Abstract
Regulation of no par value shares in Indonesia is necessary because the stock market can not apply article 31 paragraph (2) of the Company Law number 40, 2007 because there is no further adjustment. This condition are known with the legal vacuum. The purpose of this article is to find the model of no par value shares regulation in Indonesia Capital Market. Further regulation of no par value shares is needed to fulfill this legal vacuum. Research method in this artikel is using normative approach. The results show that regulation of no par value share must fulfill four principles. There are (a) the principle of workable (b) the principle of global nature (compatible for domestic exchange rules and the world exchange rules), (c) the principle of legal certainty in justice (d) the principle of legal protection. Keywords: capital market, regulation, principle.
Highlights
The basic issuance of no par value shares is to anticipate the needs of issuers who will restructure the company's capital and restructuring the business world
The results show that regulation of no par value share must fulfill four principles
The rule of no par value shares which attached in Article 31 paragraph (2) Company Law 2007 was a breakthrough for the capital market
Summary
The basic issuance of no par value shares is to anticipate the needs of issuers who will restructure the company's capital and restructuring the business world. This restructuration is done when the market value of the company's stock had fallen to below nominal value. The rule of no par value shares indicated in Article 31 paragraph (2) of Act 40 of the Company (referred as the Company Law). The concept of no par value shares have not been attached in the Capital Markets Act so that no legal problems in its application This juridical problems caused a legal vacuum that needs to be filled with an
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