Spanish to English translations [PRO]
Bus/Financial - Finance (general) / General Meeting | | Spanish term or phrase: adquisición derivativa de acciones propias | | En la Junta General de Accionistas celebrada el xx, se aprobó por unanimidad el acuerdo mediante el que se da autorización a la Sociedad para que, pueda proceder a la adquisición derivativa de acciones propias de la sociedad, directamente o a través de sociedades del grupo, y con expresa facultad de reducir el capital social para amortizar acciones propias, delegando en el Consejo de administración las facultades necesarias para la ejecución de los acuerdos que adopte la Junta a este respecto, dejando sin efecto la autorización la autorización anterior, y la autorización para, en su caso, aplicar la cartera de acciones propias a al ejecución o cobertura de sistemas retributivos |
|  peterinmadridKudoZ activityQuestions: 3142 ( 13 open) ( 2 without valid answers) ( 108 closed without grading) Answers: 18
| Local time: 10:46
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| | acquisition of own shares in the secondary market | Explanation:
This is a constant problem. I have asked specialists in corporate law to define that word "derivativa" and come up blank. No answer. And the definition of "derivativa" in the DRAE is useless.
What it means in practice is that the company can buy its own shares, directly or through subsidiaries. There are basically two ways of buying shares: when they are fresh out of the oven (i.e. from the issuing company itself) or from someone else who bought them. Clearly, for a company to buy own shares from itself is ridiculous. My only conclusion is that it must mean "in the secondary market".
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Note added at 1 day6 hrs (2011-03-22 09:35:52 GMT)
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Ok. A glance at the Ley de Sociedades Anóminas, articles 74 and 75, confirms my thesis. Art. 74 refers to "adquisición originaria" i.e. subscription for new shares. Art. 75 refers to "adquisición derivativa", one of the requirements for which being that the shares to be acquired must already be fully disbursed. (the full text of the law is here: http://www.jurisweb.com/legislacion/mercantil/L.S.A..htm)
In the new Ley de Sociedades de Capital, this issue is covered in articles 134 onwards (http://noticias.juridicas.com/base_datos/Privado/rdleg1-2010... but the wording is essentially the same. |
| Selected response from:
 John Rynne
Local time: 09:46
| Grading comment Thank you for your answer and explanation, John.
4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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4 hrs confidence: 
1 day5 hrs confidence:
3 hrs confidence:  peer agreement (net): +1 acquisition of own shares in the secondary market
Explanation:
This is a constant problem. I have asked specialists in corporate law to define that word "derivativa" and come up blank. No answer. And the definition of "derivativa" in the DRAE is useless.
What it means in practice is that the company can buy its own shares, directly or through subsidiaries. There are basically two ways of buying shares: when they are fresh out of the oven (i.e. from the issuing company itself) or from someone else who bought them. Clearly, for a company to buy own shares from itself is ridiculous. My only conclusion is that it must mean "in the secondary market".
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Note added at 1 day6 hrs (2011-03-22 09:35:52 GMT)
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Ok. A glance at the Ley de Sociedades Anóminas, articles 74 and 75, confirms my thesis. Art. 74 refers to "adquisición originaria" i.e. subscription for new shares. Art. 75 refers to "adquisición derivativa", one of the requirements for which being that the shares to be acquired must already be fully disbursed. (the full text of the law is here: http://www.jurisweb.com/legislacion/mercantil/L.S.A..htm)
In the new Ley de Sociedades de Capital, this issue is covered in articles 134 onwards (http://noticias.juridicas.com/base_datos/Privado/rdleg1-2010... but the wording is essentially the same.
| John Rynne
Local time: 09:46
Specializes in field
Native speaker of:  English
PRO pts in category: 442
|
| | Grading comment | Thank you for your answer and explanation, John. |
|
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