○ 日本で配当といえば配当可能利益（利益剰余金）から配当を支払うと理解されていますが、米国ではそうではないですね。また剰余金処分は、日本では通常（法459条の特則を定款で定めた場合などを除く）総会の第一号議案として、株主総会の決議事項ですね。米国では、決算承認・配当は、取締役会で決定されます。今回は、Delaware州法・New York州法等に、どのように定められているのか見てみましょう。
○ 模範事業会社法（MODEL BUSINESS CORPORATION ACT）では、どのように規定されているのでしょうか。
Subchapter D. DISTRIBUTIONS
§ 6.40. DISTRIBUTIONS TO SHAREHOLDERS
(c) No distribution may be made if, after giving it effect:
(1) the corporation would not be able to pay its debts as they become due in the usual course of business; or
(2) the corporation’s total assets would be less than the sum of its total liabilities plus (unless the articles of incorporation permit otherwise) the amount that would be needed, if the corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.
(1)では、借金返済できないような配当支払いをしてはいけないと規定していますね。Cash Flow思考ですね。Cashが回れば良いということです。(2)は、解散時の話ですからBSをベースに考えていますね。
○Delaware General Corporation Lawの規定は以下です。
§ 170. Dividends; payment; wasting asset corporations.
(a) The directors of every corporation, subject to any restrictions contained in its certificate of incorporation, may declare and pay dividends upon the shares of its capital stock either:
(1) Out of its surplus, as defined in and computed in accordance with §§ 154 and 244 of this title; or (額面株式の場合の額面超過資本剰余金からの支払はOK)
(2) In case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.
資本剰余金が無くても、（資本勘定の欠損を填補せず）当年度の利益があれば、その利益から配当を支払ってもよいということです。
○New York Business Corporation Law
§ 510. Dividends or other distributions in cash or property
(a) A corporation may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when currently the corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would be contrary to any restrictions contained in the certificate of incorporation.
(b) Dividends may be declared or paid and other distributions may be made either (1) out of surplus, so that the net assets of the corporation remaining after such declaration, payment or distribution shall at least equal the amount of its stated capital, or (2) in case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.
模範事業会社法やDelaware会社法等と同じ考えですね。配当は利益剰余金からという発想は無いですね。
○ 模範事業会社法（MODEL BUSINESS CORPORATION ACT）では、どのように規定されているのでしょうか。
Subchapter D. DISTRIBUTIONS
§ 6.40. DISTRIBUTIONS TO SHAREHOLDERS
(c) No distribution may be made if, after giving it effect:
(1) the corporation would not be able to pay its debts as they become due in the usual course of business; or
(2) the corporation’s total assets would be less than the sum of its total liabilities plus (unless the articles of incorporation permit otherwise) the amount that would be needed, if the corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of shareholders whose preferential rights are superior to those receiving the distribution.
(1)では、借金返済できないような配当支払いをしてはいけないと規定していますね。Cash Flow思考ですね。Cashが回れば良いということです。(2)は、解散時の話ですからBSをベースに考えていますね。
○Delaware General Corporation Lawの規定は以下です。
§ 170. Dividends; payment; wasting asset corporations.
(a) The directors of every corporation, subject to any restrictions contained in its certificate of incorporation, may declare and pay dividends upon the shares of its capital stock either:
(1) Out of its surplus, as defined in and computed in accordance with §§ 154 and 244 of this title; or (額面株式の場合の額面超過資本剰余金からの支払はOK)
(2) In case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.
資本剰余金が無くても、（資本勘定の欠損を填補せず）当年度の利益があれば、その利益から配当を支払ってもよいということです。
○New York Business Corporation Law
§ 510. Dividends or other distributions in cash or property
(a) A corporation may declare and pay dividends or make other distributions in cash or its bonds or its property, including the shares or bonds of other corporations, on its outstanding shares, except when currently the corporation is insolvent or would thereby be made insolvent, or when the declaration, payment or distribution would be contrary to any restrictions contained in the certificate of incorporation.
(b) Dividends may be declared or paid and other distributions may be made either (1) out of surplus, so that the net assets of the corporation remaining after such declaration, payment or distribution shall at least equal the amount of its stated capital, or (2) in case there shall be no such surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year.
模範事業会社法やDelaware会社法等と同じ考えですね。配当は利益剰余金からという発想は無いですね。
