자본시장법상 투자신탁 수익자총회의 문제점 검토 (The Legal Problems of the General Meeting of Beneficiaries under the Financial Investment Services and Capital Markets Act)

서지정보

· 발행기관 : 한국법정책학회
· 수록지 정보 : 법과정책연구 / 11권 / 4호 / 1423 ~ 1460페이지
· 저자명 : 정준우

초록

현행 자본시장법상 투자신탁을 설정하려는 집합투자업자는 먼저 신탁업자와 신탁계약을 체결해야 한다. 즉 투자신탁을 설정하는 집합투자업자는 수익자총회 등의 일정한 법정사항이 기재된 신탁계약서에 의하여 신탁업자와 신탁계약을 체결해야 하고, 이미 체결한 계약을 변경할 때에도 변경계약을 체결해야 한다. 그런데 민법상의 제3자를 위한 계약과 달리 투자신탁에서는 다수의 수익자가 있어 신탁계약의 변경에 대해 전체수익자의 동의를 얻는다는 것이 현실적으로 거의 불가능하다. 이에 자본시장법도 원칙적으로 수익자의 동의를 얻을 필요가 없다는 취지로 규정하고 있다. 그러나 투자신탁을 설정한 집합투자업자가 신탁계약의 중요한 사항에 대하여 변경하고자 할 경우에는 예외적으로 미리 수익자총회를 개최하여 그 결의를 얻어야 한다.
한편 투자신탁 수익자총회의 구성ㆍ운영ㆍ의결방법 등에 대해서 자본시장법은 이원적인 구조를 취하고 있다. 즉 자본시장법은 제190조에서 수익자총회의 구성ㆍ권한ㆍ소집권자ㆍ소집방법ㆍ의결권행사방법ㆍ의사(의결)정족수 등에 관하여 원론적인 내용을 규정하면서, 동시에 수익자총회의 소집통지ㆍ소집지ㆍ질서유지ㆍ의결권행사방법ㆍ의사(의결)정족수ㆍ연기총회ㆍ의사록작성ㆍ결의하자 등에 관한 세부적인 사항에 대해서는 상법의 관련규정을 준용하고 있다. 그런데 이러한 투자신탁의 수익자총회에 대해서는 결의사항 및 운영절차 등에 관하여 그동안 업계와 학계는 물론이고 투자자들도 많은 문제점이 있다는 지적을 계속하여 왔다. 따라서 이 논문에서는 현행 투자신탁 수익자총회제도의 주요내용을 살펴보면서 그에 내포된 문제점을 지적하고 합리적인 개선방안을 제시하였다.

영어초록

The Article 190 of the Financial Investment Services and Capital Markets Act amended 2010 provided the general meeting of beneficiaries. An investment trust shall hold a general meeting of beneficiaries consisting of all beneficiaries, and the general meeting of beneficiaries shall have the power to adopt resolutions for only those matters provided for by this Act or the trust contract(§190 (1)), the general meeting of beneficiaries shall be convened by the collective investment business entity that has created the investment trust(§190 (2)), a collective investment business entity that has created an investment trust shall convene the general meeting of beneficiaries within one month, if the trust business entity that keeps in custody and manages the investment trust property or the beneficiaries who hold 5/100 or more of the total number of units of beneficiary certificates, request the collective investment business entity in writing to convene the general meeting of beneficiaries, stating the purpose of the general meeting of beneficiaries and the reasons for convening the meeting. In this regard, if the collective investment business entity does not execute the procedure for convening the general meeting of beneficiaries with no justifiable reason, the trust business entity or the beneficiaries who hold 5/100 or more of the total number of units of beneficiary certificates may hold the general meeting of beneficiaries subject to approval by the Financial Services Commission(§190 (3)).
The Article 363 (1) and (2) of the Commercial Act shall apply mutatis mutandis to the notice for convening a general meeting of beneficiaries(§190 (4)), the general meeting of beneficiaries shall be duly formed with the attendance of beneficiaries who hold the majority of the total number of units of beneficiary certificates, and shall adopt a resolution by the affirmative vote of two-thirds or more of the voting rights of the beneficiaries present at the meeting and one-third or more of the total number of units of outstanding beneficiary certificates∶Provided, that a resolution on the matters for which a resolution by the general meeting of beneficiaries is required in accordance with theprovisionsofthetrustcontract, in addition to the matters that require a resolution of the general meeting of beneficiaries pursuant to this Act may be adopted by the majority of voting rights of the beneficiaries present at the meeting and one-fourth or more of the total number of units of beneficiary certificates(§190 (5)), a beneficiary may exercise his/her voting rights in writing without attending the general meeting of beneficiaries(§190 (6)), a collective investment business entity that has created an investment trust (including the trust business entity or beneficiaries holding 5/100 or more of the total number of units of outstanding beneficiary certificates, who convene the general meeting of beneficiaries pursuant to the latter part of paragraph (3); hereafter the same shall apply in this paragraph) may postpone the general meeting of beneficiaries, if the number of units of beneficiary certificates held by the beneficiaries present at the meeting after the lapse of one hour from the time scheduled for opening the meeting fails to reach the majority of the total number of units of outstanding beneficiary certificates. In such cases, the collective investment business entity shall convene the postponed general meeting of beneficiaries within two weeks from the initially scheduled date(§190 (7)).
In the event that the number of units of beneficiary certificates held by the beneficiaries present at the postponed general meeting of beneficiaries after the lapse of one hour from the time scheduled for opening the meeting fails to reach the majority of the total number of units of outstanding beneficiary certificates, it shall be deemed that the general meeting of beneficiaries is duly formed with total number of beneficiaries held by the beneficiaries present at the meeting(§190 (8)), the method of convening the general meeting of beneficiaries and the postponed general meeting of beneficiaries, the method of exercising voting rights in writing, and other matters pertaining to the general meeting of beneficiaries shall be prescribed by Presidential Decree(§190 (9)). Under the Financial Investment Services and Capital Markets Act amended 2010, however, there are many problems in the provisions relating to the general meeting of beneficiaries, especially the provisions relating to convene and resolution procedure of the general meeting of beneficiaries. In this paper, thus, I have investigated the legal problems of provisions relating to the general meeting of beneficiaries and suggested the settlement methods of the problems.

참고자료

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