Second, the spirit of legislation: China's Company Law strictly implements the three principles of capital determination, capital maintenance and capital unchanged. The company law prohibits a company from accepting its own shares as the object of pledge, in order to implement the three principles of capital. Because once the debt is due and the debtor can't pay it off, the company may get the shares of the company because of the discount, thus shaking the three principles of capital. The company buys shares of the company without authorization, which makes the company unable to perform legal procedures and reduces its capital in disguise; At the same time, the company becomes its own shareholder, which makes the capital hollow, that is, some assets of the company have nothing; In addition, it is an illegal act of insider trading, because the company itself belongs to the insider subject in securities trading.
Three. On whether a limited liability company can accept the pledge of company shares held by shareholders. Paragraph (4) of Article 143 of the Company Law stipulates that a company shall not accept its shares as the pledge target. Although the legal restriction here is only the pledge of shares of a joint stock limited company, the legislative spirit of the company law is very clear. Article 6 of "Several Provisions on Changes in Shares of Enterprises with Foreign Investment" stipulates that investors shall not pledge their shares to this enterprise. This shows that China's laws prohibit shareholders or investors from pledging their shares to the company.
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