﻦ ﺗﻌﺮﻳﻒ ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ ﺑﺄﻧﻪ ﲤﺘﻊ ﲨﻴﻊ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﺪﺍﻣﻰ ﲝﻖ ﺍﻷﻭﻟﻮﻳﺔ ﰲ ﺍﻹﻛﺘﺘﺎﺏ‬

‫ﲝﺼﺺ ﺍﳉﺪﻳﺪﺓ ﺑﻨﺴﺒﺔ ﻣﺎ ﳝﻠﻜﻮﻧﻪ ﻣﻦ ﺣﺼﺺ ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﻄﺮﻳﻖ ﺇﺻﺪﺍﺭ ﺣﺼﺺ‬

‫ﺟﺪﻳﺪﺓ ﻟﻺﻛﺘﺘﺎﺏ ‪.‬‬

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‫ﻧﺸﺄ ﺍﻟﻘﺎﻧﻮﻥ ﺣﻖ ﺍﻟﺘﻔﺎﺿﻞ ﰲ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﺬﻱ ﻳﺴﻤﺢ ﻟﻠﻤﺴﺎﳘﲔ‪ .‬ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ‪،‬‬

‫ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺍﳊﺼﺺ ﺑﺎﻷﻓﻀﻠﻴﺔ‪ .‬ﻭﻳﻌﺘﱪ ﻛﻞ ﺷﺮﻁ ﳐﺎﻟﻒ ﻟﺬﻟﻚ ﻛﺄﻥ ﱂ ﻳﻜﻦ‪ .‬ﻭﺗﺘﺮﺗﺐ ﻋﻠﻰ‬

‫ﺍﻹﺧﻼﻝ ‪‬ﺬﻩ ﺍﻟﻘﺎﻋﺪﺓ ﻋﻘﻮﺑﺎﺕ ﺟﺰﺍﺋﻴﺔ‪.‬‬

‫ﻭﻳﺴﻤﺢ ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ ﰲ ﺍﻹﻛﺘﺘﺎﺏ ﻟﻠﺸﺮﻛﺎﺀ ﺑﺎﻹﻛﺘﺘﺎﺏ ﰲ ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ ﺑﻨﺴﺒﺔ ﻗﻴﻤﺔ‬

‫ﺣﺼﺼﻬﻢ‪ .‬ﻏﲑ ﺃﻧﻪ ﻳﻨﺒﻐﻲ ﺃﻥ ﻧﺸﲑ ﺇﱃ ﺇﺳﺘﺜﻨﺎﺀﺍﺕ ﳍﺬﻩ ﺍﻟﻘﺎﻋﺪﺓ‪ ،‬ﺇﺫ ﳛﻖ ﻟﻠﺠﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ‬

‫ﺍﻟﻌﺎﺩﻳﺔ‪ ،‬ﺍﻟﱵ ﺗﻘﺮﺭ ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ‪ ،‬ﺃﻥ ﺗﻠﻐﻲ ﺣﻖ ﺍﻟﺘﻔﺎﺿﻞ ﰲ ﺍﻹﻛﺘﺘﺎﺏ‪ .‬ﻭﳛﻖ ﻟﻠﺸﺮﻛﺎﺀ ﻣﻦ‬

‫ﺟﻬﺘﻬﻢ ﺃﻥ ﻳﺘﻨﺎﺯﻟﻮﺍ ﻋﻦ ﻫﺬﺍ ﺍﳊﻖ‪.‬‬

‫‪/2‬ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ‬

‫ﻛﺬﻟﻚ ﳝﻜﻦ ﺃﻥ ﻳﺘﺤﻘﻖ ﺍﻟﺘﻮﺍﺯﻥ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﺪﺍﻣﻰ ﻭ ﺍﳉﺪﺩ ﺑﻔﺮﺽ ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ‬

‫ﻋﻦ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ‪ ،‬ﻳﺴﻤﻴﻬﺎ ﺍﻟﺒﻌﺾ ﻣﻦ ﺍﻟﺸﺮﺍﺡ ﺭﺳﻢ ﺍﻟﺪﺧﻮﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﻓﻴﺪﻓﻊ ﺍﻟﺸﺮﻳﻚ‬

‫‪. 1‬ﻋﺒﺎﺱ ﻣﺮﺯﻭﻕ ﻓﻠﻴﺢ ﺍﻟﻌﺒﻴﺪﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪،‬ﺹ ‪.420‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳉﺪﻳﺪ ﻣﺒﻠﻐﺎ ﻳﺰﻳﺪ ﻋﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ‪ ،‬ﰲ ﻧﻈﲑ ﺇﺷﺘﺮﺍﻛﻪ ﻣﻊ ﺍﳌﺴﺎﳘﲔ ﺍﻟﻘﺪﺍﻣﻰ ﰲ‬

‫ﺍﻷﺭﺑﺎﺡ ﺃﻭ ﺍﻹﺣﺘﻴﺎﻃﻲ ‪.‬‬

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‫ﻭﻳﻠﺰﻡ ﺃﻥ ﺗﺼﺪﺭ ﺍﳊﺼﺺ ﺑﻘﻴﻤﺔ ﺇﲰﻴﺔ ﻣﺘﺴﺎﻭﻳﺔ‪ .‬ﻭ ﺍﻷﺻﻞ ﺃﻧﻪ ﻻ ﳚﻮﺯ ﻟﻠﺸﺮﻛﺔ ﺇﺻﺪﺍﺭ ﺣﺼﺺ‬

‫ﺑﺄﻗﻞ ﺃﻭ ﺃﻛﺜﺮ ﻣﻦ ﻗﻴﻤﺘﻬﺎ ﺍﻹﲰﻴﺔ ﻭﺫﻟﻚ ﻋﻨﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﰲ ﺍﻟﻐﺎﻟﺐ ﺃﻥ ﳛﺼﻞ ﺍﻹﺻﺪﺍﺭ‬

‫ﺑﺄﻋﻠﻰ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻭﺫﻟﻚ ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ‪.‬‬

‫ﻭ ﺍﻟﻐﺮﺽ ﻣﻦ ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ ﻫﻮ ﺗﻌﻮﻳﺾ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻦ ﺍﻟﻀﺮﺭ ﺍﻟﺬﻱ ﻳﻠﺤﻘﻬﻢ ﻧﺘﻴﺠﺔ‬

‫ﺩﺧﻮﻝ ﺍﻟﺸﺮﻛﺎﺀ ﺟﺪﺩ ﰲ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻳﺘﻤﺘﻊ ﻫﺆﻻﺀ ﺍﻟﺸﺮﻛﺎﺀ ﺍﳉﺪﺩ ﺑﺎﳊﻘﻮﻕ ﺍﻟﱵ ﻳﺘﻤﺘﻊ ‪‬ﺎ‬

‫ﺍﳌﺴﺎﳘﻮﻥ ﺍﻟﻘﺪﻣﺎﺀ ﻧﻔﺴﻬﺎ‪.‬‬

‫ﻭﻫﻜﺬﺍ ﲤﺜﻞ ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ ﻣﻌﺎﻭﺿﺔ ﻋﻦ ﺍﻹﻣﺘﻴﺎﺯﺍﺕ ﺍﻟﱵ ﻳﻜﺘﺴﺒﻬﺎ ﺍﻟﺸﺮﻛﺎﺀ ﺍﳉﺪﺩ ﰲ ﺍﻷﺻﻮﻝ‬

‫ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺸﺮﻛﺔ‪.‬‬

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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ ﺩﻭﻥ ﺣﺼﺔ ﺟﺪﻳﺪﺓ‬

‫ﳛﺪﺙ ﻋﺎﺩﺓ ﺃﻥ ﲢﻘﻖ ﺍﻟﺸﺮﻛﺎﺕ ﺇﳊﺎﻕ ﺇﺣﺘﻴﺎﻃﺎ‪‬ﺎ ﺑﺎﻟﺮﺃﲰﺎﻝ‪ .‬ﻭﺗﺘﺤﻘﻖ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺿﻤﻦ‬

‫ﲨﻌﻴﺔ ﻋﺎﻣﺔ ﻏﲑ ﻋﺎﺩﻳﺔ ﻭ ﻟﻜﻦ ﺑﺸﺮﻭﻁ ﺍﻟﻨﺼﺎﺏ ﺍﳌﻌﻤﻮﻝ ﺑﻪ ﰲ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﺩﻳﺔ‪.‬‬

‫‪1‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪87‬‬

‫‪ 2‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.88‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺃﻭﻻ‪:‬ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﻃﺮﻳﻖ ﺿﻢ ﺍﻹﺣﺘﻴﺎﻃﻲ‬

‫‪/1‬ﺍﳌﻘﺼﻮﺩ ﺑﺎﻹﺣﺘﻴﺎﻃﻲ‬

‫ﺇﻥ ﻣﺼﻠﺤﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﺩﺍﺋﻨﻴﻬﺎ‪ ،‬ﺑﻞ ﻭﻣﺼﻠﺤﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻳﻀﺎ ﻋﻠﻰ ﺍﳌﺪﻯ ﺍﻟﺒﻌﻴﺪ ﺗﻘﺘﻀﻲ ﺃﻥ‬

‫ﻻ ﻳﺘﻢ ﺗﻮﺯﻳﻊ ﲨﻴﻊ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺼﺎﻓﻴﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﺑﻞ ﺇﻗﺘﻄﺎﻉ ﺟﺰﺀ ﻣﻨﻬﺎ ﻟﺘﻜﻮﻳﻦ ﻣﺎﻝ ﺇﺣﺘﻴﺎﻃﻲ‬

‫ﻟﺘﺪﻋﻴﻢ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﱄ ﰲ ﺍﳌﺴﺘﻘﺒﻞ ‪.‬‬

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‫ﻓﺎﳌﻘﺼﻮﺩ ﺑﺎﻹﺣﺘﻴﺎﻃﻲ ﻫﻮ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺼﺎﻓﻴﺔ ﺍﻟﱵ ﱂ ﺗﻮﺯﻋﻬﺎ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﺣﻴﺚ‬

‫ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺔ ﻗﺎﻧﻮﻧﺎ ﺑﺎﺣﺘﺠﺎﺯ ﺟﺰﺀ ﻣﻦ ﺃﺭﺑﺎﺣﻬﺎ ﺍﻟﺼﺎﻓﻴﺔ ﺑﺼﻔﺔ ﻣﻨﺘﻈﻤﺔ‪ ،‬ﻭﺫﻟﻚ ﻟﺘﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ‬

‫ﲢﺘﻔﻆ ﺑﻪ ﺍﻟﺸﺮﻛﺔ ﳌﻮﺍﺟﻬﺔ ﺍﳋﺴﺎﺭﺓ ﺍﻟﱵ ﻗﺪ ﺗﻠﺤﻘﻬﺎ ﻓﻴﻤﺎ ﺑﻌﺪ ﺃﻭ ﳌﻮﺍﺟﻬﺔ ﺍﻟﻨﻔﻘﺎﺕ ﺍﻻﺳﺘﺜﻨﺎﺋﻴﺔ‬

‫ﺍﻟﻌﺎﺭﺿﺔ ﺃﻭ ﻟﺘﻮﺯﻳﻌﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻛﺮﺑﺢ‪ ،‬ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻟﱵ ﻻ ﲢﻘﻖ ﺍﻟﺸﺮﻛﺔ ﻓﻴﻬﺎ ﺭﲝﺎ‪ ،‬ﺃﻭ‬

‫ﳌﻮﺍﺟﻬﺔ ﺍﻟﺘﻮﺳﻊ ﺍﳌﻨﺘﻈﺮ ﰲ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﻭﻋﻠﻰ ﺫﻟﻚ ﻓﻼ ﻳﻌﺪ ﻣﻦ ﻗﺒﻴﻞ ﺍﳌﺎﻝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻣﺎ ﲣﺼﻤﻪ‬

‫ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺃﺭﺑﺎﺣﻬﺎ ﺍﻹﲨﺎﻟﻴﺔ ﳌﻮﺍﺟﻬﺔ ﺍﻟﻀﺮﺍﺋﺐ ﺃﻭ ﺍﻹﺳﺘﻬﻼﻛﺎﺕ ﻣﺜﻼ‪.‬‬

‫ﻭ ﻳﻠﻌﺐ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺑﺄﻧﻮﺍﻋﻪ ﺩﻭﺭﺍ ﻛﺒﲑﺍ ﰲ ﺗﻘﻮﻳﺔ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﻟﻠﺸﺮﻛﺔ ﻭﺩﻋﻢ ﺭﺃﲰـﺎﳍﺎ‪،‬‬

‫ﻓﻘﺪ ﺃﻟﺰﻡ ﺍﻟﻘﺎﻧﻮﻥ ﺑﺘﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻴﺎﺕ ﻣﻦ ﺃﺭﺑﺎﺣﻬﺎ ﺍﻟﺴﻨﻮﻳﺔ ﻭ ﻣﻦ ﻋﻼﻭﺓ ﺇﺻﺪﺍﺭ ﺍﳊﺼﺺ ﺇﻥ‬

‫ﻭﺟﺪﺕ ‪.‬‬
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‫‪ 1‬ﺃﻛﺮﻡ ﻳﺎﻣﻠﻜﻲ‪ ،‬ﺷﺮﻛﺎﺕ ﲡﺎﺭﻳﺔ ) ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ(‪ ،‬ﻃﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺇﺻﺪﺍﺭ ﺍﻟﺜﺎﻧـﻲ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﺘﺼﻤﻴﻢ ﻭ ﺍﻹﻧﺘﺎﺝ‪،‬ﻋﻤﺎﻥ‬
‫‪.520 ،2008،‬‬

‫‪2‬ﺃﻛﺮﻡ ﻳﺎﻣﻠﻜﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.522‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﺍﻟﻐﺮﺽ ﻣﻦ ﺗﻜﻮﻳﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺑﺸﻜﻞ ﻋﺎﻡ‪ ،‬ﻫﻮ ﺩﻋﻢ ﺇﺋﺘﻤﺎﻥ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ‬

‫ﻣﺒﺪﺃ ﺛﺒﺎﺕ ﺭﺃﲰﺎﻝ ﻭ ﺗﻘﻮﻳﺔ ﺿﻤﺎﻥ ﺍﻟﺪﺍﺋﻨﲔ‪ ،‬ﻭﻫﺬﻩ ﺍﻷﻏﺮﺍﺽ ﺗﺘﺤﻘﻖ ﺑﺸﻜﻞ ﺃﻗﻮﻯ ﺇﺫﺍ ﺯﺍﻟﺖ ﻋﻦ‬

‫ﺍﳌﺎﻝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻧﺼﻒ ﺍﻟﺮﺑﺢ ﻭ ﺇﻧﺪﻣﺞ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭ ﺇﻛﺘﺴﺐ ﺻﻔﺘﻪ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﻟﻜﻦ ﻫﺬﺍ‬

‫ﺍﻹﻧﺪﻣﺎﺝ ﻻ ﻳﻌﻔﻲ ﺍﻟﺸﺮﻛﺔ ﻓﻴﻤﺎ ﺑﻌﺪ ﻣﻦ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺁﺧﺮ ﻃﺒﻘﺎ ﻷﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻥ‪.‬‬

‫‪ /2‬ﺃﻧﻮﺍﻉ ﺍﻹﺣﺘﻴﺎﻃﻲ‪:‬‬

‫ﻳﻨﻘﺴﻢ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻣﻦ ﺣﻴﺚ ﺍﻹﻟﺰﺍﻡ ﰲ ﺗﻜﻮﻳﻨﻪ ﻋﻠﻰ ﺇﺣﺘﻴﺎﻃﻲ ﻗﺎﻧﻮﱐ ﻭ ﺇﺣﺘﻴﺎﻃﻲ‬

‫ﺇﺧﺘﻴﺎﺭﻱ‪ ،‬ﺇﻻ ﺃﻥ ﺍﻟﺘﻘﺴﻴﻢ ﺍﻟﺴﺎﺋﺪ ﰲ ﺍﻟﻔﻘﻪ ﻳﻘﺴﻢ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻋﻠﻰ ﺃﺭﺑﻊ ﺃﻧﻮﺍﻉ ﻭﻫﻲ‪:‬‬

‫ﺃ‪/‬ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ‪:‬‬

‫ﻭ ﻳﻘﺼﺪ ﺑﻪ ﻫﻮ ﺫﻟﻚ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﺬﻱ ﻳﻨﺺ ﻋﻠﻰ ﻭﺟﻮﺏ ﺗﻜﻮﻳﻨﻪ ﺻﺮﺍﺣﺔ ﲟﻮﺟﺐ‬

‫ﺍﻟﻘﺎﻧﻮﻥ‪ .‬ﻭ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﻣﻠﺰﻣﺔ ﺑﺎﻥ ﲢﺘﻔﻆ ﲟﺎﻝ ﺇﺣﺘﻴﺎﻃﻲ ﻗﺪﺭﻩ ‪%10‬ﻋﻠﻰ ﺍﻷﻗﻞ ﻭ ﻳﻜﻮﻥ‬
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‫ﻣﻘﺘﻄﻌﺎ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺼﺎﻓﻴﺔ‬

‫ﻭ ﻳﻌﺪ ﺍﻻﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﺍﳊﺪ ﺍﻷﺩﱏ ﻣﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﺬﻱ ﳚﺐ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﲢﻘﻴﻘﻪ‪،‬‬

‫ﻭﺗﻨﺺ ﻏﺎﻟﺒﻴﺔ ﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﻘﺎﺭﻧﺔ ﺑﺈﻟﺰﺍﻡ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﻗﺎﻧﻮﱐ ﻭ ﻟﻜﻨﻬﺎ ﲣﺘﻠﻒ ﰲ ﻣﻘﺪﺍﺭ ﺍﻹﺳﺘﻘﻄﺎﻉ‬

‫ﺍﻟﻮﺍﺟﺐ ﻗﺎﻧﻮﻧﺎ‪.‬‬

‫‪ 1‬ﺷﺮﻳﻂ ﻋﻠﻲ‪ ،‬ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺣﻴﺪ ﻭ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻷﺣﻜﺎﻡ ﻗﺎﻧﻮﻥ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﺴﺘﺮ ﰲ‬
‫ﻓﺮﻉ ﻗﺎﻧﻮﻥ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪ ،2007/2006،‬ﻍ‪ .‬ﻣﻨﺸﻮﺭﺓ‪ ،‬ﺹ ‪.68‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﺗﻠﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺘﻜﻮﻳﻦ ﻫﺬﺍ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺿﻤﺎﻥ ﺇﺿﺎﰲ ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ‪،‬‬

‫ﻳﺄﺧﺪ ﺣﻜﻢ ﺭﺃﲰﺎﻝ‪ ،‬ﻷﻧﻪ ﳐﺼﺺ ﺃﺳﺎﺳﺎ ﻟﺘﻜﻤﻠﺔ ﺭﺃﲰﺎﻝ ﻭﺟﱪﻩ ﺇﺫﺍ ﺃﺻﻴﺐ ﺍﻟﺸﺮﻛﺔ ﺑﺴﺒﺐ‬

‫ﺍﳋﺴﺎﺋﺮ‪ ،‬ﻓﻼ ﳚﻮﺯ ﻟﻠﺸﺮﻛﺔ ﺍﻟﺘﺼﺮﻑ ﻓﻴﻪ ﺃﻭ ﺗﻮﺯﻳﻌﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻭﻟﻜﻦ ﳚﻮﺯ ﺇﺩﻣﺎﺟﻪ ﰲ ﺭﺃﲰﺎﻝ‬

‫ﺑﺈﺟﺮﺍﺀﺍﺕ ﺗﻌﺪﻳﻞ ﺭﺃﲰﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺑﺎﻟﺰﻳﺎﺩﺓ ‪.‬‬

‫ﺏ‪/‬ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻹﺧﺘﻴﺎﺭﻱ‬

‫ﻫﻮ ﻋﺒﺎﺭﺓ ﻋﻦ ﺃﺭﺑﺎﺡ ﻣﺪﺧﺮﺓ ﻳﻜﻮﻥ ﻣﻦ ﺣﻖ ﺍﻟﺸﺮﻛﺎﺀ ﺩﺍﺋﻤﺎ ﺍﳌﻄﺎﻟﺒﺔ ﺑﺘﻮﺯﻳﻌﻬﺎ ﻋﻠﻴﻬــﻢ‪،‬‬

‫ﻭﻳﺴﻤﻰ ﺃﺣﻴﺎﻧﺎ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﳊﺮ‪ ،‬ﻭ ﺗﻜﻮﻳﻦ ﻫﺬﺍ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻳﻨﻄﻮﻱ ﰲ ﺍﳊﻘﻴﻘﺔ ﻋﻠﻰ ﺣﺮﻣﺎﻥ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﺟﺰﺀ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﱵ ﻛﺎﻥ ﻣﻦ ﺍﳌﻔﺮﻭﺽ ﺃﻥ ﺗﻮﺯﻉ ﻋﻠﻴﻬﻢ‪ ،‬ﻟﺬﻟﻚ ﻓﻘﺪ ﺃﺟﺎﺯﻩ ﺍﻟﺒﻌﺾ‬

‫ﺑﺸﺮﻁ ﺃﻥ ﻳﻜﻮﻥ ﺍﳍﺪﻑ ﻣﻦ ﺗﻜﻮﻳﻨﻪ ﲢﻘﻴﻖ ﻣﺼﻠﺤﺔ ﻣﺸﺮﻭﻋﺔ ﻟﻠﺸﺮﻛـﺔ‪ ،‬ﻛﻌﺪﻡ ﻛﻔﺎﻳﺔ ﺍﻻﺣﺘﻴﺎﻃﻲ‬

‫ﺍﻟﻨﻈﺎﻣﻲ‪ ،‬ﺃﻭ ﺗﻮﻗﻊ ﻧﻔﻘﺎﺕ ﺇﺿﺎﻓﻴﺔ ﺃﻭ ﺇﺳﺘﻬﻼﻙ ﺭﺃﲰﺎﻝ ‪.‬‬

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‫ﻭﺑﺬﻟﻚ ﻓﻬﻮ ﺇﺣﺘﻴﺎﻃﻲ ﺍﻟﺬﻱ ﻳﻜﻮﻥ ﻟﻠﺸﺮﻛﺔ ﺍﳋﻴﺎﺭ ﰲ ﺗﻜﻮﻳﻨﻪ ﺃﻭ ﻋﺪﻡ ﺗﻜﻮﻳﻨﻪ ﻓﺒﻌﺪ ﺗﻜﻮﻳﻦ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ‪ ،‬ﻗﺪ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺁﺧﺮ ﺩﻭﻥ ﺃﻥ ﺗﻜﻮﻥ ﻣﻠﺰﻣﺔ ﺑﺬﻟﻚ ﻭ‬

‫ﺩﻭﻥ ﺃﻥ ﻳﻨﺺ ﺍﻟﻘﺎﻧﻮﻥ ﻋﻠﻰ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺁﺧﺮ‪.‬‬

‫‪ 1‬ﺗﻜﺮﻭﺷﺖ ﻋﻠﻲ ‪،‬ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺣﻴﺪ ﰲ ﺍﻟﺘﺸﺮﻳﻊ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﺃﻃﺮﻭﺣﺔ ﻣﻘﺪﻣﺔ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺍﻟﺪﻛﺘﻮﺭﺍﻩ‪ ،‬ﲣﺼﺺ‬
‫ﻗﺎﻧﻮﻥ ﺧﺎﺹ ‪،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪2006 ،‬ـ‪ ،2007/‬ﻍ‪ .‬ﻣﻨﺸﻮﺭﺓ‪،‬ﺹ ‪120‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﳚﻮﺯ ﺃﻥ ﳜﺼﺺ ﻫﺬﺍ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻷﻏﺮﺍﺽ ﻣﻌﻴﻨﺔ‪ ،‬ﻛﻤﺎ ﳚﻮﺯ ﺃﻥ ﺗﻘﺮﺭ ﺍﻟﺸﺮﻛﺔ ﺗﻮﺯﻳﻌﻪ‬

‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻛﺄﺭﺑﺎﺡ‪ ،‬ﺇﺫﺍ ﺇﻧﺘﻔﺖ ﺍﳊﺎﺟﺔ ﺇﻟﻴﻪ ﻋﻠﻰ ﺃﺳﺎﺱ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﻏﲑ ﻣﻠﺰﻣﺔ ﺑﺘﻜﻮﻳﻨﻪ ﺃﺻﻼ‪،‬‬

‫ﻭ ﺑﺬﻟﻚ ﳜﺘﻠﻒ ﻋﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﺍﻟﺬﻱ ﻻ ﳚﻮﺯ ﺗﻌﺪﻳﻠﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫ﻭ ﺃﻥ ﺍﳊﻖ ﰲ ﺇﻧﺸﺎﺀ ﺇﺣﺘﻴﺎﻃﻲ ﺃﺧﺮ ﻟﻴﺲ ﻣﻄﻠﻘﺎ‪ ،‬ﺑﻞ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﻫﻨﺎﻙ ﺭﺍﺩﻉ ﻟﺘﻜﻮﻳﻨﻪ‬

‫ﰲ ﺣﺪﻭﺩ ﻣﺎ ﻳﻘﺘﻀﻴﻪ ﺍﳊﺮﺹ ﺍﻟﻌﺎﺩﻱ ﻭ ﺣﺴﻦ ﺍﻟﺘﺒﺼﺮ ﻛﻤﻮﺍﺟﻬﺔ ﻧﻔﻘﺎﺕ ﻏﲑ ﻣﻨﻈﻮﺭﺓ‪ ،‬ﻭﻟﺘﺠﺪﻳـﺪ‬

‫ﺍﻵﻻﺕ‪ ،‬ﻓﻼ ﳚﻮﺯ ﻟﻠﺸﺮﻛﺔ ﲣﺼﻴﺺ ﺟﺰﺀ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﻟﺘﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺩﻭﻥ ﻣﱪﺭ ﺃﻭ ﺿﺮﻭﺭﺓ‪،‬‬

‫ﻛﻲ ﻻ ﳛﺮﻡ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﺣﺼﺔ ﻋﺎﺩﻟﺔ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻭﺇﺫﺍ ﱂ ﻳﺴﺘﺜﻤﺮ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻹﺧﺘﻴﺎﺭﻱ ﰲ ﺍﻟﻐﺮﺽ ﺍﻟﺬﻱ ﺧﺼﺼﻪ ﻣﻦ ﺃﺟﻠﻪ ‪ .‬ﻓﺈﻥ ﺑﻌﺾ‬
‫‪1‬‬

‫ﺍﻟﺸﺮﺍﺡ ﳚﻴﺰﻭﻥ ﺍﻟﺘﺼﺮﻑ ﻓﻴﻪ ﻭ ﺗﻮﺯﻳﻌﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻠﻰ ﺇﻋﺘﺒﺎﺭﻩ ﺃﻧﻪ ﻻ ﻳﻠﺤﻖ ﺑﺮﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫ﺝ‪/‬ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻨﻈﺎﻣﻲ‪:‬‬

‫ﻭﻫﻮ ﺍﻟﺬﻱ ﻳﻨﺺ ﻋﻠﻰ ﺗﻜﻮﻳﻨﻪ ﰲ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺣﻴﺚ ﻗﺪ ﻳﺘﺮﻙ ﻧﻈﺎﻡ ﺍﻟﺸﺮﻛﺔ ﻟﻠﻬﻴﺌﺔ‬

‫ﺍﻟﻌﺎﻣﺔ ﺃﻥ ﺗﺴﺘﻘﻄﻊ ﻧﺴﺒﺔ ﻣﻌﻴﻨﺔ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﻛﻞ ﺳﻨﺔ ﻟﺮﺻﺪﻫﺎ ﻛﺈﺣﺘﻴﺎﻃﻲ‪ .‬ﻭ ﱂ ﳒﺪ ﻣﻦ ﺑﲔ‬
‫‪2‬‬
‫ﻧﺼﻮﺹ ﻗﺎﻧﻮﻥ ﻧﺺ ﺻﺮﻳﺢ ﳚﻴﺰ ﺗﻜﻮﻳﻦ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻻﺣﺘﻴﺎﻃﻲ‪.‬‬

‫ﻭﻳﺬﻫﺐ ﺍﻟﺒﻌﺾ ﻣﻦ ﺍﻟﺸﺮﺍﺡ ﺇﱃ ﺇﻋﺘﺒﺎﺭ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﲝﻜﻢ ﺍﻹﺣﺘﻴﺎﻃﻲ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﻭﻳﻠﺤﻖ ﺑﺮﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭﻻ ﳚﻮﺯ ﺍﳌﺴﺎﺱ ﺑﻪ‪.‬‬

‫‪1‬ﺃﻛﺮﻡ ﻳﺎﻣﻠﻜﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪526‬‬

‫‪. 2‬ﺃﻛﺮﻡ ﻳﺎﻣﻠﻜﻲ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ ‪ ،‬ﺹ ‪.527‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺩ‪/‬ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﳌﺴﺘﺘﺮ‬

‫ﺍﻟﻘﺎﻋﺪﺓ ﺃﻧﻪ ﳚﺐ ﺃﻥ ﻳﺘﻢ ﻗﻴﺪ ﺍﻹﺣﺘﻴﺎﻃﻲ ﰲ ﻣﻴﺰﺍﻧﻴﺔ ﺍﻟﺸﺮﻛﺔ ﰲ ﺣﻘﻞ ﺧﺎﺹ ﻳﻄﻠﻖ ﻋﻠﻴﻪ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻈﺎﻫﺮ‪ ،‬ﲤﻴﻴﺰﺍ ﻋﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﳌﺴﺘﺘﺮ ﺍﻟﺬﻱ ﻻ ﻳﻈﻬﺮ ﰲ ﺍﳌﻴﺰﺍﻧﻴﺔ ﻭ ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﻫﺬﺍ‬

‫ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻣﺴﺎﻭﺉ ﻋﺪﻳﺪﺓ ﻣﻨﻬﺎ‪ :‬ﺃﻧﻪ ﳜﻔﻲ ﺍﳌﺮﻛﺰ ﺍﳌﺎﱄ ﺍﳊﻘﻴﻘﻲ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﺃﻭ ﺃﻥ ﻳﺆﺩﻱ‬

‫ﺇﱃ ﺣﺮﻣﺎﻥ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﺇﺳﺘﻴﻔﺎﺀ ﻧﺼﻴﺒﻬﻢ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﱵ ﲢﻘﻘﻬﺎ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻛﻤﺎ ﻳﻠﺤﻖ‬

‫ﺿﺮﺭﺍ ﺑﺎﻟﺸﺮﻛﺎﺀ ﺣﻴﺚ‬

‫ﻳﺆﺩﻱ ﺇﱃ ﺇﳔﻔﺎﺽ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﻋﻦ ﺳﻌﺮﻫﺎ ﺍﳊﻘﻴﻘﻲ ﻓﻴﻤﺎ ﻟﻮ ﻇﻬﺮﺕ ﺍﻷﺭﺑﺎﺡ ﺍﳊﻘﻴﻘﻴﺔ ﺍﻟﱵ‬

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‫ﺣﻘﻘﺘﻬﺎ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺣﻴﺚ ﺗﻠﺤﻖ ﺑﺬﻟﻚ ﺿﺮﺭﺍ ﻋﻨﺪ ﺑﻴﻊ ﺍﻟﺸﺮﻳﻚ ﺣﺼﺼﻪ‪.‬‬

‫ﻭ ﺑﻌﺪ ﺃﻥ ﺑﻴﻨﺎ ﺍﳌﻘﺼﻮﺩ ﺑﺎﻹﺣﺘﻴﺎﻃﻲ ﻭ ﺃﻧﻮﺍﻋﻪ‪ ،‬ﺳﻮﻑ ﻧﻮﺿﺢ ﻃﺮﻳﻘﺔ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻋﻦ‬

‫ﻃﺮﻳﻖ ﺇﺿﺎﻓﺔ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺇﱃ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ‪ ،‬ﻭﺗﺘﻢ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺑﺈﺿﺎﻓﺔ ﺇﺣﺘﻴﺎﻃﻲ ﺍﻟﺸﺮﻛﺔ‬

‫ﻛﻠﻪ ﺃﻭ ﺟﺰﺀ ﻣﻨﻪ ﺍﶈﺘﺠﺰ ﻛﺠﺰﺀ ﻣﻦ ﺍﻷﺭﺑﺎﺡ ﺇﱃ ﺭﺃﲰﺎﳍﺎ ﻭ ﺗﺼﺪﺭ ﺣﺼﺼﻬﺎ ﻣﻘﺎﺑﻞ ﺫﻟﻚ ﺗﻮﺯﻋﻬﺎ‬

‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺩﻭﻥ ﻣﻘﺎﺑﻞ‬

‫ﺑﻨﺴﺒﺔ ﻣﺴﺎﳘﺔ ﻛﻞ ﻣﻨﻬﻢ ﰲ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﻭﺗﻮﺯﻉ ﺍﳊﺼﺺ ﳎﺎﻧﺎ ﻷﻥ ﺍﻹﺣﺘﻴﺎﻃﻲ ﳝﺜﻞ ﺃﺭﺑﺎﺣﺎ ﻏﲑ‬
‫‪2‬‬
‫ﻣﻮﺯﻋﺔ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻭ ﻳﻜﻮﻥ ﳍﻢ ﺣﻘﺎ ﻣﺆﻛﺪﺍ ﻓﻴﻪ‪.‬‬

‫‪ 1‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.90‬‬

‫‪ 2‬ﺃﲪﺪ ﳏﺮﺯ‪ ،‬ﻗﺎﻧﻮﻥ ﲡﺎﺭﻱ ﺟﺰﺍﺋﺮﻱ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﺰﺀ ﺍﻟﺜﺎﱐ‪ ،‬ﻃﺎﺑﻊ ﳏﻞ ﺍﻟﻐﺮﺏ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،1973 ،‬ﺹ ‪.150‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﰲ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﺰﻳﺪ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﲟﻘﺪﺍﺭ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ ﺍﻟﱵ ﺗﻀﺎﻑ ﺇﻟﻴﻪ‪ ،‬ﻭ‬

‫ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺎﺕ ﰲ ﺍﻟﻐﺎﻟﺐ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﳌﺎ ﻓﻴﻬﺎ ﻣﻦ ﻓﻮﺍﺋﺪ ﺃﳘﻬﺎ ﲡﻨﺐ ﺩﺧﻮﻝ ﺍﻷﺷﺨﺎﺹ‬

‫ﻏﺮﺑﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ‪.‬‬

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‫ﻭ ﺇﻥ ﺍﻟﺰﻳﺎﺩﺓ ﻋﻦ ﻃﺮﻳﻖ ﺇﺿﺎﻓﺔ ﺍﳌﺎﻝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺇﱃ ﺭﺃﲰﺎﻝ ﺍﳊﺎﱄ‪ ،‬ﻟﻴﺴﺖ ﻋﻤﻠﻴﺎ ﺳﻮﻯ‬

‫ﺗﺪﺑﲑ ﺩﺍﺧﻠﻲ ﳛﺼﻞ ﰲ ﻣﻮﺟﻮﺩﺍﺕ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺇﻻ ﺃﻥ ﻣﻦ ﺷﺎﻥ ﻫﺬﺍ ﺍﻟﺘﺪﺍﺑﲑ ﺃﻥ ﻳﺪﺧﻞ ﺑﻌﺾ‬

‫ﺍﻟﺘﻐﲑﺍﺕ ﺍﳉﺬﺭﻳﺔ ﻫﻲ‪:‬‬

‫‪1‬ـ ﺃﻥ ﺍﳌﺎﻝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﳌﺪﻣﺞ ﺑﺮﺃﲰﺎﻝ ﻳﻜﺘﺴﺐ ﺍﻟﻮﺿﻊ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺮﺃﲰﺎﻝ ﻣﻊ ﻣﺎ ﻳﺘﺮﺗﺐ ﻋﻠﻰ‬

‫ﺫﻟﻚ ﻣﻦ ﻧﺘﺎﺋﺞ ﻗﺎﻧﻮﻧﻴﺔ‪.‬‬

‫‪2‬ـ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺸﺮﻛﺎﺀ‪ ،‬ﺃﻥ ﺣﻘﻮﻗﻬﻢ ﻋﻠﻰ ﺍﻹﺣﺘﻴﺎﻁ ﺗﻨﺘﻘﻞ ﺇﱃ ﺣﻘﻮﻕ ﻋﻠﻰ ﺭﺃﺱ ﺍﳌـﺎﻝ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ‬

‫ﻓﺈﻥ ﺣﻘﻬﻢ ﰲ ﺗﻮﺯﻳﻊ ﻫﺬﺍ ﺍﳌﺎﻝ ﻳﻨﺘﻘﻞ ﺇﱃ ﺣﻖ ﺇﺳﺘﻌﺎﺩﺓ ﺣﺼﺘﻬﻢ ﰲ ﺭﺃﲰﺎﻝ ﻭ ﺍﻟﺬﻱ ﻻ ﳛﺼﻞ ﻋﺎﺩﺓ‬

‫ﺇﻻ ﻋﻨﺪ ﺇﻧﺘﻬﺎﺀ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪2‬‬
‫‪3‬ـ ﺃﻣﺎ ﺑﺎﻟﻨﺴﺒﺔ ﻟﻠﺪﺍﺋﻨﲔ‪ ،‬ﻓﺈﻥ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺍﻟﱵ ﻳﻮﻓﺮﻫﺎ ﳍﻢ ﺭﺃﲰﺎﻝ ﺗﻜﻮﻥ ﺑﻌﺪ ﺍﻟﺰﻳﺎﺩﺓ ﺃﻭﻓﺮ ﳍﻢ‪.‬‬

‫ﻭ ﺃﻥ ﳍﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻣﺰﺍﻳﺎ ﺑﺎﻟﻨﺴﺒﺔ ﺇﱃ ﺍﻟﺸﺮﻛﺔ ﻭ ﺩﺍﺋﻨﻴﻬﺎ ﻭ ﺍﻟﺸﺮﻛﺎﺀ ﻋﻠﻰ ﺍﻟﺴﻮﺍﺀ‪ ،‬ﻷﻥ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﻣﺎ ﻫﻮ ﰲ ﺍﻷﺻﻞ ﺇﻻ ﺃﺭﺑﺎﺡ ﻣﺪﺧﺮﺓ ﳚﻮﺯ ﺗﻮﺯﻳﻌﻬﺎ ﰲ ﺃﻱ ﻭﻗﺖ ﻋﻠﻰ ﺍﳌﺴﺎﳘﲔ‪ ،‬ﺃﻣﺎ ﺇﺫﺍ‬

‫ﺃﺩﻣﺞ ﰲ ﺭﺃﲰﺎﻝ ﻓﺈﻧﻪ ﻳﻜﺴﺐ ﺍﻟﺼﻔﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻟﺮﺃﲰﺎﻝ‪ ،‬ﻭﻣﻦ ﰒ ﳝﺘﻨﻊ ﺗﻮﺯﻳﻌﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﰲ‬

‫‪1‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪92‬‬

‫‪ 2‬ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﻧﻔﺲ ﳌﺮﺟﻊ ‪ ،‬ﺹ ‪93‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻫﻴﺌﺔ ﺃﺭﺑﺎﺡ‪ ،‬ﻓﺎﻟﺸﺮﻛﺔ ﺍﻟﱵ ﻟﺪﻳﻬﺎ ﺇﺣﺘﻴﺎﻃﻲ ﻛﺒﲑ ﻛﻮﻥ ﺃﺳﻌﺎﺭ ﺣﺼﺼﻬﺎ ﰲ ﺍﻟﺴﻮﻕ ﻣﺮﺗﻔﻌﺔ‪ ،‬ﳑﺎ‬

‫ﻳﺆﺩﻱ ﺇﱃ ﺯﻳﺎﺩﺓ ﺍﻟﻔﺎﺭﻕ ﺑﲔ ﻗﻴﻤﺘﻬﺎ ﺍﻻﲰﻴﺔ ﻭ ﻗﻴﻤﺘﻬﺎ ﺍﳊﻘﻴﻘﻴﺔ‪ ،‬ﻭﺑﺎﻟﺘﺎﱄ ﺇﻋﺎﻗﺔ ﺗﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﻭ‬

‫ﺗﺸﺠﻴﻊ ﺍﳌﻀﺎﺭﺑﺎﺕ‪ ،‬ﻭﺇﺩﻣﺎﺝ ﺍﻹﺣﺘﻴﺎﻃﻲ ﰲ ﺭﺃﲰﺎﻝ ﻳﺴﻤﺢ ﲞﻔﺾ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﻭ ﺗﺴﻬﻴﻞ‬

‫ﺗﺪﺍﻭﳍﺎ‪.‬‬

‫ﻛﻤﺎ ﺃﻥ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﲢﻘﻖ ﻣﺼﻠﺤﺔ ﻟﻠﺸﺮﻛﺎﺀ ﺍﻟﺬﻳﻦ ﳛﺼﻠﻮﻥ ﻋﻠﻰ ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﺑﻼ‬
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‫ﻣﻘﺎﺑﻞ ﳑﺎ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﺇﺳﺘﻘﺮﺍﺭ ﺃﺳﻌﺎﺭ ﺍﳊﺼﺺ ﻭ ﻣﺮﻭﻧﺔ ﺗﺪﺍﻭﳍﺎ‪.‬‬

‫ﻭ ﺃﻥ ﺍﻹﺟﺮﺍﺀ ﺍﳌﺘﺒﻊ ﻋﻨﺪ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ‪ ،‬ﻫﻮ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﻮﺯﻉ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ‬

‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﻛﻼ ﺑﻨﺴﺒﺔ ﺣﺼﺼﻪ ﻣﻦ ﻏﲑ ﺍﻟﻠﺠﻮﺀ ﺇﱃ ﺍﻹﻛﺘﺘﺎﺏ ﻭﺗﻜﻮﻥ ﺍﳊﺼﺺ ﺍﳉﺪﻳﺪﺓ ﺑﺎﻟﻘﻴﻤﺔ‬

‫ﺍﻻﲰﻴﺔ ﻭ ﺗﻮﺯﻉ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺩﻭﻥ ﻣﻘﺎﺑﻞ‪.‬‬

‫ﻭ ﺗﺴﻤﻰ ﻃﺮﻳﻘﺔ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻣﻦ ﺍﻻﺣﺘﻴﺎﻃﻲ ﺑﻄﺮﻳﻖ ﺍﻟﺘﻤﻮﻳﻞ ﺍﻟﺬﺍﰐ ﻟﻠﺸﺮﻛﺔ ﺃﻱ ﺃﻥ‬

‫ﺍﻟﺸﺮﻛﺔ ﲤﻮﻝ ﻧﻔﺴﻬﺎ ﺑﻨﻔﺴﻬﺎ‪.‬‬

‫ﻭﻟﻘﺪ ﺛﺎﺭ ﺧﻼﻑ ﺑﲔ ﺷﺮﺍﺡ ﺍﻟﻘﺎﻧﻮﻥ ﻋﻦ ﺍﻟﻨﻮﻉ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﺬﻱ ﳚﻮﺯ ﺩﳎﻪ ﺑﺮﺃﲰــﺎﻝ‪،‬‬

‫ﺣﻴﺚ ﻳﺬﻫﺐ ﺟﺎﻧﺐ ﻣﻦ ﺍﻟﺸﺮﺍﺡ ﺍﻟﻘﺎﻧﻮﻥ ﺇﻻ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﻻ ﲤﻠﻚ ﲢﻮﻳﻞ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﺃﻭ‬

‫ﺍﻹﺗﻔﺎﻗﻲ‪ ،‬ﺇﱃ ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﺗﻮﺯﻉ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻷﻥ ﺍﻟﺸﺮﻛﺔ ﺗﻠﺘﺰﻡ ﺑﺘﻜﻮﻳﻦ ﻧﺴﺒﺔ ﻣﻦ ﺍﻷﻣﻮﺍﻝ‬

‫ﺍﻻﺣﺘﻴﺎﻃﻴﺔ ﺇﱃ ﺟﺎﻧﺐ ﺭﺃﲰﺎﻝ‪ ،‬ﻏﲑ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﺴﺘﻄﻴﻊ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﺎﺕ ﺃﺧﺮﻯ ﺇﺧﺘﻴﺎﺭﻳﺔ‬

‫‪1‬ﻋﺒﺪ ﺍﻟﻔﻀﻴﻞ ﳏﻤﺪﺃﲪﺪ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.147‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﲣﺼﺼﻬﺎ ﳌﻮﺍﺟﻬﺔ ﺑﻌﺾ ﺍﻷﻋﺒﺎﺀ‪ ،‬ﺃﻭ ﺗﻘﺮﺭ ﺇﻋﺎﺩﺓ ﺗﻮﺯﻳﻌﻬﺎ ﻓﻴﻤﺎ ﺑﻌﺪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺑﻨﺴﺒﺔ ﻧﺼﻴﺒﻬﻢ ﰲ‬

‫ﺍﻟﺮﺑﺢ ‪.‬‬
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‫ﺑﻴﻨﻤﺎ ﻳﺬﻫﺐ ﺍﳉﺎﻧﺐ ﺍﻷﺧﺮ ﻣﻦ ﺷﺮﺍﺡ ﺍﻟﻘﺎﻧﻮﻥ ﺇﱃ ﺃﻧﻪ ﻣﻦ ﺍﳉﺎﺋﺰ ﺇﺩﻣﺎﺝ ﲨﻴﻊ ﺃﻧﻮﺍﻉ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﰲ ﺭﺃﲰﺎﻝ ﲟﺎ ﰲ ﺫﻟﻚ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﻷﻥ ﺍﻟﻐﺮﺽ ﻣﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺑﻮﺟﻪ ﻋﺎﻡ ﻫﻮ‬

‫ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﻣﺒﺪﺃ ﺛﺒﺎﺕ ﺭﺃﲰﺎﻝ‪ ،‬ﻭﺗﻘﻮﻳﺔ ﺿﻤﺎﻥ ﺍﻟﺪﺍﺋﻨﲔ‪ ،‬ﻭﻫﺬﻩ ﺍﻷﻏﺮﺍﺽ ﺗﺘﺤﻘﻖ ﺑﺸﻜﻞ ﺃﻗﻮﻯ‬

‫ﺇﺫﺍ ﺇﻧﺪﻣﺞ ﺍﻹﺣﺘﻴﺎﻃﻲ ﰲ ﺭﺃﲰﺎﻝ ﻭ ﺇﻛﺘﺴﺐ ﺻﻔﺘﻪ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﻋﻠﻰ ﺃﻥ ﺗﻠﺘﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺘﻜﻮﻳﻦ‬
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‫ﺇﺣﺘﻴﺎﻃﻲ ﺁﺧﺮ‪.‬‬

‫ﻳﺘﻀﺢ ﺃﻥ ﺍﳌﺸﺮﻉ ﺃﺟﺎﺯ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺇﺧﺘﻴﺎﺭﻱ ﻟﻐﺮﺽ ﺗﻮﺳﻴﻊ ﻭ ﺗﻄﻮﻳﺮ ﺍﳌﺸﺮﻭﻉ ﻭﻻ‬

‫ﻳﺆﺧﺬ ﻣﻦ ﺍﻻﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ‪ ،‬ﻭﺇﳕﺎ ﻳﺆﺧﺬ ﻣﻦ ﺍﻷﺭﺑﺎﺡ‪ ،‬ﻷﻥ ﺍﻟﺬﻱ ﳚﻮﺯ ﺗﻮﺯﻳﻌﻪ ﺃﺭﺑﺎﺣﺎ ﻫﻮ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻹﺧﺘﻴﺎﺭﻱ‬

‫ﻓﻘﻂ‪ ،‬ﺃﻣﺎ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻟﻘﺎﻧﻮﱐ ﻓﻼ ﳚﻮﺯ ﺑﻨﺺ ﺍﻟﻘﺎﻧﻮﻥ ﺗﻮﺯﻳﻌﻪ ﺃﺭﺑﺎﺣﺎ‪ ،‬ﻭﺇﺷﺘﺮﻁ ﺍﻟﻘﺎﻧﻮﻥ ﺇﺳﺘﺜﻤﺎﺭ‬

‫ﻫﺬﺍ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻓﻌﻼ ﰲ ﺍﻟﻐﺮﺽ ﺍﶈﺘﺠﺰ ﻣﻦ ﺃﺟﻠﻪ‪ ،‬ﻓﻠﻮ ﻛﺎﻥ ﺍﻟﻐﺮﺽ ﻣﻦ ﻫﺬﺍ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺷﺮﺍﺀ‬

‫ﻣﺎﻛﻨﺔ ﻣﺜﻼ ﻓﻴﺠﺐ ﺃﻥ ﻳﺘﻢ ﺷﺮﺍﺀ ﻫﺬﻩ ﺍﳌﺎﻛﻨﺔ ﻓﻌﻼ ﻭ ﺑﻌﺪ ﺫﻟﻚ ﻳﺘﻢ ﺗﻮﺯﻳﻊ ﲦﻨﻬﺎ ﺍﻟﺬﻱ ﻫﻮ ﻋﺒﺎﺭﺓ‬

‫ﻋﻦ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺍﻹﺧﺘﻴﺎﺭﻱ‪ ،‬ﺗﻮﺯﻋﻪ ﻛﺤﺼﺺ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺑﻨﺴﺒﺔ ﻣﺴﺎﳘﺔ ﻛﻞ ﻣﻨﻬﻢ ﺑﺮﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫‪1‬ﻋﺒﺪ ﺍﻟﻔﻀﻴﻞ ﳏﻤﺪ ﺃﲪﺪ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪150‬‬

‫‪ .2‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.198‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺣﻴﺚ ﻳﺴﺘﺨﺪﻡ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻷﻏﺮﺍﺽ ﺗﻮﺳﻴﻊ ﻭ ﺗﻄﻮﻳﺮ ﺃﻋﻤﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﲢﺴﲔ ﻇﺮﻭﻑ‬

‫ﺍﻟﻌﻤﻞ ﻭ ﺍﻟﻌﻤﺎﻝ ﻓﻴﻬﺎ‪ ،‬ﻭ ﺍﻹﺷﺘﺮﺍﻙ ﰲ ﺗﺄﺳﻴﺲ ﻣﺸﺮﻭﻋﺎﺕ ﳍﺎ ﻋﻼﻗﺔ ﺑﻨﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻭﻳﺸﲑ ﺍﻟﻮﺍﻗﻊ ﺍﻟﻌﻤﻠﻲ ﺇﱃ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﺗﻠﺠﺄ ﺇﱃ ﺗﻜﻮﻳﻨﻪ ﻋﻨﺪﻣﺎ ﲢﻘﻖ ﺃﺭﺑﺎﺣﺎ ﻛﺒﲑﺓ‪.‬‬

‫ﻓﺎﻷﺭﺑﺎﺡ ﻳﻘﺘﻀﻲ ﺃﻥ ﺗﻮﺯﻉ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻓﺈﺫﺍ ﻛﺎﻧﺖ ﻛﺒﲑﺓ ﻓﻴﻤﻜﻦ ﺗﻜﻮﻳﻦ ﺇﺣﺘﻴﺎﻃﻲ ﺇﺧﺘﻴﺎﺭﻱ‬

‫ﻣﻨﻬﺎ ﺍﻟﺬﻱ ﻗﺪ ﻳﻜﻮﻥ ﺃﺣﺪ ﺃﻭﺟﻪ ﺇﻧﻔﺎﻗﻪ ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫ﺇﻻ ﺃﻥ ﺍﻟﻄﺮﻳﻘﺔ ﰲ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ‪ ،‬ﻗﺪ ﺗﺪﻓﻊ ﺃﻋﻀﺎﺀ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﻭ ﻫﻢ ﻛﺒﺎﺭ ﺍﳌﺴﺎﳘﲔ ﺇﱃ‬

‫ﺍﻟﺘﻼﻋﺐ ﺑﺄﻣﻮﺍﻝ ﺍﻟﺸﺮﻛﺔ ﺧﺎﺻﺔ ﺇﺫﺍ ﻗﺮﺭ ﺍﳌﻨﻔﺬﻭﻥ ﻣﻨﻬﻢ ﺑﻴﻊ ﺣﺼﺼﻬﻢ‪ .‬ﻷﻥ ﺍﻟﻘﻴﺪ ﺍﻟﻮﺣﻴﺪ‬
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‫ﺍﳌﻔﺮﻭﺽ ﻟﻀﺒﻂ ﺍﻟﻌﻤﻠﻴﺔ ﻫﻮ ﻣﻮﺍﻓﻘﺔ ﺍﳉﻬﺔ ﺍﻟﻘﻄﺎﻋﻴﺔ ﺍﳌﺨﺘﺼﺔ‪.‬‬

‫ﻭﻧﻌﺘﻘﺪ ﺃﻥ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻫﻲ ﻃﺮﻳﻘﺔ ﺇﺿﺎﻓﺔ ﺍﻹﺣﺘﻴﺎﻃﻲ ﺇﱃ ﺭﺃﲰﺎﻝ ﻧﻔﺴﻬﺎ ﻣﻊ ﺇﺧﺘﻼﻑ ﻫﻮ‬

‫ﺃﻥ ﻃﺮﻳﻘﺔ ﺇﺿﺎﻓﺔ ﺍﻹﺣﺘﻴﺎﻃﻲ ﳚﺐ ﺃﻥ ﻳﻜﻮﻥ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻗﺪ ﺇﺳﺘﺜﻤﺮ ﻓﻌﻼ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪:‬ﲢﻮﻳﻞ ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺣﺼﺺ‬

‫ﻳﻘﺼﺪ ﺑﺎﻟﺪﻳﻮﻥ‪ ،‬ﺗﻠﻚ ﺍﻟﺪﻳﻮﻥ ﺍﻟﱵ ﺗﺜﺒﺖ ﺑﻐﲑ ﺳﻨﺪﺍﺕ ﺍﻟﻘﺮﺽ‪ .‬ﻓﺎﻟﺸﺮﻛﺔ ﻗﺪ ﺗﻠﺠﺄ ﺇﱃ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺑﺘﺤﻮﻳﻞ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻴﻬﺎ ﻛﻠﻬﺎ ﺃﻭ ﺟﺰﺀ ﻣﻨﻬﺎ ﺇﱃ ﺣﺼﺺ‪ .‬ﺇﺫ ﻗﺪ ﳛﺪﺙ ﺃﻥ‬

‫ﺗﻜﻮﻥ ﺍﻟﺸﺮﻛﺔ ﻣﺜﻘﻠﺔ ﺑﺎﻟﺪﻳﻮﻥ ‪ ،‬ﻭﻳﻜﻮﻥ ﺇﻋﺘﺒﺎﺭﻫﺎ ﺍﳌﺎﱄ ﻣﻬﺰﻭﺯﺍ‪ .‬ﻭﻋﻠﻰ ﻫﺬﺍ ﺍﻟﻨﺤﻮ ﻻ ﺗﺴﺘﻄﻴﻊ‬
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‫‪1‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.199 ،‬‬

‫‪ 2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.80‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﺗﻠﺠﺄ ﺍﻹﻗﺘﺮﺍﺽ ﻭﻻ ﺇﱃ ﺇﺻﺪﺍﺭ ﺣﺼﺺ ﺟﺪﻳﺪﺓ‪ ،‬ﻭﺫﻟﻚ ﻟﻌﺪﻡ ﺛﻘﺔ ﺍﳉﻤﻬﻮﺭ ﲟﺮﻛﺰﻫﺎ‬

‫ﺍﳌﺎﱄ‪.‬‬

‫ﻛﻤﺎ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻣﻦ ﺍﻟﺰﻳﺎﺩﺓ ﻋﻨﺪﻣﺎ ﲣﺸﻰ ﺃﻥ ﳛﺠﻢ ﺍﳉﻤﻬﻮﺭ ﻋﻦ‬

‫ﺍﻹﻛﺘﺘﺎﺏ ﲝﺼﺺ ﺟﺪﻳﺪﺓ ﺇﺫﺍ ﻃﺮﺣﺘﻬﺎ ﻣﻦ ﺃﺟﻞ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﻋﻦ ﻃﺮﻳﻖ ﺍﻹﻛﺘﺘﺎﺏ‪ ،‬ﺃﻭ ﻋﻨﺪﻣﺎ‬

‫ﲣﺸﻰ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﻳﻌﺮﺽ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻧﻔﺴﻬﻢ ﻋﻦ ﺇﺳﺘﻌﻤﺎﻝ ﺣﻖ ﺍﻷﻓﻀﻠﻴﺔ ﺍﻟﺬﻱ ﻣﻨﺤﻬﻢ ﺇﻳﺎﻩ ﺍﻟﻘﺎﻧﻮﻥ‬
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‫ﻟﻺﻛﺘﺘﺎﺏ ﲝﺼﺺ ﺟﺪﻳﺪﺓ‪ ،‬ﻓﻴﺆﺩﻱ ﺫﻟﻚ ﺇﱃ ﺗﺪﻫﻮﺭ ﻗﻴﻤﺔ ﺃﺳﻬﻢ ﺗﻠﻚ ﺍﻟﺸﺮﻛﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪.‬‬

‫ﻭ ﻋﻠﻰ ﺍﻟﺮﻏﻢ ﻣﻦ ﺃﻥ ﺍﻟﺪﺍﺋﻨﲔ ﻏﲑ ﻣﻠﺰﻣﲔ ﺑﺘﺤﻮﻳﻞ ﺩﻳﻮ‪‬ﻢ ﺇﱃ ﺣﺼﺺ‪ ،‬ﺣﻴﺚ ﺃﻥ ﺍﳌﺴﺄﻟﺔ‬

‫ﻣﻨﻮﻃﺔ ﲟﻮﺍﻓﻘﺘﻬﻢ‪ ،‬ﻓﺈﻧﻪ ﻗﺪ ﻳﻜﻮﻥ ﻣﻦ ﻣﺼﻠﺤﺘﻬﻢ ﺃﻥ ﻳﻮﺍﻓﻘﻮﺍ ﻋﻠﻰ ﻃﻠﺐ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺃﻥ ﻻ ﻳﻄﺎﻟﺒﻮﺍ‬

‫ﺑﺈﺷﻬﺎﺭ ﺇﻓﻼﺳﻬﺎ ﻋﻨﺪﻣﺎ ﳚﺪﻭﻥ ﺃﻥ ﻣﻮﺟﻮﺩﺍ‪‬ﺎ ﺃﻗﻞ ﻣﻦ ﺩﻳﻮ‪‬ﺎ ﻓﺎﻥ ﺣﺼﻠﺖ ﻣﻮﺍﻓﻘﺔ ﺍﻟﺪﺍﺋﻨﲔ ﺑﻌﺪ ﺃﻥ‬

‫ﻗﺎﻣﺖ ﺍﻟﺸﺮﻛﺔ‬

‫ﲟﻔﺎﲢﺘﻬﻢ ﺑﺘﺤﻮﻳﻞ ﺩﻳﻮ‪‬ﻢ ﺇﱃ ﺣﺼﺺ ﻓﺈ‪‬ﻢ ﻳﺼﺒﺤﻮﻥ ﻣﺴﺎﳘﲔ ﰲ ﺍﻟﺸﺮﻛﺔ ﲝﺼﻮﳍﻢ ﻋﻠﻰ‬
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‫ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﻭ ﺗﺼﺒﺢ ﺍﻷﻣﻮﺍﻝ ﺍﳌﺴﺠﻠﺔ ﺩﻳﻨﺎ ﰲ ﺫﻣﺔ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺎﻟﻴﺔ ﻋﻨﺎﺻﺮ ﺇﳚﺎﺑﻴﺔ ﻓﻴﻬﺎ‪.‬‬

‫ﻭ ﻳﺸﺘﺮﻁ ﻓﻀﻼ ﻋﻠﻰ ﻣﻮﺍﻓﻘﺔ ﺍﻟﺪﺍﺋﻨﲔ ﺃﺻﺤﺎﺏ ﺍﳊﻘﻮﻕ ﺍﻟﱵ ﳛﺼﻞ ﲢﻮﻳﻠﻬﺎ ﺇﱃ ﺣﺼﺺ‬

‫ﺃﻧﻪ ﳚﺐ ﺃﻥ ﻻ ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﺩﺧﻮﻝ ﻫﺆﻻﺀ ﺍﻟﺪﺍﺋﻨﲔ ﺍﻹﺧﻼﻝ ﺑﺎﳊﺪ ﺍﻷﻗﺼﻰ ﻟﻌﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ‪.‬‬

‫‪":2/575 1‬ﺇﺫﺍ ﻗﺮﺭﺕ ﺍﳉﻤﻌﻴﺔ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﻣﻦ ﺩﻭﻥ ﺃﻥ ﻳﻜﻮﻥ ﺫﻟﻚ ﻣﱪﺭ ﲞﺴﺎﺋﺮ‪،‬ﻓﺈﻥ ﻟﻠﺪﺍﺋﻨﲔ ﺍﻟﺬﻳﻦ ﻛﺎﻥ ﺣﻘﻬﻢ‬
‫ﺳﺎﺑﻘﺎ ﻟﺘﺎﺭﻳﺦ ﺇﻳﺪﺍﻉ ﳏﻀﺮ ﺍﳌﺪﺍﻭﻻﺕ ﺑﻜﺘﺎﺑﺔ ﺿﺒﻂ ﺍﶈﻜﻤﺔ‪ ،‬ﺃﻥ ﻳﺮﻓﻌﻮﺍ ﻣﻌﺎﺭﺿﺔ ﰲ ﻫﺬﺍ ﺍﻟﺘﺨﻔﻴﺾ ﰲ ﺃﺟﻞ ﺷﻬﺮ ﺇﻋﺘﺒﺎﺭﺍ ﻣﻦ‬
‫ﻳﻮﻡ ﻫﺬﺍ ﺍﻹﻳﺪﺍﻉ‪ .‬ﻭﳛﻜﻢ ﺍﻟﻘﻀﺎﺀ ﺑﺮﻓﺾ ﺍﳌﻌﺎﺭﺿﺔ ﺃﻭ ﻳﺄﻣﺮ ﺇﻣﺎ ﺑﺘﺴﺪﻳﺪ ﺍﻟﺪﻳﻮﻥ ﺃﻭ ﺑﺘﻜﻮﻳﻦ ﺍﻟﻀﻤﺎﻧﺎﺕ ﺇﺫﺍ ﻋﺮﺿﺘﻬﺎ ﺍﻟﺸﺮﻛﺔ‬
‫ﻭﺇﺫﺍ ﺇﻋﺘﱪﺕ ﻛﺎﻓﻴﺔ‪ .‬ﻭﻻ ﻳﺴﻮﻍ ﺇﺑﺘﺪﺍﺀﺍ ﻋﻤﻠﻴﺎﺕ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﺃﺛﻨﺎﺀ ﺃﺟﻞ ﺍﳌﻌﺎﺭﺿﺔ‪".‬‬
‫‪ 2‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ ‪.82‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭﻻﺑﺪ ﻣﻦ ﺍﻹﺷﺎﺭﺓ‪ ،‬ﺇﱃ ﺃﻥ ﺩﺧﻮﻝ ﺍﻟﺪﺍﺋﻨﲔ ﺑﻮﺻﻔﻬﻢ ﺷﺮﻛﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺔ ﻗﺪ ﻳﺆﺩﻱ ﺇﱃ‬

‫ﲢﺴﲔ ﺇﺩﺍﺭ‪‬ﺎ‪ ،‬ﻭﺩﻓﻌﻬﺎ ﺇﱃ ﺍﻟﻌﻤﻞ ﺑﻨﺸﺎﻁ ﺃﻛﺜﺮ ﻓﺎﻋﻠﻴﺔ ﲢﻘﻴﻘﺎ ﻟﻸﺭﺑﺎﺡ‪ .‬ﻭﺑﺬﻟﻚ ﺗﺘﻠﺨﺺ ﺍﻟﺸﺮﻛﺔ‬

‫‪‬ﺬﻩ ﺍﻟﻮﺳﻴﻠﺔ ﻣﻦ ﺍﻟﺪﻳﻮﻥ ﺍﻟﱵ ﻛﺎﻧﺖ ﻋﺒﺌﺎ ﺛﻘﻴﻼ ﻋﻠﻴﻬﺎ ﲤﻨﻌﻬﺎ ﻣﻦ ﺍﻟﺴﲑ ﰲ ﻣﺸﺎﺭﻳﻌﻬﺎ‪ ،‬ﻓﻴﻘﻮﻯ‬

‫ﺇﻋﺘﻤﺎﺩﻫﺎ ﰲ ﺍﻟﺴﻮﻕ ﻭ ﺗﺮﺗﻔﻊ ﻣﻌﻪ ﻗﻴﻤﺔ ﺣﺼﺼﻬﺎ‪.‬‬

‫ﻭﳚﺐ ﺃﻥ ﺗﻜﻮﻥ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﱵ ﺗﺼﺪﺭﻫﺎ ﺍﻟﺸﺮﻛﺔ ‪‬ﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻣﺴﺎﻭﻳﺔ ﻟﻘﻴﻤﺔ‬
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‫ﺍﳊﺼﺺ ﺍﻟﱵ ﺃﺻﺪﺭ‪‬ﺎ ﻋﻨﺪ ﺗﻜﻮﻳﻨﻬﺎ‪.‬‬

‫ﻭ ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﺘﻢ ﲢﻮﻳﻞ ﺍﻟﺪﻳﻮﻥ ﺇﱃ ﺣﺼﺺ ﻋﻦ ﻃﺮﻳﻖ ﻭﻗﻮﻉ ﺍﳌﻘﺎﺻﺔ ﺑﲔ ﺍﳊﻘﻮﻕ ﻟﺪﺍﺋﻨﲔ ﰲ‬

‫ﻣﻮﺍﺟﻬﺔ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﳊﻘﻮﻕ ﺍﻟﱵ ﺗﺘﻘﺮﺭ ﰲ ﻣﻮﺍﺟﻬﺘﻬﻢ ﻧﺘﻴﺠﺔ ﺇﻧﺸﺎﺀ ﺣﺼﺺ ﺟﺪﻳﺪﺓ ﻓﻴﻬﺎ‬

‫ﳌﺼﻠﺤﺘﻬﻢ‪ ،‬ﻭ ﻳﻜﻮﻥ ﺫﻟﻚ ﳑﻜﻨﺎ ﻣﱴ ﻛﺎﻧﺖ ﺣﻘﻮﻕ ﺍﻟﺪﺍﺋﻨﲔ ﺣﻘﻴﻘﻴﺔ ﻭﻏﲑ ﻣﺘﻨﺎﺯﻉ ﻓﻴﻬﺎ‪.‬‬

‫ﻭ ﺑﺬﻟﻚ ﻧﻼﺣﻆ ﺃﻥ ﺍﻟﻘﺎﻧﻮﻥ ﺃﺟﺎﺯ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻋﻦ ﻃﺮﻳﻖ ﲢﻮﻳﻞ ﺍﻟﺪﻳﻮﻥ ﺍﳌﺘﺮﺗﺒﺔ‬

‫ﻋﻠﻴﻬﺎ ﻛﻠﻬﺎ ﺃﻭ ﺟﺰﺀ ﻣﻨﻬﺎ ﲟﻮﺍﻓﻘﺔ ﺧﻄﻴﺔ ﻣﻦ ﺃﺻﺤﺎﺏ ﻫﺬﻩ ﺍﻟﺪﻳﻮﻥ ﻭﻻ ﻳﺼﺎﺭ ﺇﱃ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ‬

‫ﺍﻟﺸﺮﻛﺔ ﺑﺮﲰﻠﺔ ﺍﻟﺪﻳﻮﻥ ﻛﻠﻬﺎ ﺃﻭ ﺟﺰﺀ ﻣﻨﻬﺎ ﺇﻻ ﺑﻘﺮﺍﺭ ﺗﺘﺨﺬﻩ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﰲ ﺇﺟﺘﻤﺎﻉ‬

‫ﻏﲑ ﻋﺎﺩﻱ ﺑﻌﺪ ﺍﳌﻮﺍﻓﻘﺔ ﺍﳋﻄﻴﺔ ﻟﻠﺪﺍﺋﻨﲔ ﺍﳌﺮﺍﺩ ﺇﺷﺘﺮﺍﻛﻬﻢ ﰲ ﺍﻟﺸﺮﻛـﺔ‪ ،‬ﻭﳜﻀﻊ ﺍﻟﻘﺮﺍﺭ ﻹﺟﺮﺍﺀﺍﺕ‬

‫‪1‬ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪.203 ،‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻮﺍﻓﻘﺔ ﻭ ﺍﻟﺘﺴﺠﻴﻞ ﻭ ﺍﻟﻨﺸﺮ ﲟﻘﺘﻀﻰ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﺃﻣﺎ ﻋﻦ ﺗﺴﺪﻳﺪ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺍﻟﱵ ﲤﻨﺢ‬
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‫ﻟﻠﺪﺍﺋﻨﲔ ﻓﺈ‪‬ﺎ ﲡﺮﻱ ﻋﻦ ﻃﺮﻳﻖ ﺍﳌﻘﺎﺻﺔ‪ ،‬ﻭ ﺍﳌﻘﺎﺻﺔ ﻫﻨﺎ ﺗﻜﻮﻥ ﺍﺗﻔﺎﻗﻴﺔ‪.‬‬

‫‪ 1‬ﺍﳌﺎﺩﺓ ‪ 688‬ﻕ‪.‬ﺕ‪ ":‬ﺗﺼﺒﺢ ﺍﻷﺳﻬﻢ ﺍﳉﺪﻳﺪﺓ ﻣﺴﺪﺩﺓ ﺍﻟﻘﻴﻤﺔ ﺇﺫﺍ ﻗﺪﻣﺖ ﻧﻘﺪﺍ ﺃﻭ ﺑﺎﳌﻘﺎﺻﺔ ﻣﻊ ﺩﻳﻮﻥ ﻣﻌﻴﻨﺔ ﺍﳌﻘﺪﺍﺭ ﻭ ﻣﺴﺘﺤﻘﺔ‬
‫ﺍﻷﺩﺍﺀ ﻣﻦ ﺍﻟﺸﺮﻛﺔ ﻭ ﺇﻣﺎ ﺑﻀﻢ ﺍﻹﺣﺘﻴﺎﻁ ﺃﻭ ﺍﻷﺭﺑﺎﺡ ﺃﻭ ﻋﻼﻭﺓ ﺍﻹﺻﺪﺍﺭ ﺃﻭ ﲟﺎ ﻳﻘﺪﻡ ﻣﻦ ﺣﺼﺺ ﻋﻴﻨﻴﺔ ﻭ ﺇﻣﺎ ﺑﺘﺤﻮﻳﻞ ﺳﻨﺪﺍﺕ‬
‫ﺑﺎﻣﺘﻴﺎﺯﺍﺕ ﺃﻭ ﺑﺪﻭ‪‬ﺎ"‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪:‬ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﳛﺪﺩ ﻋﻘﺪ ﺍﻟﺸﺮﻛﺔ ﻣﻘﺪﺍﺭ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭﳚﺐ ﺃﻥ ﻳﺒﻘﻰ ﺛﺎﺑﺘﺎ ﻃﻮﺍﻝ ﺣﻴﺎﺓ ﺍﻟﺸﺮﻛـﺔ‪ ،‬ﻭﻻ‬

‫ﳚﻮﺯ ﻟﻠﺸﺮﻛﺎﺀ ﺃﻥ ﻳﺴﺘﺮﺩﻭﺍ ﺃﻱ ﺟﺰﺀ ﻣﻨﻪ ﻋﻠﻰ ﺣﺴﺎﺏ ﺍﻟﺪﺍﺋﻨﲔ ﻭ ﺇﻻ ﻛﺎﻥ ﻣﻌﲎ ﻫﺬﺍ ﺇﺿﻌﺎﻑ‬

‫ﺍﻟﻀﻤﺎﻥ ﺍﻟﺬﻱ ﺇﻋﺘﻤﺪ ﻋﻠﻴﻪ ﺍﻟﺪﺍﺋﻨﻮﻥ‪ ،‬ﻏﲑ ﺃﻥ ﻫﺬﺍ ﻻ ﻳﻌﲏ ﺃﻥ ﺍﻟﺸﺮﻛﺔ ﻣﻠﺰﻣﺔ ﺑﺈﺑﻘﺎﺀ ﺭﻗﻢ ﺭﺃﲰﺎﻝ‬

‫ﻋﻠﻰ ﺣﺎﻟﺘﻪ ﺍﻷﺻﻠﻴـﺔ‪ ،‬ﻓﻘﺪ ﺗﻄﺮﺃ ﻇﺮﻭﻑ ﺗﻀﻄﺮﻫﺎ ﺇﱃ ﲣﻔﻴﻀﻪ ﻭﻻ ﺣﺮﺝ ﰲ ﺫﻟﻚ ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ‬

‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺑﺸﺮﻁ ﻣﺮﺍﻋﺎﺓ ﺍﻟﺸﺮﻭﻁ ﻭ ﺍﻷﻭﺿﺎﻉ ﺍﳌﻘﺮﺭﺓ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ‪.‬‬

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‫ﻭ ﻋﻠﻴﻪ ﺳﻮﻑ ﻧﻘﺴﻢ ﻫﺬﺍ ﺍﳌﺒﺤﺚ ﺇﱃ ﺛﻼﺛﺔ ﻣﻄﺎﻟﺐ ‪ :‬ﻧﺘﻨﺎﻭﻝ ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ﰲ ﺃﺳﺒﺎﺏ‬

‫ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ ﰲ ﺷﺮﻭﻁ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺃﻣﺎ ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ ﰲ‬

‫ﺇﺟﺮﺍﺀﺍﺕ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪1‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺘﺨﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ )ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ ﻭ ﺍﳋﺎﺻﺔ(‪ ،‬ﺍﻟﻄﺒﻌﺔ‬
‫ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﳌﻜﺘﺒﺔ ﺍﻟﻮﻃﻨﻴﺔ‪،‬ﻋﻤـﺎﻥ ‪ ،2008 ،‬ﺹ‪91‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪:‬ﺃﺳﺒﺎﺏ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﻋﻤﻠﻴﺔ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺍﻷﻣﻮﺭ ﺍﻟﱵ ﳚﺐ ﻋﺪﻡ ﺍﻟﻠﺠﻮﺀ ﺇﻟﻴﻬﺎ ﺇﻻ ﻟﻮﺟﻮﺩ ﺃﺳﺒﺎﺏ‬

‫ﺭﺋﻴﺴﻴﺔ ﻭﻣﻘﻨﻌﺔ‪ ،‬ﻷﻥ ﻫﺪﻑ ﺍﻟﺸﺮﻛﺔ ﺍﻷﺳﺎﺳﻲ ﻫﻮ ﺇﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﻝ ﺍﻟﺸﺮﻛﺎﺀ ﰲ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﻣﻦ‬

‫ﺃﺟﻞ ﲢﻘﻴﻖ ﻫﺪﻓﻬﺎ‪ ،‬ﻭﺳﺤﺐ ﺟﺰﺀ ﻫﺬﻩ ﺍﻷﻣﻮﺍﻝ ﻳﻌﲏ ﺍﻟﺘﺄﺛﲑ ﰲ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﻭﻫﻮ ﺃﻣﺮ ﻻ ﳛﺒﺬﻩ‬

‫ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛــﺎﺕ‪ ،‬ﻭﺗﻘﻮﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﻟﻌﺪﺓ ﺃﺳﺒﺎﺏ ﺳﻨﺘﻨﺎﻭﳍﺎ ﻭﻫﻲ‪:‬‬

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‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻋﻦ ﺣﺎﺟﺔ ﺍﻟﺸﺮﻛﺔ‬

‫ﺇﻥ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻭﺳﻴﻠﺔ ﻹﻋﻔﺎﺀ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ‬

‫ﺩﻓﻊ ﺍﻷﻗﺴﺎﻁ ﺍﳌﺘﺒﻘﻴﺔ ﻟﻠﺤﺼﺺ ﺍﻟﱵ ﺇﻛﺘﺘﺒﻮﺍ ‪‬ﺎ‪ ،‬ﻭﻗﺪ ﻳﻜﻮﻥ ﻭﺳﻴﻠﺔ ﻹﻋﺎﺩﺓ ﻗﺴﻢ ﻣﻦ ﻗﻴﻤﺔ ﺍﳊﺼﺺ‬

‫ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻟﺬﻟﻚ ﻳﻄﻠﻖ ﺟﺎﻧﺐ ﻣﻦ ﺍﻟﻔﻘﻪ ﻋﻠﻰ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺇﺳﻢ ﺍﻟﺘﺨﻔﻴﺾ ﺍﳊﻘﻴﻘﻲ‪ ،‬ﻭﲣﻔﻴﺾ‬

‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻟﺰﻳﺎﺩﺗﻪ ﻋﻦ ﺣﺎﺟﺘﻬﺎ ﻳﻜﻮﻥ ﺇﻣﺎ ﺑﺴﺒﺐ ﺳﻮﺀ ﺗﻘﺪﻳﺮ ﺍﳌﺆﺳﺴﲔ‪ ،‬ﻛﻤﺎ ﻟﻮ ﰎ ﺇﻧﺸﺎﺀ‬

‫ﻣﺸﺮﻭﻉ ﺑﻘﻴﻤﺔ ﺃﻗﻞ ﻣﻦ ﺍﳌﺒﻠﻎ ﺍﳌﻘﺪﺭ ﻟﺒﻨﺎﺋﻪ ﺇﺑﺘﺪﺍﺀﺍ ﻓﻴﺰﻳﺪ ﺭﺃﲰﺎﻝ ﻋﻦ ﺣﺎﺟﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺃﻭ ﺑﺴﺒﺐ‬

‫ﻛﺴﺎﺩ ﺍﻷﻋﻤﺎﻝ ﺃﻭ ﻟﻘﻠﺔ ﺍﻟﻄﻠﺐ ﻋﻠﻰ ﺧﺪﻣﺎﺕ ﺍﻟﺸﺮﻛﺔ ﻭ ﻣﻨﺘﺠﺎ‪‬ﺎ ﻓﺘﻌﻤﺪ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﲣﻔﻴﺾ‬

‫ﺭﺃﲰﺎﻝ ﲟﻘﺪﺍﺭ ﺍﳉﺰﺀ ﺍﻟﺰﺍﺋﺪ ﻋﻦ ﺣﺎﺟﺘﻬﺎ ﺑﺄﻥ ﺗﺮﺩ ﺍﻟﻘﺪﺭ ﺍﻟﻔﺎﺋﺾ ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻟﻜﻲ ﺗﺒﻘﻴﻪ ﺑﺎﻟﻘﺪﺭ‬

‫ﺍﻟﺬﻱ ﻳﻜﻔﻲ ﳌﻤﺎﺭﺳﺔ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﺃﻭ ﺃﻥ ﺍﳌﺸﺮﻭﻉ ﻳﺮﺑﺢ ﰲ ﺍﻟﺴﻨﻮﺍﺕ ﺍﻷﻭﱃ ﻣﻦ ﻋﻤﺮﻩ ﻣﺒﺎﻟﻎ ﻛﺒﲑﺓ‬

‫ﻓﻴﺼﺒﺢ ﺭﺃﲰﺎﻝ ﻏﲑ ﺍﳌﺪﻓﻮﻉ ﺯﺍﺋﺪﺍ ﻋﻦ ﺣﺎﺟﺔ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭ ﺗﺘﺠﻤﻊ ﰲ ﺍﻹﺣﺘﻴﺎﻃﻲ ﻣﺒﺎﻟﻎ ﻛﺒﲑﺓ ﻗﺪ ﻻ‬

‫ﺗﺴﺘﻄﻴﻊ ﺍﻟﺸﺮﻛﺔ ﺇﻋﺎﺩﺓ ﺇﺳﺘﺜﻤﺎﺭﻫﺎ ﻟﺒﻠﻮﻍ ﺍﳌﺸﺮﻭﻉ ﺍﻟﺬﻱ ﺗﺪﻳﺮﻩ ﻛﻔﺎﻳﺘﻪ ﻣﻦ ﺍﻟﺘﻮﺳﻊ ﺍﻻﻗﺘﺼﺎﺩﻱ‪،‬‬

‫‪. 1‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.92‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻓﺘﺒﻘﻰ ﻫﺬﻩ ﺍﻷﻣﻮﺍﻝ ﰲ ﺍﻟﻐﺎﻟﺐ ﳎﻤﺪﺓ ﰲ ﺍﻟﺒﻨﻮﻙ‪ ،‬ﻣﻘﺎﺑﻞ ﻓﺎﺋﺪﺓ ﻗﻠﻴﻠﺔ‪ ،‬ﺍﻷﻣﺮ ﺍﻟﺬﻱ ﺗﺮﻯ ﲟﻮﺟﺒﻪ‬

‫ﺇﺩﺍﺭﺓ ﺍﻟﺸﺮﻛﺔ ﺃﻥ ﻣﻦ ﺍﳌﺼﻠﺤﺔ ﺇﻋﺎﺩ‪‬ﺎ ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ ﻟﺮﻓﻊ ﻧﺴﺒﺔ ﺍﻟﺮﺑﺢ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﳌﺴﺘﺜﻤﺮ ﻭ ﻗﺪ‬

‫ﻳﺆﺩﻱ ﺭﻓﻊ ﻧﺴﺒﺔ ﺍﻟﺮﺑﺢ ‪‬ﺬﻩ ﺍﻟﺼﻮﺭﺓ ﺇﱃ ﺍﻹﻗﺒﺎﻝ ﻋﻠﻰ ﺷﺮﺍﺀ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭ ﺑﺎﻟﻨﺘﻴﺠﺔ ﺯﻳﺎﺩﺓ‬
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‫ﺃﻗﻴﺎﻣﻬﺎ ﺍﻟﺴﻮﻗﻴﺔ ﺍﻟﱵ ﺗﺮﻓﻊ ﻣﻦ ﲰﻌﺔ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﻓﻀﻼ ﻋﻦ ﺫﻟﻚ ﺗﺘﻔﺎﺩﻯ ﺍﻟﺸﺮﻛﺔ ﺩﻓﻊ ﺃﺭﺑﺎﺡ ﻋﻦ ﺃﻣﻮﺍﻝ ﻏﲑ ﻣﺴﺘﺜﻤﺮﺓ ﻓﻌﻼ‪ ،‬ﻛﻤﺎ ﺃﻥ ﺑﻘﺎﺀ‬

‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺰﺍﺋﺪ ﻋﻠﻰ ﺣﺎﻟﻪ‪ ،‬ﻳﺴﺘﻠﺰﻡ ﻣﻦ ﺍﻟﺸﺮﻛﺔ ﺍﻹﺣﺘﻔﺎﻅ ﲟﻮﺟﻮﺩﺍﺕ ﻣﺴﺎﻭﻳﺔ ﻟﻪ ﰲ ﻗﻴﻤﺘﻬﺎ‬

‫ﻛﺸﺮﻁ ﻣﺴﺒﻖ ﻟﺘﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻛﻤﺎ ﻳﻘﺘﻀﻲ ﻋﻠﻴﻬﺎ ﺍﻻﺳﺘﻤﺮﺍﺭ ﰲ ﺇﻗﺘﻄﺎﻉ ﻧﺴﺒﺔ‬

‫ﺍﻹﺣﺘﻴﺎﻃﻲ ﺣﱴ ﻳﺒﻠﻎ ﺭﺻﻴﺪﻩ ﺍﻟﻨﺴﺒﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﻣﻦ ﺭﺃﲰﺎﻝ ﳑﺎ ﻳﺆﺛﺮ ﺑﺪﻭﺭﻩ ﰲ ﺇﻣﻜﺎﻧﻴﺔ ﺗﻮﺯﻳﻊ ﺍﻷﺭﺑﺎﺡ‬

‫ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ‪ ،‬ﻭﻗﺪ ﻳﻜﻮﻥ ﻣﻦ ﻣﺼﻠﺤﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻳﻀﺎ ﺗﻮﺯﻳﻊ ﺍﻟﺰﻳﺎﺩﺓ ﻋﻠﻴﻬﻢ ﻹﺳﺘﻐﻼﳍﺎ ﻣﻦ ﻗﺒﻠﻬﻢ‬
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‫ﰲ ﻣﺸﺎﺭﻳﻊ ﻗﺪ ﺗﻌﻮﺩ ﻋﻠﻴﻬﻢ ﺑﺎﻟﻔﺎﺋﺪﺓ ﺑﺪﻻ ﻣﻦ ﺑﻘﺎﺋﻬﺎ ﳎﻤﺪﺓ ﺩﻭﻥ ﺇﺳﺘﻌﻤﺎﻝ ﻟﺪﻯ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻻﺷﻚ‬

‫ﰲ ﺃﻥ ﻫﺬﻩ ﺍﻟﻌﻤﻠﻴﺔ ﺗﻔﻴﺪ ﺍﻹﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ ﺑﻜﺎﻣﻠﻪ ﻷ‪‬ﺎ ﺗﻄﺮﺡ ﰲ ﺍﻷﺳﻮﺍﻕ ﺃﻣﻮﺍﻻ ﳎﻤﺪﺓ ﻳﺆﺩﻱ ﺇﱃ‬

‫ﺗﺪﺍﻭﳍﺎ ﺣﺘﻤﺎ ﺇﱃ ﺍﻹﻧﻌﺎﺵ ﺍﳊﺮﻛﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ‪ ،‬ﻭﻣﻊ ﺫﻟﻚ ﻳﻌﺪ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﻟﺰﻳﺎﺩﺗﻪ ﻋﻦ ﺣﺎﺟﺘﻬﺎ ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﲟﺜﺎﺑﺔ ﺗﺼﻔﻴﺔ ﺟﺰﺋﻴﺔ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭ ﺑﺬﺍﺕ ﺍﻟﻮﻗﺖ ﻫﻮ‬

‫ﺟﻮﺍﺯﻱ ﻻ ﻳﻠﺰﻡ ﺍﻟﺸﺮﻛﺔ ﺑﺈﺟﺮﺍﺀ ﺍﻟﺘﺨﻔﻴﺾ‪.‬‬

‫‪ 1‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﻧﻔﺲ ﺍﳌﺮﺟﻊ‪ ،‬ﺹ‪.93‬‬

‫‪2‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪280‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﻭ ﺟﻮﺩ ﺧﺴﺎﺋﺮ‬

‫ﻏﺎﻟﺒﺎ ﻣﺎ ﻳﻜﻮﻥ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﻧﺎﲨﺎ ﻋﻦ ﺍﳋﺴﺎﺋﺮ‪ ،‬ﻭ ﻳﻘﺼﺪ ﲞﺴﺎﺋﺮ ﺍﻟﺸﺮﻛﺔ‪ :‬ﺍﳋﺴﺎﺭﺓ ﺍﻟﱵ‬

‫ﻳﺴﻔﺮ ﻋﻨﻬﺎ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ﰲ ﻣﺪﺓ ﻣﻌﻴﻨﺔ‪ ،‬ﻭﺗﺘﺤﻘﻖ ﺍﳋﺴﺎﺭﺓ ﻋﻨﺪﻣﺎ ﺗﻜﻮﻥ ﺧﺼﻮﻡ ﺍﻟﺸﺮﻛﺔ ﺑﻌﺪ‬

‫ﺇﻧﺘﻬﺎﺀ ﺍﻟﺴﻨﺔ ﺍﳌﺎﻟﻴﺔ ﺃﻛﺜﺮ ﻣﻦ ﺍﻷﺻﻮﻝ‪ ،‬ﻭﻗﺪ ﻳﻨﺼﺮﻑ ﻣﻌﲎ ﺍﳋﺴﺎﺭﺓ ﺃﻳﻀﺎ ﺇﱃ ﺍﻟﺪﻳﻮﻥ ﺍﳌﻌﺪﻭﻣﺔ ﺍﻟﱵ‬

‫ﻳﺼﻌﺐ ﲢﺼﻴﻠﻬﺎ ‪.‬‬

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‫ﻭ ﺗﻠﺤﻖ ﺍﳋﺴﺎﺋﺮ ﺑﺎﻟﺸﺮﻛﺔ ﺍﳌﻌﻨﻴﺔ ﺇﻣﺎ ﻧﺘﻴﺠﺔ ﻟﻌﻤﻠﻴﺎﺕ ﺍﻟﺘﺸﻐﻴﻞ‪ ،‬ﺃﻭ ﻧﺘﻴﺠﺔ ﳌﻐﺎﻻﺓ ﺍﳌﺆﺳﺴﲔ‬

‫ﰲ ﺗﻘﺪﱘ ﺍﳊﺼﺺ ﺍﻟﻌﻴﻨﻴﺔ ﺳﻮﺍﺀ ﰲ ﻣﺮﺣﻠﺔ ﺍﻟﺘﺄﺳﻴﺲ‪ ،‬ﺃﻭ ﻋﻨﺪ ﲢﻮﻳﻞ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺷﻜﻞ ﺇﱃ ﺷﻜﻞ‬

‫ﺁﺧﺮ‪ ،‬ﻛﻤﺎ ﻟﻮ ﰎ ﲢﻮﻳﻞ ﺷﺮﻛﺔ ﺗﻀﺎﻣﻦ ﺇﱃ ﺷﺮﻛﺔ ﺫﺍﺕ ﻣﺴﺆﻭﻟﻴﺔ ﳏﺪﻭﺩﺓ ﰲ ﺗﻘﻴﻴﻢ ﺍﳌﻘﺪﻣﺎﺕ‬

‫ﺍﻟﻌﻴﻨﻴﺔ ﻹﻋﺎﺩﺓ ﺇﺣﺘﺴﺎﺏ ﺭﺃﲰﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺍﻟﱵ ﲢﻮﻟﺖ ﺇﻟﻴﻬﺎ‪ ،‬ﻭ ﻗﺪ ﲢﺪﺙ ﺍﳌﺒﺎﻟﻐﺔ ﻋﻨﺪ ﺍﻹﻧﺪﻣﺎﺝ‬

‫ﺑﲔ ﺷﺮﻳﻜﺘﲔ ﻹﺣﺘﺴﺎﺏ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺪﺍﳎﺔ‪ ،‬ﺃﻭ ﻋﻨﺪ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﲟﻮﺟﺐ ﺗﻘﺪﱘ ﺣﺼﺺ‬

‫ﻋﻴﻨﻴﺔ ﻣﺒﺎﻟﻎ ﰲ ﺗﻘﺪﻳـﺮﻫﺎ‪ ،‬ﺃﻭ ﻋﻨﺪ ﺇﻋﺎﺩﺓ ﺗﻘﻴﻴﻢ ﺃﺻﻮﻝ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫ﺇﺫﺍ ﺗﺒﲔ ﻋﻨﺪ ﻣﻘﺎﺭﻧﺔ ﺍﻷﺻﻞ ﺍﻟﺼﺎﰲ ﻟﻠﺸﺮﻛﺔ ﻣﻊ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻹﲨﺎﱄ ﻭﺫﻟﻚ ﺑﻌﺪ ﻃﺮﺡ‬

‫ﺍﳋﺼﻮﻡ )ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ ( ﺃﻥ ﺍﻟﻨﺎﺗﺞ ﺍﳊﺎﺻﻞ ﺃﻗﻞ ﻣﻦ ﺭﺃﲰﺎﻝ ﺍﶈـــــﺪﺩ ‪ ،‬ﻭﺃﻥ ﺍﳋﺴﺎﺭﺓ‬
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‫ﲤﺴﻪ ﰲ ﺣـﺪﻭﺩ ¾ ﺭﺃﲰـﺎﻝ‪ ،‬ﺃﻱ ﺃﺻﺒﺢ ﺍﻷﺻﻞ ﺍﻟﺼﺎﰲ ﻟﻠﺸﺮﻛﺔ ﺍﻗﻞ ﻣﻦ ‪ 1/4‬ﺭﺃﲰﺎﳍﺎ‪ .‬ﻫﻨﺎ‬

‫‪ 1‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪،‬ﺹ‪.281.‬‬

‫‪2‬ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.282‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺃﻟﺰﻡ ﺍﻟﻘﺎﻧﻮﻥ ﲟﻮﺟﺐ ﺍﳌﺎﺩﺓ ‪2/589‬ﻣﻦ ﻕ‪.‬ﺕ‪" :‬ﻻ ﺗﻨﺤﻞ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺑﻨﺘﻴﺠﺔ ﺍﳊﻈﺮ ﻋﻠﻰ ﺃﺣﺪ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﺗﻔﻠﻴﺴﻪ ﺃﻭ ﻭﻓﺎﺗﻪ ﺇﻻ ﺇﺫﺍ ﺗﻀﻤﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ ﺷﺮﻃﺎ ﳐﺎﻟﻔﺎ ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﺍﻷﺧﲑﺓ‪.‬‬

‫ﻭﰲ ﺣﺎﻟﺔ ﺧﺴﺎﺭﺓ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﳚﺐ ﻋﻠﻰ ﺍﳌﺪﻳﺮﻳﻦ ﺇﺳﺘﺸﺎﺭﺓ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﻟﻠﻨﻈﺮ ﻓﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻥ ﻳﺘﻌﲔ ﺇﺻﺪﺍﺭ ﻗﺮﺍﺭ ﲝﻞ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﻳﻠﺰﻡ ﰲ ﲨﻴﻊ ﺍﳊﺎﻻﺕ ﺇﺷﻬﺎﺭ ﻗﺮﺍﺭ ﺍﻟﺸﺮﻛﺎﺀ‬

‫ﰲ ﺻﺤﻴﻔﺔ ﻣﻌﺘﻤﺪﺓ ﻟﺘﻠﻘﻲ ﺍﻹﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﰲ ﺍﻟﻮﻻﻳﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺮﺋﻴﺴﻲ ﺗﺎﺑﻌﺎ‬

‫ﳍﺎ ﻭ ﺇﻳﺪﺍﻋﻪ ﺑﻜﺘﺎﺑﺔ ﺿﺒﻂ ﺍﶈﻜﻤﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻫﺬﺍ ﺍﳌﺮﻛﺰ ﺗﺎﺑﻌﺎ ﳍﺎ ﻭ ﻗﻴﺪﻩ ﺑﺎﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ"‪.‬‬

‫ﳌﺪﻳﺮﻳﺔ ﺍﻟﺸﺮﻛﺔ ﺑﺎﲣﺎﺫ ﺑﻌﺾ ﺍﳊﻠﻮﻝ‪ ،‬ﻭﺫﻟﻚ ﺑﻌﺪ ﺍﻟﻘﻴﺎﻡ ﺑﺎﻹﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺎﻟﻴﺔ‪:‬‬

‫‪ _1‬ﺇﺳﺘﺸﺎﺭﺓ ﺍﻟﺸﺮﻛﺎﺀ ﻟﻠﻨﻈﺮ ﻓﻴﻤﺎ ﺇﺫﺍ ﻛﺎﻥ ﻳﺘﻌﲔ ﺇﺻﺪﺍﺭ ﻗﺮﺍﺭ ﲝﻞ ﺍﻟﺸﺮﻛﺔ‪.‬‬

‫‪ _2‬ﲤﻨﺢ ﳍﻢ ﻣﻬﻠﺔ ﺃﺭﺑﻌﺔ ﺃﺷﻬﺮ ﻹﲣﺎﺫ ﻗﺮﺍﺭ ﻣﻦ ﻳﻮﻡ ﺍﳌﺼﺎﺩﻗﺔ ﻋﻠﻰ ﺍﳊﺴﺎﺑﺎﺕ ﺍﳌﺜﺒﺘﺔ ﻟﻠﺨﺴﺎﺋﺮ‪.‬‬

‫‪ _3‬ﺇﺫﺍ ﻗﺮﺭ ﺍﻟﺸﺮﻛﺎﺀ ﺇﺳﺘﻤﺮﺍﺭ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﳚﺐ ﻋﻠﻴﻬﻢ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺣﺪﻭﺩ ﺍﳋﺴﺎﺭﺓ‬

‫ﺍﶈﻘﻘﺔ ﺣﱴ ﻳﻜﻮﻥ ﻣﺘﻨﺎﺳﺒﺎ ﻣﻊ ﻗﻴﻤﺘﻪ ﺍﻟﻔﻌﻠﻴﺔ‪ ،‬ﺗﻄﺒﻴﻘﺎ ﻟﻘﻮﺍﻋﺪ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ‪.‬‬

‫‪ _4‬ﻭﺃﺧﲑﺍ‪ ،‬ﺇﺫﺍ ﱂ ﻳﺴﺘﺸﺮ ﺍﳌﺪﻳﺮﻭﻥ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻭ ﱂ ﻳﺘﻤﻜﻦ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻦ ﺍﳌﺪﺍﻭﻟﺔ ﻋﻠﻰ ﺍﻟﻮﺟﻪ‬

‫ﺍﻟﺼﺤﻴـﺢ‪ ،‬ﺟﺎﺯ ﻟﻜﻞ ﻣﻦ ﻳﻬﻤﻪ ﺍﻷﻣﺮ ﺃﻥ ﻳﻄﻠﺐ ﺣﻞ ﺍﻟﺸﺮﻛﺔ ﺃﻣﺎﻡ ﺍﻟﻘﻀﺎﺀ‪.‬‬

‫ﻭﻧﻈﺮﺍ ﻷﳘﻴﺔ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺑﺎﻋﺘﺒﺎﺭﻩ ﺍﻟﻀﻤﺎﻥ ﺍﻟﻮﺣﻴﺪ‬

‫ﻟﺪﺍﺋﲏ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻓﻘﺪ ﺃﻭﺟﺐ ﺍﻟﻘﺎﻧﻮﻥ ﺷﻬﺮ ﺍﻟﻘﺮﺍﺭ ﺍﻟﺬﻱ ﺇﲣﺬﻩ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﻣﻬﻤﺎ ﻛﺎﻥ ﺍﳊﻞ ﺃﻭ‬

‫ﺍﻹﺳﺘﻤﺮﺍﺭ ﰲ ﺻﺤﻴﻔﺔ ﻣﻌﺘﻤﺪﺓ ﻟﺘﻠﻘﻲ ﺍﻹﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﰲ ﺍﻟﻮﻻﻳﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻣﺮﻛﺰ ﺍﻟﺸﺮﻛﺔ‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﻟﺮﺋﻴﺴﻲ ﺗﺎﺑﻌﺎ ﳍﺎ‪ ،‬ﻭﺇﻳﺪﺍﻋﻪ ﺑﻜﺘﺎﺑﺔ ﺿﺒﻂ ﺍﶈﻜﻤﺔ ﺍﻟﱵ ﻳﻜﻮﻥ ﻫﺬﺍ ﺍﳌﺮﻛﺰ ﺗﺎﺑﻌﺎ ﳍﺎ ﻭ ﻗﻴﺪﻩ ﺑﺎﻟﺴﺠﻞ‬

‫ﺍﻟﺘﺠﺎﺭﻱ ‪.‬‬
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‫ﻭﻗﺪ ﺭﺗﺐ ﺍﻟﻘﺎﻧﻮﻥ ﻋﻠﻰ ﺇﳘﺎﻝ ﺫﻟﻚ‪ ،‬ﻭﺇﳘﺎﻝ ﻛﺎﻓﺔ ﺍﻹﺟﺮﺍﺀﺍﺕ ﺍﳌﺘﻮﺟﺐ ﺃﺧﺬﻫﺎ ﻋﻘﻮﺑﺎﺕ‬

‫ﺟﺰﺍﺋﻴـﺔ‪ ،‬ﺑﻨﺼﻪ ﰲ ﺍﳌﺎﺩﺓ ‪ 803‬ﻣﻦ ﻕ‪.‬ﺕ‪.‬ﺝ ﻋﻠﻰ ﻣﺎ ﻳﻠﻲ‪" :‬ﻳﻌﺎﻗﺐ ﺑﺎﳊﺒﺲ ﻣﻦ ﺷﻬﺮ ﺇﱃ ﺛﻼﺛﺔ‬

‫ﺃﺷﻬﺮ ﻭ ﺑﻐﺮﺍﻣﺔ ﻣﻦ ‪ 20.000‬ﺇﱃ ‪ 200.000‬ﺩ‪.‬ﺝ ﺃﻭ ﺑﺈﺣﺪﻯ ﻫﺎﺗﲔ ﺍﻟﻌﻘﻮﺑﺘﲔ ﻓﻘﻂ ﺍﳌﺴﲑﻭﻥ‬

‫ﺍﻟﺬﻳﻦ ﻳﺘﺨﻠﻔﻮﻥ ﻣﻊ ﺍﻟﺘﻌﻤﺪ‪ ،‬ﺇﺫﺍ ﻗﻞ ﻣﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﻟﺼﺎﰲ ﻋﻦ ﺭﺑﻊ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺟﺮﺍﺀ‬

‫ﺍﳋﺴﺎﺋﺮ ﺍﻟﺜﺎﺑﺘﺔ ﰲ ﺍﳌﺴﺘﻨﺪﺍﺕ ﺍﳊﺴﺎﺑﻴﺔ‪:‬‬

‫‪1‬ـ ﻋﻦ ﺇﺳﺘﺸﺎﺭﺓ ﺍﻟﺸﺮﻛﺎﺀ ﻹﲣﺎﺫ ﻗﺮﺍﺭ ﺑﻮﺟﻮﺏ ﺍﻹﳓﻼﻝ ﺍﳌﺴﺒﻖ ﻟﻠﺸﺮﻛﺔ ﺇﺫﺍ ﻛﺎﻥ ﻟﺬﻟﻚ ﳏﻞ ﰲ‬

‫ﻇﺮﻭﻑ ﺍﻷﺭﺑﻌﺔ ﺍﻷﺷﻬﺮ ﺍﻟﺘﺎﻟﻴﺔ ﻟﻠﻤﻮﺍﻓﻘﺔ ﻋﻠﻰ ﺍﳊﺴﺎﺑﺎﺕ ﺍﻟﱵ ﺃﻇﻬﺮﺕ ﺗﻠﻚ ﺍﳋﺴﺎﺋﺮ‬

‫‪2‬ـ ﻋﻦ ﺇﻳﺪﺍﻉ ﺍﻟﻘﺮﺍﺭ ﺍﻟﺬﻱ ﺇﲣﺬﻩ ﺍﻟﺸﺮﻛﺎﺀ ﺑﻜﺘﺎﺑﺔ ﺍﶈﻜﻤﺔ ﻭ ﻧﺸﺮﻩ ﰲ ﺟﺮﻳﺪﺓ ﻣﻌﺘﻤﺪﺓ ﻟﺘﻠﻘﻲ‬

‫ﺍﻹﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ"‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺭﺃﲰﺎﻝ‬

‫ﻧﺺ ﺍﳌﺸﺮﻉ ﰲ ﺍﳌﺎﺩﺓ ‪ 1/566‬ﻕ‪.‬ﺕ ﺍﻟﺬﻱ ﺣﺪﺩﺕ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ ﻭ ﻫﻮ‬

‫‪100.000‬ﺩﺝ ﻭ ﻫﺬﺍ ﺍﳊﺪ ﺍﻷﺩﱏ ﻫﻮ ﺷﺮﻁ ﺃﺳﺎﺳﻲ ﻟﺘﻜﻮﻳﻦ ﺍﻟﺸﺮﻛﺔ ﻋﻠﻰ ﻭﺟﻪ ﺻﺤﻴـﺢ‪،‬‬

‫‪ 1‬ﻫﺎﱐ ﺻﻼﺡ ﺳﺮﻯ ﺍﻟﺪﻳﻦ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﻟــﻰ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﻣﺼﺮ‪ ،2001 ،‬ﺹ‬
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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭﻫﻮ ﺷﺮﻁ ﺇﺑﺘﺪﺍﺀ ﻭ ﺷﺮﻁ ﺑﻘﺎﺀ‪ ،‬ﲝﻴﺚ ﺇﺫﺍ ﻧﻘﺺ ﺭﺃﺱ ﺍﳌﺎﻝ ﻋﻦ ﺍﳊﺪ ﺍﳌﺬﻛﻮﺭ ﺃﺛﻨﺎﺀ ﻧﺸﺎﻁ‬

‫ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺟﺐ ﰲ ﻣﻬﻠﺔ ﺳﻨﺔ ﺇﻛﻤﺎﻟﻪ‪ ،‬ﺃﻭ ﲢﻮﻳﻞ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﻧﻮﻉ ﺃﺧﺮ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ‪.‬‬
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‫ﻭﻳﺘﺒﲔ ﺃﻥ ﻟﻠﺸﺮﻛﺔ ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺭﺃﲰﺎﳍﺎ ﺑﺘﻐﻴﲑ ﺭﺃﲰﺎﳍﺎ ﺍﳌﺼﺮﺡ ﺑﻪ ﻭ ﻛﺬﻟﻚ ﺭﺃﲰﺎﳍﺎ‬

‫ﺍﳌﻜﺘﺘﺐ ﺑﻪ ﰲ ﺁﻥ ﻭﺍﺣﺪ ﻣﻌﺎ‪ ،‬ﺇﺫ ﻟﻠﺸﺮﻛﺔ ﺃﻥ ﺗﻌﻤﻞ ﻋﻠﻰ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺍﳌﺼﺮﺡ ﺑﻪ ﺃﻭ ﲣﻔﻴﻀﻪ ﻣﻊ‬

‫ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﳍﺎ ﺍﳌﻜﺘﺘﺐ ﺑﻪ‪ ،‬ﺃﻭ ﲣﻔﻴﻀﻪ ﰲ ﻭﻗﺖ ﻭﺍﺣﺪ ﻋﻠﻰ ﺃﻥ ﺗﺴﺘﻜﻤﻞ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺨﻔﻴﺾ ﰒ‬

‫ﺗﺴﺘﻜﻤﻞ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺰﻳﺎﺩﺓ ﺳﻮﺍﺀ ﺑﺎﻟﻨﺴﺒﺔ ﺇﱃ ﺭﺃﲰﺎﻝ ﺍﳌﻜﺘﺘﺐ ﺑﻪ ﺃﻭ ﺍﳌﺼﺮﺡ‪.‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺷﺮﻭﻁ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺇﻥ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻳﺴﺘﻠﺰﻡ ﺷﺮﻭﻃﺎ ﻣﻌﻴﻨﺔ ﳚﺐ ﺃﻥ ﺗﺘﻮﺍﻓﺮ ﻟﻜﻲ ﳝﻜﻦ ﻟﻠﺸﺮﻛﺔ ﺃﻥ‬

‫ﲣﻔﺾ ﺭﺃﲰﺎﳍﺎ‪ ،‬ﻭﺳﻨﺘﻨﺎﻭﻝ ﻫﺬﻩ ﺍﻟﺸﺮﻭﻁ ﻛﺎﻟﺘﺎﱄ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺻﺪﻭﺭ ﻗﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺑﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ‬

‫ﺇﻥ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﻳﺸﻜﻞ ﺗﻌﺪﻳﻼ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﻷﺳﺎﺳﻲ ﻟﻠﺸﺮﻛﺔ‪ ،‬ﻭﻟﺬﻟﻚ ﻓﻬﻮ ﳛﺘﺎﺝ ﺇﱃ‬

‫ﻗﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ] ﺍﻹﺳﺘﺜﻨﺎﺋﻴﺔ[‪ .‬ﻭ ﻫﻲ ﺍﳍﻴﺌﺔ ﺍﻟﱵ ﻻ ﺗﻨﻌﻘﺪ ﻭﻻ ﳚﺮﻱ ﺍﻟﺘﺼﻮﻳﺖ‬

‫ﻓﻴﻬﺎ ﺇﻻ ﺑﺸﺮﻭﻁ ﻣﻌﻴﻨﺔ ﻭ ﻳﻜﻮﻥ ﺍﻟﻐﺮﺽ ﻣﻦ ﺍﻟﺪﻋﻮﺓ ﺇﻟﻴﻬﺎ ﻋﺎﺩﺓ ﺇﺻﺪﺍﺭ ﻗﺮﺍﺭ ﺑﺘﻌﺪﻳﻞ ﻋﻘﺪ ﺍﻟﺸﺮﻛﺔ‬

‫‪ 1‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.153‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺃﻭ ﻧﻈﺎﻣﻬﺎ‪ ،‬ﻓﺈ‪‬ﺎ ﺗﻜﻮﻥ ﻣﻠﺰﻣﺔ ﳉﻤﻴﻊ ﺍﻟﺸﺮﻛﺎﺀ‪ ،‬ﺳﻮﺍﺀ ﻣﻦ ﺣﻀﺮ ﻣﻨﻬﻢ ﺍﻹﺟﺘﻤﺎﻉ‪ ،‬ﺃﻭ ﻣﻦ ﱂ‬
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‫ﳛﻀﺮ‪ ،‬ﻭﻣﻦ ﻭﺍﻓﻖ ﻋﻠﻰ ﺍﻟﻘﺮﺍﺭ ﺃﻭ ﱂ ﻳﻮﺍﻓﻖ ﻋﻠﻴﻪ‪.‬‬

‫ﻭ ﻳﺘﻌﲔ ﺇﻋﺪﺍﺩ ﳏﻀﺮ ﺑﺈﺟﺘﻤﺎﻉ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﻳﺪﻭﻥ ﻓﻴﻪ ﺍﳌﻨﺎﻗﺸﺎﺕ ﺍﻟﱵ ﺩﺍﺭﺕ ﰲ‬

‫ﺍﻹﺟﺘﻤﺎﻉ ﻭ ﺍﻟﻘﺮﺍﺭﺍﺕ ﺍﻟﱵ ﺇﲣﺬﺕ‪ ،‬ﻭﻳﻮﻗﻊ ﻣﻦ ﺭﺋﻴﺲ ﺍﻻﺟﺘﻤﺎﻉ ﻭ ﻣﻦ ﻛﺎﺗﺐ ﺍﶈﻀﺮ‪.‬‬

‫ﲡﻴﺰ ﻟﻠﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺑﻘﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ﲣﻔﻴﺾ ﺍﳉﺰﺀ ﻏﲑ ﺍﳌﻜﺘﺘﺐ ﺑﻪ‬

‫ﻣﻦ ﺭﺃﲰﺎﳍﺎ ﺍﳌﺼﺮﺡ ﺑﻪ ﻛﻤﺎ ﳚﻮﺯ ﳍﺎ ﲣﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﺍﳌﻜﺘﺘﺐ ﺑﻪ ﺑﺎﻷﻏﻠﺒﻴﺔ ﺍﻟﻌﺪﺩﻳﺔ ﻟﻠﺸﺮﻛﺎﺀ‬

‫ﺍﳊﺎﺋﺰﻳﻦ ﻋﻠﻰ ﺛﻼﺛﺔ ﺃﺭﺑﺎﻉ ﺭﺃﲰﺎﻝ ‪.‬‬

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‫ﺃﻣﺎ ﻗﺎﻧﻮﻥ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻔﺮﻧﺴﻲ ﻓﻴﺘﻢ ﺍﻟﺘﺨﻔﻴﺾ ﺑﻮﺍﺳﻄﺔ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ﺑﻨﺎﺀ‬
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‫ﻋﻠﻰ ﺗﻘﺮﻳﺮ ﻳﻘﺪﻡ ﻣﻦ ﻣﺮﺍﻗﱯ ﺍﳊﺴﺎﺑﺎﺕ ﻣﺒﻴﻨﲔ ﻓﻴﻪ ﺍﻷﺳﺒﺎﺏ ﻭ ﺍﻟﺸﺮﻭﻁ ﺍﻟﻮﺍﺟﺐ ﺇﺗﺒﺎﻋﻬﺎ ﻹﲤﺎﻡ‬

‫ﻋﻤﻠﻴﺔ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﻭ ﻳﻼﺣﻆ ﺑﺎﻟﻨﺴﺒﺔ ﺇﱃ ﻫﺬﺍ ﺍﻟﻘﺎﻧﻮﻥ‪ ،‬ﺃﻧﻪ ﳚﻴﺰ ﻟﻠﺠﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ‬

‫ﺗﻔﻮﻳﺾ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺃﻭ ﳎﻠﺲ ﺍﳌﺪﺭﺍﺀ ﺣﺴﺐ ﺍﳊﺎﻝ ﻟﻠﻘﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﺍﻟﺘﺨﻔﻴﺾ‪ ،‬ﻭﻟﻠﻔﻘﻪ ﺣﻮﻝ‬

‫ﺍﻟﺘﺨﻔﻴﺾ ﻣﻼﺣﻈﺘﺎﻥ ﺍﻷﻭﱃ ﺃﻥ ﺍﻟﺘﻔﻮﻳﺾ ﻻ ﳝﻜﻦ ﺃﻥ ﻳﻜﻮﻥ ﻣﺘﻌﻠﻘﺎ ﺑﺎﻟﺸﺮﻭﻁ ﺍﳉﻮﻫﺮﻳﺔ ﻟﻌﻤﻠﻴﺔ‬

‫ﺍﻟﺘﺨﻔﻴﺾ‪ .‬ﻭ ﲟﻌﲎ ﺃﺧﺮ ﺃﻥ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻻ ﳝﻜﻦ ﺃﻥ ﺗﻔﻮﺽ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺳﻠﻄﺔ ﲢﺪﻳﺪ ﻣﺒﻠﻎ‬

‫ﺍﻟﺘﺨﻔﻴﺾ‪ ،‬ﺃﻣﺎ ﺍﳌﻼﺣﻈﺔ ﺍﻟﺜﺎﻧﻴﺔ ﻓﻬﻲ ﺃﻧﻪ ﻋﻨﺪﻣﺎ ﻳﻘﻮﻡ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ ﺑﻌﻤﻠﻴﺔ ﺍﻟﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺑﻨﺎﺀ‬

‫‪ 1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪،‬ﺹ ‪.90‬‬

‫‪ 2‬ﺃﻧﻈﺮ ﺍﳌﺎﺩﺓ ‪586‬ﻕ‪.‬ﺕ‪.‬ﺝ‬
‫‪1/215 3‬ﻭ‪ 2‬ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﻔﺮﻧﺴﻲ ‪.‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻋﻠﻰ ﺗﻔﻮﻳﺾ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﳚﺐ ﻋﻠﻴﻪ ﺃﻥ ﻳﻌﺪ ﳏﻀﺮﺍ ﻟﻠﺠﻠﺴﺔ ﻭ ﳜﻀﻊ ﺍﶈﻀﺮ ﻟﻺﻋﻼﻥ ﻭ‬

‫ﲡﺮﻱ ﺑﻌﺪ ﺫﻟﻚ ﻋﻤﻠﻴﺔ ﺍﻟﺘﻌﺪﻳﻞ ﺍﻟﺼﺤﻴﺢ ﻟﻸﻧﻈﻤﺔ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﻣﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﳌﺴﺎﳘﲔ‬

‫ﻳﺸﺘﺮﻁ ﺍﳌﺸﺮﻉ ﺃﻥ ﻻ ﻳﺆﺩﻱ ﺍﻟﺘﺨﻔﻴﺾ ﺇﱃ ﺍﻹﺧﻼﻝ ﲟﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﻟﺸﺮﻛـﺎﺀ‪ ،‬ﻭﻫﺬﺍ‬

‫ﻳﻌﲏ ﺃﻧﻪ ﳚﺐ ﺃﻥ ﻳﺸﻤﻞ ﺍﻟﺘﺨﻔﻴﺾ ﲨﻴﻊ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺔ ﻭ ﺑﺎﻟﻨﺴﺒﺔ ﺫﺍ‪‬ﺎ‪ ،‬ﺳﻮﺍﺀ ﻛﺎﻧﺖ ﺇﲰﻴﺔ ﺃﻡ‬

‫ﳊﺎﻣﻠﻪ‪ ،‬ﻋﺎﺩﻳﺔ ﺃﻡ ﳑﺘﺎﺯﺓ‪ ،‬ﻭ ﻟﻜﻦ ﺍﻟﺼﻌﻮﺑﺔ ﻗﺪ ﺗﻈﻬﺮ ﺑﻮﺟﻪ ﺧﺎﺹ ﻋﻨﺪ ﺗﻘﺮﻳﺮ ﺍﻟﺘﺨﻔﻴﺾ ﺑﺴﺒﺐ‬

‫ﺧﺴﺎﺭﺓ ﺍﻟﺸﺮﻛﺔ ﻣﻊ ﻭﺟﻮﺩ ﺣﺼﺺ ﺭﺃﲰﺎﻝ ﺍﳌﺪﻓﻮﻋﺔ ﺑﻜﺎﻣﻠﻬﺎ ﻭﺣﺼﺺ ﺍﻟﺘﻤﺘﻊ‪ ،‬ﺫﻟﻚ ﺃﻥ ﻫﺬﻩ‬

‫ﺍﳊﺼﺺ ﺍﻷﺧﲑﺓ ﻗﺪ ﺟﺮﻯ ﺇﺳﺘﺮﺩﺍﺩ ﻗﻴﻤﺘﻬﺎ‪ ،‬ﺃﻣﺎ ﺍﳊﺼﺺ ﺍﻷﻭﱃ ﻓﺴﺘﺨﺴﺮ ﺟﺰﺀﺍ ﻣﻦ ﻗﻴﻤﺘﻬﺎ ﺑﻌﺪ‬

‫ﺍﻟﺘﺨﻔﻴﺾ ‪.‬‬
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‫ﻓﺎﻟﺘﻔﺎﺩﻱ ﻋﺪﻡ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﻫﺬﻳﻦ ﺍﻟﻨﻮﻋﲔ ﻣﻦ ﺍﳊﺼﺺ ﳚﺪﺭ ﺃﻥ ﻳﻘﺮﺭ ﻋﻨﺪ ﺍﻟﺘﺨﻔﻴﺾ‪،‬‬

‫ﺇﻧﺸﺎﺀ ﺇﺣﺘﻴﺎﻃﻲ ﺧﺎﺹ ﻟﺘﻌﻮﻳﺾ ﺍﻟﻨﻘﺺ ﰲ ﻗﻴﻤﺔ ﺣﺼﺺ ﺭﺃﲰﺎﻝ‪ .‬ﻭﻳﺼﺪﺭ ﻫﺬﺍ ﺍﻟﻘﺮﺍﺭ ﻋﻦ ﺍﳉﻤﻌﻴﺔ‬

‫ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ﺩﻭﻥ ﺍﳊﺎﺟﺔ ﺇﱃ ﻣﻮﺍﻓﻘﺔ ﺍﳉﻤﻌﻴﺔ ﺍﳋﺎﺻﺔ ﳊﻤﻠﺔ ﺣﺼﺺ ﺍﻟﺘﻤﺘﻊ‪ ،‬ﻷﻥ ﻣﻦ ﺷﺄﻧﻪ‬

‫ﲢﻘﻴﻖ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﻓﺌﱵ ﺍﳊﺼﺺ ﺩﻭﻥ ﺃﻥ ﻳﻌﺪﻝ ﺣﻘﻮﻕ ﺇﺣﺪﺍﳘﺎ ‪.‬‬

‫ﺫﻟﻚ ﺃﻥ ﺇﺷﺘﺮﺍﻁ ﻋﺪﻡ ﺍﻹﺧﻼﻝ ﲟﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﻋﻨﺪ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﻣﺎ ﻫﻮ ﰲ ﺣﻘﻴﻘﺔ‬

‫ﺍﻷﻣﺮ ﺇﻻ ﺗﻄﺒﻴﻖ ﻟﻠﻘﻮﺍﻋﺪ ﺍﻟﻌﺎﻣﺔ ﺍﻟﱵ ﺗﻘﻀﻲ ﺑﻀﺮﻭﺭﺓ ﺍﶈﺎﻓﻈﺔ ﻋﻠﻰ ﺣﻘﻮﻕ ﲨﻴﻊ ﺍﻟﺪﺍﺋﻨﲔ ﻭﺍﳌﺴﺎﻭﺍﺓ‬

‫‪ 1‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.102‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺑﻴﻨﻬﻢ ﻛﻞ ﺣﺴﺐ ﺣﺼﺘﻪ ﺧﻼﻝ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺨﻔﻴﺾ ﻃﻴﻠﺔ ﺣﻴﺎﺓ ﺍﻟﺸﺮﻛﺔ ﻭ ﰲ ﲨﻴﻊ ﺍﻟﺘﺼﺮﻓﺎﺕ‬

‫ﺍﻟﻘﺎﻧﻮﻧﻴﺔ ﺍﻟﱵ ﻗﺪ ﺗﻘﻮﻡ ‪‬ﺎ ﻓﻀﻼ ﻋﻦ ﺣﺎﻟﺔ ﺇﻧﻘﻀﺎﺀ ﺍﻟﺸﺮﻛﺔ ﻭﺗﺼﻔﻴﺘﻬﺎ ‪.‬‬
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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺺ‬

‫ﺳﺒﻖ ﺃﻥ ﺑﻴﻨﺎ ﺗﻔﺼﻴﻼ ﰲ ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﺍﳊﺪ ﺍﻷﺩﱏ ﺍﳌﻘﺮﺭ ﻟﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ‬

‫ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻛﻤﺎ ﺑﲔ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ ﺍﻟﱵ ﳚﺐ ﺇﺳﺘﻨﺎﺩﺍ ﺇﱃ ﻫﺬﺍ ﺍﻟﺸﺮﻁ‪.‬‬

‫ﻭ ﻳﻌﺘﱪ ﻫﺬﺍ ﺍﳊﻜﻢ ﺷﺮﻃﺎ ﻻﺯﻣﺎ ﻟﺼﺤﺔ ﻗﻴﺎﻡ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﻭﺍﻟﺘﻘﻴﺪ ﺑﻪ ﻳﺴﺎﻋﺪ ﻋﻠﻰ ﻣﻨﻊ ﻗﻴﺎﻡ‬

‫ﺷﺮﻛﺎﺕ ﻭﳘﻴﺔ ﻭ ﻳﺴﺪ ﺑﺎﺏ ﺍﻟﺘﺤﺎﻳﻞ‪ ،‬ﻟﻜﻦ ﺇﺫﺍ ﺇﲣﺬﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻏﲑ ﺍﻟﻌﺎﺩﻳﺔ ﻗﺮﺍﺭﺍ ﳐﺎﻟﻔﺎ ﻓﺈﻥ‬

‫ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻳﻌﺘﱪ ﺑﺎﻃﻼ‪ ،‬ﳌﺎ ﻟﺬﻟﻚ ﻣﻦ ﻣﺴﺎﺱ ﺟﻮﻫﺮﻱ ﲟﺒﺪﺃ ﺛﺒﺎﺕ ﺭﺃﲰﺎﻝ ﻭ ﲜﺪﻳﺔ‬

‫ﺍﳌﺸﺮﻉ ﺍﻹﻗﺘﺼﺎﺩﻱ ﺍﻟﺬﻱ ﺗﺘﻮﱃ ﺍﻟﺸﺮﻛﺔ ﺗﻨﻔﻴﺬﻩ ﺇﺫ ﺃﻧﻪ ﺳﺒﻖ ﺍﻟﺘﺮﺧﻴﺺ ﺑﺈﻧﺸﺎﺀ ﺷﺮﻛﺔ ﺇﺳﺘﻨﺎﺩﺍ ﺇﱃ‬

‫ﺷﺮﻭﻁ ﻣﻨـﻬﺎ‪ :‬ﺿﺮﻭﺭﺓ ﺇﺣﺘﺮﺍﻡ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﺇﱃ ﺩﺭﺍﺳﺔ ﺍﳉﺪﻭﻝ ﺍﻟﱵ ﺭﻋﻰ ﰲ‬

‫ﺇﻋﺪﺍﺩﻫﺎ ﺇﻋﺘﺒﺎﺭﺍﺕ ﻋﺪﻳﺪﺓ ﻣﻨﻬﺎ ﻣﻘﺪﺍﺭ ﺭﺃﺱ ﺍﳌﺎﻝ ‪.‬‬

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‫ﻛﻤﺎ ﺃﻥ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﲰﺎﻝ ﻳﻌﺘﱪ ﻣﻦ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻷﺳﺎﺳﻴﺔ ﺍﻟﱵ ﳍﺎ ﺇﺭﺗﺒﺎﻁ ﺑﺸﻜﻞ ﺍﻟﺸﺮﻛﺔ‪،‬‬

‫ﻭﰲ ﺍﻟﱰﻭﻝ ﻋﻦ ﺍﳊﺪ ﺍﻷﺩﱏ ﺍﳌﻘﺮﺭ ﺇﻫﺪﺍﺭ ﺣﻘﻮﻕ ﺍﻷﻗﻠﻴﺔ ﺍﻟﱵ ﻭﺍﻓﻘﺖ ﻋﻠﻰ ﺗﻜﻮﻳﻦ ﺷﺮﻛﺔ ﻣﻦ ﺷﻜﻞ‬

‫ﻣﻌﲔ ﻭ ﻟﺬﻟﻚ ﻻ ﻳﺴﻤﺢ ﻷﻏﻠﺒﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﻣﻬﻤﺎ ﺑﻠﻐﺖ ﺇﻏﻔﺎﳍﺎ‪.‬‬

‫‪ 1‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.148‬‬

‫‪ 2‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.105‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭﲡﺪﺭ ﺍﻹﺷﺎﺭﺓ ﺇﱃ ﺃﻥ ﺇﺫﺍ ﺣﺪﺙ ﺃﻭ ﻗﻞ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﻟﺴﺒﺐ ﻻ ﻳﺮﺟﻊ ﺇﱃ ﺇﺭﺍﺩﺓ‬

‫ﺍﻟﺸﺮﻛﺎﺀ ﻋﻦ ﺍﳊﺪ ﺍﳌﻘﺮﺭ ﻗﺎﻧﻮﻧﺎ‪ ،‬ﻭﺟﺐ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺃﻥ ﻳﺘﺨﺬﻭﺍ ﺇﺟﺮﺍﺀﺍﺕ ﺯﻳﺎﺩﺗﻪ ﺇﱃ ﻫﺬﺍ ﺍﳊﺪ‬

‫ﺧﻼﻝ ﻣﺪﺓ ﻻ ﺗﺰﻳﺪ ﻋﻦ ﻋﺎﻡ‪ ،‬ﺃﻭ ﺗﻐﻴﲑ ﺷﻜﻞ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﻧﻮﻉ ﺃﺧﺮ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﻻ ﺗﺸﺘﺮﻁ‬

‫ﺣﺪﺍ ﺃﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭﺃﻻ ﳛﻖ ﻟﻜﻞ ﺻﺎﺣﺐ ﻣﺼﻠﺤﺔ ﺍﻟﻄﻠﺐ ﺣﻞ ﺍﻟﺸﺮﻛﺔ ﻗﻀﺎﺀﺍ ﺇﺫﺍ ﱂ ﺗﻘﻢ‬

‫ﺍﻟﺸﺮﻛﺔ ﺑﺘﺼﺤﻴﺢ ﺍﻟﺸﻖ ﺍﳋﺎﺹ ﺑﺘﻮﺍﻓﺮ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﺱ ﺍﳌﺎﻝ ‪.‬‬
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‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺇﻥ ﻃﺮﻕ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳌﻘﺎﺭﻥ ﺗﻜﺎﺩ ﺗﻜﻮﻥ ﳏﺪﺩﺓ ﲝﺎﻻﺕ ﻣﻌﻴﻨﺔ‪ ،‬ﻭﺍﻟﻔﺎﺭﻕ‬

‫ﻳﻜﻤﻦ ﺑﺄﻥ ﺑﻌﺾ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻗﺪ ﺃﻋﻄﺖ ﺍﳊﻖ ﻟﻠﺸﺮﻛﺔ ﺑﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﳍﺎ ﺑﺄﻛﺜﺮ ﻣﻦ ﻃﺮﻳﻘﺔ‪ ،‬ﰲ‬
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‫ﺣﲔ ﺃﻥ ﺗﺸﺮﻳﻌﺎﺕ ﺃﺧﺮﻯ ﻗﺼﺮﺕ ﺇﺟﺮﺍﺀﺍﺕ ﺍﻟﺘﺨﻔﻴﺾ ﻋﻠﻰ ﻃﺮﻳﻘﺔ ﻭﺍﺣﺪﺓ‪.‬ﻋﻠﻴﻪ ﺳﻮﻑ ﳔﺼﺺ‬

‫ﻫﺬﺍ ﺍﳌﻄﻠﺐ ﺇﱃ ﻓﺮﻋﲔ‪:‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﲣﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺔ‬

‫ﻳﻘﺼﺪ ﺑﺘﺨﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺔ ﻛﻄﺮﻳﻖ ﻣﻦ ﻃﺮﻕ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺭﺩ ﺟﺰﺀ ﻣﻦ‬

‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺍﻟﺸﺮﻛﺎﺀ ﻟﺰﻳﺎﺩﺗﻪ ﻋﻦ ﺣﺎﺟﺘﻬﺎ ﺃﻭ ﻋﻮﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﺇﱃ ﻗﻴﻤﺘﻪ ﺍﳊﻘﻴﻘﻴﺔ ﺍﳌﻮﺟﻮﺩﺓ‬

‫ﻓﻌﻼ ﺑﻌﺪ ﺧﺴﺎﺭﺓ ﳊﻘﺖ ﺑﺎﻟﺸﺮﻛﺔ ‪.‬‬

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‫‪ 1‬ﺍﳌﺎﺩﺓ ‪ 567‬ﺍﳌﻌﺪﻟﺔ ﻭ ﺍﳌﺘﻤﻤﺔ ﻣﻦ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪.‬‬

‫‪2‬ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.106‬‬
‫‪3‬ﺣﺴﲔ ﺍﳌﺎﺣﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.390‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﻭ ﻳﺘﺤﻘﻖ ﻫﺬﺍ ﺍﻟﺘﺨﻔﻴﺾ ﺑﺈﻧﻘﺎﺹ ﻗﻴﻤﺔ ﺍﻹﲰﻴﺔ ﳉﻤﻴﻊ ﺣﺼﺺ ﺍﻟﺸﺮﻛﺔ ﺑﻄﺮﻳﻘﺔ ﻧﺴﺒﻴﺔ ﻭﻓﻘﺎ‬

‫ﻟﻠﻈﺮﻭﻑ ﻓﺈﺫﺍ ﻛﺎﻥ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻓﺎﺋﻀﺎ ﻋﻦ ﺣﺎﺟﺘﻬﺎ‪ ،‬ﻳﺮﺩ ﺍﻟﻔﺮﻕ ﺇﱃ ﺍﻟﺸﺮﻛـﺎﺀ‪ ،‬ﺃﻭ ﲣﺼﻢ‬

‫ﺍﻟﻘﻴﻤﺔ ﻏﲑ ﺍﳌﺪﻓﻮﻋﺔ ﻣﻦ ﺃﺻﻞ ﺍﻟﻔﺮﻕ‪ ،‬ﺃﻣﺎ ﺇﺫﺍ ﻛﺎﻥ ﺍﻟﺘﺨﻔﻴﺾ ﻧﺘﻴﺠﺔ ﺍﳋﺴﺎﺭﺓ ﺗﻮﺯﻉ ﻗﻴﻤﺔ ﺍﳋﺴﺎﺋﺮ‬

‫ﻋﻠﻰ ﲨﻴﻊ ﺍﳊﺼﺺ ﺑﺎﻟﺘﺴﺎﻭﻱ ﻭ ﲣﻔﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺺ ﺑﻨﺴﺒﺔ ﺍﳋﺴﺎﺭﺓ ﻭ ﳚﻮﺯ ﺃﻥ‬

‫ﺗﺘﺠﺎﻭﺯ ﺍﻟﺘﺨﻔﻴﺾ ﻗﻴﻤﺔ ﺍﳋﺴﺎﺭﺓ ﻭ ﻟﻜﻦ ﻳﺸﺘﺮﻁ ﺩﺍﺋﻤﺎ ﺃﻻ ﺗﻘﻞ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ ﻋﻦ ﺍﳊﺪ‬

‫ﺍﻷﺩﱏ ﺍﳌﻘﺮﺭ ﻗﺎﻧﻮﻧﺎ‪.‬‬

‫ﻭﰲ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﺘﻢ ﲣﻔﻴﺾ ﻋﻠﻰ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺔ ﰲ ﺣﺪﻭﺩ ﺍﻟﺘﺨﻔﻴﺾ ﺍﳌﻘﺮﺭ ﻛﺎﻥ‬

‫ﳜﻔﺾ ﺍﻟﺮﺑﺢ ﻣﻦ ﺍﻟﻘﻴﻤﺔ ‪ ،‬ﻓﺈﺫﺍ ﻛﺎﻧﺖ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺔ ‪20000‬ﺩﺝ ﺗﺼﺒﺢ ﺍﳊﺼﺔ‬
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‫‪15.000‬ﺩﺝ ﻭﻳﺴﺘﺮﺩ ﺍﻟﺸﺮﻳﻚ ﺍﻟﻔﺮﻕ‪ ،‬ﻭ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺗﺘﺒﻊ ﻋﻨﺪﻣﺎ ﻳﺘﺠﺎﻭﺯ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ‬

‫ﺣﺠﻢ ﻧﺸﺎﻃﻬﺎ‪ ،‬ﻏﲑ ﺃﻥ ﲢﻘﻴﻖ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺔ ﳚﺐ ﺃﻻ ﳜﻞ ﺑﺎﳊﺪ ﺍﻷﺩﱏ ﺍﳌﻘﺮﺭ ﳍﺎ‬

‫‪1000‬ﺩﺝ‪.‬‬

‫ﳝﻜﻦ ﺍﻟﻘﻮﻝ ﺃﻧﻪ ﺑﺎﻹﻣﻜﺎﻥ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺑﻄﺮﻳﻘﺔ ﲣﻔﻴﺾ‬

‫ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ ‪.‬‬

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‫ﲟﻌﲎ ﺃﻥ ﺗﺸﺘﺮﻁ ﺃﻻ ﻳﻘﻞ ﻗﻴﻤﺔ ﺍﳊﺼﺔ ﺍﻟﻮﺍﺣﺪﺓ ﻋﻦ ﺍﻟﺪﻳﻨﺎﺭ ﺍﻟﻮﺍﺣﺪ ﻋﻠﻰ ﺍﻷﻗﻞ‪ ،‬ﻭﻣﻦ ﰎ‬

‫ﻳﺼﻌﺐ ﲣﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺔ ﻋﻦ ﺩﻳﻨﺎﺭ‪ ،‬ﻭﻟﻌﻞ ﻫﺬﺍ ﺍﻷﻣﺮ ﺩﻓﻊ ﺟﺎﻧﺒﺎ ﻣﻦ ﺍﻟﻔﻘﻪ ﺇﱃ ﺍﻟﻘﻮﻝ‬

‫‪1‬ﻧﺴﺮﻳﻦ ﺷﺮﻳﻔﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.118‬‬

‫‪2‬ﻧﺴﺮﻳﻦ ﺷﺮﻳﻔﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.119‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺃﻥ ﺍﻟﻄﺮﻳﻘﺔ ﺍﳌﺘﺒﻌﺔ ﻟﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻫﻲ ﺇﻣﺎ ﺑﺘﺨﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ‬

‫ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ‪ ،‬ﻭﺇﻣﺎ ﺑﺘﺨﻔﻴﺾ ﻋﺪﺩﻫﺎ‪ ،‬ﲝﻴﺚ ﺗﺘﺴﺎﻭﻯ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺑﻌﺪ ﲣﻔﻴﺾ ﻗﻴﻤﺘﻬﺎ‪ ،‬ﺃﻭ‬

‫ﺇﻧﻘﺎﺹ ﻋﺪﺩﻫﺎ ﻣﻊ ﻗﻴﻤﺔ ﺭﺃﲰﺎﻝ ﺑﻌﺪ ﺍﻟﺘﺨﻔﻴﺾ ﻭ ﺑﺸﺮﻁ ﻋﺪﻡ ﺍﳌﺴﺎﺱ ﲟﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﻟﺸﺮﻛﺎﺀ‪،‬‬

‫ﻭ ﻫﺬﺍ ﻳﻌﲏ ﺃﻧﻪ ﺑﺎﻹﻣﻜﺎﻥ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺑﺘﺨﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺔ ﰲ ﺣﺎﻝ‬

‫ﺃﻥ ﺗﻜﻮﻥ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺔ ﺃﻛﺜﺮ ﻣﻦ ﺩﻳﻨﺎﺭ‪ ،‬ﻭ ﻛﺎﻥ ﺍﻟﺘﺨﻔﻴﺾ ‪‬ﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻻ ﻳﺆﺩﻱ ﺇﱃ‬
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‫ﺍﳍﺒﻮﻁ ﻋﻦ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺔ ﺃﻱ ﺃﻻ ﺗﻘﻞ ﻋﻦ ﺩﻳﻨﺎﺭ ﻭﺍﺣﺪ ﻋﻠﻰ ﺍﻷﻗﻞ ﻭ ﺑﻌﻜﺲ ﺫﻟﻚ ﺗﻜﻮﻥ‬

‫ﻃﺮﻳﻘﺔ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.‬ﻡ ﺑﺘﺨﻔﻴﺾ ﻋﺪﺩ ﺍﳊﺼﺺ‪ ،‬ﲝﻴﺚ ﺗﺘﺴﺎﻭﻯ ﻗﻴﻤﺔ ﺍﳊﺼﺺ ﺑﻌﺪ‬

‫ﲣﻔﻴﺾ ﻗﻴﻤﺘﻬﺎ ﺃﻭ ﺇﻧﻘﺎﺹ ﻋﺪﺩﻫﺎ ﻣﻊ ﻗﻴﻤﺔ ﺭﺃﲰﺎﻝ ﺑﻌﺪ ﺍﻟﺘﺨﻔﻴﺾ‪.‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺍﻟﺘﺨﻔﻴﺾ ﺍﻟﻌﺪﺩﻱ ﻟﻠﺤﺼﺺ‬

‫ﻟﺘﻔﺎﺩﻱ ﺍﻟﺼﻌﻮﺑﺔ ﺍﻟﻨﺎﺷﺌﺔ ﻋﻦ ﻋﺪﻡ ﺇﻣﻜﺎﻥ ﺗﱰﻳﻞ ﺍﻟﻘﻴﻤﺔ ﺍﻹﲰﻴﺔ ﻟﻠﺤﺼﺺ ﺇﱃ ﻣﺎ ﻳﻘﻞ ﻋﻦ‬

‫ﺍﳊﺪ ﺍﻷﺩﱏ ﺍﻟﺬﻱ ﻓﺮﺿﻪ ﺍﻟﻘﺎﻧﻮﻥ ﺗﻠﺠﺄ ﺍﻟﺸﺮﻛﺔ ﺇﱃ ﺍﻟﺘﻘﻠﻴﻞ ﻣﻦ ﻋﺪﺩ ﺣﺼﺼﻬﺎ ﺑﻨﺴﺒﺔ ﻣﻘﺪﺍﺭ‬

‫ﺍﻟﺘﺨﻔﻴﺾ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﻭﻳﻜﻮﻥ ﺫﻟﻚ ﻋﺎﺩﺓ ﺑﺘﻮﺣﻴﺪ ﺍﳊﺼﺺ ﻣﻊ ﺇﺣﺘﻔﺎﻇﻬﺎ ﺑﻘﻴﻤﺘﻬﺎ ﺍﻻﲰﻴﺔ‬

‫ﺍﻟﺴﺎﺑﻘﺔ ‪.‬‬
‫‪2‬‬

‫‪ 1‬ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.98‬‬

‫‪ 2‬ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ‪.160‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﰲ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﺗﺒﻘﻰ ﻟﻠﺤﺼﺔ ﻗﻴﻤﺘﻬﺎ ﺍﻹﲰﻴﺔ‪ ،‬ﻭﻟﻜﻨﻪ ﻳﺘﻢ ﺍﻟﺘﺨﻔﻴﺾ ﻋﻠﻰ ﻋﺪﺩ ﺍﳊﺼﺺ‬

‫ﺍﳌﻜﻮﻧﺔ ﻟﻠﺮﺃﲰﺎﻝ‪ ،‬ﻓﺈﺫﺍ ﻗﺮﺭﺕ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺎﺀ ﲣﻔﻴﺾ ﺍﻟﺮﺃﲰﺎﻝ ﺇﱃ ﺭﺑﻊ‪ ،‬ﻓﺈﻥ ﺍﻟﺸﺮﻳﻚ‬

‫ﺍﻟﺬﻱ ﳝﻠﻚ ‪ 20‬ﺣﺼﺔ ﻳﺼﺒﺢ ﻣﺎﻟﻜﺎ ﻝ‪ 15‬ﺣﺼﺔ‪.‬‬

‫ﻭﺇﺫﺍ ﻛﺎﻧﺖ ﻫﺬﻩ ﺍﻟﻄﺮﻳﻘﺔ ﻳﻨﺠﻢ ﻋﻨﻬﺎ ﺻﻌﻮﺑﺎﺕ ﰲ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﻫﺬﺍ ﺑﺎﻟﻨﺴﺒﺔ‬

‫ﻟﻠﺸﺮﻳﻚ ﺍﻟﺬﻱ ﳝﺘﻠﻚ ﺣﺼﺔ ﻭﺍﺣﺪﺓ ﺃﻭ ﻛﺎﻥ ﳝﺘﻠﻚ ﺣﺼﺺ ﻻ ﺗﻘﺒﻞ ﺍﻟﻘﺴﻤﺔ ﻋﻠﻰ ﻧﺴﺒﺔ ﺍﻟﺘﺨﻔﻴﺾ‬

‫ﺍﳌﻘﺘﺮﺣﺔ‪.‬‬

‫ﻭ ﻟﻜﻦ ﺍﻟﺮﺃﻱ ﺍﻟﺮﺍﺟﺢ ﻓﻘﻬﺎﺀ ﻭ ﻗﻀﺎﺀ ﻳﺮﻯ ﺃﻧﻪ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺀ ﺍﳌﻤﺜﻠﲔ ﺑﺎﻷﻏﻠﺒﻴﺔ ﺃﻥ ﻳﻘﺮﺭﻭﺍ‬

‫ﺇﺧﺘﺒﺎﺭ ﺃﺻﺤﺎﺏ ﻫﺬﻩ ﺍﳊﺼﺺ ﻋﻠﻰ ﺷﺮﺍﺀ ﺃﻭ ﺑﻴﻊ ﺍﻟﻘﺪﺭ ﺍﻟﻼﺯﻡ ﻟﺘﻔﺎﺩﻱ ﺍﻟﺘﺠﺰﺋﺔ‪.‬‬

‫ﻭ ﻳﺸﲑ ﺇﱃ ﺃﻥ ﺍﳌﺸﺮﻉ ﻗﺪ ﺗﻌﺮﺽ ﳌﺴﺎﻟﺔ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺩﻭﻥ ﺍﻟﺘﻌﺮﺽ ﻟﻜﻴﻔﻴﺔ‬

‫ﺍﻟﺘﺨﻔﻴﺾ ﻭﺫﻟﻚ ﰲ ﻧﻔﺲ ﺍﳌﺎﺩﺓ ‪575‬ﻕ‪.‬ﺕ ﻭ ﺇﺷﺘﺮﻁ ﺃﻥ ﻳﺘﻢ ﺍﻟﺘﺨﻔﻴﺾ ﺩﻭﻥ ﺍﳌﺴﺎﺱ ﲟﺴﺎﻭﺍﺓ‬
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‫ﺍﻟﺸﺮﻛﺎﺀ ﺃﻱ ﺃﻥ ﻳﺸﻤﻞ ﺍﻟﺘﺨﻔﻴﺾ ﺣﺼﺺ ﻛﻞ ﺍﻟﺸﺮﻛﺔ ﺩﻭﻥ ﺇﺳﺘﺜﻨﺎﺀ‪.‬‬

‫ﻭ ﺇﺫﺍ ﰎ ﲣﻔﻴﺾ ﺍﻟﺮﺃﲰﺎﻝ ﻣﻦ ﻃﺮﻑ ﺍﳉﻤﻌﻴﺔ ﺑﺪﻭﻥ ﺃﻥ ﻳﻜﻮﻥ ﺳﺒﺐ ﺇﺻﺎﺑﺔ ﺍﻟﺸﺮﻛﺔ‬

‫ﲞﺴﺎﺭﺓ‪ ،‬ﰲ ﻫﺬﻩ ﺍﳊﺎﻟﺔ ﳛﻖ ﻟﺪﺍﺋﻨﻴﻬﺎ ﺍﻟﺬﻳﻦ ﻧﺸﺄﺕ ﺣﻘﻮﻗﻬﻢ ﻗﺒﻞ ﺗﻘﺮﻳﺮ ﺍﻟﺘﺨﻔﻴﺾ ﺃﻭ ﺑﺎﻷﺣﺮﻯ ﻗﺒﻞ‬

‫ﺇﻳﺪﺍﻉ ﳏﻀﺮ ﺍﳌﺪﺍﻭﻻﺕ ﺑﻜﺘﺎﺑﺔ ﺿﺒﻂ ﺍﶈﻜﻤﺔ‪ ،‬ﺃﻥ ﻳﺮﻓﻌﻮﺍ ﺩﻋﻮﻯ ﺃﻣﺎﻡ ﺍﶈﻜﻤﺔ ﳌﻌﺎﺭﺿﺔ ﺍﻟﺘﺨﻔﻴﺾ‬

‫ﰲ ﺃﺟﻞ ﺷﻬﺮ ﺇﺑﺘﺪﺍﺀ ﻣﻦ ﻳﻮﻡ ﺇﻳﺪﺍﻉ ﺍﶈﻀﺮ‪ ،‬ﻭ ﺍﻟﻘﺎﺿﻲ ﳛﻖ ﻟﻪ ﺍﻟﺮﻓﺾ ﺍﳌﻌﺎﺭﺿﺔ ﻛﻤﺎ ﳛﻖ ﻟﻪ‬

‫‪ 1‬ﻡ ‪":1/575‬ﺗﺄﺫﻥ ﲨﻌﻴﺔ ﺍﻟﺸﺮﻛﺎﺀ ﺑﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺣﺴﺐ ﺍﻟﺸﺮﻭﻁ ﺍﳌﻨﺼﻮﺹ ﻋﻠﻴﻬﺎ ﻟﺘﻌﺪﻳﻞ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻷﺳﺎﺳﻲ‪.‬‬
‫ﻭﻻ ﳚﻮﺯ ﺑﺄﻱ ﺣﺎﻝ ﻣﻦ ﺍﻷﺣﻮﺍﻝ ﺃﻥ ﳝﺲ ﻫﺬﺍ ﺍﻟﺘﺨﻔﻴﺾ ﲟﺴﺎﻭﺍﺓ ﺍﻟﺸﺮﻛﺎﺀ‪".‬‬

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 ‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬ ‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‬

‫ﺍﳌﻮﺍﻓﻘﺔ ﻋﻠﻴﻬﺎ ﻋﻦ ﻃﺮﻳﻖ ﺇﺟﺒﺎﺭ ﺍﻟﺸﺮﻛﺔ ﺑﺘﺴﺪﻳﺪ ﺍﻟﺪﻳﻮﻥ ﺍﻟﱵ ﻋﻠﻰ ﻋﺎﺗﻘﻬﺎ‪ ،‬ﻭﺇﺫﺍ ﻗﺪﻣﺖ ﺍﻟﺸﺮﻛﺔ‬

‫ﺿﻤﺎﻧﺎﺕ ﻓﻴﺠﺐ ﺃﻥ ﺗﻜﻮﻥ ﻛﺎﻓﻴﺔ ﻟﺘﻐﻄﻴﺔ ﺍﻟﺪﻳﻮﻥ‪ ،‬ﻭﻻ ﳚﻮﺯ ﻟﻠﺸﺮﻛﺔ ﺍﻟﺒﺪﺀ ﰲ ﻋﻤﻠﻴﺔ ﺍﻟﺘﺨﻔﻴﺾ‬

‫ﺃﺛﻨﺎﺀ ﺍﳌﻌﺎﺭﺿﺔ ‪.‬‬

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‫ﻫﺬﺍ ﻭﳛﻈﺮ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺔ ﻋﻨﺪ ﺍﻟﻘﻴﺎﻡ ﺑﻌﻤﻠﻴﺔ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ‪ ،‬ﺷﺮﺍﺀ ﺍﳊﺼﺺ ﺍﳋﺎﺻﺔ‬

‫‪‬ﺎ‪ ،‬ﻭﺇﻥ ﻛﺎﻥ ﳚﻮﺯ ﻟﻠﺠﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺍﻟﱵ ﻗﺮﺭﺕ ﲣﻔﻴﺾ ﺍﻟﺮﺃﲰﺎﻝ ﺑﺪﻭﻥ ﺃﻥ ﻳﻜﻮﻥ ﻣﱪﺭ ﺇﺻﺎﺑﺔ‬

‫ﺍﻟﺸﺮﻛﺔ ﲞﺴﺎﺋﺮ‪ ،‬ﺃﻥ ﺗﺴﻤﺢ ﻟﻠﻤﺪﻳﺮ ﺑﺸﺮﺍﺀ ﻋﺪﺩ ﻣﻌﲔ ﻣﻦ ﺍﳊﺼﺺ ﻗﺼﺪ ﺇﺑﻄﺎﳍﺎ ‪.‬‬

‫ﻏﲑ ﺃﻥ ﺷﺮﺍﺀ ﺍﻟﺸﺮﻛﺔ ﳊﺼﺼﻬﺎ ﳑﻨﻮﻉ ﻗﺎﻧﻮﻧﺎ ﺣﺴﺐ ﻧﺺ ﺍﳌﺎﺩﺓ ‪ 575‬ﻓﻘﺮﺓ ﺃﺧﲑﺓ ﻣﻦ‬
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‫ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﺣﻴﺚ ﻳﺘﻢ ﺇﻋﺪﺍﻡ ﺍﳊﺼﺺ ﺍﻷﻭﱃ ﻭ ﰲ ﻧﻔﺲ ﺍﻟﻮﻗﺖ ﺇﺻﺪﺍﺭ ﺃﺧﺮﻯ‬

‫ﺑﻘﻴﻤﺔ ﺇﲰﻴﺔ ﺃﻗﻞ ﻣﻊ ﺗﻘﺮﻳﺮ ﻋﻼﻭﺓ ﺍﻟﺘﺨﻔﻴﺾ‪.‬‬

‫‪ 1‬ﻧﺴﺮﻳﻦ ﺷﺮﻳﻔﻲ‪ ،‬ﺍﳌﺮﺟﻊ ﺍﻟﺴﺎﺑﻖ‪ ،‬ﺹ ‪.120‬‬

‫‪ 2‬ﻡ ‪":2/575‬ﳛﻈﺮ ﺷﺮﺍﺀ ﺣﺼﺼﻬﺎ ﺍﳋﺎﺻﺔ ﻣﻦ ﻗﺒﻞ ﺷﺮﻛﺔ ﻏﲑ ﺃﻧﻪ ﳚﻮﺯ ﻟﻠﺠﻤﻌﻴﺔ ﺍﻟﱵ ﻗﺮﺭﺕ ﺍﻟﺘﺨﻔﻴﺾ ﻣﻦ ﺭﺃﺱ ﺍﳌﺎﻝ ﻣﻦ‬
‫ﺩﻭﻥ ﺗﱪﻳﺮ ﺫﻟﻚ ﲞﺴﺎﺋﺮ‪ ،‬ﺃﻥ ﺗﺄﺫﻥ ﻟﻠﻤﺪﻳﺮ ﺑﺸﺮﺍﺀ ﻋﺪﺩ ﻣﻌﲔ ﻣﻦ ﺍﳊﺼﺺ ﻹﺑﻄﺎﳍﺎ‪".‬‬

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 ‫ﺧﺎﲤــﺔ‬

‫ﺧﺎﲤـﺔ‪:‬‬

‫ﺑﻌﺪ ﺍﻟﺘﻌﺮﺽ ﳌﻮﺿﻮﻉ ﺩﺭﺍﺳﺔ ﺍﻟﻘﻮﺍﻋﺪ ﺍﳌﻄﺒﻘﺔ ﻋﻠﻰ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ‬

‫ﺍﶈﺪﻭﺩﺓ‪ ،‬ﻭ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺟﻮﺍﻧﺒﻬﺎ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﰎ ﺍﻟﺘﻮﺻﻞ ﺇﱃ ﺩﺭﺍﺳﺔ ﺃﺣﻜﺎﻡ ﺭﺃﺱ ﺍﳌﺎﻝ ﻭ‬

‫ﻣﺪﻯ ﺗﺄﺛﲑﻫﺎ ﻋﻠﻰ ﺍ‪‬ﺎﻻﺕ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻭ ﺍﻟﺪﻭﺭ ﺍﻟﺬﻱ ﺗﻠﻌﺒﻪ ﺍﻟﻘﻮﺍﻋﺪ ﻣﻦ ﺃﺟﻞ‬

‫ﺍﻟﻮﺻﻮﻝ ﺇﱃ ﺍﻷﻫﺪﺍﻑ ﺍﳌﻮﺟﻮﺩﺓ ﻓﻴﻪ‪ ،‬ﻭﻋﻠﻴﻪ ﻓﺈﻥ ﺍﻟﺘﺸﺮﻳﻊ ﺍﳉﺰﺍﺋﺮﻱ ﻭ ﻋﻠﻰ ﻏﺮﺍﺭ ﺑﺎﻗﻲ ﺩﻭﻝ ﺍﻟﻌﺎﱂ‬

‫ﺍﻟﺜﺎﻟﺚ ﺍﻟﺬﻱ ﺗﻨﺘﻤﻲ ﺇﻟﻴﻪ‪ ،‬ﻭ ﳏﺎﻭﻟﺘﻬﺎ ﻟﺒﻠﻮﻍ ﺃﻭ ﻣﻮﺍﻛﺒﺔ ﺍﻟﺘﻄﻮﺭ ﺍﳊﺎﺻﻞ ﰲ ﲨﻴﻊ ﳎﺎﻻﺕ ﺣﻴﺎﺓ‬

‫ﺍﳌﻮﺍﻃﻦ ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﻭﺍﻟﺜﻘﺎﻓﻴﺔ ﻭ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﻭﺿﻊ ﳐﻄﻄﺎﺕ ﻭ ﺃﺣﺪﺍﺕ ﺗﻐﻴﲑﺍﺕ ﰲ‬

‫ﻗﻮﺍﻧﻴﻨﻬﺎ ﻣﻦ ﺧﻼﻝ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﻭﺍﻷﻭﺍﻣﺮ ﻭ ﻣﻮﺍﻛﺒﺔ ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺧﻼﻝ ﺳﻴﺎﺳﺔ‬

‫ﺍﻹﻧﻔﺘﺎﺡ ﺍﻹﻗﺘﺼﺎﺩﻱ‪.‬‬

‫ﻛﻤﺎ ﺃﺻﺒﺤﺖ ﺍﳊﺎﺟﺔ ﻣﻠﺤﺔ ﺇﱃ ﺇﻋﺎﺩﺓ ﺍﻟﺜﻘﺔ ﺇﱃ ﺍﳌﺴﺘﺜﻤﺮ ﻭ ﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺟﺬﺏ‬

‫ﺍﻷﺟﺎﻧﺐ ﻹﺳﺘﺜﻤﺎﺭ ﺃﻣﻮﺍﳍﻢ ﰲ ﺍﳉﺰﺍﺋﺮ ﻣﻦ ﺧﻼﻝ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻭ ﺫﻟﻚ ﻟﻐﺎﻳﺔ ﻭﺍﺣﺪﺓ ﻭ ﻫﻲ‬

‫ﺍﻟﻨﻬﻮﺽ ﺑﺎﻹﻗﺘﺼﺎﺩ ﺍﻟﻮﻃﲏ‪.‬‬

‫ﻓﺘﺮﺗﺐ ﻋﻨﻪ ﺗﺪﺧﻞ ﺍﳌﺸﺮﻉ ﺍﳉﺰﺍﺋﺮﻱ ﻹﺛﺎﺭﺓ ﺍﻟﻨﻈﺮ ﰲ ﺍﻟﻘﻮﺍﻋﺪ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳌﻨﻈﻤﺔ ﻟﻠﺸﺮﻛﺎﺕ‬

‫ﻣﺜﻞ ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‪ ،‬ﳑﺎ ﳍﺬﻩ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺃﳘﻴﺔ ﺇﻗﺘﺼﺎﺩﻳﺔ ﰲ ﺍﻹﻧﺘﺎﺝ ﺍﻟﻮﻃﲏ ﻭ‬

‫ﻛﺬﺍ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻣﻦ ﺟﻬﺔ‪ ،‬ﻭ ﻣﻦ ﺟﻬﺔ ﺃﺧﺮﻯ ﺗﺴﺎﻫﻢ ﰲ ﺗﻮﻓﲑ ﻣﻨﺎﺻﺐ ﺍﻟﺸﻐﻞ ﻭ ﺑﺎﻟﺘﺎﱄ‬

‫ﲣﻔﻴﻒ ﺍﻟﺒﻄﺎﻟﺔ ﰲ ﺍﳉﺰﺍﺋﺮ‪ .‬ﻭﺗﺴﻤﺢ ﻟﻸﺷﺨﺎﺹ ﺧﺎﺻﺔ ﺻﻐﺎﺭ ﺍﳌﺪﺧﺮﻳﻦ ﰲ ﺃﻥ ﻳﺴﻠﻤﻮﺍ ﰲ ﺗﻜﻮﻳﻦ‬

‫ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ‪ ،‬ﻭ ﻫﺬﺍ ﺍﻟﻨﻮﻉ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﻳﺘﻤﺎﺷﻰ ﻣﻊ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ‪.‬‬

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‫ﻓﻘﺪ ﺃﺻﺒﺢ ﻣﻮﺿﻮﻉ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺍﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﺼﻐﲑﺓ ﻭ ﺍﳌﺘﻮﺳﻄﺔ ﰲ ﳐﺘﻠﻒ ﳎﺎﻻﺕ ﺍﻟﻨﺸﺎﻁ‬

‫ﺍﻹﻗﺘﺼﺎﺩﻱ ﻳﻠﻘﻰ ﺇﻫﺘﻤﺎﻣﺎ ﻣﺘﺰﺍﻳﺪﺍ ﻣﻦ ﻃﺮﻑ ﺍﳌﻨﻈﻤﺎﺕ ﺍﶈﻠﻴﺔ ﻭ ﺍﻟﺪﻭﻟﻴﺔ‪ .‬ﻧﺘﻴﺠﺔ ﻟﺪﻭﺭﻫﺎ ﺍﻟﻔﻌﺎﻝ ﰲ‬

‫ﺇﻧﻌﺎﺵ ﺍﻹﻗﺘﺼﺎﺩ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﻧﻈﺮﺍ ﻟﺴﻬﻮﻟﺔ ﺗﻜﻴﻴﻔﻬﺎ ﻭ ﻣﺮﻭﻧﺘﻬﺎ ﺍﻟﱵ ﲡﻌﻠﻬﺎ ﻗﺎﺩﺭﺓ ﻋﻠﻰ ﺍﳉﻤﻊ ﺑﲔ‬

‫ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭﻭﺳﻴﻠﺔ ﻓﻌﺎﻟﺔ ﻟﻔﺘﺢ ﺁﻓﺎﻕ ﺍﻟﻌﻤﻞ ﻣﻦ ﺧﻼﻝ ﺗﻮﻓﲑ ﻣﻨﺎﺻﺐ ﺍﻟﺸﻐﻞ ﻭ ﺧﻠﻖ‬

‫ﺍﻟﺜﺮﻭﺓ‪ ،‬ﻭ ﲤﻜﻨﻬﺎ ﻣﻦ ﺭﻓﻊ ﲢﺪﻳﺎﺕ ﺍﳌﻨﺎﻓﺴﺔ ﰲ ﻇﻞ ﺇﻗﺘﺼﺎﺩ ﺍﻟﺴﻮﻕ‪.‬‬

‫ﻭﳍﺬﺍ ﻓﺴﺤﺖ ﺍﻟﺪﻭﻟﺔ ﻟﻠﻤﺴﺘﺜﻤﺮﻳﻦ ﺍ‪‬ﺎﻝ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻣﻦ ﺃﺟﻞ ﺇﻧﻌﺎﺵ ﺍﳊﻴﺎﺓ‬

‫ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭﰲ ﺍﻟﺘﻌﻮﻳﺾ ﻋﻦ ﺍﳌﺆﺳﺴﺎﺕ ﺍﻟﱵ ﻓﻘﺪﻫﺎ ﺍﻟﻨﺴﻴﺞ ﺍﻹﻗﺘﺼﺎﺩﻱ‪ ،‬ﻭ ﻫﺬﺍ ﻣﺎ ﺩﻓﻊ ﻟﻠﺪﻭﻟﺔ‬

‫ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻣﻦ ﺃﺟﻞ ﺗﺴﻬﻴﻞ ﺇﻧﺸﺎﺀ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﻌﺪ ﻣﺆﺳﺴﺎﺕ ﺻﻐﲑﺓ ﻭ‬

‫ﻣﺘﻮﺳﻄﺔ‪ ،‬ﻭﺧﻠﻖ ﻣﻨﺎﺻﺐ ﺍﻟﺸﻐﻞ ﻣﻦ ﺧﻼﻝ ﲤﻜﲔ ﻃﺎﻟﱯ ﺍﻟﺸﻐﻞ ﻣﻦ ﺗﺄﺳﻴﺲ ﺷﺮﻛﺎ‪‬ﻢ ﺍﳋﺎﺻﺔ ﻭ‬

‫ﺇﺷﺘﺮﺍﻛﻬﻢ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻹﻗﺘﺼﺎﺩﻳﺔ ﻭ ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﻟﻠﺒﻼﺩ ﻭ ﺍﻟﻘﻀﺎﺀ ﻋﻠﻰ ﺍﻹﻗﺘﺼﺎﺩ ﺍﳌﻮﺍﺯﻱ‪ ،‬ﻭ ﻛﺬﻟﻚ‬

‫ﺍﻟﺪﻭﺭ ﰲ ﲣﻔﻴﻒ ﺍﻟﺒﻄﺎﻟﺔ ﻭ ﻣﺎ ﻳﻨﺠﺰ ﻋﻨﻪ ﻣﻦ ﺍﻟﻨﺎﺣﻴﺔ ﺍﻹﺟﺘﻤﺎﻋﻴﺔ ﻭ ﻛﺬﺍ ﲢﺴﲔ ﻣﻨﺎﺥ ﺍﻷﻋﻤﺎﻝ ﰲ‬

‫ﺍﳉﺰﺍﺋﺮ ﻭ ﻣﻮﺍﺻﻠﺔ ﺗﻜﻴﻴﻒ ﺍﳌﻨﻈﻮﻣﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻣﻊ ﺍﻟﺘﻄﻮﺭﺍﺕ ﺍﳊﺎﺻﻠﺔ ﻋﻠﻰ ﺍﻟﺼﻌﻴﺪﻳﻦ ﺍﻟﻮﻃﲏ‬

‫ﻭﺍﳌﺎﱄ‪ ،‬ﻭﺗﻄﻮﻳﺮ ﻧﻈﺎﻡ ﺍﳌﻌﻠﻮﻣﺎﺕ ﻭ ﺗﺸﺠﻴﻊ ﺍﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻟﺘﻜﻨﻮﻟﻮﺟﻴﺎ ﺍﳊﺪﻳﺜﺔ‪.‬‬

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 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭ ﺍﳌﺮﺍﺟﻊ‬

‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭ ﺍﳌﺮﺍﺟﻊ‬

‫ﺃﻭﻻ‪:‬ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ‬

‫_ ﺍﻟﻘﺮﺃﻥ ﺍﻟﻜﺮﱘ )ﺭﻭﺍﻳﺔ ﻭﺭﺵ(‪.‬‬

‫_ ﺍﻟﺴﻨﺔ ﺍﻟﻨﺒﻮﻳﺔ )ﺭﻭﺍﻩ ﻣﺴﻠﻢ(‪.‬‬

‫ﺍﻟﻘﻮﺍﻧﲔ‪:‬‬

‫_ﺍﻷﻣﺮ ﺭﻗﻢ ‪ 59-75‬ﺍﳌﺆﺭﺥ ﰲ ‪20‬ﺭﻣﻀﺎﻥ ﻋﺎﻡ ‪ 1395‬ﺍﳌﻮﺍﻓﻖ ‪ 26‬ﺳﺒﺘﻤﱪ ‪ 1975‬ﺍﳌﺘﻀﻤﻦ‬

‫ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳌﻌﺪﻝ ﻭ ﺍﳌﺘﻤﻢ‪ ،‬ﺝ‪.‬ﺭ‪ ،‬ﻋﺪﺩ‪،71‬ﺍﻟﺼﺎﺩﺭﺓ ﰲ ‪ 30‬ﺩﻳﺴﻤﱪ ‪.2015‬‬

‫_ ﻗﺎﻧﻮﻥ ﺭﻗﻢ ‪ 08-04‬ﺍﳌﺆﺭﺥ ﰲ ‪ 14‬ﺃﻭﺕ ‪ 2004‬ﺍﳌﺘﻌﻠﻖ ﺑﺸﺮﻭﻁ ﳑﺎﺭﺳﺔ ﺍﻷﻧﺸﻄﺔ ﺍﻟﺘﺠﺎﺭﻳﺔ‬

‫ﺍﳌﻌﺪﻝ ﻭ ﺍﳌﺘﻤﻢ‪ ،‬ﺝ‪.‬ﺭ‪ ،‬ﻋﺪﺩ‪ 14‬ﺍﻟﺼﺎﺩﺭ ﰲ ‪ 18‬ﺃﻭﺕ ‪. 2004‬‬

‫_ﺍﳌﺮﺳﻮﻡ ﺍﻟﺘﻨﻔﻴﺬﻱ ﺭﻗﻢ ‪07-92‬ﺍﳌﺆﺭﺥ ﰲ ‪18‬ﻓﻴﻔﺮﻱ ‪ 1992‬ﺍﳌﺘﻌﻠﻖ ﺑﺎﻟﻨﺸﺮﺓ ﺍﻟﺮﲰﻴﺔ‬

‫ﻟﻺﻋﻼﻧﺎﺕ ﺍﻟﻘﺎﻧﻮﻧﻴﺔ‪ ،‬ﺟﺮﻳﺪﺓ ﺭﲰﻴﺔ‪ ،‬ﺭﻗﻢ ‪ ،14‬ﺍﻟﺼﺎﺩﺭﺓ ﰲ ‪.1992‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﻗﺎﺋﻤﺔ ﺍﳌﺮﺍﺟﻊ‬

‫‪/1‬ﺍﳌﺮﺍﺟﻊ ﺍﻟﻌﺎﻣﺔ‪:‬‬

‫_ ﺇﺑﺮﺍﻫﻴﻢ ﺳﻴﺪ ﺃﲪﺪ‪ ،‬ﺍﻟﻌﻘﻮﺩ ﻭ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﳉﺎﻣﻌﺔ ﺍﳉﺪﻳﺪﺓ ﻟﻠﻨﺸﺮ‪،‬‬

‫ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪.1999 ،‬‬

‫_ﺃﲪﺪ ﳏﺮﺯ‪ ،‬ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﺰﺀ ﺍﻟﺜﺎﱐ‪ ،‬ﻃﺎﺑﻊ ﳏﻞ ﺍﻟﻐﺮﺏ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪،‬‬

‫‪.1973‬‬

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‫_ ﺇﻟﻴﺎﺱ ﻧﺎﺻﻴﻒ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺗﻮﺯﻳﻊ ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ ﺍﳊﻘﻮﻗﻴـــﺔ‬

‫ﻟﺒﻨﺎﻥ‪.2011،‬‬

‫_ ﺃﺳﺎﻣﺔ ﻧﺎﺋﻞ ﺍﶈﺴﲔ‪ ،‬ﺍﻟﻮﺟﻴﺰ ﰲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﻭﺍﻹﻓﻼﺱ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ‬

‫ﻭﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪_ .2010،‬ﺣﺴﲔ ﺍﳌﺎﺣﻲ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻟﺜﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ‬

‫ﺍﻟﻌﺮﺑﻴﺔ ﺍﻟﻘﺎﻫﺮﺓ‪.2002،‬‬

‫_ﻣﺼﻄﻔﻰ ﻛﻤﺎﻝ ﻃﻪ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ)ﺍﻷﺣﻜﺎﻡ ﺍﻟﻌﺎﻣﺔ(‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ‬

‫ﺍﳉﺎﻣﻌﻴﺔ‪ ،‬ﻣﺼﺮ‪.2000 ،‬‬

‫_ﻧﺎﺩﻳﺔ ﻓﻀﻴﻞ‪ ،‬ﺷﺮﻛﺎﺕ ﺍﻟﻸﻣﻮﺍﻝ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﻃﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺩﻳﻮﺍﻥ ﺍﳌﻄﺒﻮﻋﺎﺕ‬

‫ﺍﳉﺎﻣﻌﻴﺔ‪،‬ﺍﳉﺰﺍﺋﺮ‪2007،‬‬

‫_ﻧﺴﺮﻳﻦ ﺷﺮﻳﻔﻲ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺑﻠﻘﻴﺲ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪.2013 ،‬‬

‫_ﻋﺒﺎﺱ ﻣﺼﻄﻔﻰ ﺍﳌﺼﺮﻱ‪ ،‬ﺗﻨﻈﻴﻢ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﺍﳉﺪﻳﺪﺓ ﻟﻠﻨﺸﺮ‪ ،‬ﻣﺼﺮ‪،‬‬

‫‪.2002‬‬

‫_ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺷﺮﺡ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،1‬ﺟﺰﺀ ﺍﻟﺮﺍﺑﻊ‪ ،‬ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ‬

‫ﻭﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻣﺼﺮ‪.1998،‬‬

‫_ﻋﺰﻳﺰ ﺍﻟﻌﻜﻴﻠﻲ‪ ،‬ﺍﻟﻮﺳﻴﻂ ﰲ ﺷﺮﺡ ﺍﻟﺘﺸﺮﻳﻌﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻃﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺇﺻﺪﺍﺭ ﺍﻷﻭﻝ‪ ،‬ﻣﻜﺘﺒﺔ ﺩﺍﺭ‬

‫ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪.2008،‬‬

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‫_ﻓﻮﺯﻱ ﳏﻤﺪ ﺳﺎﻣﻲ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﻃﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺇﺻﺪﺍﺭ ﺍﻷﻭﻝ‪ ،‬ﻣﻜﺘﺒﺔ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ‬

‫ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻟﺒﻨﺎﻥ‪.1999،‬‬

‫_ﻓﺘﻴﺤﺔ ﻳﻮﺳﻒ ﺍﳌﻮﻟﻮﺩﺓ ﻋﻤﺎﺭﻱ‪ ،‬ﺃﺣﻜﺎﻡ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﺍﻟﻐﺮﺏ ﻟﻠﻨﺸﺮ ﻭ‬

‫ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺗﻠﻤﺴﺎﻥ‪.2007،‬‬

‫_ﺧﺎﻟﺪ ﺇﺑﺮﺍﻫﻴﻢ ﺍﻟﺘﻼﲪﺔ‪ ،‬ﺍﻟﻮﺟﻴﺰ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﻬﻴﻨﺔ ﻟﻠﻨﺸﺮ‬

‫ﻭﺍﻟﺘﻮﺯﻳﻊ‪،‬ﻋﻤﺎﻥ‪ ،‬ﺑﺪﻭﻥ ﺳﻨﺔ‪.‬‬

‫‪ /2‬ﺍﳌﺮﺍﺟﻊ ﺍﳌﺘﺨﺼﺼﺔ‪:‬‬

‫_ﺃﻛﺮﻡ ﻳﺎﻣﻠﻜﻲ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ) ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ(‪ ،‬ﻃﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺇﺻﺪﺍﺭ ﺍﻟﺜﺎﱐ ﺩﺍﺭ ﺍﻟﺜﻘﺎﻓﺔ‬

‫ﻟﻠﺘﺼﻤﻴﻢ ﻭ ﺍﻹﻧﺘﺎﺝ‪،‬ﻋﻤﺎﻥ‪.2008،‬‬

‫_ ﺇﻟﻴﺎﺱ ﻧﺎﺻﻴﻒ‪ ،‬ﺷﺮﻛﺔ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺍﺣﺪ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻟﺜﺎﻧﻴﺔ‪ ،‬ﺍﳉﺰﺀ ﺍﳋﺎﻣﺲ‪،‬ﻣﻨﺸﻮﺭﺍﺕ ﺍﳊﻠﱯ‬

‫ﺍﳊﻘﻮﻗﻴﺔ‪ ،‬ﻟﺒﻨﺎﻥ‪.2002 ،‬‬

‫_ﺑﻠﻌﻴﺴﺎﻭﻱ ﳏﻤﺪ ﺍﻟﻄﺎﻫﺮ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ) ﺷﺮﻛﺎﺕ ﺍﻷﻣﻮﺍﻝ(‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺍﳉﺰﺀ ﺍﻟﺜﺎﱐ‪،‬‬

‫ﺩﺍﺭ ﺍﻟﻌﻠﻮﻡ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺳﻄﻴﻒ‪.2014 ،‬‬

‫_ﻫﺎﱐ ﺻﻼﺡ ﺳﺮﻯ ﺍﻟﺪﻳﻦ‪ ،‬ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﺍﳋﺎﺻﺔ‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ ﺍﻟﻌﺮﺑﻴﺔ‪،‬‬

‫ﻣﺼﺮ‪.2001 ،‬‬

‫_ﳏﻤﺪ ﺧﺮﻳﻂ‪ ،‬ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﳉﺰﺍﺋﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳉﺰﺍﺋﺮﻱ ﻭ ﺍﻟﻘﺎﻧﻮﻥ ﺍﳌﻘﺎﺭﻥ‪،‬‬

‫ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺩﺍﺭ ﻫﻮﻣﺔ ﻟﻠﻄﺒﺎﻋﺔ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪.2003،‬‬

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‫_ﻣﻌﻦ ﻋﺒﺪ ﺍﻟﺮﺣﻴﻢ ﺑﻦ ﻋﺒﺪ ﺍﻟﻌﺰﻳﺰ ﺟﻮﳚﺎﻥ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺘﺨﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ )ﺷﺮﻛﺎﺕ‬

‫ﺍﻷﻣﻮﺍﻝ ﻭ ﺍﳋﺎﺻﺔ(‪ ،‬ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ ﺍﳌﻜﺘﺒﺔ ﺍﻟﻮﻃﻨﻴﺔ‪،‬ﻋﻤﺎﻥ ‪.2008‬‬

‫_ﻧﻮﺭ ﺍﻟﺪﻳﻦ ﻓﺎﺷﻞ‪ ،‬ﺍﻟﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ﻭ ﰲ ﺳﺠﻞ ﺍﻟﺼﻨﺎﻋﺔ ﺍﻟﺘﻘﻠﻴﺪﻳﺔ ﻭ ﺍﳊﺮﻓﻴﺔ‪ ،‬ﺑﺪﻭﻥ‬

‫ﻃﺒﻌﺔ‪ ،‬ﻣﻨﺸﻮﺭﺍﺕ ﺑﻐﺪﺍﺩﻱ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪.2009،‬‬

‫_ﻧﻐﻢ ﺣﻨﺎ ﺭﺅﻭﻑ ﻧﻨﻠﻴﺲ‪ ،‬ﺍﻟﻨﻈﺎﻡ ﺍﻟﻘﺎﻧﻮﱐ ﻟﺰﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﺍﻟﻄﺒﻌﺔ ﺍﻷﻭﱃ‪ ،‬ﺩﺍﺭ‬

‫ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪،‬ﻋﻤﺎﻥ‪200 ،‬‬

‫_ﻋﺒﺎﺱ ﻣﺮﺯﻭﻕ ﻓﻠﻴﺢ ﺍﻟﻌﺒﻴﺪﻱ‪ ،‬ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﺱ ﺍﳌﺎﻝ ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﻣﻜﺘﺒﺔ ﺩﺍﺭ‬

‫ﺍﻟﺜﻘﺎﻓﺔ ﻟﻠﻨﺸﺮ ﻭ ﺍﻟﺘﻮﺯﻳﻊ‪ ،‬ﻋﻤﺎﻥ‪. 1998،‬‬

‫_ﻋﺒﺪ ﺍﻟﻔﻀﻴﻞ ﳏﻤﺪ ﺃﲪﺪ‪ ،‬ﺗﻮﻇﻴﻒ ﺍﻷﻣﻮﺍﻝ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﻣﻜﺘﺒﺔ ﺍﳉﻼﺀ ﺍﳉﺪﻳﺪﺓ ﺍﻟﻘﺎﻫﺮﺓ‪،‬‬

‫‪.1990‬‬

‫_ﻋﻠﻲ ﺳﻴﺪ ﺍﻟﻘﺎﺳﻢ‪ ،‬ﺗﻨﻈﻴﻢ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻤﺸﺮﻭﻉ ﺍﳉﻤﺎﻋﻲ‪ ،‬ﺑﺪﻭﻥ ﻃﺒﻌﺔ‪ ،‬ﺟﺰﺀ ‪ ،2‬ﺩﺍﺭ ﺍﻟﻨﻬﻀﺔ‬

‫ﺍﻟﻌﺮﺑﻴﺔ‪ ،‬ﺍﻟﻘﺎﻫﺮﺓ‪ ،‬ﺑﺪﻭﻥ ﺳﻨﺔ‬

‫‪/3‬ﺍﻟﺮﺳﺎﺋﻞ ﻭ ﺍﳌﺬﻛﺮﺍﺕ‪:‬‬

‫ـ ﺃﻃﺮﻭﺣﺔ ﺍﻟﺪﻛﺘﻮﺭﺍﻩ‪:‬‬

‫_ﺗﻜﺮﻭﺷﺖ ﻋﻠﻲ‪ ،‬ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺣﻴﺪ ﰲ ﺍﻟﺘﺸﺮﻳﻊ ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﺃﻃﺮﻭﺣﺔ ﻣﻘﺪﻣﺔ ﻟﻨﻴﻞ‬

‫ﺷﻬﺎﺩﺓ ﺍﻟﺪﻛﺘﻮﺭﺍﻩ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪2006 ،‬ـ‪.2007/‬‬

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 ‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭ ﺍﳌﺮﺍﺟﻊ‬

‫ﺭﺳﺎﻟﺔ ﻣﺎﺟﺴﺘﺮ‪:‬‬

‫_ ﺷﺮﻳﻂ ﻋﻠﻲ‪ ،‬ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﺸﺨﺺ ﺍﻟﻮﺣﻴﺪ ﻭ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﻃﺒﻘﺎ ﻷﺣﻜﺎﻡ ﺍﻟﻘﺎﻧﻮﻥ‬

‫ﺍﳉﺰﺍﺋﺮﻱ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﺎﺟﺴﺘﺮ ﰲ ﻓﺮﻉ ﻗﺎﻧﻨﻮﻥ ﺍﻷﻋﻤﺎﻝ‪ ،‬ﺟﺎﻣﻌﺔ ﺍﳉﺰﺍﺋﺮ‪،2007/2006 ،‬ﻍ‪.‬‬

‫ﻣﻨﺸﻮﺭﺓ‬

‫ﻣﺬﻛﺮﺍﺕ ﺍﳌﺎﺳﺘﺮ‪:‬‬

‫_ﻣﻌﻤﺮﻱ ﻓﻴﺼﻞ‪ ،‬ﺍﻟﺸﺨﺺ ﺍﳌﺆﺳﺴﺔ ﺫﺍﺕ ﺍﻟﻮﺍﺣﺪ‪ ،‬ﻣﺬﻛﺮﺓ ﻣﻘﺪﻣﺔ ﻟﻨﻴﻞ ﺷﻬﺎﺩﺓ ﺍﳌﺎﺳﺘﺮ ﰲ ﺍﻟﻘﺎﻧﻮﻥ‬

‫ﺍﻟﺘﺠﺎﺭﻱ‪ ،‬ﺟﺎﻣﻌﺔ ﻭﺭﻗﻠﺔ‪ ،‬ﺍﳉﺰﺍﺋﺮ‪ ،2014/2013،‬ﻍ‪ .‬ﻣﻨﺸﻮﺭﺓ‪.‬‬

‫‪/4‬ﺍﳌﻠﺘﻘﻴﺎﺕ ﻭ ﺍﳌﺪﺧﻼﺕ‪:‬‬

‫_ﻣﺪﺭﺍﻭﻱ ﳊﺴﻦ‪ ،‬ﺃﳘﻴﺔ ﻭﺟﻮﺩ ﺭﺃﺱ ﺍﳌﺎﻝ ﰲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻳﺔ ﺍﶈﺪﻭﺩﺓ‪ ،‬ﻣﻠﺘﻘﻰ ﻭﻃﲏ ﺣﻮﻝ‬

‫"ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﻇﻞ ﺍﻟﺘﺤﻮﻻﺕ ﺍﳌﻌﺎﺻﺮﺓ _ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﳕﻮﺫﺟﺎ"_ ﲢﺖ ﻋﻨﻮﺍﻥ ﺍﳌﺆﺳﺴﺔ ﻭﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﳌﺴﺘﺪﺍﻣﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺟﻴﻼﱄ ﻟﻴﺎﺑﺲ‪ ،‬ﺳﻴﺪﻱ ﺑﻠﻌﺒﺎﺱ‪،‬‬

‫‪.2017‬‬

‫_ﺻﺎﺑﻮﳒﻲ ﻧﺎﺩﻳﺔ‪ ،‬ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﰲ ﻇﻞ ﺍﳌﺘﻐﲑﺍﺕ‪ ،‬ﻣﻠﺘﻘﻰ ﻭﻃﲏ‬

‫ﺣﻮﻝ "ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﺘﺠﺎﺭﻳﺔ ﰲ ﻇﻞ ﺍﻟﺘﺤﻮﻻﺕ ﺍﳌﻌﺎﺻﺮﺓ _ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﳕﻮﺫﺟﺎ"_ ﲢﺖ ﻋﻨﻮﺍﻥ ﺍﳌﺆﺳﺴﺔ ﻭﲢﻘﻴﻖ ﺍﻟﺘﻨﻤﻴﺔ ﺍﳌﺴﺘﺪﺍﻣﺔ‪ ،‬ﺟﺎﻣﻌﺔ ﺟﻴﻼﱄ ﻟﻴﺎﺑﺲ‪ ،‬ﺳﻴﺪﻱ ﺑﻠﻌﺒﺎﺱ‪،‬‬

‫‪.2017‬‬

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 ‫ﻓﻬﺮﺱ ﺍﶈﺘﻮﻳﺎﺕ‬

‫ﻓﻬﺮﺱ ﺍﶈﺘﻮﻳﺎﺕ‬

‫ﺍﻟﺼﻔﺤﺔ‬ ‫ﺍﳌﻮﺿﻮﻉ‬

‫ﻣﻘﺪﻣـﺔ ‪1 ..........................................................................‬‬

‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬‬

‫ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ‪:‬ﺗﻜﻮﻳﻦ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪5 ...........................‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ ‪ :‬ﺍﻹﻛﺘﺘﺎﺏ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪6 ...................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ‪ :‬ﺗﻌﺮﻳﻒ ﺍﻹﻛﺘﺘﺎﺏ ‪7 ...................................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ ‪ :‬ﺍﻹﻛﺘﺘﺎﺏ ﻟﻐﺔ‪7 ....................................................... :‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﺍﻹﻛﺘﺘﺎﺏ ﺇﺻﻄﻼﺣﺎ ‪8 .................................................. :‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺇﻧﺸﺎﺀ ﻋﻘﺪ ﺍﻹﻛﺘﺘﺎﺏ ‪10 ................................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺗﻘﺪﱘ ﺍﳊﺼﺺ ‪10 .......................................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺍﳌﺴﺆﻭﻟﻴﺔ ﺇﲡﺎﻩ ﺍﻟﻐﲑ ‪25 ...................................................‬‬

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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺣﻈﺮ ﺍﻹﻛﺘﺘﺎﺏ ﺍﻟﻌﺎﻡ ﻭ ﺇﺻﺪﺍﺭ ﺃﺳﻬﻢ ﺃﻭ ﺳﻨﺪﺍﺕ ﻗﺎﺑﻠﺔ ﻟﻠﺘﺪﺍﻭﻝ ‪27 ...........‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪31 .....................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﻋﻘﺪ ﺗﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﻭﻧﻈﺎﻣﻬﺎ ‪31 .........................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﻣﺮﺣﻠﺔ ﺍﻹﺷﻬﺎﺭ ﺍﻟﻘﺎﻧﻮﱐ ﻟﻠﻘﻴﺪ ﰲ ﺍﻟﺴﺠﻞ ﺍﻟﺘﺠﺎﺭﻱ ‪33 .......................‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪ :‬ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ﺍﶈﺪﻭﺩﺓ ‪45 .‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ ‪ :‬ﺃﺳﺒﺎﺏ ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪45 .‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺣﺬﻑ ﺍﻟﺮﺃﲰﺎﻝ ﺍﻷﺩﱏ ﻟﺘﺄﺳﻴﺲ ﺍﻟﺸﺮﻛﺔ ‪46 ................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﺇﻛﺘﺘﺎﺏ ﻭ ﲢﺮﻳﺮ ﺍﳌﺒﺎﻟﻎ ﺍﻟﻨﻘﺪﻳﺔ ‪47 .........................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪ :‬ﺭﻓﻊ ﻋﺪﺩ ﺍﻟﺸﺮﻛﺎﺀ ‪49 ..................................................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪ :‬ﻣﺴﺄﻟﺔ ﺍﻟﺒﺤﺚ ﻋﻦ ﺍﻟﻨﺘﺎﺋﺞ ﺃﻭ ﺍﻷﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻦ ﺣﺬﻑ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺘﺄﺳﻴﺴﻲ ‪51.‬‬

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‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬‬

‫ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

‫ﺍﻟﻔﺼﻞ ﺍﻟﺜﺎﱐ‪:‬ﺗﻐﻴﲑ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪54 ...........................‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻷﻭﻝ‪:‬ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪56 ......................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪:‬ﺃﺳﺒﺎﺏ ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫ‪.‬ﻡ‪.,‬ﻡ ‪57 .................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺗﻮﺳﻊ ﻧﺸﺎﻁ ﺍﻟﺸﺮﻛﺔ ‪57 .................................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﺇﺧﻔﺎﻕ ﺍﳌﺆﺳﺴﲔ ﺍﺑﺘﺪﺍﺀ ﰲ ﺗﻘﺪﻳﺮ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻋﻨﺪ ﺗﺄﺳﻴﺴﻬﺎ ‪58 ...........‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﻣﻄﺎﻟﺒﺔ ﺃﻋﻀﺎﺀ ﺍﻟﺸﺮﻛﺔ ﺑﺎﳊﺼﻮﻝ ﻋﻠﻰ ﺍﻹﺣﺘﻴﺎﻃﻲ ‪58 .......................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺮﺍﺑﻊ‪:‬ﺯﻳﺎﺩﺓ ﺭﺃﺱ ﺍﳌﺎﻝ ﻟﺴﺪﺍﺩ ﺩﻳﻮﻥ ﺍﻟﺸﺮﻛﺔ ‪59 ..................................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺷﺮﻭﻁ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ‪59 .....................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺃﺩﺍﺀ ﺭﺃﺱ ﺍﳌﺎﻝ ﺑﺎﻟﻜﺎﻣﻞ ‪59 ...............................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺻﺪﻭﺭ ﻗﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﻟﻠﺸﺮﻛﺔ ﺑﺰﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ‪61 ....................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﻃﺮﻕ ﺍﻟﺰﻳﺎﺩﺓ ﰲ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ‪66 ......................................‬‬

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‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺍﻟﺰﻳﺎﺩﺓ ﺑﻘﺒﻮﻝ ﺣﺼﺺ ﻧﻘﺪﻳﺔ ﺟﺪﻳﺪﺓ ‪67 ...................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪ :‬ﺍﻟﺰﻳﺎﺩﺓ ﺑﺘﻘﺪﳝﺎﺕ ﻧﻘﺪﻳﺔ ‪68 ..............................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺯﻳﺎﺩﺓ ﺍﻟﺮﺃﲰﺎﻝ ﺩﻭﻥ ﺣﺼﺔ ﺟﺪﻳﺪﺓ ‪72 .....................................‬‬

‫ﺍﳌﺒﺤﺚ ﺍﻟﺜﺎﱐ‪:‬ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪85 ........................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻷﻭﻝ‪:‬ﺃﺳﺒﺎﺏ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪86 ........................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺯﻳﺎﺩﺓ ﺭﺃﲰﺎﻝ ﻋﻦ ﺣﺎﺟﺔ ﺍﻟﺸﺮﻛﺔ ‪86 ......................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ ‪:‬ﻭ ﺟﻮﺩ ﺧﺴﺎﺋﺮ ‪88 ......................................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﻋﺎﺩﺓ ﻫﻴﻜﻠﺔ ﺭﺃﲰﺎﻝ ‪91 .................................................‬‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﱐ‪:‬ﺷﺮﻭﻁ ﲣﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪92 ..................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﺻﺪﻭﺭ ﻗﺮﺍﺭ ﻣﻦ ﺍﳉﻤﻌﻴﺔ ﺍﻟﻌﺎﻣﺔ ﺑﺘﺨﻔﻴﺾ ﺭﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ‬

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‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪ :‬ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﻣﺒﺪﺃ ﺍﳌﺴﺎﻭﺍﺓ ﺑﲔ ﺍﳌﺴﺎﳘﲔ ‪94 ................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﻟﺚ‪:‬ﺍﳊﻔﺎﻅ ﻋﻠﻰ ﺍﳊﺪ ﺍﻷﺩﱏ ﻟﺮﺃﲰﺎﻝ ﺍﻟﺸﺮﻛﺔ ﻭ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺺ ‪95 ......‬‬

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 ‫ﻓﻬﺮﺱ ﺍﶈﺘﻮﻳﺎﺕ‬

‫ﺍﳌﻄﻠﺐ ﺍﻟﺜﺎﻟﺚ‪:‬ﺇﺟﺮﺍﺀﺍﺕ ﲣﻔﻴﺾ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﻟﺸﺮﻛﺔ ﺫﺍﺕ ﺍﳌﺴﺆﻭﻟﻴﺔ ﺍﶈﺪﻭﺩﺓ ‪96 ...........‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻷﻭﻝ‪:‬ﲣﻔﻴﺾ ﺍﻟﻘﻴﻤﺔ ﺍﻻﲰﻴﺔ ﻟﻠﺤﺼﺔ ‪97 .........................................‬‬

‫ﺍﻟﻔﺮﻉ ﺍﻟﺜﺎﱐ‪:‬ﺍﻟﺘﺨﻔﻴﺾ ﺍﻟﻌﺪﺩﻱ ﻟﻠﺤﺼﺺ ‪99 ...........................................‬‬

‫ﺧﺎﲤﺔ ‪102 .........................................................................‬‬

‫ﻗﺎﺋﻤﺔ ﺍﳌﺼﺎﺩﺭ ﻭ ﺍﳌﺮﺍﺟﻊ ‪104 ........................................................‬‬

‫ﺍﻟﻔﻬﺮﺱ ‪110 .......................................................................‬‬

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