What is the Impact of penal confront in the law of joint-stock companies in stimulate investment?
NOUR EDDINE FKIHI
Division of Private Law - Faculty of Legal, Economic and Social Sciences, Tetouan - Abdel Malek Saadi University
Abstract
Many legislations provide for financial, economic and commercial penalties to combat the manipulation of company and partner funds ; to establish trust among the business market audience, in order to encourage investment through the establishment and participation of companies; as well as, ensuring effective criminal protection of the rights of both the company and partners or shareholders. Not to mention, Defending the interests of those dealing with the company and the general economic and social system, in general; so that, it becomes acceptable to prevent violations and abuses related to commercial companies by setting criminal penalties. In this context, the Moroccan legislator has undertaken a legal reform to strengthen investments, revive the national economy, and provide adequate criminal protection; which aimed at respecting the rights of all groups and parties. Therefore, this efforts have focused on adding a repressive character to the provisions stipulated in the laws of commercial companies; especially, joint-stock companies whose law is a general reference to the provisions related to the most important aspects of the rest of the companies; by stipulating many crimes, which may be committed throughout the stages of the company’s life, whether in the construction phase or when carrying out management work. The aforementioned protection constitutes a legislative pillar of funds and rights supported by the state's financial plans to raise the reasons for fears of embarking on investment and commercial projects, which are companies. In this context, a set of restraining penalties was imposed in order to prevent a violation of the legal system of commercial companies, in a desire to give credibility to this system; because the fate of this company, whether it is success or failure, is related to the seriousness of those responsible for it, and their sincerity in their work as well as their transparency; even if it is negated. These features, which are essential for founders and managers, are held accountable according to the type of criminal act or violation that has been issued from them. Thus, Law No. 17-95 regulating joint-stock companies included several criminal acts that lead to criminal accountability for breaches that may occur in the establishment stage, or in the life of the company before mitigating its restraining requirements are mitigated in response to the demands of the concerned parties, Accordingly, with Law No. 05-20, that changed and complementing the aforementioned law. The amendments that the legislator brought came as a natural and expected result for the inapplicability and incompability of many legal provisions with the Moroccan economic and social reality, in a context with a series of amendments submitted to the legislator in an attempt to avoid the defects of many Legislation and completing the deficiencies that were described. To try to evaluate this legislative trend, we will first touch on some features of the criminal approach in the law of the shareholding company (first research), before we stand on the controversy related to the feasibility of criminal responsibility as a penal measure aimed at stimulating investment, and strengthening the joint-stock company system as an optimal model for investment companies (second research).
Keywords
impact , penal, confront, law , companies , joint-stock stimulate , investment , responsibility , Breaches, Feasibility, Intimidation, deter , Tightening "
