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Le Conseil f茅d茅ral publie le Message sur la r茅vision du droit de la SA – CDBF
<!doctype html> <html lang="fr-FR" class="no-js"> <head> <meta charset="UTF-8"> <title> Le Conseil f茅d茅ral publie le Message sur la r茅vision du droit de la SA – CDBF </title> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <script type="text/javascript"> /* <![CDATA[ */ var gform;gform||(document.addEventListener("gform_main_scripts_loaded",function(){gform.scriptsLoaded=!0}),document.addEventListener("gform/theme/scripts_loaded",function(){gform.themeScriptsLoaded=!0}),window.addEventListener("DOMContentLoaded",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>"function"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn("The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1."),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener("gform_main_scripts_loaded",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener("gform/theme/scripts_loaded",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener("DOMContentLoaded",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook("action",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook("filter",o,r,e,t)},doAction:function(o){gform.doHook("action",o,arguments)},applyFilters:function(o){return gform.doHook("filter",o,arguments)},removeAction:function(o,r){gform.removeHook("action",o,r)},removeFilter:function(o,r,e){gform.removeHook("filter",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+"_"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){"function"!=typeof(t=o.callable)&&(t=window[t]),"action"==r?t.apply(null,e):e[0]=t.apply(null,e)})),"filter"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}}); /* ]]> */ </script> <meta name="viewport" content="width=device-width, initial-scale=1.0, minimum-scale=1.0"> <meta name="theme-color" content="#ea2221"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/favicon.ico" rel="shortcut icon"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/apple-touch-icon.png" rel="apple-touch-icon-precomposed"> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <!-- This site is optimized with the Yoast SEO plugin v24.7 - https://yoast.com/wordpress/plugins/seo/ --> <title>Le Conseil f茅d茅ral publie le Message sur la r茅vision du droit de la SA – CDBF</title> <link rel="canonical" href="https://cdbf.ch/567/" /> <meta property="og:locale" content="fr_FR" /> <meta property="og:type" content="article" /> <meta property="og:title" content=": Le Conseil f茅d茅ral publie le Message sur la r茅vision du droit de la SA - CDBF" /> <meta property="og:description" content="A la veille de l’entr茅e en vigueur du nouveau droit de la S脿rl, le Conseil f茅d茅ral a publi茅 le 21 d茅cembre 2007 son Message relatif 脿 la r茅vision du droit de la soci茅t茅 anonyme. 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class="lead mt-4"> <p>A la veille de l’entr茅e en vigueur du nouveau droit de la S脿rl, le Conseil f茅d茅ral a publi茅 le 21 d茅cembre 2007 son <a href="http://www.ejpd.admin.ch/etc/medialib/data/wirtschaft/gesetzgebung/aktienrechtrevision.Par.0018.File.tmp/bot-f.pdf" target="_blank">Message relatif 脿 la r茅vision du droit de la soci茅t茅 anonyme</a>. Dans les grandes lignes, le projet correspond 脿 l’avant-projet soumis 脿 consultation il y a deux ans (voir <a href="http://art396" target="_blank">actualit茅 n掳396 du 16 d茅cembre 2005</a>) : il couvre ainsi (1) la r茅forme de la gouvernance ; (2) la flexibilisation du capital ; et (3) une r茅vision du droit comptable. Dans l’ensemble, il suit les lignes politiques de l’avant-projet tout en corrigeant certaines erreurs techniques.<br /> Le <strong>gouvernement d’entreprise</strong> est sans doute le pan du projet qui a le moins chang茅 par rapport 脿 l’avant-projet. Le Message confirme l’abolition de la repr茅sentation par les organes ou les banques d茅positaires en faveur d’une g茅n茅ralisation du repr茅sentant ind茅pendant. Il maintient la possibilit茅 d’introduire des assembl茅es g茅n茅rales d茅localis茅es et m锚me 茅lectroniques et persiste 脿 limiter le mandat des administrateurs 脿 une dur茅e d’une ann茅e, ce qui de fait d茅stabilise avant tout les administrateurs ind茅pendants.<br /> Le projet tente tout de m锚me de corriger des erreurs de l’avant-projet. Notamment, il renonce au droit de demander des renseignements en tout temps pour les soci茅t茅s cot茅es, afin d’茅viter les probl猫mes li茅es 脿 l’茅galit茅 de traitement des actionnaires et les op茅rations d’initi茅s. Par ailleurs, il r茅instaure l’obligation de suivre les instructions du conseil d’administration s’agissant de propositions pr茅sent茅es 脿 l’assembl茅e g茅n茅rale, d茅rogeant 脿 l’obligation d’abstention lorsque l’actionnaire ne donne pas d’instruction pr茅cise. S’il est vrai que cette solution 茅vite de renforcer le pouvoir des actionnaires actifs pr茅sents aux assembl茅es aux d茅pens de ceux qui se contentent d’exprimer leur volont茅 par l’interm茅diaire du repr茅sentant ind茅pendant, elle remet le conseil d’administration en position de force : ce dernier peut forcer la main au repr茅sentant ind茅pendant en reformulant sa proposition lors de l’assembl茅e g茅n茅rale.<br /> Seule grande nouveaut茅, le Message offre d茅sormais explicitement la possibilit茅 aux soci茅t茅s cot茅es de r茅agir aux probl猫mes dits d’<em>empty voting</em> en refusant, sur la base d’une <strong>clause d’agr茅ment</strong>, le droit de vote aux actions acquises par un pr锚t de titres (<em>securities lending</em>) ou une op茅ration analogue. Soucieux d’une certaine 茅galit茅 des armes, le projet 茅tend 茅galement cette interdiction aux actions propres re莽ues ou donn茅es en pr锚t ou dans le cadre d’une op茅ration analogue. En revanche, nonobstant les critiques, le projet ne propose pas de solution pour r茅gler la question des actions 芦 dispos 禄.<br /> Les r猫gles sur la <strong>flexibilisation du capital</strong> suivent 茅galement la ligne directrice de l’avant-projet tout en essayant de trouver des solutions de compromis. Les soci茅t茅s anonymes b茅n茅ficieront, en plus d’un capital autoris茅, d’une marge de fluctuation permettant 脿 la soci茅t茅 de faire varier son capital au fur et 脿 mesure de ses besoins. En mati猫re de <strong>lib茅ration par compensation</strong>, le projet confirme qu’il suffit qu’une cr茅ance existe pour qu’elle puisse servir 脿 lib茅rer le capital par compensation. En m锚me temps, le projet persiste 脿 exiger que la prestation qui a donn茅 lieu 脿 la cr茅ance soit susceptible d’apport en nature, ce qui ne fait gu猫re de sens : une dette d’argent, peu importe son origine, est une dette d’argent et, 脿 d茅faut de compensation, la soci茅t茅 devra verser la somme 脿 l’actionnaire qui pourra ensuite utiliser les fonds pour lib茅rer le capital en esp猫ces.<br /> Autre tentative de compromis, en mati猫re d’<strong>茅mission en prise ferme</strong>, le projet renonce 脿 sanctionner de nullit茅 les op茅rations dans lesquelles la maison d’茅mission, contrairement 脿 ses engagements, n’offrirait pas aux actionnaires existants la possibilit茅 d’exercer indirectement leur droit pr茅f茅rentiel de souscription. Cependant, la r茅vision est trop restrictive lorsqu’elle r茅serve ce mode d’茅mission tr猫s usit茅s en pratique aux seuls banques et n茅gociants suisses 脿 l’exclusion de leurs homologues 茅trangers. Au-del脿 des relents de protectionnisme, cette disposition compliquera les 茅missions globales d’action et fera supporter le gros des risques aux acteurs suisses.<br /> Les <strong>r猫gles sur le maintien du capital</strong> constituent le volet le plus critiquable du projet. La r茅vision maintient la r茅serve d’apport, qui 脿 la lecture de la loi ne peut m锚me pas 锚tre rembours茅e alors m锚me que le projet flexibilise la r茅duction du capital. Il en va de m锚me de l’abandon du crit猫re de la mauvaise foi pour l’obligation de restituer les prestations indues qui expose les actionnaires, m锚me de bonne foi, 脿 devoir rembourser des dividendes pay茅s alors que l’assise financi猫re de la soci茅t茅 n’茅tait pas suffisamment solide. En revanche, le projet a r茅introduit la prescription quinquennale du droit en vigueur et s’agissant de l’art. 678 al. 2 CO requiert que la disproportion soit manifeste. Par ailleurs, le projet reconna卯t l’institution du dividende interm茅diaire, qui permet de verser une part du b茅n茅fice de l’exercice en cours pour autant qu’il soit attest茅 dans un bilan interm茅diaire ayant fait l’objet d’un contr么le restreint.<br /> Si les r猫gles sur le maintien du capital sont probl茅matiques, celles sur les <strong>devoirs d’annonce</strong> en cas de perte de capital ou de surendettement le sont nettement moins : le projet renonce 脿 exiger l’avis imm茅diat au juge en cas de surendettement, ce qui, conform茅ment 脿 la jurisprudence actuelle, permet de mener 脿 bien un assainissement extrajudiciaire. De m锚me, le projet n’exige plus un d茅p么t de bilan en cas d’insolvabilit茅, laissant la loi sur la poursuite pour dettes et la faillite r茅gler cette question. Ainsi, ce pan du droit permet de maintenir une certaine flexibilit茅 n茅cessaire pour r茅organiser les soci茅t茅s en difficult茅.<br /> Si les r猫gles sur la protection du capital deviennent plus strictes, il convient de noter que la <strong>responsabilit茅 des r茅viseurs</strong> sera all茅g茅e, non par un plafonnement, mais par une exception 脿 la solidarit茅 entre auteurs d’un dommage : le message pr茅voit ainsi, en cas de solidarit茅 notamment avec des organes de gestion, de limiter la responsabilit茅 des personnes charg茅es de la r茅vision en cas de n茅gligence au montant d没 dans les rapports internes, ce qui de fait r茅duit substantiellement leurs risques.<br /> S’agissant du <strong>droit comptable</strong>, dernier volet du projet, notons, sans entrer dans les d茅tails, que le projet renonce 脿 inverser le principe d’autorit茅 du bilan, qui aurait fait primer l’avis des autorit茅s fiscales.<br /> En d茅finitive, ce projet de r茅vision promet des innovations int茅ressantes, mais aussi rec猫le des probl猫mes, qui, esp茅rons-le, seront corrig茅es par le parlement. En tout cas, malgr茅 ces ambitions affich茅es, ce projet ne sera pas le dernier en la mati猫re et il en fait gu猫re de doute que certains volets, notamment la question du droit de vote des actions dispos ou la structure du capital, feront l’objet de nouvelles r茅visions.</p> </div> </div> </div> </div> </div> </main> <footer id="footer" class="py-5"> <div class="container"> <div class="row"> <div class="col-lg-2 mb-4 mb-lg-0 text-center text-lg-left"> <img class="img-fluid" alt="Unige" src="https://cdbf.ch/wp-content/themes/cdbf/img/unige.png"> </div> <div class="col-lg-6"> </div> <div class="col-lg-4"> <nav class="nav flex-column align-items-center align-items-lg-end text-right"> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/impressum/">Impressum</a> <a class="nav-link text-white font-sans-serif small" href="mailto:webmaster@cdbf.ch">Webmestre</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/charte-editoriale/">Charte 茅ditoriale</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/politique-dutilisation-des-cookies/">Politique d’utilisation des cookies</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/le-centre/contact/">Contact</a> </nav> </div> </div> </div> </footer> <div id="cookiebar" class="fixed-bottom w-100 text-light py-3" style="display:none;"> <div class="container"> <div class="row"> <div class="col-md-10 small"> Ce site utilise des cookies 脿 des fins de statistiques, d鈥檕ptimisation et de marketing cibl茅. 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