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˙·ÂÁÏ Ú‚Â‰ Ïη ˙‡¯Â‰‰ ˙˜È˜ÁÏ ‰Ó„˜ ‰˜È¯Ó‡ ÔÂÙˆ ˜· Ï˘ ˙ÂËËÂÓ˙‰‰ ˙˘¯Ù̄˜ „ÂÚ ˙ÂÓÈȘ Âȉ ‰Ï‡ ˙·ÂÁ ,‡Â·Ó· È˙¯‰·‰˘ ÈÙÎ ,Ìχ ,‰¯·Á· ‰¯˘Ó ȇ˘ÂÌȘÊÏ Ìȯ¢¯È„ Ï˘ Ì˙ÂȯÁ‡ ˙χ˘ ‰Â„ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· .Ô˙˜È˜ÁÌÈÏ˘Â¯È· ÈÊÂÁÓ‰ ËÙ˘Ó‰ ˙È·· ˜Ê· ËÙ¢‰ .Ì„ˆÓ ˙ÂÏ˘¯ ·˜Ú ˜·Ï ÂÓ¯‚˘¯·„ Ï˘ ÂÙÂÒ· ‰Ó¯‚˘ Ì˙ÂÏ˘¯˙‰ ÔÈ‚· 8˜·‰ Ï˘ Ìȯ¢¯È„‰ ÏÚ ˙ÂȯÁ‡ ÏÈˉ˘ÓÈ˘˘ ÈÓ˘¯‰ ÒÂΉ ÌÚ ‰¯˘ÙÏ ÚÈ‚‰ ÌÈÚ·˙‰ Ï˘ Ï„‚‰ ̘ÏÁ .9˜·‰ ˙ÂËËÂÓ˙‰Ï˘‚‰˘ ¯ÂÚ¯Ú· ÂÎÈ˘Ó‰˘ Ìȯ¢¯È„ È˘ ˜¯ ¯‡˘ ,ÌÂÈ Ï˘ ÂÙÂÒ· .˜·‰ ˜¯ÙÓΉ¯Âˆ· Ô„ ,ÔÈ„‰ ˜ÒÙ ˙‡ ·˙΢ ,˜¯· ‡È˘‰ .ÔÓÒÂÊ ¯„ȷη Z ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È·Ï̄˜ ,˙ÒÒÂ·Ó ‰˙Èȉ ÂÊ ‰·ÂÁ .‰¯·Á· Ìȯ¢¯È„ ÏÚ ˙ÏËÂÓ˘ ˙¯ȉʉ ˙·ÂÁ· ˙·Á¯˙ÂÏ˘¯‰ ˙ÏÂÂÚ ÏÚ ,˙¯·Á‰ ˜ÂÁ·Â ˙¯·Á‰ ˙„˜ٷ ˙ȯÂËÂËËÒ ‰‡¯Â‰· ‰Â‚ÈÚÏ.˘Â„ÈÁ ÏÎ Ôȇ Íη .[˘„Á ÁÒÂ] ÔȘÈʉ ˙„˜ÙÏ 36y35 ÌÈÙÈÚÒ· ‰Ú·˜‰ ,˙ÈÏÏΉχ¯˘È· Ìȯ¢¯È„ Ï˘ ˙¯ȉʉ ˙·ÂÁ ÈÎ ,È˙¯‰·‰ 101980 ˙˘· È˙·˙΢ ¯Ó‡Ó·(ʇ ¯‡Â˙Î) ËÙ¢‰ È„È-ÏÚ ‰Ï·˜˙‰ ÂÊ ‰„ÓÚ .˙ÈÏÏΉ ˙ÂÏ˘¯‰ ˙ÏÂÂÚ ÈÙ-ÏÚ ˙Ú·˜‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÈ„‰ ˜ÒÙ Ï˘ Â˙Â·È˘Á .11ÈÂÒ˜ ÔÈÈÚ· ÂÈ„ ˜ÒÙ· ˜¯·È˙Ó ‰Ï‡˘· ÔÂÈ„· ,˙¯Á‡ ÌÈÏÈÓ· ,˙¯ȉʉ ˙·ÂÁ ۘȉ ¯·„· ÌÈÏÏΉ ˘Â·È‚· ‡È‰˙ÏËÂÓ ¯˘‡Î .‰¯·Á‰ ÈÙÏÎ ÂÏ˘ ˙¯ȉʉ ˙·ÂÁ ˙‡ ¯Ù‰˘ ÈÓÎ ¯Â˘¯È„ ·˘ÁÈÈÂ˙Â‡Ï ˜Ê Ï˘ ÂÓÂȘ ÚÂÓÏ È„Î ÌÈ¯È·Ò ÌÈÚˆÓ‡ ËÂ˜Ï ÂÈÏÚ ,Ì„‡ ÏÚ ˙Â¯È‰Ê ˙·ÂÁ

8¯Â˘¯È„Ï È˙ÂÂÎ "ȈÈÁ ¯Â˘¯È„" ÁÂÓ· .˜·‰ Ï˘ ÌÈȈÈÁ‰ Ìȯ¢¯È„‰ „‚ ‰˘‚‰ ‰ÚÈ·˙‰,˙¯·Á‰ ˜ÂÁ· ‰Ê ÁÂÓ· ˘ÂÓÈ˘‰Ó Ï„·‰· ,¯Â˘¯È„Î Â˙¯˘Ó ÏÚ ˜·· ÛÒ „ȘÙ˙ ‡ÏÓÓ Âȇ˘Ì‰È·‚Ï ‡ÏÓ˙‰Ï ÌÈÎȯˆ˘Â ˙ȯ·Ȉ ‰¯·Á· Ì˙ÂÓÏ ‰·ÂÁ˘ Ìȯ¢¯È„ È˘ Ì˙Â‡Ï ÒÁÈÈ˙Ó˘

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82

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

ÌÈÚˆÓ‡‰ ÏÎ Ì˘Â¯ÈÙ Ôȇ ÌÈ¯È·Ò ÌÈÚˆÓ‡ .˙¯ȉʉ ˙·ÂÁ ˙‡ ·Á ‡Â‰ ÂÈÙÏ΢ Ì„‡¯Â‡Ï .‰¯˜Ó‰ ˙·ÈÒ· Ì˙‡ ËÂ˜Ï Í¯Âˆ ‰È‰˘ ÌÈÚˆÓ‡ Ì˙‡ ‡Ï‡ ,ÌÈȯ˘Ù‡‰˙È· Z ¯ˆÂȉ „È· ¯ÓÂÁÎ ˙ÂÏ˘¯‰ ˙ÏÂÂÚ ˙˘Ó˘Ó "˙¯ȷÒ" ÁÂÓ‰ Ï˘ ˙ÂÓÈÓÚ‰

.¯ˆ˜Ó Â˙ˆ¯·Â ·ÈÁ¯Ó Â˙ˆ¯·˘ Z ËÙ˘Ó‰ÔÂÙˆ ˜· ÔÈÈÚ· ÌÈÚ·˙‰ Ìȯ¢¯È„‰Ó ˜ÏÁ È„È-ÏÚ ‰ÚӢ‰˘ ‰Úˉ „‚ÎÈÓÚËÓ „ȘÙ˙‰ ˙‡ ÌÓˆÚ ÏÚ ÂϷȘ˘ ÍÎ ·˜Ú ˙ÂȯÁ‡ ̉ÈÏÚ ÏÈË‰Ï Ôȇ˘ ,‰˜È¯Ó‡

:˜¯· ‡È˘‰ ·È˘Ó ,„·Î

ÏÂÓ‚ ͇ ‰Ê Ôȇ .„·ÈΠ‡ „Â·Î Ï˘ ÔÈÈÚ ˜¯ Âȇ ¯Â˘¯È„ Ì„‡ ˙Âȉ"˙‡ˆÏ ˙„·ÂÎÓ Í¯„ ͇ ‰È‡ ÂÊ .‰¯·ÁÏ ‰È„ÓÏ ¯·Ú· Â˙È˘ ÌÈ˙Â¯È˘ ÏÚ˙ÂÈ‰Ï .‰¯·Á· ÈÊÎ¯Ó „ȘÙ˙ ‡ÏÓÏ Â˙ÂÚÓ˘Ó ¯Â˘¯È„ ˙ÂÈ‰Ï .˙‡ÏÓ‚Ï̉· ˘ ‰È‰ ¯È·Ò ¯Â˘¯È„˘ ÌÈÚˆÓ‡‰ Ïη ËÂ˜Ï Â˙ÂÚÓ˘Ó ¯Â˘¯È„Ì„‡˘ ˙¯ȉʉ ÈÚˆÓ‡ Âȉ ‰Ó ‰È‡ ‰Ï‡˘‰ :˜Â„ .‰¯·Á· „ȘÙ˙ ˙Ó˘‚‰Ï¯·Ú· ˜ÒÙ˘ ÈÙÎ) ̉· ˘ ‰È‰ ÔÈ„Ï Ú·˙‰ ¯Â˘¯È„‰ Ï˘Î ÔÂÈÒÈÂ Ú„È ÏÚ·.(Re City Equitable Fire Insurance Co. Ltd. [1925] 1 Ch. 407 ˙˘¯Ù·˙·ÈÒ· ̉· ˘ ‰È‰ ¯È·Ò ¯Â˘¯È„˘ ˙¯ȉʉ ÈÚˆÓ‡ ̉ ‰Ó ‰È‰ ‰Ï‡˘‰

.12"ÔÈÈÚ‰

˙ÂȯÁ‡ ˙‡ Ú·˜Ï È˘Â˜ ÏÎ ‰È‰ ‡Ï ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÂÈ„Ï „ÓÚ˘ ‰¯˜Ó·˙È·¯Ó ˙‡ Âψ‡ ,ÔÂȯ¢¯È„‰ ˙Â·È˘È· Û˙˙˘‰ÏÓ Ú·˜ ͯ„ ÂÚÓ˘ ,Ìȯ¢¯È„‰

12In :Ì‚ ¢‰ .˜¯· ‡È˘‰ Ï˘ ÂÈ„ ˜ÒÙÏ 28 ‰˜ÒÙ· ,6 ‰¯Ú‰ ÏÈÚÏ ,‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚre Caremark Intern. Inc.Deriv. Lit. 698 A.2d 959 (1996); Francis v. United Jersey Bank˙ÚÈ·˜Ï ‰„ÈÓ ‰˜ ˘Ó˘Ó˘ ,¯È·Ò‰ ¯Â˘¯È„‰ Ï˘ È·È˘Èȷ‡‰ ÔÁ·Ó‰ .432 A. 2d 814 (1981)ÌÈ„ÁÂÈÓ ÌÈ¯Â˘Èη ·˘Á˙‰· ˯„ËÒ‰ ˙¯ÓÁ‰ Ï˘ ˙¯˘Ù‡ ÏÏ¢ Âȇ ,¯Â˘¯È„ Ï˘ Â˙ÂȯÁ‡Ì˘ ÏÚ È‡ÂÙ¯‰ ÊίӉ ' Ô¯Ë˘ 3056/99 ‡"Ú· ˜¯· ‡È˘‰ ȯ·„ ‰Ê ÔÈÈÚ· ‡¯ .¯Â˘¯È„‰ Ï˘˙ÂÏ˘¯‰ ˙ÏÂÂÚ· ˙„ÂÒÈ‰Ó „Á‡ ‰Â‰Ӊ Z ˙ÂÏ˘¯˙‰‰" :959 ,936 (2)  „"Ù ,‡·È˘ ÌÈÈÁ‰ËÒ ‡Ï ÔÎ ÏÚ Z ÂÏ Ï‚ÂÒÓ ‡Â‰˘ ÏÎ ‰˘Ú˘ ˜ÈÊÓ .˙È·È˘Èȷ‡ ‰„ÈÓ ˙Ó‡ ÈÙ ÏÚ ˙Ú·˜ Z˙Ó¯Ó ‰ËÒ ‡Â‰ Â˙‚‰˙‰· ̇ ÔȘÈÊ· ˙ÂȯÁ‡· ‡˘ÈÈ Z ÂÏ˘ ˙È·È˘ÈÈ·ÂÒ‰ ˙‚‰˙‰‰ ˙Ó¯ÓÂȇ ˙È·È˘ÈÈ·ÂÒ ˙ÂÏ˘¯˙‰ ¯„Úȉ .¯È·Ò‰ Ì„‡‰ ÈÁ·Ó ÈÙ ÏÚ ˙Ú·˜‰ ˙È·È˘Èȷ‡‰ ˙¯ȉʉ˙ÂÏ˘¯˙‰ Ï˘ Ìȇ˙‰ ˙‡ ˙ÓÈÈ˜Ó ˙‚‰˙‰ ‰˙‡˘ ̘ӷ ,˙ÂÏ˘¯· ÔȘÈÊ· ˙ÂȯÁ‡Ó ¯¯Á˘ÓÔȘÈÊ· ˙ÂȯÁ‡ ÔÈÈÚÏ ˙È˷ϯ ‰È‡ ˙È·È˘ÈÈ·ÂÒ‰ ˙ÂÏ˘¯˙‰‰ ÈÎ ,Ú·Â ‡Ï Ô‡ÎÓ .˙È·È˘Èȷ‡‚‰Â‰Ó ¯˙ÂÈ ‰‰Â·‚ ‰Ó¯· ‡Â‰ 'È˘È‡‰' „¯„ËÒ‰˘ ̘ӷ ‡È‰ ˙È˷ϯ ÂÊ ˙ÂÏ˘¯˙‰ .˙ÂÏ˘¯·˙¯ÓÁ‰Ï ."‰Ê „¯„ËÒÓ ‰ÈÈËÒ‰ ÈÙÏ Ú·˜È˙ (˙È·È˘Èȷ‡‰) ˙ÂÏ˘¯˙‰‰ ,‰Ê Ìȯ·„ ·ˆÓ· .ÏÈ‚¯ÎVrisakis :‡¯ ,ÈϯËÒ‡‰ ÔÈ„· ÌÈ„ÁÂÈÓ‰ ÂÈ¯Â˘Èη ·˘Á˙‰· ¯Â˘¯È„ Ï˘ ˙¯ȉʉ ˯„ËÒv. ASC (1993) 11 ACSR 162, 217; Daniels v. Anderson (1995) 16 ACSR 607, 668;˙·ÂÁ ˙¯ÓÁ‰ .Australian Corporation Law, Principles and Practice (vol. 1) §3.2.0378.Insolvency Act, 1986-Ï 214 ÛÈÚÒ· ‰ÈÏ‚‡· ‰Ú·˜ ÌÈ„ÁÂÈÓ ÌÈ¯Â˘ÈÎ Ï˘ ‰¯˜Ó· ˙¯ȉʉ.Ìȯ¢¯È„ Ï˘ ˙ÈÏÏΉ ˙¯ȉʉ ˙·ÂÁ ˙ÚÈ·˜Ï ‰Ê Ï„ÂÓ ıÓ‡Ï ‰ˆÏÓ‰ ‰ÈÏ‚‡· ˙„ÓÂÚ ‰ÈÂÏ˙Gower & Davies’ Principles of Modern Company Law (Hampshire, 7th :‰Ê ÔÈÈÚÏ Â‡¯

.ed., 2003) 434y435

83

ԉΠ‰¯ÂÙˆ

ÏÚ Á˜ÈÙ‰ ˙ÂÁ"„ ˙‡ ‡¯˜ ‡Ï ,˙È·È˘ʘ‡‰ ‰Ï‰‰Ï ÔÂȯ¢¯È„‰ Ï˘ ˙ÂÈÂÎÓÒ‰Ìȯ¢¯È„‰ Ï˘ Ì˙ÂÏ˘¯˘ ‰„·ÂÚ‰ ¯Â‡Ï .˜·‰ Ï˘ ·ˆÓ ˙‡ ¯ÈΉ ‡Ï ÌȘ·‰‰Ï‡˘· ÚÈ¯Î‰Ï ·ÈÈÁ ËÙ˘Ó‰ ˙È· ‰È‰ ‡Ï ,‰¯Â¯·Â ˙ËÏ· ‰Î ‰˙Èȉ ‰ÊÎ ‰¯˜Ó·Ìȯ¢¯È„ ˙ÓÂÚÏ ˜· Ï˘ Ìȯ¢¯È„ ÏÚ ¯˙ÂÈ ‰‰Â·‚ ˙Â¯È‰Ê ˙·ÂÁ· ¯ÈÎ‰Ï ˘È ̇‰˘È‚‰ ˙‡ È˙¯·Ò‰ 13Ìȯ¢¯È„ Ï˘ ˙¯ȉʉ ˙·ÂÁ ÏÚ È¯Ó‡Ó· .˙¯Á‡ ˙¯·Á Ï˘ÏÚ ‰Ïˉ˘ ÂÊÓ ÌȘ· Ï˘ Ìȯ¢¯È„ ÏÚ ¯˙ÂÈ ‰¯ÂÓÁ ˙ÂȯÁ‡ ‰ÏÈˉ˘ ,˙ȯ·‰ ˙ˆ¯‡·ÌÈÚȘ˘Ó‰ .‰Ï‡ ˙¯·Á· ÌÈÚȘ˘Ó‰ Ï˘ ‰Â˘‰ ‰ÈÈÙȈ· ,˙¯Á‡ ˙¯·Á· Ìȯ¢¯È„ÏÂ˜È˘ ·˜Ú „ÒÙ‰ Ï˘ ÔÂÎÈÒ ÌÓˆÚ ÏÚ ÌÈÏË ̉ ÔÎÏ ,ÁÂÂ¯Ï ÌÈÙˆÓ ˙ÂÏÈ‚¯ ˙¯·Á·ÛÒΉ ˙„˜Ù‰ .‰Â˘ ‰ÈÈÙȈ ˘È ˜·· ÌȄȘÙÓÏ ,˙‡Ê ˙ÓÂÚÏ .Ìȯ¢¯È„‰ „ˆÓ ‰ÚËÂÓ.14˜·· Ìȯ¢¯È„ ÏÚ ‰Ïˉ˘ ˙¯·‚ÂÓ‰ ˙ÂȯÁ‡‰ Ô‡ÎÓ ,Â˙¯ÈÓ˘Ï ‰„Ú ˜··¯˙ÂÈ ‰‰Â·‚ ˙ÂȯÁ‡· ¯ÈΉ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÈÊÂÁÓ‰ ÔÈ„‰ ˜ÒÙ· ˜Ê· ËÙ¢‰

:Âڷ˜· ,˙¯Á‡ ‰¯·Á· Ìȯ¢¯È„ Ï˘ ÂÊÓ ˜·· Ìȯ¢¯È„ Ï˘

¯·Â„ӢΠ‰ÓΠ‰ÓÎ ˙Á‡ ÏÚ ,‰ÏÈ‚¯ ˙ÂÈÓ ˙¯·Á Èωӷ ¯·„‰ ÍΠ̇Â"˙·ÂÁ ‰·Á ‡È‰ Ì‰Ï ¯Â·Èˆ‰ Ï˘ ˙„˜ÈÙ ‰„È· ‰˜ÈÊÁÓ‰ ˙ȇ˜· ‰¯·Á·

.15"‰ÏÈ‚¯ ˙ÂÈÓ ˙¯·Á· ˙˘¯„‰ ÂÊÓ ‰·Â¯Ó ‰„ÈÓ· ˙Â¯È‰Ê ˙·ÂÁ ˙ÂÓ‡

ÏÚ ¯˙ÂÈ ‰‰Â·‚ ˙Â¯È‰Ê ˙·ÂÁ Ú·˜ÏÓ ÚÓ ,˙‡Ê ˙ÓÂÚÏ ,ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È·:ÈΠڷ˜ ˜¯· ‡È˘‰ .˜·· Ìȯ¢¯È„

‰¯·Á‰ Ï˘ ‰ÈÈÙ‡ ˙‡ „ÁÂÈÓ· ˘È‚„˙ ‡Ï ÌȯگÚÓ‰ ˙‚‰˙‰ ˙‡ Â˙ÈÁ·"‡Ï ÂÊÎ ‰˜È˜Á Z ˙„ÁÂÈÓ ‰˜È˜Á ¯„Úȉ· :‰Ê ‡Â‰ ÍÎÏ ÌÚˉ .˜·Î ˜ÂÊȉÏÎ Ï˘ Â˙·ÂÁÎ ‡È‰ ,˜·‰ ÈÙÏÎ ˜·· ¯Â˘¯È„ Ï˘ Â˙·ÂÁ Z ÂÈÙ· ‰‚ˆÂ‰ËÂ˜Ï :˙Á‡ ‡È‰ ÂÊ ‰·ÂÁ .Â˙¯˘Ó ˙‡ ‡˘Â ‡Â‰ ‰· ‰¯·Á‰ ÈÙÏÎ ¯Â˘¯È„¯ÓÂÏ Ôȇ .ÔÈÈÚ‰ ˙·ÈÒ· ̉· ˘ ‰È‰ ¯È·Ò ¯Â˘¯È„˘ ˙Â¯È‰Ê ÈÚˆÓ‡·˜·· ¯Â˘¯È„ Ì‚ .˙¯·‚ÂÓ ‰Â˘ ‰·ÂÁ ˙ÏËÂÓ ˜·· ¯Â˘¯È„ ÏÚ ÈÎ ÏÏÎËÂ˜Ï Z ¯Â˘¯È„ ÏÎ Ï˘ Â˙·ÂÁÎ Z ‰È‰ Â˙·ÂÁ .˜·‰ Ï˘ ÂÁË·Ó Âȇ˙¯ȉʉ ÈÚˆÓ‡ ,˙‡Ê ÌÚ .˜·‰ Ï˘ Â˜Ê ˙‡ ÚÂÓÏ È„Î ÌÈ¯È·Ò ˙Â¯È‰Ê ÈÚˆÓ‡·ÌÈ˘¯„‰ ÌÈÚˆÓ‡‰ ȯ‰ ‡Ï .ÌÈÈÂÙˆ‰ ÌÈÂÎÈÒ‰Ó Ìȯʂ ÌÏÂÚÏ Ì‰ ÌÈ˘¯„‰ÈÓÓ ÌÈ˘¯„‰ ˙¯ȉʉ ÈÚˆÓ‡ ȯ‰Î ˜Á˘Ó ¯Â„Î ÂÈ„È· ˜ÈÊÁÓ ‡˘Â˘ ÈÓÓÌȘÈÊÁÓ ˜· Ï˘ Ìȯ¢¯È„ ÈÎ ,¯ÓÂÏ Ô˙È ‰Ê ÈÂÓÈ„· .ÔÂÓȯ ÂÈ„È· ˜ÈÊÁÓ˘˙ÂÏ˘¯˙‰ Ï˘ ‰¯˜Ó· ˘Á¯˙‰Ï È¢ڢ ˜·Ï ˜Ê‰ .ÔÂÓȯ ,˙·¯˜ ÌÈ˙ÚÏ ,Ì„È·˜Ê‰Ó ¯˙ÂÈ ‰Ï„‚ ‰ÓˆÂÚ ÏÚ· ,ÌÈ·¯ Ìȯ˜Ó· ˙ÂÈ‰Ï ÈÂ˘Ú ,˜·· ¯Â˘¯È„

13.10 ‰¯Ú‰ ÏÈÚÏ ,Ô‰Î14˙ÂȯÁ‡‰ .ÁÂËÈ· ˙¯·Á· Ìȯ¢¯È„ ÏÚ Ì‚ ˙¯·‚ÂÓ ˙ÂȯÁ‡ ‰Ïˉ ‰Ó„ ÌÚËÓ .157 'Ú· ,Ì˘

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84

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

ÈÂÏ˙ ÏΉ ,Ô·ÂÓÎ .˜· ‰È‡˘ ‰¯·Á· ¯Â˘¯È„ Ï˘ ‰¯˜Ó· ˘Á¯˙‰Ï È¢ڢÈÚˆÓ‡ ÁÂ˙È· ˜Ù˙Ò ,ÂÈÙÏ˘ ¯ÂÚ¯Ú· .‰¯˜Ó ‰¯˜Ó ÏÎ Ï˘ ÂÈ˙·ÈÒ·‰¯·Á‰ Ï˘ ‰ÈÈÙÂ‡Ï „ÁÂÈÓ ÈÂËÈ· ˙˙Ï ‡Ï· ÌȯگÚÓ‰Ó ÌÈ˘¯„‰ ˙¯ȉʉ˙¯ȉʉ ˙Ó¯Ó ÌȯگÚÓ‰ Ï˘ Ì˙ÈÈËÒ˘ ,‡Â‰ ÍÎÏ ÌÚˉ .˜·Î ‰˜ÂÊȉ„ÁÂÈÓ‰ ÈÙ‡‰ ˙‡ ˘È‚„‰Ï ͯˆ ÂÏ Ôȇ ÈÎ „Ú ,‰·¯ ‰Î ‡È‰ ˙˘¯„‰ÏÚ ˙ÂÏÁ‰ χ¯˘È ˜· ˙‡¯Â‰ ˙‡ ÂÁ˙È ‡Ï ,‰Ê ÌÚËÓ .˜·Î ˜ÂÊȉ Ï˘

.16"È·ÈËӯ‰ Ô„ÓÚÓ Â‰Ó ,‰Ï‡˘‰ ÏÚ Â„ÓÚ ‡Ï ,˜·· Ìȯ¢¯È„

Âȇ ˜·· Ìȯ¢¯È„ ÏÚ ÏËÂÓ‰ ˙¯ȉʉ ˙·ÂÁ Ï˘ ˯„ËÒ‰ ÈÎ ,‰ÏÂÚ ‰Ï‡ Ìȯ·„Ó̇˙‰· ‰˙˘Ó ‰·ÂÁ‰ ÔÎÂ˙˘ ‡Ï‡ ,˙¯Á‡ ‰¯·Á· Ìȯ¢¯È„ ÏÚ ÏËÂÓ‰ ‰ÊÓ ‰Â˘ÌÈÓ‡Â˙˘ ˙Â¯È‰Ê ÈÚˆÓ‡ ÂÏÈÚÙÈ Ì‰˘ ‡È‰ ˜·· Ìȯ¢¯È„Ó ‰ÈÈÙȈ‰ .ÔÂÎÈÒ‰ ˙ӯωÎÒ ˘È˘ "ÔÂÓȯ"Ï ‰Ï¢Ӊ ,˙ȇ˜·‰ ˙ÂÏÈÚÙ· ‰Î¯Ή ‰‰Â·‚‰ ÔÂÎÈÒ‰ ˙Ó¯ ˙‡

.ÂÈ„È-ÏÚ ˜Ê ˙Óȯ‚Ï ˆˆÈÙÏ ˙¯·‚ÂÓ.ÛÈÏÁ ¯Â˘¯È„ Ï˘ ÂÈÂÈÓ ‡Â‰ ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È· ˙ÂÒÁÈÈ˙‰Ï ‰ÎÊ˘ ÛÒ ‡˘Â(·)238 ÛÈÚÒ· ÌÂȉ ˙¯„ÒÂÓ ÛÈÏÁ ¯Â˘¯È„ ÈÂÈÓ Ï˘ ‰¯˜Ó· ¯Â˘¯È„ Ï˘ Â˙ÂȯÁ‡

ÂÈÙÏ ,˙¯·Á‰ ˜ÂÁÏ

‡Â‰ ÂÏ˘ ¯Â˘¯È„‰ Ï˘ Â˙ÂȯÁ‡ ˙‡ ÏÂÏ˘Ï È„Î ÛÈÏÁ ¯Â˘¯È„ ÈÂÈÓ· Ôȇ"¯Â˘¯È„‰ ÈÂÈÓ ˙·ÈÒ ˙·¯Ï ,ÔÈÈÚ‰ ˙·ÈÒÏ ·Ï ÌÈ˘· ÏÂÁ˙ ‡È‰Â ,ÛÈÏÁ

."Â˙‰Π͢Ó ÛÈÏÁ‰

‰‡¯Â‰ ¯„Úȉ· Ì‚ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ËÙ˘Ó‰ ˙È· ÚÈ‚Ó ‰Ó„ ‰‡ˆÂ˙ÏÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È· .ÂÊ ‰˘¯Ù· ÌÈÚ¯ȇ‰ ¢Á¯˙‰ ·˘ È˷ϯ‰ ÔÓÊ· ˙ȯÂËÂËËÒÛÈÏÁ ¯Â˘¯È„ Ï˘ ÂÈÂÈÓ ‰ÈÙÏ ,ÂÊ ‰È‚ÂÒ· ÈÊÂÁÓ‰ ËÙ˘Ó‰ ˙È· ˙„ÓÚ ˙‡ ¯˘‡Ó‡Ï Ìχ ,Û˙˙˘‰Ï ¯Â˘¯È„‰Ó ¯ˆ· Ô‰·˘ ˙ÂÓÈÂÒÓ ˙Â·È˘È· ÛÈÏÁÓÎ ˜¯ ȯ˘Ù‡Ì¯Â‚ Âȇ ÛÈÏÁ ¯Â˘¯È„ Ï˘ ÂÈÂÈÓ ,ÔÎ ÂÓÎ .Ú·˜ ͯ„ ÛÈÏÁ ¯Â˘¯È„ ˙ÂÓÏ Ô˙È

:ÈΠڷ˜ ˜¯· ‡È˘‰ .ÛÈÏÁ‰ Â˙‡˘ ¯Â˘¯È„‰ Ï˘ ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï

˙ÏËÂÓ‰ ˙¯ȉʉ ˙·ÂÁÓ ¯Â˘¯È„‰ ˙‡ ¯¯Á˘Ó Âȇ ÛÈÏÁ ¯Â˘¯È„ ÈÂÈÓ",˙ÂÓÈÂÒÓ ˙·ÈÒ· ,˙‡ˆÏ ÈÂ˘Ú ¯È·Ò ¯Â˘¯È„ ,˙‡Ê ÌÚ .‰¯·Á‰ ÈÙÏÎ ÂÈÏÚÂ˙·ÂÁ È„È ‡ˆÂÈ ¯Â˘¯È„ .ÛÈÏÁ ¯Â˘¯È„ ÈÂÈÓ· ¯È·Ò ¯Â˘¯È„Î Â˙·ÂÁ È„ÈÛÈÏÁ ¯Â˘¯È„ Û˙˙˘Ó ‰·È˘È ‰˙‡· ̇ ˙ÈÂÏÙ ÔÂȯ¢¯È„ ˙·È˘È· Û˙˙˘‰ÏÏ˘ ÂÈ˙ÂÏÂÚÙ ˙‡ ÔÂÁ·Ï ¯Â˘¯È„‰ ÏÚ ,‰Ê Ìȯ·„ ·ˆÓ· Ì‚ .ÔÈ„Î ‰ÈÓ Â˙‡‰ÓÓ ‰·È˘È‰ ÏÚ Ô·˘Á ÔÈ„ ÂÓÓ ˘˜·Ï ÂÈÏÚ .ÂÈÏÚ Á˜ÙÏ ÛÈÏÁ‰ ¯Â˘¯È„‰¯Â˘¯È„· ˘Ó˙˘‰Ï ÂÈÏÚ ;ÛÈÏÁ‰ ¯Â˘¯È„‰ Ï˘ ˙¯Á‡‰ ÂÈ˙ÂÏÂÚÙ ÏÚ ¯„Ú.Ú·˜ Ï˘ ¯„Ò‰Ï ,‰˘ÚÓÏ ‰Îω ,ÍÙ‰ÈÈ ‰Ê ÈÂÈÓ˘ ‡Ï· ,¯È·Ò ÔÙ‡· ÛÈÏÁ

16.34 ‰˜ÒÙ· ,6 ‰¯Ú‰ ÏÈÚÏ ,‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ

85

ԉΠ‰¯ÂÙˆ

¯Â˘¯È„‰ ˙‡ ÛÈÏÁ‰Ï „Ú ‡Â‰ .ÈÚ¯‡Â ÈÓÊ ¯Â˘¯È„ ‡Â‰ ÛÈÏÁ ¯Â˘¯È„ ,Ô·˙‡ ÛÈÏÁ‰Ï ÏÂÎÈ Âȇ ‡Â‰ .˙ÈÂÓχ ‰·È˘È ‡ ˙ÈÂÏÙ ‰ÏÂÚÙ ÔÈÈÚÏ Ú·˜‰

.17"‰Î¯‡ ‰Ù˜˙Ï ˙ÂÏÂÚÙ Ï˘ ·Á¯ Ô‚ÓÏ Ú·˜‰ ¯Â˘¯È„‰

¯Â˘¯È„‰ ˙‡ ˙ÂȯÁ‡Ó ¯¯Á˘Ï ȄΠ· Ôȇ ÛÈÏÁ ¯Â˘¯È„ ÈÂÈÓ˘ ,‡ÂÙ‡ ,‡È‰ ‰‡ˆÂ˙‰¯˘‡Î ԉ ˙¯·Á‰ ˜ÂÁ Ï˘ Â˙ÏÈÁ˙ ÈÙÏ ˘Á¯˙‰ ‰Ê ÈÂÈÓ ¯˘‡Î Ô‰ ,ÛÈÏÁ ‡Â‰ ÂÏ˘

.‰È¯Á‡Ï ˘Á¯˙‰˙ÂÚˉ Ô˜È˙· ‡È‰ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÈ„‰ ˜ÒÙÏ ˘È˘ ˙ÙÒ ˙Â·È˘ÁÈÊÂÁÓ‰ ËÙ˘Ó‰ ˙È· .„ÂÁÏ „ÁÈ· ˙ÂȯÁ‡ Ï˘ ‡˘Â· ÈÊÂÁÓ‰ ËÙ˘Ó‰ ˙È·· ‰˙˘Ú˘Ì‡˙‰· ,˜·Ï ̯‚˘ ˜Ê‰ Ï˘ ÌÈ¢ ÌȘÏÁÏ ˙ÂȯÁ‡ ÌÈÚ·˙‰ Ìȯ¢¯È„‰ ÏÚ ÏÈˉÈÈ„ ˙¯˜ÚÏ „‚ȷ ˙„ÓÂÚ ÂÊ ‰˘È‚ .Ì‰Ó „Á‡ ÏÎ Ï˘ Ì˘‡‰ ˙„ÈÓ ¯·„· Â˙ÚÈ·˜Ï,ÌÈÏÂÂÚÓ ¯ÙÒÓ È„È-ÏÚ ‰˜ÂÏÁÏ Ô˙È Âȇ˘ ˜Ê ˜ÂÊÈÏ Ì¯‚˘ ÌÂ˜Ó Ì‰ÈÙÏ˘ ,ÔȘÈÊ‰Ï˘ Ì˘‡‰ ˙„ÈÓ ÈÙÏ ‰˜ÂÏÁ‰ .„ÂÁÏ „ÁÈ· ‡È‰ ̯‚˘ ˜ÊÏ ˜ÂÊȉ ÈÙÏÎ Ì˙ÂȯÁ‡ÌÈÏÂÂÚÓ‰ ÔÈ· ȈÈÙ‰ ˙˜ÂÏÁ Ï˘ ÈÓÈÙ‰ ¯Â˘ÈÓ· ˜¯ ˙È˘Ú ÌÈÏÂÂÚÓ‰Ó „Á‡ ÏÎ˙‡ ÍÎ ·˜Ú ˙¢ÏÓ ÚÓ Ìχ ,ÂÊ ˙ÂÚË Ô˜˙Ó ˜¯· ‡È˘‰ ,Ô· .ÌÓˆÚ ÔÈ·Ï ÌÈ·

.18‰Ê ÔÈÈÚ· ¯ÂÚ¯Ú ¯„Úȉ· ,ÂÈÙ·˘ ÌȯگÚÓ‰ ÏÚ Â˙˘Â‰˘ ÌÈÓÂÎÒ‰

˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ¯È˘ÎÓÎ ÔÂȯ¢¯È„· „‚ ‰Ú·ˆ‰ .‚

‰ÈÚ·‰ ˙‚ˆ‰ .1

.19‰¯·Á‰ Ï˘ ÌÈÈÊίӉ ÌÈ‚¯Â‡‰ „Á‡Î ÔÂȯ¢¯È„‰ ˙‡ ڷ˜ ˙¯·Á‰ ˜ÂÁ˜ÂÁÏ 49 ÛÈÚÒ ÁÂÎÓ ‰¯·Á‰ ȘÒÚ Ï‰ȷ ˙ȯÂÈ˘‰ ˙ÂÎÓÒ‰ ˙ȘÂÓ ÔÂȯ¢¯È„Ï

:ÂÈÙÏ ,˙¯·Á‰

ȇ˘¯ ,¯Á‡ Ô‚¯Â‡Ï Ô˜˙· ‡ ˜ÂÁ· ‰˙˜Â‰ ‡Ï˘ ‰¯·Á‰ Ï˘ ˙ÂÎÓÒ"."‰ÏÈÚÙ‰Ï ÔÂȯ¢¯È„‰

‰Ï‰‰‰ ÏÚ ‰¯˜·Â Á˜ÈÙ Ï˘ „ȘÙ˙ ‡Â‰ ˙ȯ„ÂÓ‰ ‰¯·Á· ÔÂȯ¢¯È„‰ Ï˘ „ȘÙ˙˙‡ ˙¯·Á‰ ˜ÂÁÏ 92 ÛÈÚÒ Ú·Â˜ ÂÊ Á¯· .‰¯·Á‰ ˙ÂÈÈ„Ó ˙ÚÈ·˜Â ˙È·È˘ʘ‡‰Á˜ÙÈ ‰¯·Á‰ ˙ÂÈÈ„Ó ˙‡ ‰ÂÂ˙È ÔÂȯ¢¯È„‰" ÂÈÙÏ ,ÂȄȘÙ˙ ÔÂȯ¢¯È„‰ ˙ÂÈÂÎÓÒÏÚ˘ ÌȄȘÙ˙ Ï˘ ‰ÓÈ˘¯ ڷ˜ ÛÈÚÒ‰ ."ÂÈ˙ÂÏÂÚÙ ÈÏÏΉ ωӉ ȄȘÙ˙ Úˆȷ ÏÚ

.ÈÏÏΉ ωÓÏ ‰Ï‡ ˙ÂÈÂÎÓÒ Ïˆ‡Ï ˙ÂÎÓÒ ‡ÏÏ ,ÂÓˆÚ· ÌÚˆ·Ï ÔÂȯ¢¯È„‰‰‡¯Â‰ Ô˜˙‰ ڷ˜ ÔΠ̇ ‡Ï‡ ,˙ÂÚ„ ·Â¯· ˙ÂÏ·˜˙Ó ÔÂȯ¢¯È„‰ ˙ÂËÏÁ‰

17.ÔÈ„‰ ˜ÒÙÏ 42 ‰˜ÒÙ· ,Ì˘18.ÔÈ„‰ ˜ÒÙÏ 72 ‰˜ÒÙ· ,Ì˘19.˙¯·Á‰ ˜ÂÁÏ 46 ÛÈÚÒ

86

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

¯˘‡Î .21Ô˜˙· ˙¯Á‡ ‰ÚÈ·˜Ï ÛÂÙÎ ,‰Ú·ˆ‰· „Á‡ Ϙ ˘È ¯Â˘¯È„ ÏÎÏ .20˙¯Á‡.22Ô˜˙·˙¯Á‡Ú·˜ ‡Ï ̇ ,ÛҠϘ ÔÂȯ¢¯È„‰˘‡¯ ·˘ÂÈÏ ‰˜ÂÓ ,˙ÂϘ˘˙ÂÚ„‰‰Ï‡˘‰ Ô„È˙ ‰Ê ˜¯Ù· .‰¯·Á‰ ÈÙÏÎ ˙Â¯È‰Ê ˙·ÂÁ ¯Â˘¯È„ ÏÎ ÏÚ ˙ÏËÂÓ ,¯ÂÓ‡ÎϘÂ˯ٷ ÈÂËÈ· ‰‡ˆÓ ÂÊ ¯˘‡Î ,˙ÈÏ˘¯ ‰ËÏÁ‰ Ï˘ ‰˙Ï·˜ „‚ ‰Ú·ˆ‰· È„ ̇·˜Ú ‰¯·ÁÏ Ì¯‚ÈÈ˘ ˜ÊÏ ˙ÂȯÁ‡Ó „‚˙Ó‰ ¯Â˘¯È„‰ ˙‡ ¯¯Á˘Ï È„Î ,‰·È˘È‰ Ï˘‰Ï·˜˙‰˘ ‰ËÏÁ‰‰ Ô·˘ ‡È‰ ÔÂÈ„‰ ‡ˆÈÈ ‰ÓÓ˘ ‰Á‰‰ .˙ÈÏ˘¯‰ ‰ËÏÁ‰‰ ÚÂˆÈ·Ï˘ Â˙„‚˙‰ ̇ ˜Â„·Ï ‡È‰ ‰¯ËÓ‰ ¯˘‡Î ,˙ÈÏ˘¯ ‰˙Èȉ ÔÂȯ¢¯È„‰ ˙·È˘È·Ìȯ¢¯È„‰ Ìȇ˘Â ‰·˘ ˙ÂȯÁ‡‰ ˙‡ ÏÂÏ˘Ï È„Î ‰· ˘È ‰ËÏÁ‰Ï ¯Â˘¯È„‰

.‰ËÏÁ‰‰ ˙Ï·˜· ÂÎÓ˙˘ ,ÌȯÁ‡‰‰ÏÂÚ ,ÌÈ„‚· ‡Â·È· ‰˜ÂÒÈÚ˘ ‰¯·Á· :‰‡·‰ ‰Ó‚„· ¯ÊÚÈ ‰ÈÚ·‰ ˙˘ÁÓ‰ÏÔÂÈÎÈÊ Ï·È˜˘ Ô¯ˆÈÓ ÌÈÂÚ˘ ‡Â·È Ï˘ ˘„Á ˙ÂÏÈÚ٠˜ ÁÂ˙ÙÏ ‰Úˆ‰ ÔÂȯ¢¯È„·Z ¯˙ÂÈ· ‰Â·‚ ÌÈÂÚ˘‰ ¯ÈÁÓ .È˙¯˜ÂÈ ‰Ù‡ ˙È· Ï˘ „ÁÂÈÓ ·ÂˆÈÚ· ÌÈÂÚ˘ ¯ÂˆÈÈÏÌÈÎÓÂ˙ Ìȯ¢¯È„‰ ˙È·¯Ó .‰ÏÚÓ ÌÈϘ˘ ÌÈÙχ ˙˘ÓÁ ‡Â‰ ÔÂÚ˘ ÏÎ Ï˘ ¯ÈÁÓ·˘ ‰˘˜‰ ÈÏÎÏΉ ·ˆÓ‰ ¯Â‡Ï ,˙È˘‡¯ :Ìȇ·‰ ÌȘÂÓȉ ÔÓ „‚˙Ó Ô·Â‡¯ .ÔÂÈÚ¯·ÚˆÂÓ˘ ‚ÂÒ‰ ÔÓ Ìȯ˜È ÌÈÂÚ˘ ˙˘ÈÎ¯Ï ˜Â˘ ‰È‰È˘ ÈÂÙˆ ‡Ï ,ÌÂȉ ˜˘Ó‰ ȈÓ˙ÂÈ„Ó· ÌȯÎÓ˘ ,ÌÈÂÚ˘‰ Ï˘ ÌÈ‚˙ÂÓ‰ ÏÎÏ ÌÈÁψÂÓ ÌÈȘÈÁ Ì˘È ,˙È˘ .‡·ÈÈÏ˜Â˘ Ï˘ ÂÓÂÈ˜Ï ˙ÂÙˆÏ Ôȇ ÔÎ ÏÚ ,¯˙ÂÈ· ÌÈÏÂÊ ÌȯÈÁÓ· ·"‰¯‡· ÔΠÁ¯ÊÓ‰‰¯Á˙Ó ‰¯·Á Ï˘ ‰˙Òȯ˜ ˙‡ Â˙„‚˙‰Ï ‰ÎÈÓ˙· ‡È·‰ Է‡¯ .ÌÈÈ˙ÈÓ‡ ÌÈÂÚ˘Ï‰Ï·˜˙‰ ,Է‡¯ Ï˘ ÌÈÚ΢Ӊ ÂȘÂÓÈ ˙¯ÓÏ .Í¯Ú È¯˜È ÌÈÂÚ˘ ‡Â·È· ‰˜ÒÚ˘˙‡ ÂÁ„ Ìȯ¢¯È„‰ .˘„Á‰ ˜‰ ˙‡ ÁÂ˙ÙÏ ‰ËÏÁ‰‰ ,˙ÂÚ„ ·Â¯· ,ÔÂȯ¢¯È„·Ô·Â‡¯ .˘„Á‰ ˜· ‰Ú˜˘‰‰ ÈÙÏ ˜Â˘ ¯˜Ò ‰˘ÚÈ˘ ‰ÁÓÂÓÏ ˙ÂÙÏ Ô·Â‡¯ Ï˘ Â˙Úˆ‰.‰· ÂÎÓ˙ ÌȯÁ‡‰ Ìȯ¢¯È„‰ ˙˘ÓÁ ;‰Ú·ˆ‰Ó ÚÓ ÔÂÚÓ˘ ;‰ËÏÁ‰‰ „‚ ÚÈ·ˆ‰Ï˘ ȇÏÓ ‰˘Î¯ ‰¯·Á‰ .ÌÈ„·Î ÌÈ˜Ê ‰¯·ÁÏ ‰Ó¯‚ ‰ËÏÁ‰‰ ÈÎ ¯¯·˙‰ ¯ˆ˜ ÔÓÊ ÍÂ˙,Ìχ .˘„Á‰ ‚˙ÂÓ‰ ÌÂÒ¯Ù· ÌÈÏËÂ·Ó ‡Ï ÌÈÓÂÎÒ ‰ÚȘ˘‰Â ‰Â·‚ ÌÂÎÒ· ÌÈÂÚ˘Ï˘ ˙ÈÙÒΉ ‰Ú˜˘‰‰Â ¯˙ÂÈ· ˙ÂÏÈÏ„ Âȉ ˙¯ÈÎÓ‰ ,È·ÈÒ¯‚‡‰ ÌÂÒ¯Ù‰ ͯÚÓ Û‡ ÏÚ‰˙‡ ‡ȷ‰ ‰¯·ÁÏ ÂÓ¯‚˘ ÌÈ„·Î‰ ÌȘʉ .ÔÂÈÓËÏ ‰‡ÂÏÓ· ËÚÓÎ ‰„¯È ‰¯·Á‰˙‡ ˜„· ,‰˜È¯‰ ‰¯·Á‰ ˙Ù˜ ˙‡ ‡ÏÓÏ ‰ÒÓ˘ ,˜¯ÙÓ‰ .ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ·ˆÓÏÔÈ‚· Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ ˘È‚Ó ‡Â‰Â ,˜Â¯ÈÙÏ Ì„Â˜ ‰¯·Á‰ ȘÒÚ ÏÂ‰È ÔÙ‡

20,˙ڷ˜ ‰Ó‚Â„Ï Ô˜˙· 90 ‰˜˙ :˙¯·Á‰ ˜ÂÁ ÈÙÏ Ì‚ ÔÈ„‰ ‰È‰ ‰ÊÎ .˙¯·Á‰ ˜ÂÁÏ 107 ÛÈÚÒÔ˜˙ È„È-ÏÚ ÈÂÈ˘Ï ‰È‰ Ô˙È ‰Ó‚Â„Ï Ô˜˙‰ .˙ÂÚ„ ·Â¯· ‰Ï·˜˙˙ ÔÂȯ¢¯È„‰ ˙ÂËÏÁ‰ ÈÎCompanies Act, :‰ÈÏ‚‡· Ì‚ ‚‰Â ‰Ó„ ÔÈ„ .˙¯·Á‰ ˙„˜ÙÏ 11y10 ÌÈÙÈÚÒ ÁÂÎÓ ,‰¯·Á‰N.Y. :·"‰¯‡· ÔΠ;Corporation Law, s. 248G(1) :‰ÈϯËÒ‡· ;1985, Table A, reg 88

.Business Corporation Law, §708y709; Delaware General Corporation Law, §141(b)21.˙¯·Á‰ ˜ÂÁÏ 105 ÛÈÚÒ2290 ‰˜˙· Ì‚ ‰Ú·˜ ˙ÂϘ˘ ˙ÂÚ„‰ ¯˘‡Î ¯"ÂÈÏ ÛҠϘ ˙ÈȘ‰ .˙¯·Á‰ ˜ÂÁÏ 107 ÛÈÚÒ

.Companies Act, 1985, Table A, reg. 88 :‰ÈÏ‚‡· Ì‚ ¢‰ .‰Ó‚Â„Ï Ô˜˙Ï

87

ԉΠ‰¯ÂÙˆ

‡ˆÂÈ ÔÂÈ„‰ ,¯ÂӇΠ.ÌÈÂÚ˘ ‡Â·È· ‰¯·Á‰ Ï˘ ˘„Á‰ ˙ÂÏÈÚÙ‰ ˜ ˙ÁÈ˙Ù· Ì˙ÂÏ˘¯˙Ú·Â ÂÊ ˙ÂÏ˘¯ .˘„Á‰ ˙ÂÏÈÚÙ‰ ˜ ˙ÁÈ˙Ù· ˙ÂÏ˘¯ ˙ÓÈȘ Ô· ÈÎ ,‰Á‰‰ ÔÓ˙ÁÈ˙Ù·˘ ˙ȘÒÚ‰ ˙Âȇ„Ή ˙˜È„·Ï ÌÈ¯È·Ò ÌÈÚˆÓ‡ ¢ ‡Ï Ìȯ¢¯È„‰˘ ÍÎÓ,ÂÊ ˙ÂÏ˘¯ ¯Â‡Ï .23˙¯·Á‰ ˜ÂÁÏ 253 ÛÈÚÒ ÈÙ-ÏÚ Ì‰Ó ˘¯„˘ ÈÙÎ ,˘„Á‰ ˜‰.˙ÈÏ˘¯‰ Ì˙‚‰˙‰ ·˜Ú ‰Ï ̯‚˘ ˜ÊÏ ‰¯·Á‰ ÈÙÏÎ Ìȇ¯Á‡ Ìȯ¢¯È„‰ ÂȉÈÚ·˙Ï ÍÓÒÂÓ˘ ,˜¯ÙÓ‰ È„È-ÏÚ ,ÏÏΠͯ„· ,‰ÚÈ·˙‰ ˘‚Â˙ ,ÏÈÚÏ È˙‡·‰˘ ‰Ó‚„·ÛÈÚÒ ÏÚ ÍÓ˙Ò‰· ,̉ȄÈ-ÏÚ ‰·ÂÁ ˙¯Ù‰ ÔÈ‚· ˜Â¯ÈÙ ÔÓÊ· ‰¯·Á· ‰¯˘Ó‰ ȇ˘Â ˙‡Ì‚ ,˜Â¯ÈÙ ÔÓÊ· ,˙˘‚ÂÓ ˙ÂÈ‰Ï ‰ÚÈ·˙‰ ‰ÏÂÎÈ ‰Ê ÛÈÚÒ ÁÂÎÓ .˙¯·Á‰ ˙„˜ÙÏ 374‡Ï ˙˘‚ÂÓ ˙ÂÈ‰Ï ‰ÏÂÎÈ ÂÊÎ ‰ÚÈ·˙ ,Ìχ .‰¯·Á‰ Ï˘ ‰˘Â ÏΠ˙ÂÈÓ ÏÚ· ÏÎ È„È-ÏÚ,ÔÂȯ¢¯È„‰ Ï˘ ˙ÂÏ˘¯ ·˜Ú ÔÂÚ¯ÈÙ ˙Ï„ÁÏ ‰ÎÙ‰ ‡Ï ‰¯·Á‰ ¯˘‡Î Ì‚ .˜Â¯ÈÙ· ˜¯.‰Ï ̯‚˘ ˜Ê‰ ÔÈ‚· Ìȯ¢¯È„‰ ˙‡ Ú·˙Ï ‰¯·Á‰ ˙ȇ˘¯ ,ÍÎ ·˜Ú ˜Ê ‰Ï ̯‚ ÌχÌÈÎÓÒÂÓ‰ ÌÈ‚¯Â‡‰˘ ¯Â¯· ,˙ÈÏÏÎ ‰ÙÈÒ‡· Ì‚ ‰ËÈÏ˘ ÈÏÚ· ̉ Ìȯ¢¯È„‰ ¯˘‡Î„‚ ˘È‚‰Ï ‰ÈÓ ÏÚ· ÏÎ ÏÂÎÈ ‰ÊÎ ‰¯˜Ó· .Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ Â˘È‚È ‡Ï ‰¯·Á·

.24˙¯·Á‰ ˜ÂÁ· ˙ÂÏÂÏΉ ˙Â˘È¯„Ï Ì‡˙‰· ˙¯Ê‚ ‰ÚÈ·˙ ÌÈÏ˘¯‰ Ìȯ¢¯È„‰È„Î ‰· ˘È Է‡¯ È„È-ÏÚ „‚ ‰Ú·ˆ‰‰ ̇ ‡È‰ ÔÏ‰Ï Ô„‡ ‰·˘ ‰Ï‡˘‰ÂÎÓ˙˘ ÌȯÁ‡‰ Ìȯ¢¯È„‰ Ìȇ˘Â ‰·˘ ,˙ÂÏ˘¯ ÔÈ‚· ˙ÂȯÁ‡Ó Â˙‡ ¯¯Á˘ÏÈÙ· ˙ÂÁÂ˙Ù ‡Ï ̉·˘ Ìȯ˜Ó· ‰˙ÂÙȯÁ ‡ÂÏÓ· ˙„ÓÂÚ ‰Ï‡˘‰ .‰ËÏÁ‰‰ ˙Ï·˜·˘È ̇˘ ,Ô·ÂÓ .‰Ï „‚˙Ó ‡Â‰˘ ‰ËÏÁ‰‰ Úˆȷ ˙ÚÈÓÏ ÌÈί„ „‚˙Ó‰ ¯Â˘¯È„‰‰Ú·ˆ‰· È„ Ôȇ ,‰Ï „‚˙Ó ‡Â‰˘ ‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ ˙¯˘Ù‡ ¯Â˘¯È„Ï˙‡ ÚÂÓÏ È„Î ÂÈÙ· ÌÈÁÂ˙Ù˘ ÌÈ„Úˆ‰ ˙‡ ËÂ˜Ï ÂÈÏÚ ‡Ï‡ ,‰ËÏÁ‰‰ ˙Ï·˜ „‚‰¯˜Ó· ¯Â˘¯È„ ÏÚ ‰‚‰ ˙¯·Á‰ ˜ÂÁÏ 311 ÛÈÚÒ Ú·Â˜ ÂÊ Á¯· .25‰ËÏÁ‰‰ ÚˆȷÌȯȷ҉ ÌÈÚˆÓ‡‰ ÏÎ ˙‡ ˘ ‰¯ÂÒ‡‰ ‰˜ÂÏÁÏ „‚˙‰" ¯˘‡Î ‰¯ÂÒ‡ ‰˜ÂÏÁ Ï˘¯Â˘¯È„‰ ˙‡ ¯ÂËÙÏ È„Î ‰¯ÂÒ‡‰ ‰˜ÂÏÁÏ ˙„‚˙‰· È„ Ôȇ ,ÚÓ˘Ó .26"‰ÚÓÏ È„Î¯˘‡Î .‰ÚÂÓÏ È„Î Ìȯȷ҉ ÌÈÚˆÓ‡‰ ÏÎ ˙‡ ˘˘ ÁÈÎÂ‰Ï ÂÈÏÚ ‡Ï‡ ,‰Ï ˙ÂȯÁ‡Ó,‰¯ÂÒ‡ ‰˜ÂÏÁ ÚÂÓÏ È„Î ‰¯·Á· ÌÈÈÓÈÙ‰ ÌÈӯ‚· ¯ÊÚÈ‰Ï ÏÂÎÈ Âȇ ¯Â˘¯È„‰˜ÂÁÏ 267 ÛÈÚÒ· ¯ÂӇΠ,ËÙ˘Ó‰ ˙È·Ï ˙ÂÙÏ ÂÏ ‰˜Â‰˘ ÁÂη ˘ÂÓÈ˘ ˙¢ÚÏ ÂÈÏÚ

:˙¯·Á‰

‡˘Â Ï˘ ‰ÏÂÚÙ Úˆ·˙‰Ï ˙„ÓÂÚ˘ ÁÈ‰Ï ¯È·Ò „ÂÒÈ ¯Â˘¯È„Ï ‰È‰ (‡)"ÏÚÙ˘ ¯Á‡Ï ,‡Â‰ ȇ˘¯ ,‰¯˘Ó ‡˘Â Ï˘ ‰·ÂÁ ˙¯Ù‰ ˙ÂÂ‰Ï ‰ÏÂÏÚ‰ ‰¯˘Ó

23business judgment) ȘÒÚ‰ ˙Ú„‰ ÏÂ˜È˘ ÏÏÎ ÏÚ ‰Ï‡ ˙·ÈÒ· ÍÓ˙Ò‰Ï ÂÏÎÂÈ ‡Ï Ìȯ¢¯È„‰‰ÈˆÓ¯ÂÙȇ‰ ‡ÂÏÓ ˙‡ Ï·˜Ï ‚‡„ Ìȯ¢¯È„‰˘ Íη ˙È˙ÂÓ ‰Ê ÏÏÎ Ï˘ Â˙ÏÚÙ‰ ¯˘‡· ,(rule.Smith v. Van Gorkom 488 A. 2d. 858 (1985) :‰Ê ÔÈÈÚÏ Â‡¯ .‰ËÏÁ‰‰ ˙Ï·˜ ÈÙÏ ˙È˷ϯ‰

24.˙¯·Á‰ ˜ÂÁÏ 206y194 ÌÈÙÈÚÒ25P. Loose, M. Griffith & D. Impey The Company Director — Powers, Duties and :Ì‚ ‡¯

.Liabilities (Bristol, 8th ed., 2000) 25926.˙¯·Á‰ ˜ÂÁÏ (1)311 ÛÈÚÒ

88

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

‰˘˜·· ËÙ˘Ó‰ ˙È·Ï ˙ÂÙÏ ,˙‡Ê ˙¯˘Ù‡Ó ˙·ÈÒ‰ ̇ 257 ÛÈÚÒ· ¯ÂÓ‡ÎÚÓÈ˘ ˆ ˙˙Ï È‡˘¯ ËÙ˘Ó‰ ˙È· ;‰ÏÂÚÙ‰ ˙‡ ÚÓÈ Â‡ ‰·ÂÁ‰ ˙‡ ÛÂÎ‡È˘

.ÔÈÈÚ‰ ˙·ÈÒ· ÂÏ ‰‡¯ÈÈ˘ ¯Á‡ „ÚÒ ÏΠ‡ ‰ÏÂÚÙ‰ ˙‡‡ÈˆÂ‰˘ ˙‡ˆÂ‰‰ Ïη ‰¯·Á‰ ‡˘È˙ ,˙¯Á‡ ËÙ˘Ó‰ ˙È· Ú·˜ ÔΠ̇ ‡Ï‡ (·)ËÙ˘Ó ˙È· ˙¯‚‡ ˙·¯Ï ,‰Ê ÛÈÚÒ ˙‡¯Â‰ ÈÙÏ ËÙ˘Ó‰ ˙È·Ï ‰Ù˘ ¯Â˘¯È„

."ËÙ˘Ó‰ ˙È· Ú·˜È˘ ÈÙÎ „ÚÂÓ· ,ÔÈ„ ͯÂÚ ˙Á¯Ë ¯Î˘Â

¯Â˘¯È„‰ ¯˘‡Î ,ÏÈÚÏ ˙‚ˆÂÓ‰ ‰Èˆ‡ÂËÈÒ· ÂÊ ‰‡¯Â‰· ˘ÂÓÈ˘ ˙¢ÚÏ ÌÂ˜Ó ˘È ̇‰‰Ê Ôȇ .˙ÈÏÈÏ˘ ,È˙Ú„Ï ,‡È‰ ÂÊ ‰Ï‡˘Ï ‰·Â˘˙‰ ?˘„Á‰ ˙ÂÏÈÚÙ‰ ˜ ˙ÁÈ˙ÙÏ „‚˙Ó‡Ó˘ ‡ ,·Â¯‰ ¯Â·Ò˘ ÈÙÎ ,‡È‰ ‰¯È·Ò ÔÂȯ¢¯È„‰ Ï˘ ‰ËÏÁ‰‰ ̇ ‰Ï‡˘‰˘ ȇ¯˙È· .ËÙ˘Ó‰ ˙È·· ¯¯·˙˙ ,‰ËÏÁ‰Ï „‚˙Ó‰ ¯Â˘¯È„‰ ¯Â·Ò˘ ÈÙÎ ,‰¯È·Ò ‰È‡Ì¯‚ ‰Úˆȷ ¯·„ Ï˘ ÂÙÂÒ· ̇ ‰ËÏÁ‰‰ ˙Â¯È·Ò Ï˘ ÂÊ ‰Ï‡˘· ÔÂ„Ï Í¯ËˆÈ ËÙ˘Ó‰‰¯·ÁÏ ˜Ê ̯‚ ‡Ï „ÂÚ ÏÎ .Ìȯ¢¯È„‰ ˙ÂÏ˘¯ ÔÈ‚· ‰ÚÈ·˙ ÂÏ ‰˘‚‰ ‰¯·ÁÏ ˜ÊÏ˘ Ô·ÈË ˙‡ ˜„· Âȇ ËÙ˘Ó‰ ˙È· ,˙ÂÏ˘¯‰ ˙ÏÂÂÚ Ï˘ ˙„ÂÒȉ ÂÓÈȘ˙‰ ‡ÏÂËÙ˘Ó‰ ˙È·Ï ‰ÈÈÙ ¯˘Ù‡Ï ‰˙Èȉ ÛÈÚÒ‰ ˙ÂÂ΢ ‰‡¯ .‰¯·Á· ˙ÂȘÒÚ‰ ˙ÂËÏÁ‰‰Ô¯˙ÙÏ Ô˙È Âȇ ȘÈω ¯˘‡Î ,‰¯˘Ó ‡˘Â È„È-ÏÚ ÌÈÂÓ‡ ˙·ÂÁ ˙¯Ù‰ Ï˘ Ìȯ˜Ó·Úˆ·Ï ˙„ÓÂÚ ‰¯·Á‰ ¯˘‡Î ·ˆÓ‰ ‡Â‰ ‰ÊÎ .27ÔÂȯ¢¯È„‰ Ï˘ ‰·È˘È ÔÂÓÈÊ ˙ÂÚˆÓ‡·,ÔÂȯ¢¯È„‰ Ï˘ ˙ȘÒÚ ‰ËÏÁ‰· ˙·¯Ú˙‰· ‰ÊÎ ‰¯˜Ó· ¯·Â„Ó Ôȇ .‰¯ÂÒ‡ ‰˜ÂÏÁ‰ÚÈ‚Ù ÍÂ˙ ,˙ÂÈÓ‰ ÈÏÚ· ˙·ÂËÏ ‰¯·Á‰ ÔÓ ÌÈÙÒÎ ˙‡ˆÂ‰ ‰È˙‡ˆÂ˙˘ ‰ËÏÁ‰· ‡Ï‡˙Óȇ ÏÎ ,„„· ¯Â˘¯È„ È„È-ÏÚ ËÙ˘Ó ˙È·Ï ‰ÈÈÙ Ï˘ ˙¯˘Ù‡ .‰¯·Á‰ Ï˘ ÌÈ˘Â·Ï˘ ˙ȘÒÚ‰ ˙ÂÏÈÚÙÏ ˙Âڂ‰ ˙Âχ˘· ÌȯÁ‡‰ ÔÂȯ¢¯È„‰ ȯ·Á ÏÚ ˜ÂÏÁ ‰Ê˘ÂÓÎ .˜Ê ‰Ï ·Ò‰Ï ‰ÏÂÏÚ Íη ‰¯·Á‰ Ï˘ ˙ÂÏÈÚÙ‰ ˙ÂÂÂÎ ˙ÙÈ˘ÁÏ Ì¯‚˙ ,‰¯·Á‰¯È·Ú‰Ï ÔÂȯ¢¯È„· ·Â¯‰ ˙گΉ·˘ È˯˜ÂÓ„‰ „ÂÒȉ ˙‡ Ú˜Ú˜Ï È„Î Íη ‰È‰È ,ÔÎ.ÍÎÏ ‰˘Â¯„‰ ˙ÂÓÂÈÓ‰ ÂÏ Ôȇ˘ ,ËÙ˘Ó‰ ˙È· ˙Ú¯Î‰Ï ˙ÂȘÒÚ‰ ˙ÂËÏÁ‰‰ ˙Ï·˜ ˙‡˙ÂÂ‰Ï ‰ÏÂÏÚ‰ ‰¯˘Ó ‡˘Â Ï˘ ‰ÏÂÚÙÏ ÒÁÈÈ˙Ó ‡Â‰Â ·Á¯ ‡Â‰ ÛÈÚÒ‰ ÁÒ¢ ˙¯ÓÏÛÈÚÒÏ ˙˙Ï Ôȇ ,˙¯ȉʉ ˙·ÂÁ ˙¯Ù‰ Ì‚ ÏÏÎÈ‰Ï ‰ÏÂÎÈ ÂÊ ˙¯‚ÒÓ· ¯˘‡Î ,‰·ÂÁ ˙¯Ù‰˙ÂȘÒÚ ˙ÂËÏÁ‰ ËÙ˘Ó‰ ˙È·· Û˜˙Ï ¯Â˘¯È„ ÏÎÏ ¯˘Ù‡Ó˘ ÔÙ‡· ,·Á¯ ‰Î ˘Â¯ÈÙ‡ ˙Â¯È·Ò È˙Ï· Ô˙Âȉ ·˜Ú ,˙Â¯È‰Ê ˙·ÂÁ ˙¯Ù‰ È„Î ˙ÂÏÂÚ Ô‰˘ ÌÚˉ ÔÓ ‰¯·Á‰ Ï˘

.˙ÈÏÎÏΉ Ô˙Âȇ„Î Ï˘ ‰˙‡ ‰˜È„· ‡ÏÏ Ô˙Ï·˜ ·˜Ú‡ˆÂÓ˘ ,¯Â˘¯È„‰ ÏÂÎÈ ‡Ï ̉·˘ Ìȯ˜Ó· ‡Â‰ ÔȘÒÚ ‰· ‰Ï‡˘‰ Ï˘ È˘Â˜‰‰ÁÂ˙Ù ‡Ï ,ÏÈÚÏ ˙‡·ÂÓ‰ ‰Ó‚„· ,ÍÎ .‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ ,ËÂÚÈÓ· ÂÓˆÚͯ„ ,‰¯·ÁÏ ˘„Á ˙ÂÏÈÚ٠˜ ˙ÁÈ˙ÙÏ ‰ËÏÁ‰‰ ˙Ï·˜Ï „‚˙‰˘ ,¯Â˘¯È„‰ ÈÙ·˙Ï·˜Ï Â˙„‚˙‰· È„ ̇ ‰Ï‡˘‰ ‰ÏÂÚ ‰ÊÎ ‰¯˜Ó· .28‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ

27.˙¯·Á‰ ˜ÂÁÏ 257 ÛÈÚÒ28˙ÂÙÏ È‡˘¯ ¯Â˘¯È„˘ ÔÙ‡· ,˙¯·Á‰ ˜ÂÁÏ 267 ÛÈÚÒÏ ‰·Á¯ ˙¢¯Ù Ô˙È˙ ̇˘ ,Ô·ÂÓ

¯Â˘¯È„‰ ÈÙ· ‰ÁÂ˙Ù˘ ȯ‰ ,‰¯·Á‰ Ï˘ ‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÓÈ ‰Ê˘ È„Î ËÙ˘Ó‰-˙È·Ï

89

ԉΠ‰¯ÂÙˆ

‡ ,˘„Á‰ ˜‰ ˙ÁÈ˙Ù ˙·˜Ú· ‰¯·ÁÏ Ì¯‚ÈÈ ÈÎ ˜ÊÏ Â˙ÂȯÁ‡ ˙‡ ÏÂÏ˘Ï È„Î ‰ËÏÁ‰‰¯Â·Ò˘ ÈÓ Ì‚ .29˙ÂȯÁ‡Ó ¯¯Á˘Ï ȇ˙Î ÔÂȯ¢¯È„· Â˙¯·ÁÓ ¯ËÙ˙‰Ï ÂÈÏÚ ‡Ó˘Ì‡˘ Íη ¯ÈÎ‰Ï Íȯˆ ,˙ÂȯÁ‡Ó ¯ÂËÙÏ ‡È·‰Ï È„Î ‰· Ôȇ ,‰ÓˆÚÏ˘Î ,„‚ ‰Ú·ˆ‰ ÈΉ¯·ÁÏ Ì¯‚˘ ˜ÊÏ ˙ÂȯÁ‡· ‡˘ÈÈ ‡Ï ‡Â‰ ,„‚ ÚÈ·ˆ‰˘ ¯Á‡Ï ¯ËÙ˙‰ ¯Â˘¯È„‰˙¯ËÙ˙‰‰ ˙·˜Ú· ˙ÂȯÁ‡Ó ¯¯Á˘Ï ˙·ÈÒ‰ .„‚˙‰ ‰Ï˘ ‰ËÏÁ‰‰ Úˆȷ ˙·˜Ú·

:‰Ï‡ Ô‰.‡¯¯Á˙˘‰Ï ÂÏ ¯˘Ù‡Ï ÈÏ· ,‰ËÏÁ‰Ï „‚˙‰˘ ÈÓ ÏÚ ˙ÂȯÁ‡ ÏÈË‰Ï ÈÂÈ‚‰ ‰Ê Ôȇ

ËÂ˜Ï ÏÂÎÈ ¯Â˘¯È„‰ Ôȇ˘ Ìȯ˜Ó Ì˙‡· ÌÈÙÈ Ìȯ·„‰ .ȉ˘ÏΠͯ„· ‰ÓÓ.‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ È„Î ÌÈ„Úˆ

.·‡Ï‡ ,¯Â˘¯È„‰ „‚˙‰ ‰Ï˘ ,‰ËÏÁ‰‰ ˙Ï·˜Ó ˜¯ ‡Ï Ú·Â ‰¯·ÁÏ Ì¯‚˘ ˜Ê‰È¯‰ ,‰ËÏÁ‰‰ Úˆȷ ˙Ú· ÔÂȯ¢¯È„ ¯·Á ¯‡˘ ‡Ï ¯Â˘¯È„‰ ̇ .‰ÚˆȷÓ

.̯‚˘ ˜ÊÏ ˙ÂȯÁ‡ ÂÈÏÚ ÏÈË‰Ï Ôȇ˘È„È-ÏÚ ˙ÂÏ·˜˙Ó˘ ˙ÂËÏÁ‰‰ ÏÎ È·‚Ï ˙¯¯ÂÚ˙Ó ‰È‡ ‰Ï‡˘‰ ÈÎ ,˘È‚„‰Ï ·Â˘ÁÏÂÏÚ Ô‰Ó ‰‡ˆÂ˙΢ ˙ÂËÏÁ‰ Ô˙Â‡Ï ˙Ï·‚ÂÓ ‡È‰ ,Ìȯ·„‰ Ú·ËÓ ,‡Ï‡ ,ÔÂȯ¢¯È„‰ÏÚ ,˙ÂÏ˘¯ ÔÈ‚· ˙ÂȯÁ‡ Ï˘ ‰ÓÂȘ· ÈÂÈÁ „ÂÒÈ ‡Â‰ ˜Ê‰ .‰¯·ÁÏ ˜Ê ̯‚ȉÏ˙ÂÏ˘¯ ÔÈ‚· ˙ÂȯÁ‡Ó ¯¯Á˘Ï ̯‚Ï È„Î ¯Â˘¯È„‰ ˙„‚˙‰· È„ ̇ ‰Ï‡˘‰ ,ÔÎ

.‰¯·ÁÏ ˜Ê ‰Ó¯‚ ‰ËÏÁ‰‰˘ Ìȯ˜Ó Ì˙‡· ˜¯ ˙¯¯ÂÚ˙Ó

‰Ï‡˘‰ ˙گΉ· ˙ÂÈÈ„Ó ÈÏÂ˜È˘ .2

¯Â˘¯È„ Ï˘ ¯¯Á˘Ï ̯‚Ï È„Î ˙ÈÏ˘¯ ‰ËÏÁ‰ „‚ ‰Ú·ˆ‰· È„ ̇ ‰Ï‡˘‰Ì‡˙‰· ˙Ú¯ÎÂÓ ˙ÂÈ‰Ï ‰Îȯˆ ,ÍÎ Ì˘Ï ¯ËÙ˙‰Ï ¯Â˘¯È„‰ Íȯˆ ‡Ó˘ ‡ ,˙ÂȯÁ‡Ó˙·ÂÁ ۘȉ Ï˘ ÂÊ ‰È‚ÂÒ· ÌÈÚȯÎÓ˘ ̉ ¯˘‡ ,˙ÈËÙ˘Ó ˙ÂÈÈ„Ó Ï˘ ÌÈÏÂ˜È˘Ïȇ˙Î ¯ËÙ˙‰Ï ‰˘È¯„Ï ‰ÎÈÓ˙· ÌÈÏÂ˜È˘ ¯ÙÒÓ ‡È·‰Ï Ô˙È .ÏÈÚÏ ¯‡Â·ÓÎ ,˙¯ȉʉÏÂ˜È˘ Ì‚ Â˘È „‚Π,‰Ï „‚˙‰˘ ˙ÈÏ˘¯ ‰ËÏÁ‰Ï ˙ÂȯÁ‡Ó ¯Â˘¯È„ Ï˘ ¯¯Á˘Ï

.‰ÎÂÙ‰ ‰˜ÒÓ ˜È„ˆÓ‰

˙ÂȯÁ‡Ï ‰ÎÈÓ˙· ÌÈÏÂ˜È˘ (‡)

ÔÂȯ¢¯È„‰ Ï˘ ˙È·È˘Ï˜ ˙ÂȯÁ‡ .‡

Ï˘ ˙È·È˘Ï˜‰ ˙ÂȯÁ‡‰ Ô‡ÎÓ ,‰¯·Á‰ ˙‡ ·ÈÈÁÓ‰ „Á‡ Û‚ΠÏÚÂÙ ÔÂȯ¢¯È„‰.ÂÈ„È-ÏÚ Âڈ·˘ ˙ÂÏÂÚÙÏ ÔÂȯ¢¯È„· ÂÏ·˜˙‰˘ ˙ÂËÏÁ‰Ï ÔÂȯ¢¯È„‰ ȯ·Á ÏÎ

¯Â˘¯È„‰ ÏÚ ‡Ï‡ ,„‚ ‰Ú·ˆ‰· ˜Ù˙Ò‰Ï Ôȇ ,ÂÊ ˙¢¯Ù ÈÙ-ÏÚ .ËÙ˘Ó‰-˙È·Ï ˙ÂÙÏ Í¯„‰˜ÂÁÏ 267 ÛÈÚÒÏ ˙˙Ï Ôȇ ,È˙Ú„Ï˘ ,ÔÂÂÈÎ .‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ È„Î ËÙ˘Ó‰-˙È·Ï ˙ÂÙÏÚÈ·ˆ‰ ‰Ê ¯˘‡Î ˙ÂȯÁ‡Ó ¯Â˘¯È„ Ï˘ ¯¯ÁÈ˘ ¯·„· ‰Ï‡˘‰ ˙·ˆÈ ,·Á¯ ‰Î ˘Â¯ÈÙ ˙¯·Á‰

.‰È˙·˜Ú· ¯ËÙ˙‰ ‡Ï ‰ËÏÁ‰‰ ˙Ï·˜ „‚29.˙¯·Á‰ ˜ÂÁÏ 229 ÛÈÚÒ· ‰Ú·˜ ˙¯ËÙ˙‰Ï ͯ„‰

90

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙ÂËÏÁ‰Ï ‰Ï˘ÓÓ· ¯˘ ˙ÂȯÁ‡ È·‚Ï ‚‰Â‰ ÔÈ„‰ ÔÓ ÂÈÈÚÏ ˘˜È‰ „ÂÓÏÏ Ô˙ÈÌ‚ ,ÔÂȯ¢¯È„‰ È·‚Ï ‚‰Â‰ ÔÈ„Ï ‰Ó„· .Â˙„‚˙‰ Û¯Á ,‰Ï˘ÓÓ· ÂÏ·˜˙‰˘˙È·È˘Ï˜ ˙ÂȯÁ‡ Ï˘ ÏÏΉ ‚‰Â Ì˘ Ì‚Â ,˙ÂÚ„ ·Â¯· ˙ÂÏ·˜˙Ó ‰Ï˘ÓÓ‰ ˙ÂËÏÁ‰Ï˘ ˙Ù˙¢Ӊ ˙ÂȯÁ‡‰ ÏÚ „ÓÂÚ ÔÈÈË˘È·Â¯ ÔÂÓ‡ 'Ù¯٠.‰Ï˘ÓÓ‰ ȯ·Á ÏÎ Ï˘

:ÈÎ ‰Ê ¯˘˜‰· ÔÈÈˆÓ ‡Â‰Â ,‰Ï˘ÓÓ· Ìȯ˘‰

˙ÂȯÁ‡· ‡˘ÈÈ ¯˘ Ï΢ ,·ÈÈÁÓ ˙Ù˙¢Ӊ ˙ÂȯÁ‡‰ Ú·ËÓ Ï˘ ¯Á‡‰ „ˆ‰"‰Ï˘ ‰ÏÂÚÙ‰ ȘϠ‰˙ËÏÁ‰Ï ‡Â‰ „‚˙Ó ÂÏÈÙ‡ Z ‰ÏÂÎ ‰Ï˘ÓÓ‰ È˘ÚÓω¯È¯·‰ ˙ÓÈȘ ‰Ï˘ÓÓ‰ ˙Ú„ ÏÚ ˜ÏÂÁ‰ ¯˘‰ ÈÙÏ .("ÏÂΉ ÔÚÓÏ „Á‡‰")

.30"¯ËÙ˙‰Ï ‡ Z ÌÈÎ҉Ϡ˜Â˙˘Ï

˙ËÏÁ‰Ï „‚˙Ó˘ ¯˘ ˙¢ÚÏ Íȯˆ ‰Ó ‰Ï‡˘‰ ÏÚ ÔÈÈË˘È·Â¯ 'Ù¯٠·È˘Ó ͢Ӊ·:‡·‰ ÔÙ‡· ‰Ï˘ÓÓ‰

,‰¯Â‡ÎÏ ?‰Ï˘ÓÓ‰ ‰Ï·È˜˘ ‰ËÏÁ‰Ï ÌÈÎÒ‰Ï ·¯ÒÓ ¯˘‡ ¯˘ Ï˘ ÂÈ„ ‰Ó":˙¯˙ÂÈÓ ‡È‰ ,˙Ù˙¢Ӊ ˙ÂȯÁ‡‰ ˙¯Ù‰ ÏÚ ˙ÏËÂÓ‰ ‰Èˆ˜Ò‰ È‰Ó ,‰Ï‡˘‰˙ÂȯÁ‡· ˙‡˘Ï ÏÂÎÈ ¯˘‰˘ Ìȯ·„‰ ‚ÂÒÓ ‡È‰ ‰Ï˘ÓÓ· ‰ÏÙ˘ ‰Ú¯Î‰‰ ̇;‰˙ËÏÁ‰ ÏÚ ˜ÂÏÁÏ ÈÏ· ,‰Ï˘ÓÓ· ¯‡˘È‰Ï ÍÈ˘Ó‰Ï ‡Â‰ ÏÂÎÈ ‡ÏÈÓÓ ,̉Ï˙ÂȯÁ‡· ˙‡˘Ï ÏÂÎÈ ‡Â‰ Ôȇ˘ Ìȯ·„‰ ‚ÂÒÓ ‰È‰ ‰Ú¯Î‰‰ ˙‡Ê ˙ÓÂÚÏ Ì‡ ͇,·Â¯‰ ˙گΉ ڈ·˙ ‰Î ‰Î ÔÈ·˘ ÌÂ˘Ó ,‰Ï˘ÓÓ‰Ó ¯ËÙ˙‰Ï ÂÈÏÚ ,̉ωËÏÁ‰Ï ˙ÂȯÁ‡· ,˙ȯÒÂÓ ˙ÈËÙ˘Ó ‰ÈÁ·Ó ,‡Â‰ Ì‚ ‡˘ÈÈ ‰Ï˘ÓÓ‰ ¯·ÁÎÂ

.31"ÂÊ

‰¯˜Ó‰ ÔÈ· ˙Â‰Ê Ôȇ˘ Ì‚‰ ,‰¯·Á· Ìȯ¢¯È„ È·‚Ï Ì‚ ¯Ó‡È‰Ï ÌÈÏÂÎÈ ÌÈÓ„ Ìȯ·„¯·Â„Ó Ô¢‡¯‰ ‰¯˜Ó· .‰Ï˘ÓÓ· Ìȯ˘ ˙ÂȯÁ‡ Ï˘ ‰¯˜Ó‰ ÔÈ·Ï ‰Ê ¯Ó‡Ó ‡Â˘˙ȯ·Ȉ‰ ˙ÂȯÁ‡‰ .˙ȯ·Ȉ ˙ÂȯÁ‡· ¯·Â„Ó È˘‰ ‰¯˜Ó· ÂÏȇ ,˙ÈÁ¯Ê‡ ˙ÂȯÁ‡·ÌÚ Â˘ÚÈ ÌȯÁ·‰˘ Ô·˘Á· ‡Ï‡ ,ÌÈȈÈÙ ÌÂÏ˘˙Ï ‰·ÂÁ ˙Ïˉ· ˙‡Ë·˙Ó ‰È‡Ìȯ˘‰ ˙ÂȯÁ‡ ¯·„· ‰Ï‡˘‰ ,˙‡Ê ÌÚ .‰¯ÈÁ·Ï ·Â˘ „ÓÚÈ ‰Ï‡ ¯˘‡Î ÌȯÁ·‰ÈÂÈÓ Ï˘ ‰¯˜Ó· ,̉ȯÁ· ÌÚ ÌȯÁ·‰ ¢ÚÈ˘ Ô·˘ÁÏ ¯·ÚÓ ,¯¯ÂÚ˙‰Ï ‰È¢Úʇ ,˙ÓÈÂÒÓ ‰ËÏÁ‰Ï ‰Ï˘ÓÓ‰ ȯ˘ Ï˘ Ì˙ÂȯÁ‡ ˙‡ Ú·˜Ï ˘˜·˙˙˘ ‰¯È˜Á ˙„ÚÂ

.‰˙Ï·˜Ï „‚˙‰˘ ‰Ï‡ ÏÚ Ì‚ ˙ÂȯÁ‡ ˘È ̇ ‰Ï‡˘‰ ‰ÏÚ˙˙ÂȯÁ‡Â ‰¯˜·Ï ÌÈÏÏÎ ˙ÚÈ·˜Ï ÌÈËÙ˘Ó‰ „¯˘Ó È„È-ÏÚ ‰Ó˜Â‰˘ ‰„Ú ,Ô·Á"„· ‰ˆÈÏÓ‰ Z ("ÈÂÏ ˙„ÚÂ" Z ÔωÏ) ÈÂÏ Ï·ÂÈ ¯"„ Ï˘ Â˙¢‡¯· Z ˙¯·Á·˙ÂȯÁ‡· ‚ÈÈ˙ÒÓ‰ ¯Â˘¯È„‰ Ï˘ Â˙ÂȯÁ‡· ˙¢¯ÂÙÓ ¯ÈÎ‰Ï 1978 ˙˘· ‰˘È‚‰˘

30(· ͯΠ,Ê"˘˙ ,˙È˘ÈÓÁ ‰¯Â„‰Ó) χ¯˘È ˙È„Ó Ï˘ ÈÂȈÂËÈËÒ˜‰ ËÙ˘Ó‰ ÔÈÈË˘È·Â¯ '‡.738

31.740 'Ú· ,Ì˘

91

ԉΠ‰¯ÂÙˆ

Â˙¯ËÙ˙‰· ˙ÂȯÁ‡Ó ¯¯Á˘ ˙‡ ˙Â˙‰Ï ÔÂȯ¢¯È„‰ ȯ·Á Ï˘ ˙È·È˘Ï˜‰:‰Ï˘ 25 ÛÈÚÒ· ,‰Úˆ‰‰ ÔÂ˘Ï· .ÔÂȯ¢¯È„· Â˙¯·ÁÓ

‚ÈÈ˙Ò‰ ̇ Ì‚ ‰Ê ˜ÂÁ· ˯ÂÙÓÎ ÔÂȯ¢¯È„ ¯·Á Ï˘ ˙ÂȯÁ‡Ó Ú¯‚ÈÈ ‡Ï (‡)"ÔÈ· ,ȉ˘ÏÎ ‰ËÏÁ‰ ÏÚ ‰Ú·ˆ‰Ó ÚÓ Â‡ ÔÂȯ¢¯È„‰ ˙·È˘È· ÁΠ‡Ï ‡‰˘ÏÎ ‡˘Â È·‚Ï ˙‚ÈÈ˙Ò‰ ˙·¯Ï ,Â‡Ï Ì‡ ÔÈ·Â ˙‚ÈÈ˙Ò‰‰ ÈÓÚË Ë¯È٠̇

.‰ËÏÁ‰ ÂÈ·‚Ï ‰Ï·˜˙ ‡Ï ̇ Û‡ ÔÂȯ¢¯È„‰ ˙·È˘È· Ô„˘„ÚÂÓ ÍÂ˙ ·˙η ˙˜ÓÂÓ ‰Ú„‰· ‰¯·ÁÏ ÔÂȯ¢¯È„ ¯·Á ÚȄ‰ ̇ ,Ìχ (·)ÁΠ‰È‰ ‡Ï ̇· ‡ ,¯ÂӇΠÚÓ Â‡ ‚ÈÈ˙Ò‰ ‰È·‚Ï ‰ËÏÁ‰‰ ˙Ï·˜ ˙ÚÓ ¯È·ÒÏÚ Z ¯ÂӇΠ‰ËÏÁ‰ ÏÏÂΉ ϘÂ˯ى ˙Ï·˜ ˙ÚÓ ¯È·Ò „ÚÂÓ ÍÂ˙ ‰·È˘È·,‰ËÏÁ‰‰ È·‚Ï ˙ÂȯÁ‡ Ï·˜Ï ÔÎÂÓ Âȇ˘ ˙ÓÁÓ ÔÂȯ¢¯È„· ˙¯·ÁÓ Â˙¯ËÙ˙‰,‰¯ÂÓ‡‰ ‰ÏÂÚÙ‰ ‡ ‰ËÏÁ‰‰ ÔÈ‚· ‰Ê ˜ÂÁ· ˯ÂÙÓÎ ˙ÂȯÁ‡‰ ÂÈ·‚Ï ÏÂÁ˙ ‡Ï

."ÂÊ Ï˘ ‰ÚÂˆÈ·Ï ÔÈÙȘڷ ‡ Ôȯ˘ÈÓ· ˙¯Á‡ ‰¯Âˆ· Â„È Ô˙ ‡Ï˘ „·Ï·Â

:ÔӘτΠÂÊ ‰È‚ÂÒ· ‰˙„ÓÚ ˙‡ ÈÂÏ ˙„Ú ‰¯È·ÒÓ ,˙ˆÏÓ‰Ï ¯·Ò‰‰ ȯ·„·

˙ȯ‡„ÈÏÂÒ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ˙¯˘Ù‡‰ ˙‡ ¯Â˘¯È„Ó ˙ÏÏ¢ ˜ÂÁ‰ ˙Úˆ‰"Ô¯˜ÈÚÏ „‚ȷ ˙„ÓÂÚ ÂÊ ¯˘‡· ,ÔÂȯ¢¯È„‰ Ï˘ ˙ÂËÏÁ‰Ó ˙‚ÈÈ˙Ò‰ È„È-ÏÚ¯¯Á˙˘‰Ï ¯Â˘¯È„ ÏÂÎÈ ‰· ‰¯Âˆ‰ .Ìȯ¢¯È„‰ ÏÎ Ï˘ ˙È·È˘Ï˜‰ ˙ÂȯÁ‡‰‰Ï·˜˙‰˘ ¯Á‡Ï ¯È·Ò ÔÓÊ ÍÂ˙ ÔÂȯ¢¯È„‰Ó ˙¯ËÙ˙‰ È„È-ÏÚ ‡È‰ ˙ÂȯÁ‡Ó˙ÂÓÂÈÓ‰ ˙Ó¯· ˙Ú‚Â٠‡ ˙ȘÂÁ È˙Ï· ‡È‰ Â˙Ú„Ï˘ ‰ËÏÁ‰ ÔÂȯ¢¯È„·

.32"¯Â˘¯È„Î ÂÓÓ ˙˘¯„‰

(·)50 ÛÈÚÒ· ‡ÂˆÓÏ Ô˙È ,˙‡Ê ÌÚ .‰˜È˜Á ÈÎÈω· Âӄ˜ ‡Ï ÈÂÏ ˙„Ú ˙ˆÏӉ¯¯Á˘Ï È„Î ¯Â˘¯È„ Ï˘ „‚ ‰Ú·ˆ‰· È„ Ôȇ˘ ‰ÚËÏ ÔÈÎÂÓÈÒ ˙¯·Á‰ ˜ÂÁÏÔ‰ÈÙÏ˘ ˙‡¯Â‰ ‰Â˜˙· Ú·˜Ï ‰¯·Á ÍÈÓÒÓ ˙¯·Á‰ ˜ÂÁÏ (‡)50 ÛÈÚÒ .˙ÂȯÁ‡ÓÈÎ ,ڷ˜ (·)50 ÛÈÚÒ .¯Á‡ Ô‚¯Â‡Ï ˙ÂÂ˙‰ ˙ÂÈÂÎÓÒ ÏÂËÈÏ ˙ÈÏÏΉ ‰ÙÈÒ‡‰ ˙ȇ˘¯,ÔÂȯ¢¯È„Ï ˜ÂÁ‰ ÈÙÏ ˙ÂÂ˙‰ ˙ÂÈÂÎÓÒ ˙ÈÏÏΉ ‰ÙÈÒ‡‰ ‰ÏË Â·˘ ,‰ÊÎ ‰¯˜Ó·˙ÏÚÙ‰ ÔÈÈÚÏ Ìȯ¢¯È„ ˙·ÂÁ·Â ˙ÂȯÁ‡· ÌÈ·Á Ìȇ¯Á‡ ˙ÂÈÓ‰ ÈÏÚ· ÂȉÈ"Ì˙ÂÙ˙˙˘‰Ï ,‰¯·Á· ̉È˙˜ÊÁ‰Ï ·Ï ÌÈ˘· ,ÌÈ·ÈÂÁÓ‰ ÌÈÈÂÈ˘· ,˙ÂÈÂÎÓÒ Ô˙‡˙ÂËÏÁ‰Ï Ìȇ¯Á‡˘ Z ‰¯·Á· Ìȯ¢¯È„Ó ‰Â˘· .33"Ì˙Ú·ˆ‰ ÔهϠ‰ÙÈÒ‡·Ì‰Ï˘ Èχ„ȷȄȇ‰ ‰Ú·ˆ‰‰ ÔÙ‡· ·˘Á˙‰Ï ÈÏ· ,È·È˘Ï˜ ÔÙ‡· ÔÂȯ¢¯È„‰˜ÂÁ ڷ˜ ,˙ÈÏÏΉ ‰ÙÈÒ‡· ˙ÂÈÓ‰ ÈÏÚ· È„È-ÏÚ ‰Ï·˜˙‰ ‰ËÏÁ‰‰ ¯˘‡Î˘ ȯ‰ Z

.Ì˙Ú·ˆ‰ ÔÙ‡· ‰ÈÂÏ˙ ˙ÂÈÓ‰ ÈÏÚ· Ï˘ Ì˙ÂȯÁ‡ ÈÎ ,˙¯·Á‰

32 ÁÙÒ ,1978yÁ"Ï˘˙ ,‰¯·Á· ˙ÂȯÁ‡Â ‰¯˜·Ï ˜ÂÁ‰ ˙Úˆ‰ Ï˘ ˙¯˜Ú‰ ˙ȈÓ˙Ï (·)4 ÛÈÚÒ.ÈÂÏ ˙„Ú Á"„Ï

33.'Î 'ˆ Z ÈÏ˘ ‰˘‚„‰‰

92

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

"¯ÈÒ‡‰ ˙ÓÏÈ„" .·

Ú‚ÙÏ ¯·„‰ ÏÂÏÚ ,˙ÂȯÁ‡Ó ¯¯Á˙˘Ó „‚ ÚÈ·ˆÓ˘ ¯Â˘¯È„˘ Íη ¯ÈÎÈ ÔÈ„‰ ̇‰È¯Â‚Ë˜Ï ÒÎÈ‰Ï ‰ÈÂ˘Ú ‰Èˆ‡ÂËÈÒ‰ .ÔÂȯ¢¯È„· ˙ÂÏ·˜˙Ó˘ ˙ÂËÏÁ‰‰ Ï˘ Ô·ÈË·ÈÂ˘Ú ,˙ÚˆÂÓ‰ ‰ËÏÁ‰‰ ˙‡ Ï·˜Ï ȇ¯ ÈÎ ¯Â·Ò˘ ¯Â˘¯È„ .34"¯ÈÒ‡‰ ˙ÓÏÈ„" Ï˘¯·„ Ï˘ ÂÙÂÒ· ¯¯·˙È Ì‡ ,˙ÂȯÁ‡· ‰‡È˘ ÈÙÓ ÂÓˆÚ ˙‡ ÁÈË·‰Ï È„Î ‰„‚ ÚÈ·ˆ‰ÏÔ·˘Á‰ ˙‡ ‰˘ÚÈ ¯Â˘¯È„‰ .‰È˙·˜Ú· ˜Ê ‰¯·ÁÏ Ì¯‚ ˙ÈÏ˘¯ ‰˙Èȉ ‰ËÏÁ‰‰˘,‰˙Ï·˜Ï ·Â¯ ‰È‰È˘ ÍÎ ,ÔÎ ˙¢ÚÏ È‡¯˘ ÔÂÂÈÎ ,‰Úˆ‰· ÂÎÓ˙È ÌȯÁ‡‰˘ ÁÈ‰Ï ˘È˘‡È‰ ÈÎ ¯¯·˙È Ô· ̇˘ ÍÎÏ ‚‡„Ï ÏÎÂÈ ,‰ËÏÁ‰‰ „‚ ‰Ú·ˆ‰ Ï˘ ͯ„· ,‡Â‰ ÂÏȇÂ,̷¯ ÂÏÈÙ‡ ‡ ,Ìȯ¢¯È„‰ ÏÎ ¯˘‡Î .‰È‚· ˙ÂȯÁ‡· ‡˘ÈÈ ‡Ï ‡Â‰ ,˙ÂÏ˘¯· ‰Ú‚,ÔÈÈÚ‰ ÈÙÏ ,̷¯ ‡ Ìȯ¢¯È„‰ Ï΢ ‰ËÏÁ‰˘ ‰È‰˙ ‰‡ˆÂ˙‰ ,‰Ê‰ Ô·˘Á‰ ˙‡ ¢Úȇ˷˙Ó‰ ˜Ê ‰¯·ÁÏ Ì¯‚È‰Ï ÏÂÏÚ Íη .‰Á„È˙ ,‰Ï·˜Ï ȇ¯˘ ‰ËÏÁ‰ ‡È‰˘ Ìȯ·Ò

.35˙Âȇ¯ ˙ÂËÏÁ‰ ˙Ï·˜ ȇ·

˜ÊÏ Ì¯Â‚Î ‰ËÏÁ‰‰ Úˆȷ .‚

ͯ„· ,‰˘Ú Úˆȷ‰˘ Ì‚‰ .‰ÚÂˆÈ·Ó ‡Ï‡ ,„·Ï· ‰ËÏÁ‰‰ ˙Ï·˜Ó ̯‚ ‡Ï ˜Ê‰˙Ï·˜ ÔÈ· È˙·ÈÒ‰ ¯˘˜‰ ˙‡ ˜˙Ï È„Î Íη Ôȇ ,‰¯·Á· ‰·È˘ʘ‡‰ È„È-ÏÚ ,ÏÏί¢¯È„ ,ÍÎÈÙÏ .‰Úˆȷ ·˜Ú ̯‚˘ ˜Ê‰ ÔÈ·Ï ÔÂȯ¢¯È„‰ È„È-ÏÚ ‰ËÏÁ‰‰Úˆȷ ÔÓÊ· ¯Â˘¯È„Î ˙¯˘Ï ÍÈ˘Ó‰ Ìχ ,˙ÓÈÂÒÓ ‰ËÏÁ‰ ˙Ï·˜ „‚ ÚÈ·ˆ‰˘

.36‰¯·ÁÏ Ì¯‚˘ ˜ÊÏ È‡¯Á‡ ‡ˆÓÈÈ ,‰ËÏÁ‰‰

˙ÂÈÏ˘¯ ˙ÂËÏÁ‰ ˙Ï·˜ ÈÙÓ ÚÈ˙¯Ó ̯‚Π˙¯ËÙ˙‰‰ .„

˙Âȯ·Ȉ ˙¯·Á· .37Â˙¯ËÙ˙‰Ï ˙·ÈÒ‰ ˙‡ ¯ÂÒÓÏ ¯ËÙ˙Ó˘ ¯Â˘¯È„ ·ÈÈÁÓ ˜ÂÁ‰ÈÂ˘Ú ‰Ê ÌÂÒ¯Ù .38˙¯ËÙ˙‰‰ ˙·ÈÒ Ï˘ ˯ÈÙ ÏÏÂΉ È„ÈÈÓ Á"„ ˙˘‚‰Ï ‰·ÂÁ ˙ÏËÂÓ

.˙Â¯È‰Ê È˙Ï· ˙ÂËÏÁ‰ ˙Ï·˜Ó Ìȯ¢¯È„‰ ˙‡ ÚÈ˙¯‰Ï

„‚ ÏÂ˜È˘ (·)

ÔÂȯ¢¯È„‰Ó ÌÈȇ¯ Ìȯ¢¯È„ ˙˘È¯Ù

Â˙¯˘ÓÓ ¯ËÙ˙Ó ‡Â‰ ̇ ˜¯ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ¯Â˘¯È„Ï ˙¯˘Ù‡Ó‰ ‰Îω

34"‰È˯˜ÂÓ„Ï ‰¯ÂËË˜È„Ó ˙¯·Á ÈÈ„· ˙Ȃ˯ËÒ‡ ‰Ú·ˆ‰" Ԣ‚ 'Ê :‡¯ ,¯ÈÒ‡‰ ˙ÓÏÈ„Ï.122 ,109 („"˘˙) ‚Î ÌÈËÙ˘Ó

35˙ÂÂÎÓ ‰È‡˘ Z ¯Â˘¯È„ Ï˘ ‰ËÏÁ‰ :ÛÒ Í·ÈÒ ‰ÂÂÏ˙Ó ‰Ï‡ ˙·ÈÒ· ¯ÈÒ‡‰ ˙ÓÏȄω·ÂÁ‰ ˙¯Ù‰ È„Î ‰ÏÂÚ Z ˙ÂȯÁ‡· ‰‡È˘ ÈÙÓ ÂÏ˘ ÈÂÒÈÎÏ ‡Ï‡ ,‰¯·Á‰ ȘÒÚ Ì„ȘϯÂӇΠ,ÌÈÈ˘È‡‰ ÂÈÈÈÚ ˙Ù„Ú‰Ó ˙ÂÚÓȉ ÍÂ˙ ,‰¯·Á‰ ˙·ÂËÏ ·Ï-ÌÂ˙· ÏÂÚÙÏ ÂÈÏÚ ˙ÏËÂÓ‰

.˙¯·Á‰ ˜ÂÁÏ 254 ÛÈÚÒ·36¯ËÙ˙‰ ̇ ‰Ï·˜˙‰˘ ‰ËÏÁ‰Ï ÂÏ˘ ˙ÂÙ˙¢ Íη ÏÏ˘ „‚ ÚÈ·ˆ‰˘ ¯Â˘¯È„ ,˙‡Ê ˙ÓÂÚÏ

.‰ËÏÁ‰‰ Úˆȷ· ˜ÏÁ Ì‚ ÂÏ Ôȇ˘ ȯ‰ ,‰Úˆȷ ÈÙÏ37.˙¯·Á‰ ˜ÂÁÏ (·)229 ÛÈÚÒ38.1970yÏ"˘˙ ,(ÌÈÈ„ÈÓ ÌÈÈ˙Ù˜˙ ˙ÂÁ„) ͯÚ-˙¯ÈÈ ˙˜˙Ï 34 ‰˜˙

93

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ıÂÁÓ ÌÓˆÚ ˙‡ ‡ˆÓÈ ÌÈȇ¯Â ÌÈ·ÂË Ìȯ¢¯È„˘ ÍÎÏ Ì¯‚Ï ‰ÏÂÏÚ ¯Â˘¯È„Î.Ì˙Ú„Ï „‚ȷ ‰ËÏÁ‰ ˙Ï·˜ ·˜Ú ˙ÂȯÁ‡Ï Û˘ÁÈ‰Ï ‡Ï˘ Ôˆ¯ ÍÂ˙Ó ÔÂȯ¢¯È„Ï

‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È· Ï˘ Â˙„ÓÚ .3

˜· ÔÈÈÚ· ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È· È„È-ÏÚ ‰Â„ ‰Ê ˜¯Ù Ï˘ ÂÁ˙Ù· ‰‚ˆÂ‰˘ ‰Ï‡˘‰:ÈΠڷ˜ ˜¯· ‡È˘‰ .‰˜È¯Ó‡ ÔÂÙˆ

'ÈχȂϘ' Û‚ Â‰Ê .Ìȯ¢¯È„ ¯ÙÒÓÓ ·Î¯ÂÓ‰ 'ÌÈ·¯-Ô‚¯Â‡' ‡Â‰ ÔÂȯ¢¯È„‰"¯Â˘¯È„ ÏÎ ÏÚ ˙ÏËÂÓ ˙ÂÏ˘¯· ˙ÂȯÁ‡‰ .˙ÂÚ„ ·Â¯ ÈÙ-ÏÚ ÏÏΠͯ„· ÏÚÂÙ‰¯Â˘¯È„ Ôȇ .˙Èχ„ȷȄȇ ‡È‰ ÂÊ ˙ÂȯÁ‡ .ÔÂȯ¢¯È„· ÂÏ˘ Â˙ÏÂÚÙ ÔÈ‚·Â˙‚‰˙‰· ,ÌÈÈ˜Ï ·ÈÈÁ ¯Â˘¯È„ ÏÎ .¯Á‡ ¯Â˘¯È„ Ï˘ Â˙ÂÏ˘¯Ï ȇ¯Á‡ „Á‡ÈÎ ÌÚÙ ‡Ï ‰¯˜È ,ÔÎ ÏÚ .˙ÂÏ˘¯‰ ÈÈ„· ÌÈÚ·˜‰ ˙ÂȯÁ‡Ï Ìȇ˙‰ ˙‡ ,ÂÏ˘‰È‡¯‰ ˙‚‰˙‰‰ ˙Ó¯ ˙‡ ¯Ù˙ ÔÂȯ¢¯È„· ÈÂÏÙ ¯Â˘¯È„ Ï˘ Â˙‚‰˙‰¯Â˘¯È„ Ï˘ Â˙‚‰˙‰ ÂÏȇ ,ÔȘÈÊ· ˙ÂȯÁ‡ ÂÈÏÚ ÏÈË˙ ¯È·Ò ¯Â˘¯È„ÏÏÎ ÂÈÏÚ ÏÈË˙ ‡Ï ¯È·Ò ¯Â˘¯È„Ï ‰È‡¯‰ ˙‚‰˙‰‰ ˙Ó¯ ˙‡ ÌÈȘ˙ ÈÂÓχ˙Ï·˜˙Ó ˙ÂÚ„ ·Â¯·Â ,ÔÂȯ¢¯È„· ‰Ú·ˆ‰ ˙ÓÈȘ˙Ó Ì‡ ,Ï˘ÓÏ ,ÍÎ .˙ÂȯÁ‡˙ÂÏ˘¯· ˙ÂȯÁ‡‰ ,¯È·Ò ¯Â˘¯È„ Ï˘ Â˙·ÂÁ ˙¯Ù‰ ÌÂ˘Ó ‰· ˘È˘ ‰ËÏÁ‰˙ÂÓȇ˙Ó ˙·ÈÒ· .‰ËÏÁ‰‰ ¯Â·Ú ÂÚÈ·ˆ‰˘ Ìȯ¢¯È„‰Ó „Á‡ ÏÎ ÏÚ ÏËÂ˙¯È·Ò ÈÚˆÓ‡ ÌÂ˘Ó ,‰ËÏÁ‰ ‰˙‡ „‚ Ìȯ¢¯È„ ˙Ú·ˆ‰· ˙‡¯Ï ‡‰È Ô˙ȇˆÂÈ ‰¯È·Ò È˙Ï· ‰ËÏÁ‰ „‚ ‰Ú·ˆ‰ Ïη ‡Ï :˜Â„ .Â˙·ÂÁ È„È ˙‡ˆÏ¯˙ÂÈ ÂÓÓ ˘¯„ ÌÈ˙ÚÏ .ÂÈÏÚ ˙ÏËÂÓ‰ ˙¯ȉʉ ˙·ÂÁ È„È ËÂÚÈÓ‰ ¯Â˘¯È„

.39"ÔÈÈÚ‰ ˙·ÈÒ· ÈÂÏ˙ ÏΉ .„‚ ˙Ú·ˆ‰ ¯˘‡Ó

‰È‰ ‡Ï ,ÔÎ ÏÚ ,‰˜È¯Ó‡ ÔÂÙˆ ˜· Ï˘ ‰¯˜Ó· ÔÂÈ„Ï ‰„ÓÚ ‡Ï ‰¯ÂÓ‡‰ ‰Ï‡˘‰Í¯Ú˘ ÈËÙ˘Ó‰ ÁÂ˙ȉ ˙¯‚ÒÓ· ¯Ëȷ‡Π¯Ӈ ˜¯· ‡È˘‰ ȯ·„ .‰· ÚÈ¯Î‰Ï Í¯Âˆ

.¯Â˘¯È„ Ï˘ ˙ÂÏ˘¯˙‰Ï ڂ‰ Ïη ÂÈ„È-ÏÚ˙‡„‰ ¯ÒÂÁ· Â¯Â˜Ó˘ ,ÂÊ ‰Ï‡˘· ËÙ˘Ó‰ ˙È· Ï˘ ˙ÏÙ¯ÂÚÓ‰ ‰ÚÈ·˜· È˘Â˜ ˘È̇ Ì‚ .ȘÒÚ‰ ÌÂÁ˙· ˙‡„Â Ï˘ ‰˙Â·È˘Á ÏÚ ÌÈÏÓ ¯È·Î‰Ï ͯˆ Ôȇ .˙¯ˆÂÈ ‡È‰˘Í¯Âˆ ˘È˘ ȯ‰ ,ÏÂÚÙÏ Ìȯ¢¯È„‰ ÌÈÎȯˆ ̉ÈÙ-ÏÚ˘ Ìȯ¯· ÌÈÏÏÎ Ú·˜Ï Ô˙È ‡Ï˙Ú„Ï ¯˘Ù‡Ó Âȇ ˙ÂÏ˘¯‰ ˙ÏÂÂÚ· ˙¯ȷ҉ ËÓχ˘ Ì‚‰ .ÌÈÁÓ ÌȘ ˙ÈÈÂÂ˙‰·¯Â˘¯È„Ï Â¯˘Ù‡È˘ ÌÈÁÓ ÌȘ Ë˯˘Ï ÌÂ˜Ó ˘È ÔÈÈ„Ú ,˙ÂȯÁ‡ ¯ÎÂ˙ ̇ ˘‡¯Ó

.ÏÂÚÙÏ ÂÈÏÚ „ˆÈÎ ˙Ú„ÏÂ˙¯·Á ͢Ӊ ̇‰ ?ÂÊ ‰ÓÈ˘¯ Á˙Ù· ˙‡·ÂÓ‰ ‰Ó‚„· Է‡¯ ˙¢ÚÏ Íȯˆ ‰Ó¯·ÚÓ ,ÏÂÎÈ ¯Â˘¯È„‰ ̇˘ ,Ô·ÂÓ ?˙ÂÏ˘¯ ÔÈ‚· ˙ÂȯÁ‡Ï Â˙‡ Û¢ÁÈ ÔÂȯ¢¯È„·

39.31 ‰˜ÒÙ· ,6 ‰¯Ú‰ ÏÈÚÏ ,‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ

94

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

,‰ËÏÁ‰‰ Úˆȷ ˙‡ ÂÚÓÈ˘ ̉˘ÏÎ ÌÈ„Úˆ ËÂ˜Ï Ì‚ ,‰ËÏÁ‰‰ ˙Ï·˜ „‚ ‰Ú·ˆ‰ÏÔȇ˘ ÌÂ˜Ó ˙¯¯ÂÚ˙Ó ‰ÈÚ·‰ .ÌÈ„Úˆ Ì˙‡ ËÂ˜Ï ÂÈÏÚ ‡Ï‡ ,¯ËÙ˙È˘ ‰·ÈÒ ÔȇÂ˙¯·Á ͢Ӊ ̇ ‰Ï‡˘‰ ‰ÏÂÚ ‰ÊÎ ‰¯˜Ó· .‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ Â˙¯˘Ù‡·ÔÈ„‰ ˜ÒÙ .˙ÂÏ˘¯ ÔÈ‚· ÌȯÁ‡‰ Ìȯ¢¯È„‰ Ï˘ ˙ÂȯÁ‡Ï Â˙‡ Û˘ÂÁ ÔÂȯ¢¯È„·

.40ÂÊ ‰Ï‡˘Ï ¯Â¯· ‰ÚÓ Ô˙ Âȇ ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È· Ï˘

Í¯Ú ˙¯ÈÈ ˜ÂÁ· ¯„Ò‰‰ .4

˙ËÂÈËÏ ˜ÈÙÓ‰ Ï˘ ÔÂȯ¢¯È„‰ ¯Â˘È‡ ˙‡ ·ÈÈÁÓ 411968yÁ"΢˙ ,Í¯Ú ˙¯ÈÈ ˜ÂÁÏ˘ ÈÙÂÒ‰ ÁÒÂÏ ("˙¢¯‰" Z ÔωÏ) Í¯Ú ˙¯ÈÈ ˙¢¯Ï ‰Â˘‡¯Ï ˙˘‚ÂÓ‰ ÛȘ˘˙‰¯„Úȉ·Â ,‰¯·Á‰ Ô˜˙Ï Ì‡˙‰· ‡Â‰ ¯Â˘È‡Ï ˘Â¯„‰ ·Â¯‰ .42ÌÂÒ¯ÙÏ „ÚÂÈÓ‰ ÛȘ˘˙‰˜ÂÁ‰ .¯Â˘È‡‰ ˙˘È¯„ ˙‡ ˜ÙÒÏ È„Î Ìȯ¢¯È„‰ Ï˘ ·Â¯· È„ ,Ô˜˙· ˙¯Á‡ ‰ÚÈ·˜‰È‡ ÛȘ˘˙‰ ÏÚ ÌÂ˙ÁÏ ‰·ÂÁ‰ .43ÛȘ˘˙‰ ÏÚ ÌÂ˙ÁÏ Ì‚ Ìȯ¢¯È„‰ ˙‡ ·ÈÈÁӇ‰˘ „Á‡ ˙ÂÁÙÏ Ì‰·Â ÔÂȯ¢¯È„‰ ȯ·Á ·Â¯" ÏÚ ‡Ï‡ ,Ìȯ¢¯È„‰ ÏÎ ÏÚ ˙ÏËÂÓ˙ÂÁÙÏ Z ¯Â·ÈˆÏ Í¯Ú ˙¯ÈÈ ‰Â˘‡¯Ï ‰ÚȈӉ ‰¯·Á·Â ,¯Â·Èˆ‰ ·¯˜Ó ¯Â˘¯È„·ˆÓ ,‡ÂÙ‡ ,ÔÎ˙ÈÈ .44"¯Â˘¯È„ Â˙Âȉ ÁÂÎÓ ‡Ï‡ ‰· ÔÈÈÚ ÏÚ· Âȇ˘ „Á‡ ¯Â˘¯È„„‚˙Ó‰ ¯Â˘¯È„Ï Ú‚Â‰ Ïη .ÛȘ˘˙‰ ÌÂÒ¯ÙÏ ÂÓÈÎÒÈ ‰¯·Á· Ìȯ¢¯È„‰ ÏÎ ‡Ï˘

:ÈÎ ,Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (‰) 22 ÛÈÚÒ Ú·Â˜ ,ÛȘ˘˙‰ ÌÂÒ¯ÙÏ

˙‡ ‡È·‰Â ,ÛȘ˘˙ ÏÚ ÌÂ˙ÁÏ ·¯ÈÒ Â‡ ÛȘ˘˙ ˙‡ˆÂ‰Ï ¯Â˘¯È„ „‚˙‰"ÌÂÒ¯Ù ˙‡ ·ÎÚÏ ˙¢¯‰ ˙ȇ˘¯ ,·˙η ˙˜ÓÂÓ ‰Ú„‰· ˙¢¯‰ ˙ÚÈ„ÈÏ ¯·„‰ËÙ˘Ó‰ ˙È· ˙·¯Ú˙‰ ˙¯˘Ù‡Ó ‰˙Èȉ˘ ‰ÏÈÚ ˙ÓÈȘ˘ ‰˙‡¯ ̇ ÛȘ˘˙‰‡Ï‡ ˙¢¯‰ ˙ËÏÁ‰ ÌÂÈÓ ÌÈÓÈ ‰¯˘ÚÏ ‰È‰È ·ÂÎÈÚ‰ .ÂÈÙÏ ¯·„‰ ‡·Â‰ ÂÏȇ

."˙¯Á‡ ËÙ˘Ó‰ ˙È· ‰¯Â‰ ÔΠ̇

‡Ï‡ ,¯Â˘¯È„‰ Ï˘ „‚ ‰Ú·ˆ‰· ÛȘ˘˙ ¯Â˘È‡ Ï˘ ‰ÊÎ ‰¯˜Ó· ˜Ù˙ÒÓ Âȇ ˜ÂÁ‰˙¢¯Ï ˙¯˘Ù‡Ó ÂÊÎ ‰‚ˆ‰ .˙¢¯‰ ÈÙ· Â˙„‚˙‰Ï ‰·ÈÒ‰ ˙‡ ‚Ȉ‰Ï Â˙‡ ·ÈÈÁÓ‰Ï ‰·ÈÒ‰˘ ˙‡ˆÂÓ ‡È‰ ̇ ,˙„‚˙‰‰ ˙‡ ˜Â„·Ï Z È·È˘Èȷ‡ ȈÈÁ Û‚ Z

.ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡ ¯˘‡Ï ‡Ï ˙ÎÓÒÂÓ ‡È‰ ,˙˜„ˆÂÓ‰¯˜Ó· ÛȘ˘˙‰ ÌÂÒ¯Ù ÔÈ‚· „‚˙Ó‰ ¯Â˘¯È„‰ ÏÚ ˙ÂȯÁ‡ ÏÈË‰Ï ÌÂ˜Ó ˘È ̇‰

40‰·Â˘˙ ˙˜ÙÒÓ ‰È‡ (Ì˘ ,Ì˘) "ÔÈÈÚ‰ ˙·ÈÒ· ÈÂÏ˙ ÏΉ" ÈÎ ,ÔÂÈÏÚ‰ ËÙ˘Ó‰-˙È· Ï˘ Â˙ÚÈ·˜.‰¯Â¯·

41.("Í¯Ú ˙¯ÈÈ ˜ÂÁ" Z ÔωÏ) 234 Á"Ò42.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (‡)22 ÛÈÚÒ43.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (·)22 ÛÈÚÒ44.Ì˘ ,Ì˘

95

ԉΠ‰¯ÂÙˆ

Ï˘ Â˙„‚˙‰ ‰ÈÙ· ‰‚ˆÂ‰˘ Û‡ ÏÚ ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡ ¯˘‡Ï ‰ËÈÏÁ‰ ˙¢¯‰˘?¯Â˘¯È„‰

·˜Ú ̯‚˘ ˜ÊÏ ÛȘ˘˙‰ ÈÓ˙ÂÁ ˙ÂȯÁ‡ ˙‡ ڷ˜ Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 31 ÛÈÚÒÌȯ¢¯È„‰ ÏÚ ˜¯ ‡Ï ‰ÏÁ ‰Ê ÛÈÚÒ ÁÂÎÓ ˙ÂȯÁ‡‰ .ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘÔÂȯ¢¯È„‰ ¯˘È‡ ·˘ ÌÂÈ· ‰È΢ Ìȯ¢¯È„‰ ÏÎ ÏÚ ‡Ï‡ ,ÛȘ˘˙‰ ÏÚ ÂÓ˙Á˘

:ÈΠڷ˜‰ (‚) 31 ÛÈÚÒ ÁÂÎÓ ,ÛȘ˘˙‰ Ï˘ ÈÙÂÒ‰ ÁÒ‰ ˙‡

¯˘È‡˘ ÌÂÈ· Ô‰È΢ ˜ÈÙÓ‰ Ï˘ ¯Â˘¯È„ ÏΠ‡¯È (‡) Ô˘ ÛÈÚÒ ÔÈÈÚÏ"̇ ‡Ï‡ ,ÛȘ˘˙‰ ÏÚ Ì˙Á ÂÏȇΠÛȘ˘˙‰ Ï˘ ÈÙÂÒ‰ ÁÒ‰ ˙‡ ÔÂȯ¢¯È„‰

:‰Ï‡Ó ˙Á‡ ÁÈΉ ÔÎÏÂÎÈ ‰È‰ ‡Ï ‡ ˙Ú„Ï ÂÈÏÚ ‰È‰ ‡Ï ÛȘ˘˙‰ ÌÂÒ¯Ù ÏÚ Ú„È ‡Ï ‡Â‰ (1)

;˙Ú„ÏÏÚ ¯ÒÓ ‡Â‰ ,ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ ¯·„ Â˙ÚÈ„ÈÏ ÚÈ‚‰˘Î „ÈÓ (2)

."·˙η ˙˜ÓÂÓ ‰Ú„‰ ˙¢¯Ï ÍÎ

· ÏÂÏ΢ ÌÚˉ ÔÓ ÛȘ˘˙‰ ÌÂÒ¯ÙÏ ˙„‚˙‰ ÚÈ·‰˘ ¯Â˘¯È„ ÈÎ ,‰ÏÂÚ ‰Ê ÛÈÚÒÓ,‰ÚËÓ‰ ˯ÙÏ È‡¯Á‡ ‡ˆÓÈÈ ,ÛȘ˘˙‰ ÏÚ ÌÂ˙ÁÏ Ì‚ ·¯ÈÒ ‰Ê ÌÚËÓ ,‰ÚËÓ Ë¯Ù˙¯ÓÏ Ì‡ .‰ÚËÓ‰ ˯ى Ï˘ ÂÓÂȘ ÏÚ ˙¢¯Ï ·˙η ‰Ú„‰ ¯ÒÓ ÔΠ̇ ‡Ï‡˜ÊÏ È‡¯Á‡ ‡ˆÓÈÈ ‡Ï ‡Â‰ ,45ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡ ¯˘‡Ï ˙¢¯‰ ‰ËÈÏÁ‰ ÂÊ Â˙ڄ‰

.46‰ÚËÓ‰ ˯ى Ï˘ ÂÓÂȘ ÔÈ‚· ͯډ ˙¯ÈÈ Ï˘ ÌÈ˘ÎÂ¯Ï Â‡ ÌȯÎÂÓÏ Ì¯‚˘ÈÙ-ÏÚ ˙ÂȯÁ‡ ÂÈÏÚ ‰Ïˉ˘ ,¯Â˘¯È„ ÏÂÎÈ Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 33 ÛÈÚÒ ÁÂÎÓÈ„Î ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏΠ˘˘ ÁÈΉ" ̇ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ,˜ÂÁÏ 31 ÛÈÚÒ˯٠· Ôȇ Ô·˘ ·Ï ÌÂ˙· ÔÈÓ‡‰ ÈΠ...ÛȘ˘˙· ‰ÚËÓ Ë¯Ù ‰È‰È ‡Ï˘ ÁÈË·‰Ï

.47"(„) 25 ÛÈÚÒ ÈÙÏ Â˙·ÂÁ ‡ÏÈÓ ‰ÊÎÚÓ˘Ó ."ÏÂÁ˙ ‡Ï 32 ‡ 31ÌÈÙÈÚÒ‰ ÈÙÏ ˙ÂȯÁ‡‰" ÌÈÏÈÓ· Á˙ÂÙ ˜ÂÁÏ 33 ÛÈÚÒ31 ÛÈÚÒ ÈÙ-ÏÚ Ìȇ¯Á‡ ‡ˆÓ˘ ‰Ï‡Ï ˜¯ ˙ÒÁÈÈ˙Ó Â· ‰Ú·˜‰ ˙ÂȯÁ‡‰ ˙ÏÈÏ˘Ì˙Á ‡Ï ,‰ÚËÓ Ë¯Ù Â· ÏÂÏ΢ ÌÚË‰Ó ÛȘ˘˙ ÌÂÒ¯ÙÏ „‚˙‰˘ ¯Â˘¯È„ .˜ÂÁχˆÓÈÈ ‡Ï ,·˙η ˙˜ÓÂÓ ‰Ú„‰ ˙ÂÚˆÓ‡· ˙¢¯‰ ˙ÚÈ„ÈÏ ¯·„‰ ˙‡ ‡È·‰Â ÂÈÏÚ33 ÛÈÚÒ· ‰Ú·˜‰ ‰‚‰‰ ÏÚ ÍÓ˙Ò‰Ï Íȯˆ Âȇ ‡Â‰ ÔÎ ÏÚ ,31 ÛÈÚÒ ÁÂÎÓ È‡¯Á‡

.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ˙‡Ê Ïη ̇ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ÏÎÂÈ ‡Ï ÛȘ˘˙‰ ÌÂÒ¯ÙÏ „‚˙‰˘ ¯Â˘¯È„˙ÂȯÁ‡Ó ¯¯Á˙˘È ‰ÊÎ ¯Â˘¯È„˘ ˙¯˘Ù‡‰ .ËÂÚÈÓ· Â˙Âȉ ·˜Ú ,ÂÈÏÚ ÌÂ˙ÁÏ ÌÈÎÒ‰.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 33 ÛÈÚÒ· ÌÈÚ·˜‰ ˙ÂȯÁ‡ ˙ÏÈÏ˘Ï Ìȇ˙‰ ˙ÁΉ· ˙È˙ÂÓ

45.¯˙ÂÈ· ‰‚ȯÁ ˙‡Ȉӷ ˙ȇ¯˘ ˙¯˘Ù‡46ÚȈӉ ÔÓ Í¯Ú ˙¯ÈÈ ˘Î¯˘ ÈÓ" ÈÙÏÎ ˙ÏËÂÓ Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (‡)31 ÛÈÚÒ ÈÙ ÏÚ ˙ÂȯÁ‡‰

."‰Ï ‰ˆÂÁÓ Â‡ ‰Ò¯Â·· ¯ÁÒÓ‰ È„Î ÍÂ˙ Í¯Ú ˙¯ÈÈ ˘Î¯ ‡ ¯ÎÓ˘ ÈÓ ÈÙÏÎÂ47.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (1)33 ÛÈÚÒ

96

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

Âȇ ,„‚ ‰Ú·ˆ‰· ˜Ù˙Ò‰˘ ‰ÊÎ ¯Â˘¯È„ ÈÎ ,ÏÈÏÚ· ‰ÚÈ·ˆÓ ‰Ï‡ Ìȇ˙ ˙˜È„·.˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ÏÂÎÈ

ÁÈË·‰Ï È„Î ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ ˙ËȘ ‡Â‰ ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï Ô¢‡¯‰ ȇ˙‰¯Â˘¯È„‰ ÏÚ ‡Ï‡ ,ÔÂȯ¢¯È„· „‚ ‰Ú·ˆ‰· È„ Ôȇ .ÛȘ˘˙· ‰ÚËÓ Ë¯Ù ‰È‰È ‡Ï˘‡Ï˘ ¯Â˘¯È„ .˙ÂȯÁ‡Ó ¯¯Á˘Ï ȇ˙Î ˙¢¯Ï ·˙η ‰Ú„‰ ¯ÂÒÓÏ ‰·ÂÁ‰ ˙ÏËÂÓ.‰ÚËÓ Ë¯Ù ÏÏÂΉ ÛȘ˘˙‰ ÌÂÒ¯Ù ˙ÚÈÓÏ ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ ˙‡ ˘ ‡Ï ,ÍÎ ‚‰Ë¯Ù ÛȘ˘˙· Ôȇ Ô·˘ ·Ï ÌÂ˙· ÔÈÓ‡‰˘ ‡Â‰ ˙ÂȯÁ‡Ó ¯¯Á˘Ï È˘‰ ȇ˙‰ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ· ÔÈÓ‡‰˘ ¯Â˘¯È„˘ ÍÎÏ Ì¯‚Ï ÏÂÎÈ ‰Ê ȇ˙ .‰ÚËÓ‰¯˘Ù‡Â Â˙„‚˙‰ ˙‡ ¯·„ Ï˘ ÂÙÂÒ· ‰˙Á„ ÂÊ Ìχ ,˙¢¯‰ ÈÙ· Â˙„‚˙‰ ‡È·‰ÂÂÙÂÒ· ̇ ,ÛȘ˘˙· ‰ÚËÓ‰ ˯ى Ï˘ ÂÓÂÈ˜Ï È‡¯Á‡ ‡ˆÓÈÈ ,48ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡,˙ÂȯÁ‡Ó ¯¯Á˘Ï ȇ˙‰˘ ÍÎÓ ˙·ÈÈÁ˙Ó ÂÊ ‰˜ÒÓ .49ÛȘ˘˙‰ ÏÚ Ì˙Á ¯·„ Ï˘ÌÂ˙· ‰ÂӇ ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ ˙ËȘ :Ìȯ·ËˆÓ Ìȇ˙ È˘ ˘¯Â„ ,ÏÈÚÏ ËˈӉڂ‰ Ïη .Â˙ÈÏÎ˙Ó Ô‰Â ˜ÂÁ‰ Ô¢ÏÓ Ô‰ ˙Ú·Â Ìȯ·ËˆÓ Ìȇ˙‰ ÈÎ ‰˜ÒÓ‰ .·ÏÏη ."·Ï ÌÂ˙· ÔÈÓ‡‰ ÈÎÂ" Z ¯Â·ÈÁ‰  ˙ÂÚˆÓ‡· ¯·ÂÁÓ È˘‰ ȇ˙‰ Z Ô¢Ïϯ·„· ¯Â˘¯È„ Ï˘ ‡„ȯ‚ ‰ÂÓ‡˘ ,˙Ú„‰ ÏÚ Ï·˜˙Ó ‰Ê Ôȇ Z ˜ÂÁ‰ ˙ÈÏÎ˙Ï Ú‚Â‰ÚÂÓÏ ÈÚˆÓ‡ ÏΠ˘ ‡Ï ¯˘‡Î ,˙ÂȯÁ‡Ó ¯¯Á˘Ï ̯‚˙ ‰ÚËÓ Ë¯Ù Ï˘ ¯„Úȉ,¯Â˘¯È„‰ ÏÚ ˙ÏËÂÓ‰ ˙¯ȉʉ ˙·ÂÁ .‰ÚËÓ‰ ˯ى ˙‡ ÏÏÂΉ ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡.‰ÚËÓ Ë¯Ù ÏÏÂΉ ÛȘ˘˙ ÌÂÒ¯Ù ÚÂÓÏ ÌÈ„Úˆ ËÂ˜Ï Â˙‡ ˙·ÈÈÁÓ ,ÏÈÚÏ ¯‡Â·Óί˘Ù‡Ó˘ ,Í¯Ú ˙¯ÈÈ ˜ÂÁ ÔÂ˘Ï· ÈÂËÈ· ˙‡ˆÂÓ˘ ˙¯·‚ÂÓ ‰·ÂÁ ÂÈÏÚ ˙ÏËÂÓ ‰Ê ¯˘˜‰·˙¯ÈÈ ˜ÂÁ ."ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ" ˙‡ ˘ ¯Â˘¯È„‰ ¯˘‡Î ˜¯ ˙ÂȯÁ‡Ó ¯Â¯Á˘,˙ÂÏ˘¯‰ ˙ÏÂÂÚ· ÏÈ‚¯‰ ˯„ËÒ‰ Â‰Ê˘ ,ÌÈ¯È·Ò ÌÈÚˆÓ‡ ˙ËȘ· ˜Ù˙ÒÓ Âȇ Í¯Ú·Ï ÌÂ˙· ‰ÂÓ‡· È„ Ôȇ˘ ,‡ÂÙ‡ ,Ô·ÂÓ .50ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ ˙ËȘ ·ÈÈÁÓ ‡Ï‡ÏÎ ˙ËȘ Ï˘ ÛÒ‰ ȇ˙‰ ÍÎÏ Û¯Ëˆ‰Ï ·ÈÈÁ ‡Ï‡ ,‰ÚËÓ Ë¯Ù Ï˘ ¯„Úȉ ¯·„·

.ÌÂÒ¯Ù‰ ˙ÚÈÓÏ ÌÈ˙‡‰ ÌÈÚˆÓ‡‰Ìχ ,‰ÚËÓ Ë¯Ù ÛȘ˘˙· ˘È ÈÎ ÔÈÓ‡‰˘ ¯Â˘¯È„˘ ,‰˜ÒÓ‰ ˙˘˜·˙Ó Ô‡ÎÓÚÓÈ‰Ï Íȯˆ ,ÛȘ˘˙‰ ÌÂÒ¯Ù ˙‡ ‰¯È˙‰ ÂÊ ,˙¢¯‰ ˙‡ Íη ÚÎ˘Ï ÁÈψ‰ ‡ÏÌȯ¢¯È„‰ ÌÚ „ÁÈ· ,ȇ¯Á‡ ‡ˆÓÈ‰Ï ÏÂÏÚ ‡Â‰ ÔÎ ‡Ï ̇˘ ,ÛȘ˘˙‰ ÏÚ ‰ÓÈ˙ÁÓÂÊ ˙¯˘Ù‡ .51ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ ÔÈ‚· ,ÛȘ˘˙‰ ÏÚ ÂÓ˙Á˘ ÌȯÁ‡‰

48.‰‚ȯÁ ˙ȇ¯ ˙‡Ȉӷ ˘Á¯˙˙ Ô· ÂÊÎ ‰Èˆ‡ÂËÈÒ˘ ˙¯˘Ù‡‰ ,¯ÂÓ‡Î49ÌÈÏÂÎÈ˘ Ú„ÈÓ ¯ÒÂÁ Ì‚ ˙ÂÈ‰Ï ÏÂÎÈ ‰ÚËÓ Ë¯Ù .˙ȯ˘Ù‡ ÔÈÈ„Ú Ìχ ,‰˜ÂÁ¯ ‡È‰ ÂÊÎ ˙¢Á¯˙‰

ÌÂÒ¯Ù· ͯˆ‰ ¯·„· ¯Â˘¯È„‰ Ï˘ ËÂÚÈÓ‰-˙Ú„ ̇ .ÂÓÒ¯ÙÏ Í¯ÂˆÏ ¯˘‡· ˙ÂÚ„ ȘÂÏÈÁ ˙ÂȉωÏÈÁ˙· ÚÈ·‰˘ ,¯Â˘¯È„‰ ÏÚ ıÁÏ ÏÚÙÂÈ˘ ÔÎ˙ÈÈ ,˙‡Ê ˙¯˘‡Ó ˙¢¯‰ Ì‚Â ˙Ï·˜˙Ó ‡Ï

.ÔÎ ˙¢ÚÏ ˙Â‡È ‰Ê ÛȘ˘˙‰ ÏÚ ÌÂ˙ÁÏ ,˙„‚˙‰50.278ß (‡"˘˙) ˙ÂÙ¯˙ ‰ÚÈ·˙ ˙ÂÈÂÎÊ Z ‰¯·Á· ˙ÂÈÓ ÈÏÚ· ԉΠ'ˆ :‡¯51Ìȇ¯Á‡ ,33 „Ú 31 ÌÈÙÈÚÒ‰ ÈÙÏ Ìȇ¯Á‡ ¯˙ÂÈ Â‡ ÌÈÈ˘˘ ‰„ÈÓ·" ,ͯÚ-˙¯ÈÈ ˜ÂÁÏ 34 ÛÈÚÒ ÁÂÎÓ

."ÔȘÈÊ· ˙ÂȯÁ‡ ÏÚ ÌÈÏÁ‰ ÌÈÏÏΉ ÈÙÏ ˙ÂȯÁ‡· Ìȇ˘Â ̉ ÌÓˆÚ ÔÈ·Ï ÌÈ· ;„ÂÁÏ „ÁÈ· ̉

97

ԉΠ‰¯ÂÙˆ

¯ÎÓ˘ ÈÓ Â‡ ÚȈӉ ÔÓ Í¯Ú‰ ¯ÈÈ ˙‡ ˘Î¯˘ ÈÓ È„È-ÏÚ ‰ÚÈ·˙ ˘‚Â˙˘ ‰¯˜Ó· ˙ÓÈȘ˜Ê ÂÏ Ì¯‚˘ ‰ÚË· ‰Ï ‰ˆÂÁÓ Â‡ ‰Ò¯Â·· ¯ÁÒÓ‰ È„Î ÍÂ˙ ͯډ ¯ÈÈ ˙‡ ˘Î¯ ‡ÂÓÂȘ ¯·„· Â˙ÚË ˙‡ Ï·˜È Ô· ËÙ˘Ó‰ ˙È·Â ,ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ ·˜Ú¯˘‡· ,ÂÊÎ ˙¯˘Ù‡ ÏÂÏ˘Ï È„Î Â· Ôȇ ˙¢¯‰ È„È-ÏÚ ¯Â˘È‡ .ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘

.‰ÚËÓ‰ ˯ى Ï˘ ÂÓÂȘ Û‡ ÏÚ ÛȘ˘˙‰ ˙‡ ‰¯˘È‡Â ‰Ï˘¯˙‰ ‡È‰ Ì‚˘ ÔÎ˙ÈÈÌȯ˜ÓÏ ˙ÓˆÓÂˆÓ Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 31 ÛÈÚÒ ÁÂÎÓ ˙ÂȯÁ‡‰ ÈÎ ,˘È‚„‰Ï ÌÂ˜Ó ˘È‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ ·˜Ú Í¯Ú ˙¯ÈÈ Ï˘ ÌȯÎÂÓÏ Â‡ ÌÈ˘ÎÂ¯Ï Ì¯‚˘ ˜Ê Ï˘ÌȘÂÓÈ ÏÚ ˙ÒÒÂ·Ó ˙ÂÈ‰Ï ‰ÈÂ˘Ú ÛȘ˘˙ ÌÂÒ¯ÙÏ ¯Â˘¯È„ Ï˘ ˙„‚˙‰ .ÛȘ˘˙·ÌÂÒ¯ÙÏ „‚˙‰Ï ¯Â˘¯È„ ÏÂÎÈ ,Ï˘ÓÏ ,ÍÎ .‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ „·ÏÓ ,ÌȯÁ‡Ï˘ ͯ„· ÌÈÙÒÎ ÒÂÈ‚Ï Ìȇ˙Ó ÈÂ˙ÈÚ ‰Ê Ôȇ ˜Â˘‰ ȇ˙ ·˜Ú˘ ÌÚˉ ÔÓ ÛȘ˘˙¯Â˘¯È„ Ï˘ ˙„‚˙‰ ÔÎ˙È˙ ,˙‰·‚ ˙ÂÈÂÏÚ· ͯΠÛȘ˘˙ ÌÂÒ¯Ù .ÛȘ˘˙ ˙‡ˆÂ‰Ì¯‚ÈÈ Íη ‰˜Ù‰· ‰¯·Á‰ Ï˘ÎÈ˙ ,˜Â˘‰ ·ˆÓ ¯Â‡Ï˘ ˘˘ÁÓ ÛȘ˘˙‰ ˙‡ˆÂ‰Ï,‰Ê ˜Ê ÚÂÓÏ È„Î .ÛȘ˘˙‰ ˙‡ˆÂ‰· ˙ÂίΉ ˙‰·‚‰ ˙ÂÈÂÏÚ‰Ó Ú·Â‰ ,˜Ê ‰Ï‡Ï˘ ÌÈÚˆÂÓ‰ ͯډ ˙¯ÈÈ ˙‡ ˘ÂÎ¯Ï ·ÈÈÁ˙Ó˘ ,Ì˙ÁÏ ,ÏÏΠͯ„· ,˙¯·Á‰ ˙‚‡Â„˘Ó˘Ï ÌÈÎÒÈ˘ ̯‚ ‡ÂˆÓÏ ‰ÁÈÏˆÓ ‡Ï ‰¯·Á‰ ÌÈ˙ÚÏ ,Ìχ .¯Â·Èˆ‰ È„È· Â˘Î¯‰ËÏÁ‰‰ „‚ ÚÈ·ˆ‰ ¯Â˘¯È„‰˘ Íη È„ ̇ ‰Ï‡˘‰ „ÂÓÚ˙ ʇ ,‰˜Ù‰Ï Ì˙ÁΉËÏÁ‰‰ ·˜Ú ‰¯·ÁÏ Ì¯‚˘ ˜ÊÏ ˙ÂȯÁ‡Ó ¯¯Á˘Ï ̯‚Ï È„Î ,ÛȘ˘˙ ‡ÈˆÂ‰Ï

.52‰˜Ù‰· ˙‡ˆÏ ˙ÈÏ˘¯‰‰ÚË· ÛȘ˘˙ ˙‡ˆÂ‰Ï „‚˙‰Ï ¯Â˘¯È„ ÈÂ˘Ú ,Ì˙Á ‰‡ˆÓ ‰¯·Á‰ ¯˘‡Î Ì‚¯¯·˙È Ì‡ .ÂÈ‚· ˘Â¯„Ï È‡¯˘ È¢‰ ˙‡ Û˜˘Ó Âȇ ͯډ ¯ÈÈÏ Ú·˜˘ ¯ÈÁÓ‰˘‰ÏÂÚ ·Â˘ ,ÍÎ ·˜Ú ˜Ê ̯‚ ˙ÈÏ˘¯ ‰˙Èȉ ¯ÈÁÓ‰ ˙ÚÈ·˜ Ô· ÈÎ ÌÂÈ Ï˘ ÂÙÂÒ·Ìȯ˜Ó .ÛȘ˘˙‰ ˙‡ˆÂ‰Ï ‰ËÏÁ‰Ï „‚˙‰˘ ¯Â˘¯È„‰ Ï˘ Â˙ÂȯÁ‡ ¯·„· ‰Ï‡˘‰ÔÈ‚· ˙ÂȯÁ‡ ÌÈÈÚ˘ ,Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 33- 31 ÌÈÙÈÚÒ È„È-ÏÚ ÌÈÒÂÎÓ Ìȇ ‰Ï‡Â˙ÂȯÁ‡ ÔÈÈÚ· ˙ÈÏÏΉ ˙ÈËÙ˘Ó‰ ‰Îω‰ ÍÓÒ ÏÚ ÂÚ¯ÎÂÈ Ì‰Â ,ÛȘ˘˙· ‰ÚËÓ Ë¯Ù

.‰ËÏÁ‰‰ ˙Ï·˜ ˙·˜Ú· ̯‚˘ ˜Ê ÔÈ‚· ‰ËÏÁ‰Ï „‚˙‰˘ ¯Â˘¯È„ Ï˘È„ Ôȇ ‰ÈÙÏ ,ÈÈ„È-ÏÚ ˙Ù„ÚÂÓ‰ ‰˘È‚· ÍÂÓ˙Ï ÏÂÎÈ Í¯Ú ˙¯ÈÈ ˜ÂÁ· ¯„Ò‰‰˘¯Â„ ˜ÂÁ‰ Ô΢ ,˙ÂȯÁ‡Ó ¯Â˘¯È„ ¯Â¯Á˘Ï ̯‚Ï È„Î ‰ËÏÁ‰ ˙Ï·˜ „‚ ‰Ú·ˆ‰·˙¢¯‰ ˙ÚÈ„ÈÏ ·˙η Â˙„‚˙‰ ¯·„ ˙‡ ‡È·‰Ï Z ÌÈÙÒ ÌÈ„Úˆ ËÂ˜Ï „‚˙Ó‰ ÔÓ¯ÒÓ Ì‡ Ì‚ ȇ¯Á‡ ‡ˆÓÈÈ ÛȘ˘˙‰ ÏÚ Ì˙Á˘ ¯Â˘¯È„ .ÛȘ˘˙‰ ÏÚ ÌÂ˙ÁÏ ·¯ÒÏÂ

.ÏÈÚÏ ¯‡Â·ÓÎ ,˙¢¯Ï ‰Ú„‰

52ÏÏÎ Ï˘ ‰‚‰‰ ψ· ˙ÂÒÁÏ ÌÈÏÂÎÈ Ìȯ¢¯È„‰ Ôȇ ˙ÂÏ˘¯˙‰ È„Î ‰ÏÂÚ ‰ËÏÁ‰‰˘ ‰Á‰·.ȘÒÚ‰ ˙Ú„‰-ÏÂ˜È˘

98

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙¯Á‡ ËÙ˘Ó ˙ÂËÈ˘· ‰Ï‡˘‰ Ô¯˙Ù .5

ÈÏ‚‡‰ ËÙ˘Ó‰ (‡)

˙ÂȯÁ‡Ó ¯¯Á˘Ï È„Î ¯Â˘¯È„ È„È-ÏÚ „‚ ‰Ú·ˆ‰· ˜Ù˙ÒÓ Âȇ ÈÏ‚‡‰ ËÙ˘Ó‰ÈÙÎ ,˙ÈÏ‚‡‰ ‰Îω‰ .Â˙„‚˙‰ Û¯Á ‰Ï·˜˙‰˘ ˙ÈÏ˘¯‰ ‰ËÏÁ‰‰ ˙‡ˆÂ˙Ï

:ÔӘτΠ,‡È‰ Loose, Griffiths and Impey Ï˘ ̯ÙÒ· ˙‡·ÂÓ˘

“A director, however minor or subordinate his role, has a positiveduty to apply his own judgment to company matters. If he is notsatisfied, he must speak up; then he must record a formal objection inthe minutes, and if things still do not change, he must resign unlessthe company is threatened by insolvency. Otherwise he will bear someof the responsibility for defaults in which he has no part and which hemay even have opposed”53.

‰ËÏÁ‰ ˙Ï·˜ „‚ ÚÈ·ˆÓ ¯Â˘¯È„‰˘ Íη È„ ‡Ï˘ ÍÎ ÏÚ ÌÈ„ÓÂÚ Ìȯ·ÁÓ‰,ÌÈÙÒ ÌÈ„Úˆ ËÂ˜Ï ÂÈÏÚ ‡Ï‡ ,ϘÂ˯ٷ Â˙„‚˙‰ ˙‡ ÏÂÏÎÏ ‚‡Â„ ÔÂȯ¢¯È„·

.54¯ËÙ˙‰Ï ÂÈÏÚ ,ÌÈȯ˘Ù‡ Ìȇ ‰Ï‡ ¯˘‡Î‰ËÏÁ‰Ï ¯Â˘¯È„ Ï˘ „‚ ‰Ú·ˆ‰· ‰˜Ù˙Ò‰ ‡Ï˘ ˙ÈÏ‚‡‰ ‰˜ÈÒÙ‰Ó ‰Ó‚„Ramskill v. ÔÈÈÚ· ÔÈ„‰ ˜ÒÙ ‡È‰ ˙ÂȯÁ‡Ó ¯¯Á˘ Í¯ÂˆÏ ÔÂȯ¢¯È„· ‰Ï·˜˙‰˘È‡ ·˜Ú ‰¯·ÁÏ Ì¯‚˘ ˜Ê ÔÈ‚· ¯Â˘¯È„ ·ÈÂÁ ‰Ê ‰¯˜Ó· .551885 ˙˘Ó Edwards˘È‚‰ ¯Â˘¯È„‰ .˙ÂÈÏ˘¯ ‡ˆÓ ˙‡ÂÂω‰ Ô˙ÓÏ ˙ÂËÏÁ‰‰ ¯˘‡Î ,˙‡ÂÂω ˙¯ÊÁ‰ÂÈÈÚÏ .Â˙ȇ „ÁÈ ÌÈÏÂÂÚÓ Ì˙Âȉ ÒÈÒ· ÏÚ ÌȯÁ‡ Ìȯ¢¯È„ „‚ ÈÂÙÈ˘Ï ‰ÚÈ·˙‰‡ÂÂω Ô˙ÓÏ „‚˙‰ Ò„¯‡Â„‡ .Ò„¯‡Â„‡ Ì˘· ¯Â˘¯È„ „‚ ˙ÈÙÂÓ‰ ‰ÚÈ·˙‰ ˙È˷ϯ,Ìȯ¢¯È„‰ Ï˘ ˙ÂÚ„ ·Â¯· ‰Ï·˜˙‰ ‰‡ÂÂω‰ ˙‡ ˙˙Ï ‰ËÏÁ‰‰ .Ë"˘ÈÏ 1000 ÍÒ ÏÚ˙·ÂËÏ Ë"˘ÈÏ 400 ÍÒ· ˜È˘ ÏÚ Ò„¯‡Â„‡ Ì˙Á ,‰ËÏÁ‰‰ ˙Ï·˜ ¯Á‡Ï .Â˙„‚˙‰ Û¯ÁÍÒ ÏÚ ÛÒ ˜È˘ ÂϷȘ ÌÈÂÂÏ Ì˙‡ .‰¯·ÁÏ ÌÈÂÂω È„È-ÏÚ ¯ÊÁ‰ ‰Ê ÌÂÎÒ .ÌÈÂÂωËÙ˘Ó‰ ˙È· .‰¯·ÁÏ ¯ÊÁ‰ ‡Ï ‰Ê ÌÂÎÒ ,ÌÂ˙Á Ò„¯‡Â„‡ ‰È‰ ‡Ï ÂÈÏÚ˘ ,Ë"˘ÈÏ 600Ô˙ÓÏ ÚÈ·‰˘ ˙„‚˙‰‰ ·˜Ú ȇ¯Á‡ Â˙‡¯Ï Ôȇ Ô‰ÈÙÏ Ò„¯‡Â„‡ Ï˘ ÂÈ˙ÂÚË ˙‡ ‰Á„·Â¯ ˙ËÏÁ‰ ˙·˜Ú· ‰‡·Â ˙ÈχȯËÒÈÈÓ ‰˙Èȉ Ô¢‡¯‰ ˜È˘‰ ÏÚ Â˙ÓÈ˙Á ,‰‡ÂÂω‰¯Á‡ ‰˘ÈÓ Ô΢ ,ÌÂ˙ÁÏ ·¯ÒÈ˘ ÍÎÏ ÌÚË ‰È‰ ‡Ï ,‰‡ÂÂω‰ Ô˙ÓÏ ÔÂȯ¢¯È„‰¯˘‡Ï Ôȇ˘ ¯Â·Ò‰ ¯Â˘¯È„ ÈÎ ,Ú·˜ ËÙ˘Ó‰ ˙È· .˜È˘‰ ÏÚ Ì˙ÂÁ ‰È‰ Ìȯ¢¯È„‰ÓÂ˙ÓÈ˙Á Ï˘ ‰‡ˆÂ˙‰ .‰ËÏÁ‰Ï Û˜Â˙ ˙˙Ï Íη ,˜È˘‰ ÏÚ ÌÂ˙ÁÏ È‡˘¯ Âȇ ‰‡ÂÂω

53Loose, Griffith & Impey, supra note 25, at p. 25754ibid, at pp. 258y25955Ramskill v. Edwards (1885) 31 Ch. D. 100

99

ԉΠ‰¯ÂÙˆ

˜È˘‰ Ï˘ Ë"˘ÈÏ 400 Ï˘ ÌÂÎÒ‰˘ ˙¯ÓÏ .Û˜Â˙ ‰Ï ˙˙Ï ‰ÓÎ҉ ‰ËÏÁ‰‰ ıÂÓȇ ‡È‰600 Ï˘ ¯ÊÁ‰ ȇ ÔÈ‚· ¯Â˘¯È„‰ ˙‡ ËÙ˘Ó‰ ˙È· ·ÈÈÁ ,‰¯·ÁÏ ¯ÊÁ‰ Ì˙Á ÂÈÏÚ˘ÒÁÈÈ˙‰ ËÙ˘Ó‰ ˙È· .ÌȯÁ‡ Ìȯ¢¯È„ È„È-ÏÚ Ì˙Á˘ ˜È˘· Â˙È˘ ÌȯÁ‡ Ë"˘ÈÏ1000 ÍÒ ÏÚ ‰‡ÂÂω Ô˙ÓÏ ‰ËÏÁ‰‰ Ï˘ „ˆÓ ¯Â˘È‡Î Ô¢‡¯‰ ˜È˘‰ ÏÚ ‰ÓÈ˙ÁÏ.56ÂÈÏÚ Ì˙Á ‡Ï˘ ˜È˘· Ô˙È˘ Û‡ ÏÚ ¯ÊÁ‰ ‡Ï˘ ÌÂÎÒ‰ ÏÚ Â˙ÂȯÁ‡ Ô‡ÎÓ Ë"˘ÈÏ

˘Ó˘Ï ÍÈ˘ÓÓ ¯Â˘¯È„‰ ̇ ,‰ËÏÁ‰Ï ˙„‚˙‰· È„ Ôȇ ÈÎ „ÓÏÓ ‰Ê ÔÈ„ ˜ÒÙ˙ÂÚˆÓ‡· ÌÈÂÂÏÏ ‰˙È˘ ‰‡ÂÂω‰˘ ÍÎÏ ·Ï ÌÈ˘Ï È‡¯ .‰Úˆȷ ˙Ú· Â˙¯˘Ó·‰¯·ÁÏ ¯ÊÁ‰ ‡Ï˘ ÌÂÎÒ‰ .‰¯·ÁÏ ‰¯ÊÁ‰ „‚˙Ó‰ ¯Â˘¯È„‰ Ì˙Á ÂÈÏÚ˘ ˜È˘‰Ô˙ÓÏ „‚˙‰˘ ¯Â˘¯È„‰˘ ˜È˘ ˙ÂÚˆÓ‡· ÂϷȘ ÌÈÂÂω˘ ‰ÊÎ ‰È‰ ‰Â„‰ ‰‡ÂÂω·

.‰Ê ·ÂÁ ÔÈ‚· ȇ¯Á‡ ËÙ˘Ó‰ ˙È· Â˙‡ ‡ˆÓ ˙‡Ê Ïη ,ÂÈÏÚ Ì˙Á ‡Ï ‰‡ÂÂω‰Ï˘ ˙‚‰˙‰ ÚÂÓÏ ÏÂÎÈ Âȇ ‰Ê ¯˘‡Î ¯ËÙ˙‰Ï ¯Â˘¯È„Ó ˙˘¯ÂÙÓ ‰˘È¯„Secretary of State ÔÈÈÚ· ÔÈ„‰ ˜ÒÙ· ÈÂËÈ· ˙‡ˆÂÓ ‰Ï „‚˙Ó ‡Â‰˘ ÔÂȯ¢¯È„‰

:ÈÎ ‰Ê ‰¯˜Ó· ڷ˜ Chadwick ËÙ¢‰ . 57 for Trade and Industry v. Arif

“If a director finds that he is unable to do what he knows ought to bedone then the only proper course is for him to resign”58.

:ÈÎ ,59¯Á‡ ‰¯˜Ó· ËÙ¢ Â˙‡ ڷ˜ ,ÍÎÏ ‰Ó„·

“There is, of course, no doubt that, in his own interest, Mr Taylor,as a director of an insolvent company continuing to trade at the riskof creditors, would have been prudent to resign his directorship oncehe appreciated that his recommendations would not be accepted. Bycontinuing to be a director he exposed himself to potential liabilityunder s. 214 of the Insolvency Act 1986. A director who finds that thecompany is trading at the risk of the creditors and that his advice andrecommendations go unheeded would be prudent to take the obviouscourse of ceasing to have responsibility under statute for a state ofaffairs which he is unable, in practice, to cure”60.

‡ ˙ÂËÏÁ‰Ï ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ˘˜·Ó‰ ¯Â˘¯È„˘ Íη ‰¯Î‰ ,‡ÂÙ‡ ,‰Ù ˘ÈÍη È„ Ôȇ ,ÔÂȯ¢¯È„· Â˙¯·ÁÓ ¯ËÙ˙‰Ï Íȯˆ ÔÂȯ¢¯È„‰ Ï˘ ˙ÂÓ‚٠˙ÂÏÂÚÙÏ

.˙ÂÏÂÚ٠‡ ˙ÂËÏÁ‰ Ô˙‡ „‚ ÚÈ·ˆÈ˘

56ibid, at p. 11157Secretary of State for Trade and Industry v. Arif [1997] 1 BCLC 3458ibid, at p. 4659Secretary of State for Trade and Industry v. Gash [1997] 1 BCLC 34160ibid, at p. 346

100

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

‡Ï˘ ‰Â˘‡¯ ‰‡Î¯Ú· ËÙ˘Ó‰ ˙È· ˙ËÏÁ‰ ÏÚ ¯ÂÚ¯Ú ‰È‰ ÂÈÙ· „ÓÚ˘ ‰¯˜Ó‰Company-Ï 6 ÛÈÚÒ ÈÙ-ÏÚ ¯Â˘¯È„ ˘Ó˘ÏÓ ¯Â˘¯È„ Ï˘ Â˙ÂÏÒÙ ÏÚ ÊȯΉÏˆ ÏÚ ËÙ˘Ó‰ ˙È· ÊȯÎÈ ‰Ê ÛÈÚÒ ÁÂÎÓ .Directors Disqualification Act 1986

:¯˘‡Î ÔÂÚ¯ÈÙ ˙Ï„ÁÏ ‰ÎÙ‰˘ ‰¯·Á Ï˘ ¯Â˘¯È„ ˘ÓÈ˘˘ ÈÓ „‚ ˙ÂÏÒÙ

“his conduct as a director of that company (either taken alone ortaken together with his conduct as a director of any other company orcompanies) makes him unfit to be concerned in the management of acompany”61.

¯Â˘¯È„‰˘ ‰˜ÒÓÏ Á¯Î‰· ‡È·Ó Âȇ ¯Â˘¯È„ Ï˘ Â˙¯ËÙ˙‰ ȇ˘ ,Ú·˜ ËÙ˘Ó‰ ˙È·ÈÎ ,ËÙ˘Ó‰ ˙È· Ú·˜ ‰Ê ¯˘˜‰· .62‰¯·Á ȘÒÚ Ï‰ȷ ·¯ÂÚÓ ˙ÂÈ‰Ï ¯È˘Î Âȇ¯ÒÁÎ ‡ˆÓÈ‰Ï ÌÈ˙ÚÏ ÈÂ˘Ú ,Â˙„ÓÚ ˙‡ Ï·˜Ó Âȇ ÔÂȯ¢¯È„· ·Â¯‰˘ ¯Â˘¯È„

:Âȯ·„Ï .˙Â¯È˘Î

“The duties of a director include, in my view, the duty to inform himselfas to the company’s affairs and the duty to make his views knownto the other directors. If there comes a point at which his attendanceat board meetings is purposeless because he must recognize that hisco-directors take no account of his views and recommendations, thenit may well be appropriate to ask why he continues to remain as adirector. If he continues to remain as a director in those circumstancesfor no purpose than to draw his director’s fees or to preserve his status,a court might well come to the conclusion that he was so lacking inappreciation of a director’s duties that he was unfit to be concerned inthe management of a company”63.

ËÙ˘Ó‰ ˙È· ˙ÚÈ·˜ ÏÚ ˘‚‰˘ ¯ÂÚ¯Ú‰ ˙‡ ËÙ˘Ó‰ ˙È· ‰Á„ ,ÂÈÙÏ „ÓÚ˘ ‰¯˜Ó·¯Â˘¯È„˘ Âڷ˜· ,ÂÈÙ· ÔÂÈ„Ï „ÓÚ˘ ¯Â˘¯È„‰ Ï˘ ˙Â¯È˘Î ¯ÒÂÁ ‡ˆÓ ‡Ï˘ ‰ËÓÏ„Ôȇ ,‰ˆÈ˜Ï ‰‡È·‰Ï È„Î Â˙ÚÙ˘‰ ˙‡ ÏÈÚÙÓ ÔÂȯ¢¯È„‰ ˙ÏÂÚÙ ÔÙ‡ „‚Î ‰ÁÂÓ˘

.¯Â˘¯È„ ˘Ó˘Ï ˙Â¯È˘Î ¯ÒÁ ‡ˆÂÓÏ

ȘȯӇ‰ ËÙ˘Ó‰ (·)

‰¯·Á‰ ̇ „‚˙‰˘ ¯Â˘¯È„ Ï˘ ˙¯ËÙ˙‰‰ ˙·ÂÁ ˙‡ ‰˜ÈÒÙ‰ ‰Ú·˜ ·"‰¯‡·

61Company Directors Disqualification Act, 1986, s. 6 (1) (b)62Secretary of State v. Gash, supra note 59, at p. 34663ibid, at p. 349

101

ԉΠ‰¯ÂÙˆ

New-· ‰Â·‚‰ ËÙ˘Ó‰ ˙È· ڷ˜ ÍÎ .64Â˙„‚˙‰ ˙·˜Ú· ˙ÂÂÚÓ‰ ˙‡ ‰˜È˙ ‡Ï:Jersey

“Upon discovery of an illegal course of action, a director has a duty toobject and, if the corporation does not correct the conduct, to resign”65.

¯·ÚÓ ˙¢ÚÏ ‡È‰ ¯Â˘¯È„‰ Ï˘ Â˙·ÂÁ ,ÌÈ˙ÚÏ˘ ,‰Ê ‰¯˜Ó· ÔÈÈˆÓ ËÙ˘Ó‰ ˙È·ıÂÚÈÈ ˘˜·Ï ˘¯„È‰Ï ÌÈ˙ÚÏ ¯Â˘¯È„ ÈÂ˘Ú ,Ï˘ÓÏ ,ÍÎ .˙¯ËÙ˙‰Ï ˙„‚˙‰Ï˙ÏÈÏ˘Ï ÈÂÈÁ „ڈΠ˙¯ËÙ˙‰‰ ˙‡ ‰‡Â¯ ËÙ˘Ó‰ ˙È· :˙¯Á‡ ÌÈÏÓ· .66ÈËÙ˘Ó‰È‰È „ÈÓ˙ ‡Ï Ìχ ,Â˙„‚˙‰ Û¯Á ‰Ï·˜˙‰˘ ‰Ó‚٠‰ËÏÁ‰Ï ¯Â˘¯È„ Ï˘ Â˙ÂȯÁ‡ËÙ˘Ó‰ ˙È· ڷ˜ ,ÍÎÏ Ì‡˙‰· .ÌÈÙÒ ÌÈ„Úˆ ËÂ˜Ï ÂÈÏÚ ‰È‰È ÌÈ˙ÚÏ ,‰Ê „Úˆ· È„

:ÈÎ ,˙ȯ¢¯È„‰ ˙·ÂÁ ÂÈ·‚Ï

“Her duties extended beyond mere objection and resignation toreasonable attempts to prevent the misappropriation of the trust fund”67.

˙˜ÂÏÁÏ Ú‚Â‰ Ïη ‰ËÏÁ‰ ˙Ï·˜Ï ˙„‚˙‰ ÈÎ ,ڷ˜ Delaware-· ˙¯·Á‰ ˜ÂÁ‰Ó˘¯˘ ,ÔÂÈ„ÙÏ ‰¯·Á‰ ˙ÂÈÓ Ï˘ ˙ȘÂÁ È˙Ï· ‰˘ÈÎ¯Ï ,˙ȘÂÁ È˙Ï· „„È·È„Ï˘ ÌȘÂÁ· Ì‚ ‰ÏÂÏÎ ‰Ó„ ‰‡¯Â‰ .68˙ÂȯÁ‡Ó ¯Â˘¯È„‰ ˙‡ ¯¯Á˘˙ ,ϘÂ˯ٷ

. 70 New Jersey- 69 New-York Ô‚Π,˙¯Á‡ ˙ÂÈ„Ó˙ÈÏÏÎ ‰‚‰ ÂÊ Ôȇ ÈÎ ,„ÓÏÓ ‰¯ÂÒ‡ ‰˜ÂÏÁ Ï˘ Ìȯ˜ÓÏ ‰Â„‰ ‰‚‰‰ „ÂÁÈÈ„ÁÈÈÓ ‰Ó ‰Ï‡˘Ï ÌÂ˜Ó ,‡ÂÙ‡ ,˘È .Ìȯ¢¯È„ ˙ÂÏ˘¯ Ï˘ Ìȯ˜Ó‰ Ïη ‰ÏÁ˘˙‚ÈÈ˙Ò‰ Ï˘ ‰¯˜Ó· ˙ÂȯÁ‡Ó ¯ÂËÙ Ú·˜ ԉȷ‚Ï˘ ,‰˜ÂÏÁ Ï˘ ‰Ï‡ ˙ÂËÏÁ‰˙ÂȯÁ‡‰ ˙‡ ˙ڷ˜‰ ˜ÂÁ‰ ˙‡¯Â‰· ‰ÈÂˆÓ ÍÎÏ ‰·Â˘˙‰ .ϘÂ˯ٷ ÈÂËÈ· ‰‡ˆÓ˘Í˘ÓÈ˙ ‰¯ÂÒ‡ ‰˜ÂÏÁÏ Ìȯ¢¯È„‰ ˙ÂȯÁ‡ ‰ÈÙÏ ,71‰¯ÂÒ‡ ‰˜ÂÏÁÏ Ìȯ¢¯È„‰ Ï˘.˙ÂÈÓ‰ Ï˘ ˙ȘÂÁ ‡Ï‰ ‰˘Èί‰ ¯Á‡Ï ‡ ȘÂÁ ‡Ï‰ „„È·È„‰ ÌÂÏ˘˙ ¯Á‡Ï ÌÈ˘ 6ÔÂÚ¯ÈÙ ˙ÂÏ„Á ‡ ˜Â¯ÈÙ Ï˘ ‰¯˜Ó· ‰Ï˘ ÌÈ˘Â‰ ÈÙÏΠ‰¯·Á‰ ÈÙÏÎ ‡È‰ ÂÊ ˙ÂȯÁ‡˙˘Èί ¯Â·Ú ÌÏ¢˘ ÌÂÎÒ‰ ‡ÂÏÓ Â‡ ÌÏ¢˘ ȘÂÁ ‡Ï‰ „„È·È„‰ Ï˘ ‡ÏÓ ÌÂÏ˘˙Ï

64Fletcher Cyclopedia of Private Corporations §1058 :Ì‚ ‡¯65˙¢ ,ÌÓ‡ ,Âȉ ‰Ê ‰¯˜Ó· ˙·ÈÒ‰ .Francis v. United Jersey Bank 432 A.2d 814, 823

Ìȯ·„‰ ,Ìχ Z ‰¯·Á‰ ÈÙÒη ˘ÂÓÈ˘‰ ÔÙ‡ ÏÚ Á˜ÈÙ ¯„Úȉ ·˜Ú ˙ȯ¢¯È„ ˙ÂÏ˘¯˙‰ Z‰·˘ ‰È‚ÂÒÏ Ì‚ ÌÈÙÈ ,¯ËÙ˙‰Ï ˘È ʇ ÈÎ ,˙¯ÊÂÚ ‰È‡ ˙„‚˙‰‰ ̇ ̉ÈÙÏ˘ ,ËÙ˘Ó‰-˙È· Ï˘

.‰Ê ¯Ó‡Ó ˜ÒÂÚ66ibid, at p. 82367.ibid, at p. 82768Delaware General Corporation Law, §17469N.Y. Business Corporation Law, §719(b)70N.J Business Corporation Act, § 6y1371Delaware General Corporation Law, §174

102

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

‰˜ÂÏÁ‰ ˙‡ ˙„ÁÈÈÓ ‰¯·Á‰ Ï˘ ÌÈ˘Â‰ ÈÙÏÎ Ì‚ ˙ÂȯÁ‡‰ ˙·Á¯‰ .ÔÂȄ٠‡ ˙ÂÈÓ‰˙„ÁÂÈÓ ‰‡¯Â‰ ˙ÚÈ·˜Ï ‰‡È·‰˘ ÂÊ ‡È‰˘ ÔÎ˙ÈÈ ˙ÂÏ˘¯ Ï˘ ÌȯÁ‡ Ìȯ˜ÓÓ ‰¯ÂÒ‡‰ÈÙÏÎ ˙ÂȯÁ‡‰ ˙·Á¯‰· ˙‡¯Ï ,È˙Ú„Ï ,‰˘˜ ,˙‡Ê ÌÚ .˙ÂȯÁ‡Ó ¯Â¯Á˘ ˙¯˘Ù‡ Ï˘„ÁÂÈÓ ÏÏÎ ˙ÚÈ·˜Ï ‰˜„ˆ‰ ,‰¯ÂÒ‡ ‰˜ÂÏÁ ¯„‚Ï ÌÈÒ΢ ,ÌȯÂÓ‡‰ Ìȯ˜Ó· ÌÈ˘Â˙·Á‰ ۘȉ ¯˘‡· ,ϘÂ˯ٷ ÈÂËÈ· ‰‡ˆÓ˘ ˙‚ÈÈ˙Ò‰ ·˜Ú ˙ÂȯÁ‡Ó ¯Â¯Á˘ Ï˘,¯Â˘¯È„‰ ˙‡ Ú·˙Ï ÌÈ˘ÂÏ ˙¯˘Ù‡‰ Ô˙Ó ,ÔÎ ÏÚ ,‰˙˘Ó Âȇ ¯Â˘¯È„‰ Ï˘Ìȯ˜Ó· ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ڂ‰ Ïη „ÁÂÈÓ ÔÈ„ ˜È„ˆ‰Ï È„Î ,‰ÓˆÚÏ˘Î ,‰· Ôȇ‡Â‰Â ,‰¯ÂÒ‡ ‰˜ÂÏÁ ÔÈ‚· ˙·Á‰ Ï˘ ¯Á‡ „ÁÂÈÓ ÔÈÈÙ‡Ó ÏÚ ·Â˘ÁÏ Ô˙È .‰Ï‡ÔÚˆȷ ÌÚ˘ ‰Ê Ô·ÂÓ· ,˙ÂÈÓÚÙ-„Á ˙ÂËÏÁ‰ ‰˜ÂÏÁÏ ˙Âڂ‰ ˙ÂËÏÁ‰‰ Ï˘ Ô˙Âȉ˙ÂÈ‰Ï ˙ÂÈÂ˘Ú ÔÂȯ¢¯È„‰ Ï˘ ˙¯Á‡ ˙ÂËÏÁ‰ ,˙‡Ê ˙ÓÂÚÏ .‰ËÏÁ‰‰ ˙ȈÓ˙Ó˙‡·ÂÓ‰ ‰Ó‚„· ÂÓÎ ,˘„Á ˙ÂÏÈÚ٠˜ ˙ÁÈ˙ÙÏ ‰ËÏÁ‰ Ô‚Π,˙Î˘Ó ‰ÏÂÁ˙ ˙ÂÏÚ·‰˜ÂÏÁ Ï˘ ¯˘˜‰· „ÁÂÈÓ ÔÈ„ ˙˜„ˆ‰Ï ÒÈÒ·Î ÂÊ ‰Á·‰ Ï·˜Ï ‰˘˜ .‰Ê ¯Ó‡Ó Á˙Ù·‰ÏÂÁ˙ Ï˘ ÈÙ‡ ˙ÂÏÚ· Ôȇ˘ ,ÔÂȯ¢¯È„‰ Ï˘ ˙¯Á‡ ˙ÂËÏÁ‰ Ì‚ ¯˘‡· ,‰¯ÂÒ‡˙‚ÈÈ˙Ò‰ ·˜Ú ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ڂ‰ Ïη ÈÏÏΉ ÔÈ„Ï ˙ÂÙÂÙÎ ‰Èȉ˙ ,˙΢Ó

.¯Îʉ ˜ÂÁÏ 174 ÛÈÚÒ Ï˘ „ÁÂÈÓ‰ ¯„Ò‰‰ Ô‰ÈÏÚ ÏÂÁÈ ‡ÏÂ.72‰ËÏÁ‰‰ „Ú· ÚÈ·ˆ‰ ‡Ï˘ ¯Â˘¯È„ ˙ÂȯÁ‡Ó ‰¯¯Á˘ ‡Ï Delaware-· ‰˜ÈÒÙ‰ÈÓ ÔÈ·Ï ˙ÂÚÓȉ ˙ÂÚˆÓ‡· ‰ËÏÁ‰· ÍÓ˙ ‡Ï˘ ÈÓ ÔÈ· ‰Ê ÔÈÈÚ· ‰Á·‰Ï ÌÂ˜Ó Ôȇ

.‰˙Ï·˜ „‚ ‰Ú·ˆ‰ ˙ÂÚˆÓ‡· ‰· ÍÓ˙ ‡Ï˘‰ËÏÁ‰Ï Ì˙ÓÎÒ‰· ˙‚ÂÚÓ ‰È‡ Ìȯ¢¯È„ ÏÚ ˙ÏËÂÓ‰ ˙ÂȯÁ‡‰˘ ÍÎÏ ˜ÂÊÈÁ¯„Ú˘ ¯Â˘¯È„Ï ˙ÂÒÁÈÈ˙‰· Ì‚ ‡ÂˆÓÏ Ô˙È ˙ÂȯÁ‡‰ ˙ÏË‰Ï ÒÈÒ· ‰Â‰Ӊ,ÔÂȯ¢¯È„‰ ˙ÂȯÁ‡ Ï˘ È·È˘Ï˜‰ ÈÙ‡‰ ¯Â‡Ï .‰ËÏÁ‰‰ ‰Ï·˜˙‰ ‰·˘ ‰·È˘È‰ÓÌÚ È‡¯Á‡ ‡ˆÓ ,˙ÈÏ˘¯‰ ‰ËÏÁ‰‰ ‰Ï·˜˙ ‰·˘ ‰·È˘È‰ ÔÓ ¯„Ú˘ ¯Â˘¯È„ Ì‚Smith v. Van Ï˘ ÌÒ¯ÂÙÓ‰ ‰¯˜Ó· ,Ï˘ÓÏ ,ÍÎ .˙ÂÏ˘¯ ÔÈ‚· Ìȯ¢¯È„‰ Âȯ·Á‰¯·Á‰ Ï˘ Ìȯ¢¯È„‰ ÏÎ ÏÚ ˙ÂȯÁ‡ Delaware-· ËÙ˘Ó‰ ˙È· ÏÈˉ , 73 Gorkom·˜Ú ‰·È˘È‰ ÔÓ ¯„Ú˘ ¯Â˘¯È„ ÏÚ Ì‚ ‰Ê ÏÏη ,ÂϷȘ˘ ‚ÂÊÈÓ‰ ˙ËÏÁ‰ ÔÈ‚·˙ÈÏ˘¯‰ ‰ËÏÁ‰Ï ˙È·È˘‡ ‰ÓÎÒ‰· ͯˆ Ôȇ˘ ÍÎ ÏÚ ‰ÚÈ·ˆÓ ÂÊ ‰˘È‚ .‰ÏÁÓ

.¯Â˘¯È„ ÏÚ ˙ÂȯÁ‡ ˙ÏË‰Ï Ì¯‚Ï È„Î˙ӯ‚˘ ‰ËÏÁ‰ ‰Ï·˜˙‰ ‰·˘ ‰·È˘È· ÁÎ ‡Ï˘ ¯Â˘¯È„ Ï˘ ÂÈ„ ‰Ó ‰Ï‡˘‰˙Âڷ˜ ,Ï˘ÓÏ ,ÍÎ .‰˜È˜Á· ,ÌÈ˙ÚÏ ,‰¯„Ò‰ ÔÂȯ¢¯È„‰ ȯ·Á ÏÚ ˙ÂȯÁ‡ ˙ÏˉÏÈÎ ,‰¯ÂÒ‡ ‰˜ÂÏÁÏ Ìȯ¢¯È„ Ï˘ ˙ÂȯÁ‡ ÔÈÈÚ˘ ,ÏÈÚÏ ˙¯Îʉ ˜ÂÁ‰ ˙‡¯Â‰ÍÎÏ ‚‡„ ÔΠ̇ ‡Ï‡ ÂÏ·˜˙‰˘ ˙ÂËÏÁ‰Ï ÌÈÎÒÓÎ ·˘ÁÈÈ ‰·È˘È· ÁÎ ‡Ï˘ ¯Â˘¯È„

.74ϘÂ˯ÙÏ ÒÎÂ˙ Â˙„‚˙‰˘

72Dalton v. American Investment Co. 1981 Del. Ch. Lexis 64773Smith v. Van Gorkom 488 A. 2d 858 (1985)74.Supra note 68y70

103

ԉΠ‰¯ÂÙˆ

ȘÏËȇ‰ ËÙ˘Ó‰ (‚)

ȇ ·˜Ú ‰¯·ÁÏ ÂÓ¯‚˘ ÌȘÊÏ Ìȯ¢¯È„‰ Ï˘ ˙Ù˙Â˘Ó ˙ÂȯÁ‡ ڷ˜ ȘÏËȇ‰ ˜ÂÁ‰ÌÈ„Úˆ‰ ˙ËȘ ȇ ·˜Ú ÔΠ̉ÈÏÚ ˙ÏËÂÓ‰ ‰¯·Á‰ ȘÒÚ ÏÂ‰È ÏÚ Á˜ÈÙ‰ ˙·ÂÁ ÌÂȘԉÈ˙‡ˆÂ˙ ˙‡ ÔÈ˘‰Ï ‡ ‰¯·ÁÏ ˜Ê ̯‚Ï ˙ÂÏÂÏÚ˘ ˙ÂÏÂÚÙ Úˆȷ ÚÂÓÏ È„Î ÌÈ˘Â¯„‰˙‡ ‰Â‰Ӣ ,‰ËÏÁ‰‰ ˙Ï·˜Ï „‚˙‰˘ ¯Â˘¯È„ ˙ÂȯÁ‡Ó ¯¯Á˘Ó ˜ÂÁ‰ .75˙˜ÈÊÓ‰‡ÏÏ Ì˘¯È˙ Â˙„‚˙‰˘ ÍÎÏ ‚‡„ ‰Ê ¯˘‡Î ,ÔÂȯ¢¯È„‰ ȯ·Á ÏÚ ˙ÂȯÁ‡ ˙ÏË‰Ï Ì¯Â‚‰Collegio-‰ ,Ìȯ˜·Ó‰ ˙ˆÚÂÓ ˘‡¯ ·˘ÂÈÏ ·˙η ˙È„ÈÓ ‰Ú„‰ ¯ÒӠϘÂ˯ٷ ÈÂÁÈ„˙ÓÈ˘¯Ó ÌȯÁ·˘ Ìȯ·Á ‰˘ÈÓÁ ‡ ‰˘ÂÏ˘Ó ˙·Î¯ÂÓ Ìȯ˜·Ó‰ ˙ˆÚÂÓ .76 sindiacaleÈ˙Ï· ˙ÂÈ‰Ï ÌÈÎȯˆ Ìȯ˜·Ó‰ ˙ˆÚÂÓ È¯·Á .77ÌÈËÙ˘Ó‰ „¯˘Ó·˘ ˙·˘Á‰ ȯ˜·ÓÈ˙ÁÙ˘Ó ¯˘˜· ‡ ‰¯·Á‰ ÌÚ È˜ÒÚ ¯˘˜· ÌÈ¯Â˘˜ ˙ÂÈ‰Ï Ì‰Ï ¯ÂÒ‡˘ ‰Ê Ô·ÂÓ· ÌÈÈÂÏ˙ȘÒÚ ÏÂ‰È ÏÚ Á˜ÙÏ ‡Â‰ Ìȯ˜·Ó‰ ˙ˆÚÂÓ Ï˘ ‰„ȘÙ˙ .78‰¯·Á‰ Ï˘ Ìȯ¢¯È„‰ ÌÚÒÁÈ· Ìȯ¢¯È„‰ ÔÓ ‰ÈˆÓ¯ÂÙȇ ˙˘È¯„ Ï˘ ˙ÂÈÂÎÓÒ ˜ÂÁ‰ ‰Ï ‰˜‰ ÍÎ Ì˘Ï ,‰¯·Á‰

.79˙ÓÈÂÒÓ ‰˜ÒÚÏ ÒÁÈ· ‡ ‰¯·Á‰ ȘÒÚÏ˙ÈÏ˘¯‰ ‰ËÏÁ‰‰ ˙Ï·˜Ï „‚˙Ó‰ Ï˘ ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ͯ„ ,‡ÂÙ‡ ,ԇΠ˘È,ϘÂ˯ٷ ˙„‚˙‰‰ ÌÂ˘È¯· ˜Ù˙ÒÓ Âȇ ȘÏËȇ‰ ˜ÂÁ‰ Ì‚ Ìχ ,˙¯ËÙ˙‰ ‡ÏÏÏ˘ ˙ÂÈÂÎÓÒ ÂÈ„È· ˙„˜ÙÂÓ˘ ÛÂ‚Ï ·˙η ˙È„ÈÈÓ ‰Ú„‰ Ô˙Ó ÍÎÏ ÛÒ· ˘¯Â„ ‡Ï‡

.‰¯˜·Â Á˜ÈÙ

˙˜ÒÓ .6

,Ϙ˘Ó ÈÏÚ· ÌȘÂÓÈ Ì˘È .‰Ï˜ ‰È‡ ‰Ê ˜¯Ù Ï˘ ÂÁ˙Ù· ˙‚ˆÂÓ˘ ‰Ï‡˘· ‰Ú¯Î‰‰¯ËÙ˙‰ ‡Ï ͇ ,‰ËÏÁ‰ ˙Ï·˜Ï „‚˙Ó‰ ¯Â˘¯È„ ÏÚ ˙ÂȯÁ‡‰ ˙¯‡˘‰· ÌÈÎÓÂ˙‰ÏÚ ˙ÂȯÁ‡ ˙Ïˉ ÏÏ¢‰ ,Â˙Â·È˘Á· ÏÊÏÊÏ Ôȇ˘ ,ÏÂ˜È˘ ˘È ,„‚Î .Â˙„‚˙‰ ˙·˜Ú·Ìȯ¢¯È„ ÔÂȯ¢¯È„· ¯È‡˘‰Ï Ôˆ¯‰ ‡Â‰Â ,¯ËÙ˙‰ÏÓ ÚÓ˘ ,„‚˙Ó‰ ¯Â˘¯È„‰ÔÂÊȇ· .ÔÂȯ¢¯È„‰ ˙Ú¯Î‰Ï ˙‡·ÂÓ‰ ˙ÂËÏÁ‰Ï „‚˙‰Ï ÌÈÒÒ‰Ó Ìȇ˘ ,ÌÈÈȈ¯˙‡ ˙¯¯Á˘Ó ‰È‡˘ ‰˘È‚‰ ˙‡ ÛÈ„Ú‰Ï ˘È ÈÎ ,ÈÏ ‰‡¯ ÌÈ˘‚˙Ó‰ ÌÈÒ¯Ëȇ‰ ÔÈ·.‰¯·ÁÏ ˜Ê ̯‚ ‰È‚·˘ ‰ËÏÁ‰‰ ˙Ï·˜Ó Â˙‚ÈÈ˙Ò‰ ·˜Ú ˜¯ ˙ÂȯÁ‡Ó ¯Â˘¯È„‰,ȘÏËȇ‰ ÔÈ„‰ Ì‚ .·"‰¯‡Â ‰ÈÏ‚‡ ÂÓÎ ,˙¯Á‡ ËÙ˘Ó ˙ÂËÈ˘· Ì‚ ˙Ï·Â˜Ó ÂÊ ‰˘È‚˜Ù˙ÒÓ Âȇ ,ϘÂ˯ٷ ÈÂËÈ· ˙‡ˆÂÓ˘ ˙‚ÈÈ˙Ò‰ ¯Á‡Ï ˙ÂȯÁ‡Ó ¯Â¯Á˘ ¯˘Ù‡Ó˘‰Á‰‰ ¯˘‡Î ,Ìȯ˜·Ó‰ ˙ˆÚÂÓ ¯"ÂÈÏ ÁÂÂÈ„· ˙ÂȯÁ‡Ó ¯Â¯Á˘‰ ˙‡ ‰˙Ó ‡Ï‡ ,Íη

75M. Beltramo ψ‡ ÈÂˆÓ È˜ÏËȇ‰ ˜ÂÁ‰ ˙‡¯Â‰ Ï˘ ˙ÈÏ‚‡Ï Ì‚¯˙ .Codice Civile, §2392.The Italian Civil Code, Book Five (1996)

76.ibid77Codice Civile, §239778Codice Civile, §239979Codice Civile, §2403

104

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

,˙È‡ÓˆÚ ‰˜È„· ÔÈÈÚ‰ ˙‡ ˜Â„·È ‰Ê ÈÂÏ˙ È˙Ï· Û‚˘ ‡È‰ ÂÊ ‰˘È¯„ „ÂÒÈ· ˙„ÓÂÚ˘.‰ÏÂËÈ·Ï ÏÚÙÈ ,‰È‡¯ ‡Ï ‰ËÏÁ‰· ¯·Â„Ó ÈÎ ‰˜ÒÓÏ ÚÈ‚È Ì‡Â

˙‡¯Ï Ô˙È ˙ÂÓȇ˙Ó ˙·ÈÒ·˘ Íη ¯ÈÎÓ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÈ„‰ ˜ÒÙ˙È· Ìχ ,¯Â˘¯È„ Â˙‡ Ï˘ ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ˙ӯ‚Π‰ËÏÁ‰ ˙Ï·˜ „‚ ‰Ú·ˆ‰·„‚ ‰Ú·ˆ‰ ÏÎ ‡Ï ÈÎ ,˘È‚„Ó ËÙ˘Ó‰ ˙È· .˙·ÈÒ Ô˙‡ Ô‰Ó ¯È‰·Ó Âȇ ËÙ˘Ó‰,„‚ ÚÈ·ˆÓ‰ ¯Â˘¯È„ Ï˘ ˙ÂÏ˘¯ ÔÈ‚· ˙ÂȯÁ‡Ó ¯Â¯Á˘Ï ‡È·˙ ‰¯È·Ò È˙Ï· ‰ËÏÁ‰

.˘¯ÈÙ ‡Ï ËÙ˘Ó‰ ˙È· Ì˙Ò ,˙ÂÈ˷ϯ‰ ˙·ÈÒ‰ Ô‰Ó .˙·ÈÒ· ÈÂÏ˙ ÏΉ ‡Ï‡ÏÂÎÈ Âȇ ¯Â˘¯È„˘ ‡È‰ ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÔÈ„‰ ˜ÒÙÓ ˙ڷ‰ ‰‡ˆÂ˙‰ÂÈÏÚ ‡Ó˘ ‡ ,˙ÂȯÁ‡Ó ¯¯Á˘Ï ̯‚Ï È„Î ,„‚ ÚÈ·ˆÈ˘ Íη È„ ̇ ˘‡¯Ó ˙Ú„ÏÏÂÎÈ Âȇ ¯Â˘¯È„‰˘ ‰¯˜ÓÏ ÌÈÙÈ Ìȯ·„‰˘ ,Ô·ÂÓ .˙¯ËÙ˙‰ Ï˘ ˘‡ ÍÎÏ Û¯ˆÏ

.‰Úˆȷ ȇ ˙‡ ‡ ‰Ó‚ى ‰ËÏÁ‰‰ ˙Ï·˜ ˙‡ ÚÂÓÏ È„Î ÌȯÁ‡ ÌÈ„Úˆ ˘ωˆÂ¯ Âȇ˘ ¯Â˘¯È„˘ ‰˜ÒÓ‰ ˙‡ ˙˜ÊÁÓ ÌȯÁ‡ ˙ÂÓ˜ӷ ‚‰Â‰ ÔÈ„‰ ˙¯È˜Ò,‰¯·ÁÏ ˜Ê ̯‚Ï ‰ÏÂÏÚ ‰È‡¯ ‰È‡ Â˙Ú„Ï˘ ,‰ËÏÁ‰Ï ˙ÂȯÁ‡ ÂÓˆÚ ÏÚ Ï·˜ÏÂÈÏÚ ,‰ËÏÁ‰‰ Ï˘ ‰˙Ï·˜ ÚÂÓÏ ÌÈÚˆÓ‡ ÂÈ„È· Ôȇ ̇ ,‰˙Ï·˜ „‚ ÚÈ·ˆ‰Ï Íȯˆ˙‡ ˘Ó˘˙ 80ÌȘÂÓÈ· ‰ÂÂÏÓ‰ ˙¯ËÙ˙‰‰ .‰¯·Á· ¯Â˘¯È„Î Â˙¯˘ÓÓ ¯ËÙ˙‰Ï,‰ËÏÁ‰· ¯ËÙ˙Ó‰ ¯Â˘¯È„‰ ‰‡Â¯˘ È˙‰Ӊ Ì‚Ù‰ ¯·„· ÌȯÁ‡ Ìȯ¢¯È„Ï ‰¯‰Ê‡,‰¯·ÁÏ ˜Ê ‰È˙·˜Ú· ‡È·˙ ÂÊ ,‰ËÏÁ‰‰ Úˆȷ ˙‡ ÚÂÓÏ È„Î Íη È„ ‰È‰È ‡Ï ̇Â

.ÌȯÁ‡‰ Ìȯ¢¯È„‰ ‡˘È ‰·˘ ˙·Á· ¯ËÙ˙Ó‰ ¯Â˘¯È„‰ ·ÈÂÁÈ ‡Ï

?˙·ÂÁ‰ ˙‡ Ìȯ¢¯È„‰ ÌÈ·Á ÈÓÏ .„

‰¯·Á‰ ÈÙÏÎ ‰·ÂÁ‰ ˙Ïˉ .1

˙·ÂÁ ˙¯ȉʉ ˙·ÂÁ ÈÎ Âڷ˜· ,˙‚ˆÂÓ‰ ‰Ï‡˘Ï ‰ÚÓ Ô˙ ˙¯·Á‰ ˜ÂÁ ,‰¯Â‡ÎÏÌÈڷ˜‰ ÌÈÙÈÚÒ‰ È˘Ï (·) Ô˘ ÛÈÚÒ ,Ìχ .81‰¯·ÁÏ Ô‰ ‰¯˘Ó‰ ȇ˘Â Ï˘ ÌÈÂÓ‡‰ÚÂÓÏ È„Î (‡) Ô˘ ÛÈÚÒ ˙‡¯Â‰· Ôȇ ÈÎ ,ڷ˜ ÌÈÂÓ‡‰ ˙·ÂÁ ˙¯ȉʉ ˙·ÂÁ ˙‡Ô˘ ÛÈÚÒ Ï˘ Â˙ÂÚÓ˘Ó ‰Ó .¯Á‡ Ì„‡ ÈÙÏÎ ‰Ó‡˙‰· ÌÈÂӇ ˙Â¯È‰Ê ˙·ÂÁ Ï˘ ‰ÓÂȘ

?ÌȯÁ‡ ÌÈӯ‚ ÈÙÏÎ ˙Â¯È‰Ê ˙·ÂÁ ÌÈÂÓ‡ ˙·ÂÁ ÌȘ‰Ï ȄΠ· ˘È ̇‰ ?‰Ê˙·ÂÁ Ï˘ ÔÓÂȘ· ¯ÈÎ‰Ï ˘È ,Â˙Ú„Ï .82ÂÊ ‰Ï‡˘· Ô„ ‰È'ˆ˜Â¯Ù χȯ‡ 'Ù¯ىÊÂÁ ȯ˘˜ ‰¯·Á‰ ÌÚ ¯˘˜˘ ÈÓ ÏÎ ÈÙÏÎ" ‰¯·Á· ‰¯˘Ó ȇ˘Â Ï˘ ÌÈÂӇ ˙¯ȉÊ

.83"‰ÈÙÏÎ ‰ÚÈ·˙ ÂÏ ˘ÈÂ

80."Â˙¯ËÙ˙‰Ï ˙·ÈÒ‰ ˙‡ ¯ÂÒÓÈ ¯Â˘¯È„" :ÈΠڷ˜ ˙¯·Á‰ ˜ÂÁÏ (·)229 ÛÈÚÒ81.˙¯·Á‰ ˜ÂÁÏ (‡)254- (‡)252 ÌÈÙÈÚÒ82"˙¯·Á‰ ÈÈ„· ÌÈÓÂ˙È ˙ÂÓχ ,ÌÈ„·ÂÚ ,ÌÈ˘Â Z ‰È‚ÈÈÒ ‰Ó¯ÈÙ‰ ÏÚ ˙ÂÏÚ·‰" ‰È'ˆ˜Â¯Ù '‡

.301 (‚"˘˙) ·Î ÌÈËÙ˘Ó83'Ù¯٠¯Â·Ò ,˙‡Ê ˙ÓÂÚÏ .ÌÈ„·ÂÚ ÌÈ˘Â ,Í¯Ú ˙¯ÈÈ ÈÏÚ· ÌÈÏÂÏÎ ÂÊ ˙¯‚ÒÓ· .350 'Ú· ,Ì˘

.·Á¯‰ ¯Â·Èˆ‰ ÈÙÏÎ ˙·ÂÁ‰ Ï˘ ÔÓÂȘ· ¯ÈÎ‰Ï Ôȇ ÈÎ ,‰È'ˆ˜Â¯Ù

105

ԉΠ‰¯ÂÙˆ

.‰¯·ÁÏ ¯·ÚÓ ÌÈÙÒ ÌÈӯ‚ ÈÙÏÎ ‰·ÂÁ ¯ˆÂÈÎ ÛÈÚÒ‰ ˙‡ ˘¯ÙÏ Ôȇ ,È˙Ú„ÏıÂÁÓ˘ ,ÔÈ„‰ ÈÙ-ÏÚ Â‰˘ÏΠ̯‚ ÈÙÏÎ ‰·ÂÁ ˙ÓÈȘ ̇˘ ,‡È‰ ÛÈÚÒ‰ ˙ÂÚÓ˘Ó.‰ÈÚ· ˙¯‡˘ ÂÊ ‰·ÂÁ ,˙¯ȉʉ ÌÈÂÓ‡‰ ˙·ÂÁ ˙‡ ˙Âڷ˜˘ ÂÏω ˙‡¯Â‰Ï,˙¯·Á‰ ˜ÂÁÓ Ú·Â Âȇ ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ Ï˘ ‰ÓÂÈ˜Ï ÒÈÒ·‰ ,ÂÈȉ„ÏÚ Ï·È˜ ¯Â˘¯È„ ̇ ,Ï˘ÓÏ ,ÍÎ .ÌÈ„ÁÂÈÓ ÌÈ·ˆÓ· ÈÏÏΉ ÔÈ„‰ ÁÂÎÓ È¯˘Ù‡ ‡Ï‡ÁÂÎÓ ÂÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ ÂÈÏÚ ˙ÏËÂÓ ,˙ÂÈÓ ÏÚ· Ï˘ 84ÁÂÏ˘ ‡ ÔÓ‡ ˘Ó˘Ï ÂÓˆÚ

.˙ÂÁÈÏ˘‰ ÈÈ„ ‡ ˙ÂÓ‡‰ ÈÈ„:Mummery ÈÏ‚‡‰ ËÙ¢‰ ¯Ó‡ ‰Ê Ô„ȷ

“The fiduciary duties owed to the company arise from the legalrelationship between the directors and the company directed andcontrolled by them. The fiduciary duties owed to the shareholdersdo not arise from that legal relationship. They are dependent onestablishing a special factual relationship between the directors and theshareholders in the particular case... These duties may arise in specialcircumstances which replicate the salient features of well establishedcategories of fiduciary relationships. Fiduciary relationships, such asagency, involve duties of trust, confidence and loyalty. Those dutiesare, in general, attracted by and attached to a person who undertakes,or who depending on all the circumstances, is treated as havingassumed, responsibility to act on behalf of, or for the benefit of,another person”85.

,‰¯·ÁÏ ˜¯ ‡Ï ˜Ê ̯‚Ï È„Î ‰· ˘È ‰¯·Á· ‰¯˘Ó ȇ˘Â È„È-ÏÚ ‰·ÂÁ ˙¯Ù‰˘ Û‡ ÏÚ.‰¯·Á‰ ÈÙÏÎ ‡È‰ ‰·ÂÁ‰ ÈÎ ˙¯·Á‰ ˜ÂÁ ڷ˜ ,ÌÈ˘ÂÏ ˙ÂÈÓ‰ ÈÏÚ·Ï Ì‚ ‡Ï‡,86˙ȯ·‰ ˙ˆ¯‡· ·ˆÓ‰ ‡Â‰ ÍÎ .common law-‰ ˙ÂÈ„Ó Ïη ˙Ï·Â˜Ó ÂÊ ‰Îω

84Allen v. Hyatt (1914) 30 TLR 444 :Ï˘ÓÏ ,‡¯85Platt v. Platt [1999] 2 BCLC 745, :Ì‚ ‡¯ .Peskin v. Anderson [2001] 1 BCLC 372, 379

754y75686Fletcher, supra note 64, §1179y1180, 1185; H.G. Henn & J.R. Alexander Laws of

Corporations (St Paul, Minn, 3rd ed., 1983) 621; The American Law Institute Principlesof Corporate Governance: Analysis and Recommendations, Proposed Final Draft (1992)§4.01; S.R. McDonnell “Geyer v. Ingersoll Publications Co.: Insolvency Shifts Directors’Burden from Shareholders to Creditors” 19 Delaware Journal of Corporate Law (1994)177, 183; N.P. Beveride, JR., “Does a Corporation’s Board of Directors Owe a FiduciaryDuty to its Creditors?” 25 St. Mary’s L.J (1994) 589, 592y593; V. Jelisavcic “A SafeHarbor Proposal to Define the Limits of Directors’ Fiduciary Duty to Creditors in the.‘Vicinity of Insolvency’: Credit Lyonnais v. Pathe” 18 J. of Corporation Law (1992) 145

106

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙ÂËÈ˘·Ì‚˙¯ÎÂÓ‰¯·Á‰ ÈÙÏÎ˙ÂȯÁ‡‰Ìˆӈ .89„ÏÈÊ-ÂÈ·Â 88‰ÈϯËÒ‡· ,87‰ÈÏ‚‡·˙ÂËÈ˘ Ô˘È .92‰ÈÏËȇ·Â 91˜¯Ó„· ,90‰È¯ËÒ‡· ÔÈ„‰ ‡Â‰ ÍÎ .˙ÂÈÏËÈ˘ ËÙ˘Ó.˙ÂÏ˘¯ ÔÈ‚· ÌÈÈ˘ÈÏ˘ ÌÈ„„ˆ ÈÙÏÎ Ìȯ¢¯È„ ÏÚ ˙ÂȯÁ‡ ˙ÂÏÈËÓ‰ ,˙¯Á‡ ËÙ˘ÓÏ˘ ‰¯˜Ó· ÌÈÈ˘ÈÏ˘ ÌÈ„„ˆ ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ˙ÂȯÁ‡ ÈÙȉ ˜ÂÁ‰ ڷ˜ ,Ï˘ÓÏ ,ÍÎÈÙȉ ˜ÂÁ‰ ˜Ù˙ÒÓ ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ Ï˘ ‰¯˜Ó· .93˙ÂÂÎÓ Â‡ ‰Ò‚ ˙ÂÏ˘¯˙‡ Ú·˙Ï ÌÈ˘ÂÏ ‡Â‰ Û‡ ¯˘Ù‡Ó ÈÓ¯‚‰ ˜ÂÁ‰ .94‰Ò‚ ˙ÂÏ˘¯ ˘¯Â„ Âȇ ,˙ÂÏ˘¯·.95‰¯·Á‰ ÔÓ Ú¯ÙÈ‰Ï ÌÈÏÂÎÈ Ìȇ ÌÈ˘Â‰ ¯˘‡Î Ì‰Ï˘ ‰Ò‚ ˙ÂÏ˘¯ ÔÈ‚· Ìȯ¢¯È„‰

,(‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡) ˙¯·Á‰ ˙„˜٠Ô˜È˙Ï ˜ÂÁ ¯ÈÎÊ˙·˜¯ ‡Ï ‰¯˘Ó‰ ȇ˘Â Ï˘ ÌÈÂÓ‡‰ ˙·ÂÁ ˙‡ ÏÈË‰Ï ÚˆÂ‰ ,1988yË"Ó˘˙‰·Ï˘· ¯·Î ,‰˙Á„ ÂÊ ‰Úˆ‰ .96‰È˙ÂÈÓ ÈÏÚ·Ó „Á‡ ÏÎ ÈÙÏÎ Ì‚ ‡Ï‡ ,‰¯·Á‰ ÈÙÏÎ

.97„·Ï· ‰¯·Á‰ ÈÙÏÎ ‰·ÂÁ‰ ‰ÓˆÓˆ ˜ÂÁ‰ ˙Úˆ‰ Ï˘˙¯ÓÏ ,„·Ï· ‰¯·Á‰ ÈÙÏÎ Ô‰ ‰¯˘Ó‰ ‡˘Â Ï˘ ÂÈ˙·ÂÁ˘ ÍÎÏ ÌȘÂÓȉ ̉Ó

87Gower & Davies, supra note 12, at p. 374; Loose, Griffiths & Impey, supra note 25, atp. 128; R. Goode Principles of Corporate Insolvency Law (2nd ed., 1997) 455; D. Higgs“Review of the Role and Effectiveness of Non-Executive Directors” (Recommendationssubmitted to the Chancellor of the Exchequer and the Secretary of State for Trade and

Industry, January 2003) §14.588Ford’s Principles of Corporations Law (8th ed., 1997) §8.100; McPherson The Law of

.Company Liquidation (Sydney, 4th ed., 1999) 51589D.A. Wishart “Models and Theories of Directors’ Duties to Creditors” 14 New Zealand

˙ˆÏÓ‰ ˙Ή· ‰˜ÒÚ˘ ,„ÏÈÊ-ÂÈ· Law Comission-‰ .Universities L.Rev. (1991) 323, 326ÔÈÈÚÏ Â‡¯ .ÌÈ˘Â ÈÙÏÎ ‰¯˘Ó ȇ˘Â ÏÚ ˙ÂȯÁ‡ ÏÈË‰Ï ‡Ï˘ ‡È‰ Û‡ ‰ˆÈÏÓ‰ ,˘„Á ˙¯·Á ˜ÂÁχȉ Ìȯ¢¯È„‰ Ï˘ ‰·ÂÁ‰ ,1993-Ó ˘„Á‰ ˜ÂÁ‰ ÈÙ ÏÚ Ì‚ ,Ô· . Wishart, ibid, at p. 324 :‰ÊS.M. Watson “Directors’ Duties in New Zealand” J.B.L. (1998) 495, :‡¯ .‰¯·Á‰ ÈÙÏÎ

.51390A. Sorensen (editor) Directors’ Liabilities in Case of Insolvency (1999) 12391Sorensen, ibid, at p. 172, 175 :‡¯ .The Company Act s. 140 (1)92Sorensen, ibid, at p. 31793Sorensen, ibid, at p. 14 :‡¯ .Commercial Code, Article 266-3(1)94ÁÈÎÂ‰Ï ¯Â˘¯È„‰ ÏÚ ‰ÁΉ‰ ÏË ˙‡ ¯È·ÚÓ Ì‚ ÛÈÚÒ‰ .Commercial Code, Article 266-3(2)

.„ˆÓ ˙ÂÏ˘¯ ¯„Úȉ95Aktiengesetz §93(5)96."‰È˙ÂÈÓ ÈÏÚ·Ó „Á‡ ÏÎ ÈÙÏΠ‰¯·Á‰ ÈÙÏÎ ÔÂÓ‡· ‚‰È ‰¯˘Ó ‡˘Â" ڷ˜ ¯ÈÎÊ˙Ï ÁÎ96 ÛÈÚÒ

‰¯˘Ó ‡˘Â ÈÎ ‡È‰ ,‰Ê ÛÈÚÒ· ˙ÙÒ ‰˘„Á ‰ÚÈ·˜" :‰Ê ¯˘˜‰· ¯Ó‡ 5 ¯˜ÈÚÏ ¯·Ò‰‰ ȯ·„·ÚˆÂÓ Íη .‰ÊÎΠ„ÓÚÓ Û˜Â˙· ,‰¯·Á· ˙ÂÈÓ‰ ÈÏÚ·Ó „Á‡ ÏÎ ÈÙÏÎ Ì‚ ÔÂÓ‡ ˙·ÂÁ ·Á ‰¯·Á·.Percival v. Wright [1902] 2 Ch. 421 ÔÈÈÚ· ÈÏ‚‡‰ ÔÈ„‰ ˜ÒÙ· ‰Ú·˜˘ ‰Îω‰ ˙‡ ˙ÂÁ„Ï˙ÓÂÚÏ ÌÈÂÒÓ ˙ÂÈÓ ÏÚ· ÈÙÏÎ ÔÂÓ‡ ˙·ÂÁ ˙Ïˉ ÌÂ˘Ó ÂÊ ‰ÚÈ·˜· Ôȇ ÈÎ ˘È‚„‰Ï ˘È ˙‡Ê ÌÚ‰¯˘Ó‰ ‡˘ÂÏ ¯È˙‰Ï ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ÔÂÓ‡ ˙·ÂÁ Ï˘ ‰ÓÂȘ· Ôȇ ,ÌȯÁ‡ ˙ÂÈÓ ÈÏÚ·˙ÂÈÓ ÈÏÚ· ÈÙ-ÏÚ ,„ȘÙ˙Ï Â˙‡ ÂÈÓ˘ ˙ÂÈÓ‰ ÈÏÚ· Ì˙‡ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ ÛÈ„Ú‰Ï ‰¯·Á·

."ÌȯÁ‡97.1996yÂ"˘˙‰ ,˙¯·Á‰ ˜ÂÁ ˙Úˆ‰Ï 279 ÛÈÚÒ

107

ԉΠ‰¯ÂÙˆ

Ï˘ ÌÈ˘ÂÏ Ì‚ ÌÈ·¯ Ìȯ˜Ó·Â ˙ÂÈÓ‰ ÈÏÚ·Ï ˜Ê Ì‚ ̯‚ ‰¯·ÁÏ ˜Ê˘ ¯Â¯·˘?Ú¯ÙÈ‰Ï ÈÓÓ Ì‰Ï Ôȇ˘ ,‰¯·Á‰

¯Îʉ ÌÈÏÂ˜È˘‰Ó ÌÈÈ˘ .˙ÂÈÈ„Ó ÈÏÂ˜È˘Ó Ú·Â ‰¯·Á‰ ÈÙÏÎ ˙·Á‰ ̈ӈ:̉ Ë˜ ÔÈÈÚ· ‰È'ˆ˜Â¯Ù ˙ËÙ¢‰ È„È-ÏÚ

.1ÌÈ˯ÙÎ ˙ÂÈÓ‰ ÈÏÚ· ˙·ÂË ÔÈ·Ï ‰¯·Á‰ ˙·ÂË ÔÈ· ˙¢‚˙‰ Ï˘ ‰¯˜Ó·˘ ˘˘Á‰‡È·‰Ï ÏÂÏÚ‰ ,Ìȯ¢¯È„‰ ÏÚ ˙ÂÏÁ‰ ˙·ÂÁ‰ ÔÈ· ÈÓÈÙ „Â‚È ¯ˆÂÂÈ‰Ï ÏÂÏÚ

.98‰¯·Á‰ Ò¯Ëȇ· ‰ÚÈ‚Ù ÂÙÂÒ·˘ ‰Ë¢ Ï‚ÚÓÏ.2‰Ù„ډ ‰ÈÏÙ‡ „ÈÏÂ‰Ï ‰ÏÂÏÚ ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ ÈÎ ‰ÎÒ ˙ÓÈȘ

‰Ï‡ ÔÈ·Ï ¯Â˘¯È„‰ Ï˘ ÂÈÂÈÓÏ Â‡È·‰˘ ‰Ï‡ ÔÈ· ˙ÂÈÓ‰ ÈÏÚ· ˙ˆÂ·˜ ÍÂ˙·.99˙¯Á‡ ‰ˆÂ·˜Ï ÌÈÎÈÈ˙˘Ó‰

:ÌÈÙÒ ÌÈÏÂ˜È˘ ÛÈÒÂ‰Ï Ô˙È ‰Ï‡ ÌÈÏÂ˜È˘Ï.3Ì˙‡ Û¢ÁÏ ÏÂÏÚ Ìȯ¢¯È„ „‚ ‰ÚÈ·˙ ˘È‚‰Ï ˙ÂÈÓ ÏÚ· ÏÎÏ ˙¯˘Ù‡ Ô˙Ó

Ú‚ÙÈ‰Ï ÏÂÏÚ Íη ,ÒÒÂ·Ó È˙Ï· ˙ÂÈ‰Ï ÏÂÏÚ Ô˜ÏÁ˘ ,˙ÂÚÈ·˙ Ï˘ ·¯ ¯ÙÒÓÏ.100‰¯·Á· Ìȯ¢¯È„‰ Ï˘ ̄˜ÙÈ˙

.4Íη ‡‰˙ ,˙ÂÚÈ·˙ ÈÂ·È¯Ï Ì¯‚Ï ‰ÈÂ˘Ú ˙ÂÈÓ ÏÚ· ÏÎ Ï˘ ‰ÚÈ·˙ ˙ÂÈÂÎÊ· ‰¯Î‰.ËÙ˘Ó‰ È˙· ÏÚ ˙¯ÎÈ ‰„·Î‰

.5.˙ÂÈωӉ ˙‡ˆÂ‰· ˜„ˆÂÓ È˙Ï· ÏÂ„È‚Ï Ì¯‚Ï ÏÂÏÚ ‰ÊÎ ˙ÂÚÈ·˙ È·ȯ

.6̉ÈÙ·˘ ËÙ˘Ó‰ È˙·˘ ‰ÎÒ ˙ÓÈȘ ,Ìȯ¢¯È„‰ „‚ ˙ÂÚÈ·˙ ¯ÙÒÓ ‰˘‚Â˙ ̇ÌÈÚ·Â˙‰ È„È· ‰‡·Â˙˘ ˙Âȇ¯Ï ̇˙‰· ,˙¢ ˙‡ˆÂ˙Ï ÂÚÈ‚È ˙¯¯·˙Ó Ô‰Ì‡˙‰· ˙Â˙˘‰Ï ˙ÂÈ¢ڢ ,ËÙ˘Ó‰ È˙· ˜ÈÒÈ˘ ˙˜ÒÓÏ Ì‡˙‰·Â ÌÈ¢‰˙¯Ù‰ Ï˘ ‰ÓÂȘ ‰È‡¯‰ ˙‚‰˙‰‰ ÔÈÈÚ· ÌÈ¢‰ ÌÈËÙ¢‰ Ï˘ ̉È˙ÂÙ˜˘‰Ï

.È˯˜Â˜‰ ‰¯˜Ó· ‰·ÂÁ‰.7˙¯Ù‰ ·˜Ú ÂÏ Ì¯‚˘ ˜Ê ÔÈ‚· ‰˘Â ÏÎÏ Â‡ ˙ÂÈÓ ÏÚ· ÏÎÏ ‰ÚÈ·˙ ˙ÂÎÊ Ô˙Ó

.101˙ÂÚÈ·˙ ÏÙÎ Ï˘ ÔÂÎÈÒÏ ¯Â˘¯È„‰ ˙‡ Û¢ÁÏ ÏÂÏÚ ¯Â˘¯È„ È„È-ÏÚ ‰·ÂÁ,Ï˘ÓÏ ,ÍÎ .‰¯·Á‰ ˙ÚÈ·˙ ˙‡ ¯˙ÈÈÏ È„Î ‰· Ôȇ ‰˘Â ‡ ˙ÂÈÓ ÏÚ· Ï˘ Â˙ÚÈ·˙ÔÈ‚· ¯Â˘¯È„ „‚ ‰˘Â ÏÎÏ Â‡ ˙ÂÈÓ ÏÚ· ÏÎÏ ‰ÚÈ·˙ ˙ÂÎÊ ˙¯ÎÂÓ ‰˙Èȉ ̇‰ÚÈ·˙· ÌÈÎÂÊ Âȉ ‰˘Â‰ ‡ ˙ÂÈÓ‰ ÏÚ·Â ‰¯·Á‰ ȘÒÚ Ï‰ȷ „ˆÓ ‰·ÂÁ ˙¯Ù‰Ì¯‚˘ ˜Ê‰Ó Ú¯‚Ï È„Î ‰Ê ȈÈÙ· ‰È‰ ‡Ï ,Ì‰Ï Ì¯‚˘ ˜Ê‰ ÔÈ‚· ÌÈȈÈÙ ÌÈÏ·˜ÓÂÌÏ˘È ¯Â˘¯È„‰˘ ÍÎÏ ,‡ÂÙ‡ ,˙ӯ‚ ‰˙Èȉ ‰¯·Á‰ È„È-ÏÚ ‰ÚÈ·˙ ˙˘‚‰ .‰¯·ÁÏ

.ÂÈ„È-ÏÚ ‰·ÂÁ‰ ˙¯Ù‰ ˙·˜Ú· ̯‚˘ ˜Ê‰ ÔÈ‚· ÏÂÙÎ ÌÂÏ˘˙.8„ˆÓ ‰·ÂÁ ˙¯Ù‰ ·˜Ú Ì‰Ï Ì¯‚˘ ˜Ê‰ ÔÈ‚· Ú·˙Ï ˙ÂÈÓ ÈÏÚ·Ï ˙¯˘Ù‡ Ô˙Ó

ȈÈÙ‰˘ ÍÎÏ Ì¯‚Ï ÈÂ˘Ú ,̉È˙ÂÈÓ Í¯Ú ˙„ȯȷ ‡Ë·˙Ó‰ ,‰¯·Á· ‰¯˘Ó ȇ˘Â

98.ÔÈ„‰ ˜ÒÙÏ 7 ‰˜ÒÙ· ,7 ‰¯Ú‰ ÏÈÚÏ ,˘ ÔÈÈÚ99.Ì˘

100Peskin v. Anderson [2001] 1 BCLC 372 :Ì‚ ‡¯101Speer v. Dighton Grain, Inc. 624 P.2d 952, 961 (1981) :Ì‚ ‡¯

108

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

.‰Ï ̯‚˘ ˜Ê‰ ÏÚ ÈˆÈÙ Ï·˜˙ ‡Ï ‰¯·Á‰˘ ÔÙ‡· ,Ôȯ˘ÈÓ· ˙ÂÈÓ‰ ÈÏÚ·Ï ÌÏ¢È.102„·Ï· ‰¯·Á‰ ÈÒÎÓ Ú¯ÙÈ‰Ï ÌÈÏÂÎÈ˘ ,‰¯·Á‰ Ï˘ ÌÈ˘Â· Ú‚ÙÏ È„Î ˘È Íη

˘È‚‰Ï ‰˘Â ‡ ˙ÂÈÓ ÏÚ· Ï˘ Â˙ÂÎÊ ˙‡ ÌÈÏÏ¢‰ ,ÌȯÂÓ‡‰ ÌÈÏÂ˜È˘‰ ˙ÓÂÚÏÏÂ‰È ˙Ú· ˙¯ȉʉ ‡ ÌÈÂÓ‡‰ ˙·ÂÁ ˙¯Ù‰ ÔÈ‚· Ìȯ¢¯È„ „‚ ˙È˘È‡ ‰ÚÈ·˙ȈÈÙ Ô˙Ó .‰È‡¯‰ ˙ÂÈÈ„Ó‰ ˙‡ ‰¯·Á‰ ÈÙÏÎ ˙·Á‰ ˙Ïˉ ˙˙¯˘Ó ,‰¯·Á‰ ȘÒÚ·ˆÓÏ ÌÈ˘Â‰Â ˙ÂÈÓ‰ ÈÏÚ· ˙‡ ¯ÈÊÁ‰Ï ȄΠ· ˘È ‰Ï ̯‚˘ ˜Ê‰ ÔÈ‚· ‰¯·Áϯ¯ÂÚ˙‰Ï ,Ô·ÂÓÎ ,ÏÂÏÚ È˘Â˜ .ÂÈ˙·ÂÁ ˙‡ ¯Â˘¯È„‰ ¯Ù‰ ‡ÏÂÏȇ ÌȇˆÓ Âȉ ·˘˙˘‚‰Ó ÂÚÓÈÈ ÔÎ ÏÚ ,‰¯·Á· ‰ËÈÏ˘‰ ÈÏÚ· ̉ ÌÈÏÂÂÚÓ‰ Ìȯ¢¯È„‰ ¯˘‡Î.ÌÈ˘ÂÏ ˙ÂÈÓ‰ ÈÏÚ·Ï Ú‚Â‰ Ïη ‰Â˘ ‰Ê Ìȯ·„ ·ˆÓÏ Ô¯˙Ù‰ .ÌÓˆÚ „‚ ‰ÚÈ·˙ÏÎÂ˙ Íη ,Ìȯ¢¯È„‰ „‚ ˙¯Ê‚ ‰Ú·Â˙ ˘È‚‰Ï ‰ÊÎ ‰¯˜Ó· Ìȇ˘¯ ˙ÂÈÓ‰ ÈÏÚ·

.103‰Ï ̯‚˘ ˜Ê‰ ÔÈ‚· ‰Ï ÚÈ‚Ó‰ ȈÈÙ‰ ˙‡ Ï·˜Ï ‰¯·Á‰‰˘ÂÏ ¯˘Ù‡Ï Ôȇ .‰· ˙ÂÈÓ ÏÚ· Ï˘ ‰ÊÓ ‰Â˘ ·ˆÓ· ‡ˆÓ ‰¯·Á‰ Ï˘ ‰˘Â‰È˙ÂÈ·ÈÈÁ˙‰· ˙„ÓÂÚ ‰¯·Á‰ „ÂÚ ÏÎ ,‰¯·Á‰ Ï˘ ‰ÈÈÈÚ Ï‰ÈÏ Ú‚Â‰ Ïη ·¯Ú˙‰Ï‰˘ÂÏ ¯˘Ù‡Ï ‰˜„ˆ‰ ˘È ,ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ·ˆÓÏ ‰ÚÈ‚Ó ‰¯·Á‰ ¯˘‡Î .104ÂÈÙÏίÒÂÁÏ Ì¯‚˘ ,̉ȄÈ-ÏÚ ‰¯·Á‰ ȘÒÚ ÏÂ‰È ÔÙ‡ ÔÈ‚· Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ ˘È‚‰ÏÈÙ-ÏÚ ˜Â¯ÈÙ ÔÓÊ· Ú·˙Ï ‰˘ÂÏ ¯˘Ù‡Ó ÔÈ„‰ ,Ô· ;‰¯·Á‰ ÔÓ Ú¯ÙÈ‰Ï ÂÏ˘ ˙ÏÂÎȉ.‰¯·Á· ˙ÂÈÓ ÏÚ· ÏÎÏ Ì‚ ˙ȘÂÓ ÂÊÎ ˙¯˘Ù‡ .˙¯·Á‰ ˙„˜ÙÏ 374- 373 ÌÈÙÈÚÒÌÈÙÈÚÒ ÈÙ-ÏÚ ‰¯˘Ó‰ ȇ˘Â „‚ ‰ÚÈ·˙ ˘È‚‰Ï ˙ÂÈÓ ÈÏÚ·Ï ÌÈ˘ÂÏ ˙ȘÂÓ‰ ˙ÂÎÓÒ‰ÏÚ ‰·ÂÁ Ï˘ ‰ÓÂȘ ÏÂÏ˘Ï È„Î Íη Ôȇ .‰¯·Á‰ ˜Â¯ÈÙÏ Âˆ Ô˙È˘ Íη ˙È˙ÂÓ ‰Ï‡Âˆ Ô˙Ó Ï˘ „ÚÂÓ‰ ÈÙÏ Ì‚ ÌÈ˘Â‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ Ô·˘Á· ˙Á˜Ï ‰¯˘Ó‰ ȇ˘Â

.ÔÏ‰Ï ¯‡Â·ÓÎ ,˜Â¯ÈÙ‰

˘ ÔÈÈÚ· ÔÈ„‰ ˜ÒÙ .2

˙ÂÈÓ ÈÏÚ· ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ÌÈÂÓ‡ ˙·ÂÁ· ‰¯Î‰Ï ˙¯˘Ù‡ ‰Ú·˜ ˘ ÔÈÈÚ·ÔÂÏÓ ˙¯·Á ˙ÂÈÓÓ 12.5% ˜ÈÊÁ‰ ¯Ú¯ÚÓ‰ :ÔӘτΠԉ ˙ÂÈËÂÂϯ‰ ˙„·ÂÚ‰ .‰¯·Á·45%-· ˙˜ÊÁ‡ Âȉ ‰¯·Á‰ Ï˘ ÌÈ„ÈÁȉ ‰ÈÒÎ .(‰¯·Á‰ ÔωÏ) Ó"Ú· Ú·˘-¯‡· ¯‰ÊËÈÏÁ‰ ‰¯·Á‰ Ï˘ ÔÂȯ¢¯È„‰ .ÌÈÏ˘Â¯È ¯‰Ê ˙ÂÈÓÓ 22%- ¯·„Ó ˙‡ ˙ÂÈÓÓ

102M.J. Sterling “The Theory and Policy of Shareholder Actions in Tort” 50 :Ì‚ ‡¯M.L.Rev. (1987) 468, 488

103˙ÒÎ ‰¯·Á‰ ¯˘‡Î ˙ÂÈÓ‰ ÈÏÚ·Ï ˙„ÓÂÚ ‡Ï ÂÊÎ ˙¯˘Ù‡ .˙¯·Á‰ ˜ÂÁÏ (‡) 194 ÛÈÚÒ˙ÂÈÓ‰ ÏÚ·˘ ‡ ,‰¯˘Ó‰ ȇ˘Â „‚ ‰ÚÈ·˙‰ ˙˘‚‰Ï ‚‡„È˘ ‡Â‰ ˜¯ÙÓ‰ ‰ÊÎ ‰¯˜Ó· .˜Â¯ÈÙÏ

.˙¯·Á‰ ˙„˜ÙÏ 374- 373 ÌÈÙÈÚÒ ÈÙ ÏÚ ÂÓˆÚ· ‰˘È‚È104Ï˘· ˙¯Ê‚ ‰ÚÈ·˙ ˘È‚‰Ï ‰˘ÂÏ ¯˘Ù‡Ó‰ ,˙¯·Á‰ ˜ÂÁÏ 204 ÛÈÚÒ· Ú·˜ ‰Ê ÏÏÎÏ ‚ȯÁ

.‰¯ÂÒ‡ ‰˜ÂÏÁ

109

ԉΠ‰¯ÂÙˆ

.ÈÒÁȉ ̘ÏÁ ÈÙÏ ‰¯·Á· ˙ÂÙÒ ˙ÂÈÓ ˘ÂÎ¯Ï ‰¯·Á‰ Ï˘ ˙ÂÈÓ‰ ÈÏÚ·Ï ÚȈ‰ÏÌȯ¢¯È„ ˙ÂÈÓ ÈÏÚ· ,ÌÈ·È˘Ó‰ Â˙˘ ˙‡ÂÂω ¯ÈÊÁ‰Ï ‰˙Èȉ ‰‡ˆ˜‰‰ ˙¯ËÓÈ¢ ÏÚ ÒÒ·˙‰ ‰¯·Á‰ È¢ .˜·Ï ‰¯·Á‰ ‰·Á˘ ˙·ÂÁ ÈÂÒÈÎ Í¯ÂˆÏ ,‰¯·Á·ÂίÚ‰ ‰Ï‡ ˙ÂÈÓ .‰¯·Á‰ È„È· ˜ÊÁ‰ ‰È˙ÂÈÓÓ 45%-˘ ,¯·„Ó ˙‡ ˙¯·Á ˙ÂÈÓ,˙ÂÈÓ‰ ÈÏÚ· ˙ÙÈÒ‡· ÁΠ‰È‰ ¯Ú¯ÚÓ‰ .˙ÂÈÓ ÊÂÁ‡ ÏÎÏ ¯Ï„ 12,500 Ï˘ È¢·˘ÂÎ¯Ï ‰Úˆ‰‰ ˙‡ ˘ÓÓÏÓ ÚÓ Í‡ Ô‰‰ ÒÂÈ‚Ï „‚˙‰ ‡Ï ‡Â‰ .Ô‰‰ ÒÂÈ‚ Ô„ ‰·˘.Ú¯‚ ÏÂ‰È Ï˘· ‰Ó¯‚ ‰¯·Á‰ ˙·ÂÁ ˙¯·Ëˆ‰ ,Â˙ÚËÏ .‰¯·Á· ˙ÂÙÒ ˙ÂÈÓ12.5%-Ó ‰¯·Á· ¯Ú¯ÚÓ‰ Ï˘ ÂÈ˙˜ÊÁ‡ ÂÏÏ„ ‰˘„Á‰ ‰‡ˆ˜‰‰ ˙·˜Ú· ,˙‡Ê ÌÚ¯ÊÁ‰ ˙¯Â˙· ÂÓÏ¢˘ ˙ÂÙÒ ˙ÂÈÓ ÂϷȘ ÌÈ·È˘Ó‰ ÂÏȇ ,‰¯·Á‰ ˙ÂÈÓÓ 1%-Ï˙‡ˆ˜‰ Ï˘ ‰ÏÂËÈ·Ï ¯Ú¯ÚÓ‰ ¯˙Ú 1996 ˙˘· .‰¯·ÁÏ ÂÓȯʉ˘ ÌÈÏÚ·‰ ˙‡ÂÂωÒÁÈ· ‰¯·Á‰ ÈÏ‰Ó ÌÚËÓ ‰ÚËÓ Ú„ÈÓ ÏÚ ‰ÒÒ·˙‰ ÈÎ ‰ÚË· ‰¯·Á· ˙ÂÈÓ‰˙‡· ‰È„È-ÏÚ Â˜ÊÁ‰˘ ˙ÂÈÓ‰ ÈÂÂ˘Ó ÚÙ˘Â‰˘ ÏÎÎ ‰¯·Á‰ Ï˘ È˙ÈÓ‡‰ ÈÂÂ˘Ï„ÚÒ ˘˜·˙‰Â ,ÌȯÁ‡‰ ‰È˙ÂÈÓ ÈÏÚ·Â ‰ÈÏ‰Ó ,‰¯·Á‰ „‚ ‰˘‚‰ ‰ÚÈ·˙‰ .¯·„Ó.‰¯·Á· ˙˜ÊÁ‡‰ ÒÁÈ ˙ÈÁ·Ó Â˙ÂÓ„˜Ï ·ˆÓ‰ ˙¯ÊÁ‰Â ‰‡ˆ˜‰‰ ˙ÏÂÚÙ ÏÂËÈ· Ï˘ÂÈ˙˜ÊÁ‡ ÏÂÏÈ„Ï Ì¯‚ ‰¯·Á‰ ÈÂÂ˘Ï ÒÁÈ· ‰ÚËÓ‰ Ú„ÈÓ‰ ÈÎ ,¯Ú¯ÚÓ‰ ÔÚË Â˙ÚÈ·˙·

.ÍÎÏ ÌÈÎÒ‰ÏÓ ÚÓ ‰È‰ Â¯Â˘‡Ï ·ˆÓ‰ ˙‡ Ú„È ÂÏȇ ,‰¯·Á·,‰ÚËÓ ‰˙Èȉ ˙ÂÈÓ‰ ¯ÈÁÓ ˙ÚÈ·˜ Í¯ÂˆÏ ‰¯·Á‰ È¢ ˙ίډ ÈÎ ,¯Ú¯ÚÓ‰ ˙Úˉȉ È¢‰ ¯·„Ó ˙‡ ˙¯·Á Ï˘ ˙ÂÈÓ· ¢ڢ ˙Âӄ˜ ˙˜ÒÚ·˘ ÍÎ ÏÚ ‰ÒÒ·˙‰È¢ ˙ÏÚ·Î ‰¯·Á‰ ˙‚ˆ‰ ,Â˙ÚËÏ .ÍÎÓ ‰ÏÚÓÏ Û‡Â ˙ÂÈÓ ÊÂÁ‡Ï ¯Ï„ 30,000.ÂÏ Ì¯‚˘ ÈÏÎÏÎ ˜ÊÏ Íη ‰¯·Á· ÂÈ˙˜ÊÁ‡ ÏÂÏÈ„Ï ‰Ó¯‚ È˙ÈÓ‡‰ ‰ÈÂÂ˘Ó ÍÂÓ‰˙Èȉ ÊÂÁ‡Ï ¯Ï„ 12,500 Ï˘ È¢‰ ˙ίډ˘ ÁΉ ‡Ï˘ ,Ú·˜ ÈÊÂÁÓ‰ ËÙ˘Ó‰ ˙È·

.‰ÚÈ·˙‰ ‰˙Á„ ÔÎ ÏÚ ,‰ÚËÓ˙ËÙ¢‰ È„È-ÏÚ ·˙Î ¯ÂÚ¯Ú· ÔÈ„‰ ˜ÒÙ .¯ÂÚ¯Ú‰ ˙‡ ϷȘ ÔÂÈÏÚ‰ ËÙ˘Ó‰ ˙È·Íη ‰¯ÈÎÓ ‰È'ˆ˜Â¯Ù ˙ËÙ¢‰ .˘ÈÈ· ˙ËÙ¢‰Â ÔÈÂÏ ‡È˘Ï ‰˘Ó‰ ˙ÓÎÒ‰· ,‰È'ˆ˜Â¯Ù.˙ȘȯӇ-ÂÏ‚‡‰ ‰ËÈ˘· ÏÏΉ Â‰Ê .‰¯·Á‰ ÈÙÏÎ ‡È‰ Ìȯ¢¯È„‰ Ï˘ ÌÈÂÓ‡‰ ˙·ÂÁ˘Èχ„ȷȄȇ ˙ÂÈÓ ÏÚ· ÈÙÏÎ Ì‚ ÔÂÓ‡ ˙·ÂÁ ·ÂÁÏ ‡Â‰ ÈÂ˘Ú ,˙ÂÓÈÂÒÓ ˙·ÈÒ· ,˙‡Ê ÌÚÏÚ ÔÈ· ,ÈÓÎÒ‰ ÒÈÒ· ÏÚ ÔÈ· ,ÂÊÎ ‰·ÂÁ ‰ÓȘӉ ˙„ÁÂÈÓ ÌÈÒÁÈ ˙ίÚÓ ˙¯ˆÂ˘ ̘ÓÂÏË Ì˙‚‰˙‰· ÌÈωӉ ÈÎ ‰ÏÂÚ Ô‰Ó ˙¯Á‡ ˙·ÈÒ Ú˜¯ ÏÚ ÔÈ· ,˙ÂÁÈÏ˘ ÈÒÁÈ Ú˜¯Ì˜˙ ÈÎ ÌÈ·ÈÈÁÓ ÌÈÈÏÏÎ ·Ï ÌÂ˙ ˙¯˜Ú ˜„ˆ‰ ˙¯Â˘˘ ÌÂ˜Ó Â‡ ,¯ÂӇΠ˙ÂȯÁ‡,ËÂ˜Ï ‰ÏÂÚ٠ͯ„ ÂÊȇ ‚Â‰Ï „ˆÈÎ ˙ÂÈÓ‰ ÈÏÚ·Ï ÌȈÚÈÈÓ ÌÈωӉ˘Ó .ÂÊÎ ˙ÂȯÁ‡˙¯·Á· ÈÎ ,¯ÓÂÏ Û‡ ‰ÈÈË ˙¯ÎÈ .˙ÂÈ‚‰·Â ¯˘ÂÈ· ‚Â‰Ï Ì„ˆÓ ÔÂÓ‡ ˙·ÂÁ ‰Ó˜,‰¯·Á‰ Ï˘ ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ Ì‚ ÌÈÏ‰Ó ÏÚ ÔÂÓ‡ ˙·ÂÁ ˙ÂÏÁ ˙ÂÈ˯٠‡ ˙ÂÈ˙ÁÙ˘Ó

.‰ÈωÓÏ ‰¯·Á‰ ȯ·Á ÔÈ· ˜Â„‰‰ ÔÈÏÓ‚‰ ¯˘˜ Ï˘· ˙‡ÊÂÔȇ 105˙¯·Á‰ ˙„˜ÙÏ (·)ÊÎ96 ÛÈÚÒ ˙‡¯Â‰ ÈÎ ,˙ڷ˜ ‰È'ˆ˜Â¯Ù ˙ËÙ¢‰

105.˙¯·Á‰ ˜ÂÁÏ (·)254 ÛÈÚÒÏ ÏÈ·˜Ó‰

110

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

Ï‰Ó Ï˘ ˙ÈÏÏÎ ÔÂÓ‡ ˙·ÂÁ Ï˘ Ô¯˜ÈÚ Ô‰· Ú·˜ ‡Ï ˙ÓÈȘ‰ ‰Îω· ‰ÎÙ‰Ó ˙ÂÙ˜˘Ó˙¯ȉʷ ,Âί„ ¯È„Á‰Ï Ô˙È˘ Á˙Ù ˙ÈÁ·· Ô‰ ,˙‡Ê ÌÚ .Èχ„ȷȄȇ ˙ÂÈÓ ÏÚ· ÈÙÏÎÌȯÁ‡ ÌÈӯ‚ ÈÙÏÎ Ì‚ Ï‰Ó Ï˘ ˙ÂȯÁ‡ ˙·Á¯‰ Ï˘ ÌÈÁ˙Ù˙Ó ˙¯˜Ú ,‰‚¯„‰·ÂÁÂΉ ,ÏÏÎÎ ,ÈÎ ËÙ˘Ó‰ Ï˘ Â˙¯Î‰Ó .‰Ê ÏÏη ÌÈÈ˯٠˙ÂÈÓ ÈÏÚ·Â ,‰¯·Á‰ „·ÏÓ˙ÂȯÁ‡‰ ˙·Á¯‰ ˙˘˜·˙Ó ,ÔÂÓ‡ ˙·ÂÁ ˙ÂȯÁ‡ „ˆÓ „ÈÏÂÓ ¯Á‡ Ï˘ ˘Âί· ËÂÏ˘ÏÂÊ ‰·ÂÁ ÔÈ· ȇ¯ ÔÂÊȇ ÍÂ˙ ,ÌÈÓȇ˙Ó ÌÈ·ˆÓ· ,‰¯·Á‰ „·ÏÓ ÌÈӯ‚ ÈÙÏÎ Ì‚ ¯ÂÓ‡Î.‰˙·ÂË ‰¯·Á‰ Ò¯Ëȇ ÏÚ ‰‚‰‰ Z ¯Â˘¯È„‰ Ï˘ ÔÂÓ‡‰ ˙·ÂÁ· ÈÊίӉ ͯډ ÔÈ·ÏÈÙÏÎ ‰·ÂÁ‰Â ,‰Ï‰‰‰ Ï˘ ‰ÏÂÚÙ‰ ˙ÂÓÊÂÈ· ȯ˜ÈÚ‰ ÚÈÓ‰ ÁÂΉ ¯˙ ‰È‰ ‰Ê Ò¯Ëȇ‰ÈÙ·˘ ‰¯˜Ó· .¯ÂÓ‡‰ ȯ˜ÈÚ‰ ͯÚÏ ‰ÙÂÙÎ ,‰Ê ÏÏη ˙ÂÈÓ ÈÏÚ·Â ,ÌȯÁ‡ ÌÈӯ‚

:ÈÎ ˙ËÙ¢‰ ˙ڷ˜

˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ÔÂÓ‡ ˙·ÂÁ ˙ÂȯÁ‡ ÔÓË‚ Ô˙ȇ ÌÈωÓÏ ‰Ó˜ ,ÂÈÈÚ·"˘Î¯‰ ˙Úˆ‰Â ‰¯·Á· Ô‰‰ ‰·Ó ÈÂÈ˘ ÍÈω˙ ˙¯‚ÒÓ· ÌÈÈχ„ÈÂÂȄȇ‰˙˜ÊÁ‡ ÏÂÏÈ„Ï ‡È·‰Ï ÌÓˆÚÏ ÂÏˢ ˙ÂÎÓÒ‰ ˙¯‚ÒÓ·Â ,̉ÈÙ· ‚Ȉ‰˘ÈÏÚ· ÈÙ· ‚Ȉ‰ ÌÈωӉ .‰¯·Á· ˙ÙÒ ‰Ú˜˘‰ ÂÚȘ˘‰ ‡Ï˘ Ìȯ·Á‰Ì˙Ú„ ÏÂ˜È˘Ï Â„ÈÓډ ÈÓˆÚ Ô‰ ÒÂÈ‚Ï ÒÁÈ· ˙Âȯ˘Ù‡ ‰ÏÂÚÙ Èί„ ˙ÂÈÓ‰ÌÈωӉ ÌÓˆÚ ÏÚ ÂÏË ‰Ï‡ ˙ÂÏÂÚÙ· .ÌÈȘ· ‰ÈÈ˘ÚÏ ÒÁÈ· ˙¢ ˙ÂȈÙ‡˙Ú· ˙¯˘Ï ·Ï ÌÂ˙·Â ˙ÂÈ‚‰· ‚Â‰Ï ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ÔÂÓ‡ ˙·ÂÁ ˙ÂȯÁ‡ÈÏÚ· Ï˘ ÈÓÈËȂω ÌÈÈÚ ˙‡Â ‰¯·Á‰ Ï˘ ‰˙·ÂË ‰ÈÈÚ ˙‡ ˙Á‡ ‰ÂÚ·Â˙‡ Ì‰Ó Â·‡˘Â ̉ÈÙ· ÂÁ‰˘ ÌÈ‚ˆÓ‰ ÏÚ ÂÎÓ˙Ò‰ ˙ÂÈÓ‰ ÈÏÚ· .˙ÂÈÓ‰¯˘˜‰· ÌÈωӉ Ï˘ Ì˙ÏÂÚÙ .Ì˙ËÏÁ‰ ˙Ï·˜ Í¯ÂˆÏ ÌÈ˘¯„‰ ÌÈÂ˙‰ ‡ÂÏÓÂÊ ˙ȯ˘Ù‡ ‰ÚÈ‚Ù .˙ÂÈÓ‰ ÈÏÚ· Ï˘ ÌÈȘ· ‰ÚÈ‚Ù ˙¯˘Ù‡ ‰ÓÚ ‰Î¯Î ‰ÊÏΠԉ‰ ‰·Ó ÈÂÈ˘ ‡˘Â· ÏÂÚÙÏ ÌÈωӉ Ï˘ ˙ÂȯÁ‡ ‰„Èω ‡È‰ Ì‚‰¯·Á· Ì‚ ¯·Â„Ó ,ÔÎ ÏÚ ¯˙È .ÔÂÓ‡‰Â ˙¯ȉʉ ˙·ÂÁ ȈÈÓ ÍÂ˙ Íη ͯΉÒÁÈÈÏ ˙¯·Â‚ ‰ÈÈË ˙ÓÈȘ ‰·Â ˙ÂÙ˙¢ ÔÈÚӷΠ̉ ÌÈÒÁȉ ‰·˘ ‰Ë˜ ˙È˯ÙÈ·‚Ï .(ÂÏÒÏ ' ÒÒ‰ 283/62 ‡"Ú) ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ÔÂÓ‡ ˙·ÂÁ ÌÈωÓÏ˙ω˙Ó‰ ˙ÂÙ˙¢ ÔÈÚӷΠ̉ ‰· ÌÈÒÁȉ ÈÎ ËÙ˘Ó‰ ˙È· ¯Ó‡ ‰Ê ‚ÂÒÓ ‰¯·ÁÂÈÙÏÎ ‚Â‰Ï ˙ÂÈÓ ÏÚ·Ï Ï‰Ó‰ ÔÈ· ÔÂÓ‡ ˙·ÂÁ ˙¯ˆÂ ÔÎÏ Ȅ„‰ ÔÂÓ‡ ÍÂ˙Ó̯„‡ 995/90 ‡"Ú ;279 'ÓÚ ,ÈÂÒ˜ ˙˘¯Ù Ì‚ ‰‡¯Â ;764 'ÓÚ ,Ì˘) ˙ÂÓ‡·Â·Á ,‰¯ˆÂ˘ ˙„ÁÂÈÓ‰ ÌÈÒÁȉ ˙ίÚÓ· ÈÎ ‡ÂÙ‡ ‡ˆÂÈ .(˙‚ ' Ó"Ú· ÌÈÒ„‰ÓͯΉ Ïη ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ¯˘ÂÈ·Â ˙ÂÈ‚‰· ‚Â‰Ï ÔÂÓ‡ ˙·ÂÁ ÌÈωӉ

.106"˘Î¯‰ ˙Úˆ‰Â Ô‰‰ ‰·Ó ÈÂÈ˘ ÈÎÈωÏ

:ÌÈÈ˘· ¯Ú¯ÚÓ‰ ÈÙÏÎ ÔÂÓ‡‰ ˙·ÂÁ ˙‡ ¯ى ‰¯·Á‰ ÈÏ‰Ó ÈÎ ,˙ڷ˜ ˙ËÙ¢‰Â·˘ È¢‰ ÔÓ ¯ÎÈ ÔÙ‡· ÍÂÓ ÈÂ¢Π‰¯·Á‰ Ï˘ ‰ÈÈ¢ ˙‡ ÂÎȯډ˘ Íη ,˙È˘‡¯

106.184y183 'ÓÚ· ,7 ‰¯Ú‰ ÏÈÚÏ ,˘ ÔÈÈÚ

111

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Í¯ÂˆÏ Ì‰· ˘Ó˙˘‰Ï ¯Á· ÌÓˆÚ Ì‰˘ ‰„ÈÓ ˙ÂÓ‡ ÈÙ-ÏÚ ˙‡Ê ‰ÎÈ¯Ú‰Ï ‰È‰ ÍȯˆÌÈ˯٠Ô‰ ÒÂÈ‚Ï Ì‰ÈÎÏ‰Ó ˙¯‚ÒÓ· ˙ÂÈÓ‰ ÈÏÚ·Ï ÂÏÈ‚ ‡Ï ,˙È˘ .¯ÂӇΠ‰Î¯Ú‰ÈÂÈ˘Ï ¯Â˘˜‰ Ïη ˙Ï΢ÂÓ ‰ËÏÁ‰ Ï·˜Ï Ì‰Ï ¯˘Ù‡Ï È„Î ÌÈ˘¯„ Âȉ˘ ÌÈÈ˙‰Ó

.Ô‰‰ ‰·ÓÌÈωӉ ÌÈ·Á˘ ÔÂÓ‡‰ ˙·ÂÁÓ ˜ÏÁÎ ÈÂÏÈ‚‰ ˙·ÂÁÏ ˙ÒÁÈÈ˙Ó ‰È'ˆ˜Â¯Ù ˙ËÙ¢‰

:‰È¯·„Ï .˙ÂÈÓ‰ ÈÏÚ·Ï

˙·ÂÁ Ï˘ ¯Á‡‰ ÔÙ‰ ‡Â‰ ‰¯·Á‰ ÈÈÚ ˙„‡ Ú„ÈÓÏ ˙ÂÈÓ‰ ÈÏÚ· Ï˘ Ì˙ÂÎÊ"˜ÏÁ ‡È‰ ÂÊ ‰·ÂÁ .‰¯·Á‰ ȘÒÚ Ï˘ ÔȘ˙ ÏÂ‰È Í¯ÂˆÏ ˘¯„ИÙÒÏ ÌÈωӉÏÚ ˙ÏËÂÓ‰ ˙ÈÏÏΉ ‰·ÂÁÏ ¯·ÚÓ .‰¯·Á‰ ÈÙÏÎ ÌÈωӉ Ï˘ ÔÂÓ‡‰ ˙·ÂÁÓ‰¯·Á‰ ÈÈÈÚÏ ¯Â˘˜‰ Ïη ˙ÂÈÓ‰ ÈÏÚ·Ï Ú„ÈÓ ˜ÙÒÏ ‰¯·Á· ‰¯˘Ó ȇ˘ÂÏ‰Ó Ï˘ ˙„ÁÂÈÓ ÈÂÏÈ‚ ˙·ÂÁ ÌÈ„ÈÏÂÓ‰ ÌÈ„ÁÂÈÓ ÌÈ·ˆÓ Ì˘È ,‰˙ÂÏÈÚÙÏÂÌÈ·ˆÓ Ì˙‡· ÂÏ ·Á ‡Â‰˘ ˙„ÁÂÈÓ ÔÂÓ‡ ˙·ÂÁÓ ˜ÏÁÎ ˙ÂÈÓ ÏÚ· ÈÙÏΉڈ‰· ˙ÂÈÓ ÈÏÚ·Ï ÌÈÂÙ ÌÈÏ‰Ó˘ ÌÂ˜Ó .ÂÊÎ ‰·ÂÁ ̉· ˙¯ˆÂ˘ ÌÈ„ÁÂÈÓ,˙Ú„ ÏÂ˜È˘ ˙ÏÚÙ‰ ˙·ÈÈÁÓ ÂÊ ‰Úˆ‰Â ‰¯·Á‰ ÈÈÈÚ· ˙ÓÈÂÒÓ ‰ÏÂÚÙ Úˆ·ÏÌȯ·Á‰ ÈÙÏÎ ‰·ÂÁ ÌÈωӉ ÏÚ ‰ÏÁ ‰ÁÂÎÓ ˙„ÁÂÈÓ ÔÂÓ‡ ˙·ÂÁ ˙˘·‚˙Ó‰ËÏÁ‰ ˙Ï·˜ Í¯ÂˆÏ È˷ϯ Ú„ÈÓ Ï˘ ‡ÏÓ ÈÂÏÈ‚·Â ,·Ï ÌÂ˙· ,˙ÂÈ‚‰· ÏÂÚÙÏÈÂÈÁ ÈÏÎ ‡Â‰ Ú„ÈÓ‰ .ÌÈωӉ ÏÚ ı·Â¯ ‡ÏÓ‰ Ú„ÈÓ‰ ˙‡·‰ ÏË .˙Ï΢ÂÓ‰¯·Á· ˙ÂÈ˘Âί‰ ÂÈ˙ÂÈÂÎÊ·Â ÂÈ˙ÂÈÓ· ˙¢ÚÏ ˙ÂÈÓ ÏÚ· Ï˘ Â˙ÂÎÊ ˘ÂÓÈÓχÏÓ Ú„ÈÓÏ Â˙ÂÎÊ ˙ÏÈÏ˘ .¢ÂÎ¯Ó ˙ÏÚÂ˙‰ ·¯Ó ȈÈÓ ÂÏ ¯˘Ù‡˙˘ ͯ„·ÏÈ·‚‰Ï ÌÈÏÂÏÚ Ú„ÈÓÏ Â˙Â˘È‚ ˙Ï·‚‰ ‡ ‰Ï‡ ˙·ÈÒ· ˙ÂÈÓ ÏÚ· Ï˘„ÓÂÚ‰ ‡˘Â‰ ˙‡ ˙ÏÏÂÎ ˙ȘÒÚ ‰Î¯Ú‰ ÍÈ¯Ú‰Ï Â˙ÏÂÎÈ ˙‡ È˙ÂÚÓ˘Ó ÔÙ‡·.ÌÈÈχÂȈ¯ ÌÈ„‡ ÏÚ ÒÒ·˙˙˘ ‰ËÏÁ‰ ˙Ï·˜· ÂÈÏÚ ˙¢˜‰Ï ‰Ú¯Î‰Ï ÂÈÙ·ÏÚ ÈÓˆÚ Ô‰ ÒÂÈ‚Ï ‰¯·Á‰ ÈÏ‰Ó È„È-ÏÚ ˙ÂÈÓ‰ ÈÏÚ· ‡¯˜ ÂÈÙÏ˘ ‰¯˜Ó·ÒÂÈ‚· Û˙˙˘‰Ï ‡Ï˘ ‰ÈˆÙ‡ Ì‚ Ì‰Ï ‰˙È .‰¯·Á‰ Ï˘ Ô‰‰ ‰·Ó ÈÂÈ˘ ͯ„Ì˘Ï .Íη ͯΉ ÏÎ ÏÚ ,̉È˙ÂÈÓ Ô‰ ÏÂÏÈ„ Ï˘ ȯ˘Ù‡ ¯ÈÁÓ· ˙‡Ê ,Ô‰‰‡ÏÓ Ú„ÈÓ ˙ÂÈÓ‰ ÈÏÚ·Ï ¯ÂÒÓÏ ÌÈωӉ ÏÚ ‰È‰ ,‰Ê ÔÈÈÚ· ‰ËÏÁ‰ ˙Ï·˜.‰È˙ÂÈ·ÈÈÁ˙‰Ï ÒÁÈ· ‰¯·Á‰ Ï˘ ‰ÈÈ¢ ÏÚ ÍÎ ÍÂ˙·Â ,‰¯·Á‰ ·ˆÓ ˙„‡ÁΠ˙‡˘ ¯˙È· „ÂÚ Ì‰ÈÏÚ ‰ÏÁ ‰Ê ÔÈÈÚ· Ú„ÈÓ‰ ‡ÂÏÓ Ï˘ Â˙ÙÈ˘Á ˙·ÂÁ˙‡ Â˙ÂÚˆÓ‡· ¯ÈÊÁ‰Ï È„Î ‰Ê Íωӷ È‡ÓˆÚ ÔÈÈÚ ÌÈωÓÏ ‰È‰˘ ‰„·ÂÚ‰˙‡ ÂÓÓ ÏÏ˘ ‰Ê Ú„ÈÓ ¯„Ú‰ ...ÈÁ¯ÊÓ‰ ˜·Ï ‰‡ÂÂω‰ ÔÂÚ¯ÈÙ· Ì˙Ú˜˘‰¯˘Ù‡Â ,˙ÂÈÓ‰ È¢ ˙ίډ ÏÚ ‰¯ÂÓ‡‰ ‰˜ÒÚ‰ ˙ÚÙ˘‰ ˙‡ ÔÂÁ·Ï ˙ÏÂÎȉ

.107"ÏÂÏÈ„Ï ÍÎ ˙·˜Ú· „‚˙‰Ï Û‡

107.Ì˘

112

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.ÈÏ˘¯ ‚ˆÓ ÔÈ‚· ˙ÂȯÁ‡ Z ÔȘÈʉ ˙„˜ÙÏ 35 ÛÈÚÒ ("ÌÈÊÂÁ‰˙ÂȯÁ‡· ¯ÈÎ‰Ï ˘È ,108¯„ÈÙ ˙Îω ÁÂÎÓ Z ÌÈÊÂÁ‰ ˜ÂÁÏ 12 ÛÈÚÒ ÁÂÎÓ ˙ÂȯÁ‡˙ÂÙÒ ˙ÂÈÓ ˙˘ÈÎ¯Ï ‰Úˆ‰‰ ˙‡ ˙ÂÈÓ‰ ÈÏÚ· ÈÙ· ‚Ȉ‰ ¯˘‡ Ìȯ¢¯È„‰ Ï˘Ì‰Ï ˘Â¯„‰ ,È˷ϯ‰ Ú„ÈÓ‰ ÏÎ ˙‡ ˙ÂÈÓ‰ ÈÏÚ·Ï ¯ÂÒÓÏ Ì‰ÈÏÚ ‰È‰ .‰¯·Á·˙ÂÈÓ ÈÏÚ·· ¯·Â„Ó˘ ‰„·ÂÚ‰ .‰¯·Á‰ ˙ÂÈÓ· ˙ÙÒ‰ ‰Ú˜˘‰‰ ¯·„· ‰Ú¯Î‰Ï‰Ú˜˘‰· ¯·Â„Ó Ô΢ ,‰ÊÂÁ ˙˙ȯÎÏ Ó"ÂÓÎ ÂÈÙ‡ ˙‡ ‰¯˜Ó‰Ó ˙ÏÏ¢ ‰È‡ ‰¯·Á·,‰ÊÂÁ Ï˘ Â˙˙ȯΠ˙‡¯˜Ï Ó"ÂÓ· ‰Ê ‰¯˜Ó· ¯·Â„Ó Ôȇ˘ ¯Ó‡ ̇ Ì‚ .‰¯·Á· ˙ÙÒÂ(·) 61 ÛÈÚÒ ÁÂÎÓ ÌÈÊÂÁ‰ ˜ÂÁÏ 12 ÛÈÚÒÓ ˙Âڷ‰ ˙·ÂÁ‰ Ï˘ Ô˙ÏÂÁ˙Ï ÌÂ˜Ó ˘Èͯ„· ‚Â‰Ï ‰·ÂÁ ‡Ï‡ ,ÌÈÂÓ‡ ˙·ÂÁ ‰È‡ 12 ÛÈÚÒÓ ˙ڷ‰ ‰·ÂÁ‰ .ÌÈÊÂÁ‰ ˜ÂÁϯ¯ȷ· ‰ÏÂÚ ¯·„‰ .ÌÈÂÓ‡ ˙·ÂÁÓ ¯˙ÂÈ ‰ÎÂÓ ‰‚¯„· ‡È‰˘ ,·Ï ÌÂ˙·Â ˙Ϸ˜Ó,109‰¯·Á‰ ÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ ‰¯˘Ó ȇ˘Â ÏÚ ÏÈËÓ ¯˘‡ ,ÂÓˆÚ ˙¯·Á‰ ˜ÂÁÓͯ„· ‚Â‰Ï ‰·ÂÁ ‰¯·Á· ˙ÂÈÓ ÏÚ· ÏÎ ÏÚ 110˙ÂÈ‚‰ ˙·ÂÁ ‰ËÈÏ˘ ˙ÂÈÓ ÈÏÚ· ÏÚ¯˙ÂÈ ‰‰Â·‚ ‰‚¯„· ˙‡ˆÓ ÌÈÂÓ‡‰ ˙·ÂÁ˘ Íη ‰¯ÈΉ ‰˜ÈÒÙ‰ .111·Ï ÌÂ˙·Â ˙Ϸ˜Ó,Ì„‡ Z Ì„‡Ï Ì„‡ ÁÈË·‰Ï ‰„Ú ·Ï‰ ÌÂ˙ ˙·ÂÁ˘ „ÂÚ· .·Ï‰ ÌÂ˙ ˙·ÂÁ Ï˘ ÂÊÓ

.112͇ÏÓ Z Ì„‡Ï Ì„‡ ÁÈË·‰Ï ÌÈÂÓ‡‰ ˙·ÂÁ ˙¯ËÓ È¯‰‡ÂÏÓ ÈÂÏÈ‚ ȇ .˙ÂÏ˘¯‰ ˙ÏÂÂÚ ‡Â‰ ˘ Ï˘ ÔÈÈÚ· ‰ÚÈ·˙Ï ÛÒ ȯ˘Ù‡ ÒÈÒ·‚ˆÓ ¯„‚· ̉ ˙ÂÚˆÂÓ‰ ˙ÂÈÓ‰ È¢ È·‚Ï ÔÂÎ ‡Ï Ú„ÈÓ ˙¯ÈÒÓ Â‡ ‰ÈˆÓ¯ÂÙȇ‰

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113

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.113ÂÈÙÏ Ì‚ ÔÈ„‰ ‰È‰ ‰ÊΠ,˙¢¯ÂÙÓ ˙‡Ê ڷ˜ ˙¯·Á‰ ˜ÂÁÏÌȯ¢¯È„‰ ˙ÂȯÁ‡Ï ÂÒÁÈÈ˙‰· ,ËÙ˘Ó‰ ˙È· ˘ ‰˙‡˘ ͯ„‰ ÔÈ· ˙˜ى ȉÓZ ȇ ˙˘ ‰˙‡˘ ͯ„‰ ÔÈ·Ï ,ÌÈÂÓ‡ ˙·ÂÁ ˙¯Ù‰Ó ˙Ú·ÂÎ ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏ΂ˆÓ ÔΠ·Ï ÌÂ˙·Â ˙Ï·Â˜Ó Í¯„· Ó"ÂÓ Ï‰ÈÏ ‰·ÂÁ‰ ˙¯Ù‰ ÏÚ ˙ÂȯÁ‡‰ ÒÂÒÈ·

?ÈÏ˘¯‰˘Â¯ÈÙ ÌÈÂÓ‡‰ ˙·ÂÁ ˙¯Ù‰ È„Î ‰ÏÂÚÎ Ìȯ¢¯È„‰ Ï˘ ˙‚‰˙‰· ‰¯Î‰,˙‡Ê ˙ÓÂÚÏ .114ÈÂÙÈ˘Ï ˙˙È ‰È‡ ÔΠÁÂËÈ·‰ È„È-ÏÚ ‰ÒÂÎÓ ‰È‡ ÂÊ ˙‚‰˙‰˘Â‡ ·Ï ÌÂ˙·Â ˙Ï·Â˜Ó Í¯„· Ó"ÂÓ Ï‰ÈÏ ‰·ÂÁ‰ ˙¯Ù‰· ıÂÚ ˙ÂȯÁ‡‰ Ï˘ ÒÈÒ·‰ ̇ÌÓ‡ .ÈÂÙÈ˘Â ÁÂËÈ· È„È-ÏÚ ‰ÒÂÎÓ ˙ÂÈ‰Ï ‰ÈÂ˘Ú ‡È‰˘ ȯ‰ ,˙¯ȉʉ ˙·ÂÁ ˙¯Ù‰·˙·ÂÁ ˙¯Ù‰" ¯˘‡Î ÁÂËÈ·Â ÈÂÙÈ˘ Ï˘ ˙¯˘Ù‡ ÏÏ¢ ˙¯·Á‰ ˜ÂÁÏ (2)263 ÛÈÚÒ‡ÂÏÓ ¯ÒÓÈ˙ ‡Ï ̉·˘ Ìȯ˜Ó ÂÎ˙ÈÈ Ìχ ,"˙ÂÊÈÊÙ· ‡ ‰ÂÂη ‰˙˘Ú ˙¯ȉʉ.‰ÈÚˉ Ï˘ ‰ÂÂη ‡Ï˘ ‰ÂÎ ‡Ï ‰ÈˆÓ¯ÂÙȇ ¯ÒÓÈ˙ ‡ ˙È˷ϯ‰ ‰ÈˆÓ¯ÂÙȇ‰

.115ÁÂËÈ·‰ È„È-ÏÚ ‰ÒÂÎÓ ‰È‰È ‡Â‰Â ,˙¯ȉʉ ˙·ÂÁ ˙¯Ù‰ ¯„‚Ï ÒÎÈÈ ‰ÊÎ ‰¯˜Ó˙ÂÁÈÏ˘ ÂÓÎ ,˙ÂÈÓ‰ ÈÏÚ· ÔÈ·Ï Ìȯ¢¯È„‰ ÔÈ· ÌÈ„ÁÂÈÓ ÌÈÒÁÈ ¯„Úȉ· ,È˙Ú„ÏÈÏÚ· ÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ Ï˘ ‰ÓÂȘ· ¯ÈÎ‰Ï Ôȇ ,ÌÈÂÓ‡ ˙·ÂÁ ˙¯ˆÂȉ ˙ÂÓ‡ ‡

.˙ÂÈÓ˙¯‚ÒÓ· Ô·˘Á· ‡È·‰Ï ‰¯·Á· ‰¯˘Ó ȇ˘ÂÏ ¯˘Ù‡Ó‰ ,˙¯·Á‰ ˜ÂÁÏ 11 ÛÈÚÒ‰˜Ó Âȇ ,·Á¯‰ ¯Â·Èˆ‰Â ÌÈ„·ÂÚ‰ ,ÌÈ˘Â‰ Ï˘ ̉ÈÈÈÚ ˙‡ Ì‚ ÌÈȘÒÚ‰ ÌÈÏÂ˜È˘‰‰¯˘Ó‰ ȇ˘ÂÏ ¯˘Ù‡Ï „Ú ÛÈÚÒ‰ ‡Ï‡ ,Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ ˙ÂÎÊ ‰Ï‡ ÌÈω˜Ï‰·ÂÁ ˙¯Ù‰Î ·˘ÁÈÈ ¯·„‰˘ ÈÏ· ,‰Ï‡ ÌÈω˜ Ï˘ Ì˙·ÂË ˙‡ Ì‚ Ô·˘Á· ˙Á˜ÏÔ·˘Á· ˙Á˜Ï ÌÈ·ÈÈÁ ‡ Ìȇ˘¯ ‰¯˘Ó ȇ˘Â˘ ÌÈÏÂ˜È˘‰ Ì‰Ó ‰Ï‡˘‰ .116Ì„ˆÓ˙‡ ‰¯˘Ó‰ ȇ˘Â ÌÈ·Á ÈÓÏ ‰Ï‡˘‰Ó ‰Â˘Â ˙„¯Ù ‰Ï‡˘ ‡È‰ ‰¯·Á· ̄ȘÙ˙ ÈÂÏÈÓ·

113811/02 ‡"Ú ;661 (5)ÁÓ „"Ù ,Ó"Ú· ÈËȯÂÈ˜Ò ¯‡˜ ' ¯Â‡ ˜Âˆ 407/89 ‡"Ú ,Ï˘ÓÏ ,‡¯.3389 (2) 2003 ÔÂÈÏÚ-ÔÈ„˜˙ ,˜È„ˆ ' Ó"Ú· ‰ˆÙ‰Â ˜ÂÂÈ˘ Ì.Ú.Ù.È

114.˙¯·Á‰ ˜ÂÁÏ 264- (1)263 ÌÈÙÈÚÒ115‰„ÓÚ˘ ÂÊ ˙ӂ„ ‰Èˆ‡ÂËÈÒ· ÌÈÂÓ‡ ˙·ÂÁ· ˘ÂÓÈ˘Ï Ú‚Â‰ Ïη ,˙ÈÏÏÎ ‡È‰ ÈÏ˘ ˙¯Â˜È·‰

ÌÈÚ·˙‰ Âȉ ÌÈÏÂÎÈ ‰Ê‰ È˯˜Â˜‰ ‰¯˜Ó·˘ ,Á¯Î‰· ,¯·„‰ ˘Â¯ÈÙ Ôȇ .˘ ÔÈÈÚ· ÔÂÈ„Ï˙¯˘Ù‡ Ì‚ ˙¯·Á‰ ˜ÂÁ ÏÏ¢ ,ËҘ˷ ËˈӉ (2)263 ÛÈÚÒÏ ÛÒ· Ô΢ ,ÁÂËÈ·Ó ˙‰ÈÏ

.(3)263 ÛÈÚÒ Z "ÔÈ„Î ‡Ï˘ È˘È‡ Á¯ ˜ÈÙ‰Ï ‰ÂÂÎ ÍÂ˙Ó ‰ÏÂÚÙ" Ï˘ ÁÂËÈ·Ï116˙ÂÚ·Â˙‰Â ˘Î¯ ˙ÂÚˆ‰ ,‰¯·Á‰ ˙ÈÏÎ˙ :˘„Á‰ ˙¯·Á‰ ˜ÂÁ ÏÚ È˙¯Â˜È· Ë·Ó" Ԣ‚ 'Ê :Ì‚ ‡¯

ÔÈÈÚ· ˙·˘Á˙‰Ï ÛÈÚÒ‰ ‰˜Ó˘ ˙¢¯‰ ,Â˙Ú„Ï .381 (·"Ò˘˙) ·Ï ÌÈËÙ˘Ó "˙ÂȂˆÈÈ‰Ï˘ ˙ÈÏÎ˙· Ú‚ÙÏ È„Î ‰· Ôȇ ¯˘‡Î ˜¯ ˙ȯ˘Ù‡ ,˙ÂÈÓ‰ ÈÏÚ·Ï ¯·ÚÓ ,˙¯Á‡ ˙ˆ·˜ Ï˘ÌÈÒ¯Ëȇ· ·˘Á˙‰Ï ‰·ÂÁ ÏÈËÓÎ ÛÈÚÒ‰ ˙‡ ˙˘¯ÙÓ‰ ,‰Â˘ ‰˘È‚Ï .‰¯·Á‰ ÈÁ¯ ˙‡˘‰˙ÈÏÎ˙" Ô¯Ë˘ 'ˆ 'È :‡¯ ,‰¯·Á‰ ÈÁ¯ ˙‡ ‡È˘‰Ï È„Î Íη ˘È˘ „·Ï·Â ,ÌÈ¢‰ ÌÈω˜‰ Ï˘Â˘Â¯ÈÙ ÔÙ‡· ÔÂÈ„ .327 (·"Ò˘˙) ·Ï ÌÈËÙ˘Ó "˙ÂÈ˘ÚÓ ˙ÂÚÙ˘‰Â ˙¢¯Ù Z ˙ȘÒÚ‰ ‰¯·Á‰

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114

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙·ÂÁ‰ ÈÂÏÈÓ Ï˘ ÔÎÂ˙Ï ˙ÒÁÈÈ˙Ó ‰Â˘‡¯‰ ‰Ï‡˘‰˘ „ÂÚ· .̉ÈÏÚ ˙ÂÏËÂÓ‰ ˙·ÂÁ‰˘È‚‰Ï ȇ˘¯ ÈÓ ‰Ï‡˘· ‰Ú¯Î‰Ï ‰ÏÈ·ÂÓ ‰ÈÈ˘‰ ‰Ï‡˘‰ ,‰¯˘Ó‰ ȇ˘Â ÏÚ ˙ÂÏËÂÓ‰‡È‰ ‰·ÂÁ‰ ÈÎ ÔÈ„‰ ˙ÚÈ·˜ .̉ȄÈ-ÏÚ ‰·ÂÁ ˙¯Ù‰ ·˜Ú ‰¯˘Ó‰ ȇ˘Â „‚ ‰ÚÈ·˙.‰·ÂÁ‰ ˙¯Ù‰ ÔÈ‚· ‰ÚÈ·˙ ˘È‚‰Ï ˙ÎÓÒÂÓ˘ ÂÊ ‡È‰ ‰¯·Á‰˘ ‰˘Â¯ÈÙ ,‰¯·Á‰ ÈÙÏÎ˙¯‚ÒÓ· Ô·˘Á· ˙Á˜Ï ‰¯˘Ó‰ ȇ˘Â Ï˘ ‰·ÂÁ‰ ‡ ˙ÂÎÓÒ‰ ˙‡ ÏÂÏ˘Ï È„Î Íη Ôȇ,ÌÈ˘Â ,˙ÂÈÓ ÈÏÚ· :ȯ˜ ,ÌÈ¢‰ ÌÈӯ‚‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ ‰¯·Á· ˙ÂËÏÁ‰‰ ˙Ï·˜

.117ÔÈÈÚ‰ ÈÙÏ ,·Á¯‰ ¯Â·Èˆ‰Â ÌÈ„·ÂÚ˘È‚‰Ï ȇ˘¯ ‰¯·Á Ï˘ ‰˘Â ÂÈÙÏ˘ ,˙¯·Á‰ ˜ÂÁÏ 204 ÛÈÚÒ· Ú·˜ ÍÎÏ ‚ȯÁ‰Ê ÛÈÚÒ· „ÁÂÈÓ‰ .‰¯·Á· ‰ÚˆÂ·˘ ‰¯ÂÒ‡ ‰˜ÂÏÁ Ï˘· ‰¯·Á‰ Ì˘· ˙¯Ê‚ ‰ÚÈ·˙‰ÚÈ·˙‰ Ìχ ,‰¯ÂÒ‡ ‰˜ÂÏÁ ÔÈ‚· Ìȯ¢¯È„‰ ˙‡ Ú·˙Ï ÌÈ˘ÂÏ ¯˘Ù‡Ó ‡Â‰˘ÒÎÈ˙ Ìȯ¢¯È„‰ ÏÚ ÏËÂ˙˘ ˙ÈÙÒΉ ˙·Á‰ .˙¯Ê‚ ‰ÚÈ·˙ ‡Ï‡ ˙È˘È‡ ‰È‡,„·Ï· ‰ÈÙÏΠ‰¯·Á‰ ÈÙÏÎ ‡È‰ ÌÈÂÓ‡‰ ˙·ÂÁ˘ ÍÎÏ ˜ÂÊÈÁ ‰Ù ˘È .‰¯·Á‰ ˙Ù˜ÏÌÈ˘Ï È‡¯ .ÌÈÈ˘ÈÏ˘ ÌÈ„„ˆÏ ˜Ê ̯‚Ï ‰ÏÂÏÚ Ìȯ¢¯È„‰ ˙‚‰˙‰ ¯˘‡Î Ì‚˙¯Ù‰ ‡È‰ ‰¯ÂÒ‡ ‰˜ÂÏÁÏ Ìȯ¢¯È„‰ ˙ÂȯÁ‡ ÌÈȘ‰ ÈËÙ˘Ó‰ ·ˆÓ·˘ ÍÎÏ ·Ï‰‡¯Â‰ ˙Â˘Ï ÚˆÂÓ 2001y·"Ò˘˙‰ ,(Ô˜È˙) ˙¯·Á‰ ˜ÂÁ ˙Úˆ‰· .118ÌÈÂÓ‡ ˙·ÂÁ˙ÂÈ‰Ï ‰ÏÂÎÈ ÂÊ ˙ÂȯÁ‡ .Ìȯ¢¯È„‰ ÏÚ ˙ÂȯÁ‡ ÏÈË˙ ‰¯ÂÒ‡ ‰˜ÂÏÁ ÈÎ Ú·˜Ï ÂÊ

.˙·ÈÒÏ Ì‡˙‰· ,˙Â¯È‰Ê ˙·ÂÁ ˙¯Ù‰ ‡ ÌÈÂÓ‡ ˙·ÂÁ ˙¯Ù‰ ¯„‚·˙·ÂË ˙‡ ˜¯ ‡Ï Ô·˘Á· ˙Á˜Ï ‰¯·Á· ‰¯˘Ó‰ ȇ˘Â ˙‡ ‰ÎÈÓÒÓ‰ ‰‡¯Â‰¯Â·Èˆ‰Â ÌÈ„·ÂÚ ,ÌÈ˘Â Z ÌȯÁ‡ ÌÈω˜ Ï˘ Ì˙·ÂË ˙‡ Ì‚ ‡Ï‡ ,˙ÂÈÓ‰ ÈÏÚ·Ì˘ Ì‚Â 119˙ȯ·‰ ˙ˆ¯‡ ˙ÂÈ„Ó Ï˘ ˙¯·Á‰ ȘÂÁ ˙È·¯Ó· ‰ÈÂˆÓ Z Â˙ÂÏÏηÈÙÏÎ ˙¯‡˘ ‰·ÂÁ‰ ‡Ï‡ ,‰Ï‡ ÌÈω˜ ÈÙÏÎ ‰·ÂÁ ¯ÂˆÈÏ È„Î Íη Ôȇ˘ ‰˘È‚‰ ˙Ϸ˜Ó717(b) ÛÈÚÒ Ú·Â˜ ,Ï˘ÓÏ ,ÍÎ .˜ÂÁ· ˙¢¯ÂÙÓ Ú·˜ ¯·„‰ ˙ÂÈ„Ó‰ ÔÓ ˜ÏÁ· .‰¯·Á‰“Nothing in this paragraph120 shall create any duties owed :ÈÎ N.Y. BCL-Ïby any director to any person or entity to consider or afford any particular

117Gower & Davies, supra note 12, at p. 373; R. Grantham “The Judicial :Ì‚ ¢‰Extension of Directors’ Duties to Creditors” (1991) J.B.L. 1, 17

118.˙¯·Á‰ ˜ÂÁÏ 311 ÛÈÚÒ119L.E. Mitchell “A Theoretical :‡¯ ,Ô‰Ï˘ ˙¯·Á‰ ȘÂÁÏ ÂÊÎ ‰‡¯Â‰ ÂÒÈΉ˘ ˙ÂÈ„Ó‰ ˯ÈÙÏ

and Practical Framework for Enforcing Corporate Constituency Statutes” 70 Texas˙ÂÈ„Ó) control transactions-Ï ÛÈÚÒ‰ Ï·‚ÂÓ ˙ÂÈ„Ó‰ ÔÓ ˜ÏÁ· .L.Rev. (1992) 579, f.n.1˙Ï·‚ÂÓ ‰È‡Â ‰·Á¯ Â˙ÏÂÁ˙ Ô˙È·¯Ó· Ìχ ,(Mitchell, ibid Ï˘ ¯Ӈӷ ˙Â˯ÂÙÓ ‰Ï‡˙ÂÏȉ˜ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ Ì‚ Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„‰ Ï˘ Ì˙ÂÎÓÒ· ‰¯Î‰ .‰Ï‡ Ìȯ˜ÓÏ,ÍÎ .˙˘¯ÂÙÓ ˜ÂÁ ˙‡¯Â‰ Ï˘ ‰ÓÂȘ· ‡˜Â„ ˙È˙ÂÓ ‰È‡ ˙ÂÈÓ‰ ÈÏÚ· Ï˘ ‰Ï‡ ÏÚ ˙ÂÙÒ˜ÂÁ· ˙˘¯ÂÙÓ ‰‡¯Â‰ Ï˘ ‰¯„Úȉ Û‡ ÏÚ ,ÂÊÎ ˙ÂÎÓÒ· Delaware-· ‰˜ÈÒÙ‰ ‰¯ÈΉ ,Ï˘ÓÏ

.Mitchell, ibid, at pp. 625y630 :‡¯ ,‰˜ÈÒÙ‰ ˯ÈÙÏ .Ì˘120ÈÏÚ·Â ‰¯·Á‰ Ï˘ ¯ˆ˜Â ͯ‡ ÁÂÂËÏ ÌÈÒ¯Ëȇ‰ ˙‡ Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„Ï ¯È˙Ó ÛÈÚÒ‰

.‰¯·Á‰ ˙ÏÚÂÙ Ô‰·˘ ˙ÂÏȉ˜‰ Ï˘Â ‰È˘Â ‰È˙ÂÁÂ˜Ï ,‰¯·Á‰ È„·ÂÚ Ï˘ ÔΠ‰È˙ÂÈÓ

115

ԉΠ‰¯ÂÙˆ

weight to any of the foregoing or abrogate any duty of the directors, eitherstatutory or recognized by common law or court decisions”.

˙·ÂË ˙‡ Ô·˘Á· ˙Á˜Ï ‰¯·Á· Ìȯ¢¯È„ ÏÚ ‰·ÂÁ ÏÈËÓ˘ Z ÈÏ‚‡‰ ˜ÂÁ‰˙˜‰Ï È„Î Íη Ôȇ ÈÎ ,˙¢¯ÂÙÓ Ú·Â˜ Z 121˙ÂÈÓ‰ ÈÏÚ· Ï˘ ÂÊÏ ÛÒ· ,ÌÈ„·ÂÚ‰˙¯Ù‰ ÔÈ‚· ‰ÚÈ·˙‰ ˙ÂÎÊ ,˙‡Ê ‰·ÂÁ ˙¯Ù‰ ÔÈ‚· Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ ˙ÂÎÊ Ì‰Ï“Accordingly, the duty :ÈΠڷ˜ ˜ÂÁÏ (2)309 ÛÈÚÒ .‰¯·Á‰ È„È· ˙„˜ÙÂÓ ‰·ÂÁ‰imposed by this section on the directors is owed by them to the company(and the company alone) and is enforceable in the same way as any other

fiduciary duty owed to a company by its directors.”122

Ï˘ Ì˙·ÂÁ· ‰˜ÈÒÙ‰ ‰¯ÈÎÓ ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ·ˆÓÏ ‰ÚÈ‚Ó ‰¯·Á‰ ¯˘‡ÎıÂÚ ÂÊ ‰ÎÏ‰Ï ÏÂȈ¯‰ .ÌÈ˘Â‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„‰˙ÂÈÓ‰ ÈÏÚ·Ó ¯·ÂÚ (the residual risk) ‰¯·Á· ȯÂÈ˘‰ Ò¯Ëȇ‰ ‰ÊÎ ·ˆÓ·˘ Íη,‰¯·Á· Ì‰Ï˘ Ò¯Ëȇ‰ ˙‡ ˙ÂÈÓ‰ ÈÏÚ· ÌÈ„·‡Ó ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ·ˆÓ· .ÌÈ˘ÂÏÈÒη ˘ÂÓÈ˘ ˙¢ÚÏ Ì˙ÂÂÎ Ô‡ÎÓ ,„ÈÒÙ‰Ï ‰Ó Ì‰Ï Ôȇ˘ ·ˆÓ· ÌȇˆÓ ̉̉ ÂÓÓ ÌÈ„ÈÁȉ ÌÈȯ˘Ù‡‰ ÌÈÚ‚Ù‰˘ ,ÌÈÏ„‚ ÌÈÂÎÈÒ· ÍÂ¯Î˘ ÔÙ‡· ‰¯·Á‰ÌÈ˘Â‰ ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ˙ÂȯÁ‡· ÌÈ¢‰ ÌÈÈ„‰ ÌȯÈÎÓ ,ÔÎ ÏÚ .ÌÈ˘Â‰ÌÈ˘Â‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ Ô·˘Á· ˙Á˜Ï ‰·ÂÁ‰ .123ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ÌÈ·ˆÓ·.ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ "‰·È·Ò·" ˙‡ˆÓ ‰¯·Á‰ ¯˘‡Î ˙ȘȯӇ‰ ‰˜ÈÒÙ‰ ÈÙ-ÏÚ ˙ÓÈȘȄΠÔÂÂÎÓ· ,‰‡¯Î ,‰˘Ú 124 “the vicinity of insolvency” ÌÂÓÚ‰ ÁÂÓ· ˘ÂÓÈ˘‰ÔÁ·Ó‰ .ÌÈÁ·Ó È˘ ÈÙ-ÏÚ ÔÁ·È‰Ï ‰ÏÂÎÈ ÔÂÚ¯ÈÙ ˙ÂÏ„Á .125Ìȯ¯· ˙ÂÏ·‚ Ú·˜Ï ‡Ï‰È‡ ¯˘‡Î ÔÂÚ¯ÈÙ ˙Ï„ÁÏ ˙·˘Á ‰¯·Á‰ ÂÈÙÏ˘ ,ȯÁÒÓ ÔÂÚ¯ÈÙ ¯˘ÂÎ Ï˘ ‡Â‰ „Á‡‰¯˘ÂÎ Ï˘ ‡Â‰ È˘‰ ÔÁ·Ó‰ ;‰È˙·ÂÁ ÔÂÚ¯ÈÙ Ï˘ ˙ÂÙË¢ ˙Â˘È¯„· „ÂÓÚÏ ˙Ï‚ÂÒÓ

121Companies Act, 1985, s. 309(1)122‰ÈÙÏ˘ ‰‡¯Â‰ ˜ÂÁ· ÏÂÏÎÏ ,‰ÈÏ‚‡· ÔÂÈ„Ï ‰˙Ú ˙„ÓÂÚ˘ ‰Úˆ‰‰ Ï·˜˙˙ ̇ ÏËÂ·È ‰Ê ÛÈÚÒ

.‰È˙ÂÈÓ-ÈÏÚ· ÏÏÎ ˙·ÂËÏ ‰¯·Á‰ Ï˘ ‰˙Áψ‰ ÌÂ„È˜Ï ·Ï-ÌÂ˙· ÏÂÚÙÏ Ìȯ¢¯È„‰ ÏÚ

.ÌȘÙ҉ ˙ÂÁ˜ω ,ÌÈ„·ÂÚ‰ Ï˘ ÌÈÏÂ˜È˘‰ ˙‡ Ì‚ Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„‰ ÏÚ ÂÊ ˙¯‚ÒÓ·,ÌÈ˘Â ,ÌÈ„·ÂÚ Z ÌȯÁ‡‰ ÌÈӯ‚‰Â ,‰¯·Á‰ ÈÙÏÎ ‡È‰ ‰·ÂÁ‰ ÈÎ ,˙¢¯ÂÙÓ ‰¯È‰·Ó ‰Úˆ‰‰Gower & Davies, :‰Ê ÔÈÈÚÏ Â‡¯ .Ìȯ¢¯È„‰ „‚ ‰ÚÈ·˙ ˘È‚‰Ï ÌÈÏÂÎÈ Ìȇ Z ÌȘÙÒ˙‡ˆÂÓ ‡È‰Â ‰Ï˘ÓÓ‰ È„È-ÏÚ ‰Ï·˜˙‰ ‰¯ÂÓ‡‰ ‰Úˆ‰‰ .supra note 12, at p. 377y378Modernising Company Law — Draft Clauses, Z ËÓϯÙÏ ‰˘‚‰˘ ˜ÂÁ ˙Úˆ‰· ÈÂËÈ·Presented to Parliament by the Secretary of State for Trade and Industry (2002) CM

.5553-II Schedule2 s. 2123Z. Cohen “Directors’ Negligence Liability to Creditors: :‡¯ ,ÂÊ ‰È‚ÂÒ ÏÚ ‰·Á¯‰Ï

A Comparative and Critical View” 26 The Journal of Corporation Law (2001) 351,376y389

124Credit Lyonnais Bank Nederland, N.V. v. Pathe Communications Corp., Ï˘ ÔÈ„‰ ˜ÒÙ·.1991 Del. Ch., reprinted in 17 Del. J. Corp. L. 1099, 1155 (1992)

125J.C. Coffee “Court Has a New Idea on Directors’ Duty” National L. J. (1992) 18 :Ì‚ ‡¯

116

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙ÂÈ·ÈÈÁ˙‰ Û„ÂÚ Ï˘ ‰¯˜Ó· ÔÂÚ¯ÈÙ ˙Ï„ÁÏ ˙·˘Á ‰¯·Á‰ ÂÈÙÏ˘ ,ÈÊ‡Ó ÔÂÚ¯ÈÙ˙ÚÈ·˜ Í¯ÂˆÏ ÌÈÈ˷ϯΠÌÈÁ·Ó‰ È˘· ‰¯ÈΉ Delaware-· ‰˜ÈÒÙ‰ .126ÌÈÒÎ ÏÚ˙ÂÏ„Á Ï˘ ‰Ê ÔÁ·Ó ˙¯ÈÁ·˘ ÍÎÏ ¯Ú ‰È‰ Delaware-· ËÙ˘Ó‰ ˙È· .127ÔÂÚ¯ÈÙ ˙ÂÏ„ÁÌȯ¢¯È„‰ ÏÚ ‰˘˜Ó ˜Â¯ÈÙÏ ÌÈÎÈω ˙ÁÈ˙Ù Ï˘ ÈÎˉ ÔÁ·Ó‰ ̘ӷ ÔÂÚ¯ÈÙÂÊ Í¯„· ËÂ˜Ï ÛÈ„Ú‰ ËÙ˘Ó‰ ˙È· Ìχ ,128¯Â¯·Â ÈÚÓ˘Ó-„Á Âȇ ‰Ê ÔÁ·Ó˘ Íη

:Âȯ·„Ï .˙ÈËÙ˘Ó ˙ÂÈÈ„Ó Ï˘ ÌÈÓÚËÓ

“While it is true... that defining the exception as arising when statutoryproceedings have begun would give directors a clear and objectiveindication as to when their duties to creditors arise, there are otherpolicy concerns which suggest that I interpret the insolvency exceptionto arise when insolvency exists in fact. That is, it is efficient and fairto cause the insolvency exception to arise at the moment of insolvencyin fact rather than waiting for the institution of statutory proceedings...The existence of the fiduciary duties at the moment of insolvency maycause directors to choose a course of action that best serves the entirecorporate enterprise rather than any single group interested in thecorporation at a point in time when shareholders’ wishes should notbe the directors only concern. Furthermore, the existence of the dutiesat the moment of insolvency rather than the institution of statutoryproceedings prevents creditors from having to prophesy when directorsare entering into transactions that would render the entity insolventand improperly prejudice creditors’ interests”129.

126Bankruptcy Code, :·"‰¯‡· Ì‚ ¢‰ .7.24ß (Ò"˘˙) ˙¯·Á ˜Â¯ÈÙ ,ԉΠ'ˆ ‰Ê ÔÈÈÚÏ Â‡¯.§101 (32)

127“An :Geyer v. Ingersoll Publications Co. 621 A. 2d 784, 789 (1992) ÔÈÈÚ· Ú·˜ ÍÎentity is insolvent when it is unable to pay its debts as they fall due to the usualcourse of business... That is, an entity is insolvent when it has liabilities in excess of̉·˘ Ìȯ˜Ó È·‚Ï ˙¯¯ÂÚ˙Ó ˙„ÁÂÈÓ ‰Ï‡˘ .a reasonable market value of assets held”‰¯·Á‰ ‰Ï‡ ˙ÂÚÈ·˙ ‡ÏÏ ¯˘‡Î ,‰¯·Á‰ ˜Â¯ÈÙ ¯Á‡Ï ‰ÁÓˆ˙˘ ˙ÂÚÈ·˙Ï ‰ÈÈÙȈ ˙ÓÈȘ‰Ï‡˘ .‰¯·Á‰ Ï˘ ÌȯˆÂÓ· Ì‚Ù ÔÈ‚· ¯¯ÂÚ˙‰Ï ˙ÂÏÂÏÚ˘ ˙ÂÈ„È˙Ú ˙ÂÚÈ·˙ Ô‚Π,˙ÈË·ÏÂÒA.E. Conaway Stilson “Reexamining :‡¯ ÂÊ ‰Ï‡˘· ÔÂÈ„Ï .‰Ê ¯Ó‡Ó ˙¯‚ÒÓÓ ˙‚¯ÂÁ ÂÊthe Fiduciary Paradigm at Corporate Insolvency and Dissolution: Defining Directors’

.Duties to Creditors” 20 Delaware J.of Corporate L. (1995) 1128V. Finch “Directors’ Duties towards :Ì‚ ‡¯ ,ÔÂÚ¯ÈÙ‰ ˙ÂÏ„Á ˙ÚÈ·˜· ͯΉ È˘Â˜Ï

Creditors” 10 The Company Lawyer (1989) 23, 24; J.C. Lipson “Directors’ Duties toCreditors: Power Imbalance and the Financially Distressed Corporation” 50 UCLA

.L.Rev. (2003) 1189, 1211y1212129.Ibid, at p. 789

117

ԉΠ‰¯ÂÙˆ

‰¯·Á‰ Ï˘ ÌÈ˘Â ÈÙÏÎ ˙È˘È‡ ˙ÂȯÁ‡Ï ÔÂÎÈÒ· Ìȯ¢¯È„‰ ˙‡ ‰„ÈÓÚÓ ÂÊ ‰Îω‰Ó ‰Ï‡˘‰ ÏÚ ‰˜ÈÒÙ· ‰·Â˘˙ Ôȇ .130ÌÈÈÒÈÙ ÌÈÈ˘˜· ˙‡ˆÓ ‰¯·Á‰˘ ‰¯˜Ó ÏηÔÁ·Ó· ‰˘Ó˙˘‰ ‰˜ÈÒÙ‰˘ ÔÂÂÈÎ .“the vicinity of insolvency” ÈÂËÈ·‰ ˙ÂÚÓ˘ÓÚ·˜Ï È„Î ÌÈȇ·˘Á ÌÈÏη ¯ÊÚÈ‰Ï Ô˙È˘ ȯ‰ ,ÔÂÚ¯ÈÙ ˙ÂÏ„Á ˙ÚÈ·˜Ï ȇ·˘Á‰˙‡ ÒÈÎ‰Ï Ô˙È˘ ÔÙ‡· ,ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘ ·ˆÓÏ ˙·¯˜˙Ó ‰¯·Á‰ È˙Ó Ì‚“vicinity of-‰ ˙ÚÈ·˜ Í¯ÂˆÏ ¯ÊÚÈ‰Ï Ô˙È . 131 “vicinity of insolvency” Ï˘ ¯„‚ÏÏ„ÂÓ‰ ÂÓÎ ,‰¯·Á Ï˘ ÔÂÚ¯ÈÙ‰ ˙ÂÏ„Á ÈÂÊÈÁ Í¯ÂˆÏ ÂÁ˙ÂÙ˘ ÌÈÏ„ÂÓ· insolvency”.133ÌÈȯÈÙÓ‡ Ìȯ˜ÁÓ ˙ÂÚˆÓ‡· ȇ¯ Ï„ÂÓÎ ÁΉ˘ , 132 Edward Altman Á˙ÈÙ˘

Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„‰ ÏÚ˘ Íη ‰¯ÈÎÓ ‰˘„Á‰ ˙ÈÏ‚‡‰ ‰˜ÈÒÙ‰ Ì‚Ï˘ ·ˆÓÏ ÚÈ‚‰Ï ˙„ÓÂÚ Â‡ ˙‡ˆÓ ‰¯·Á‰ ¯˘‡Î ÌÈ˘Â‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡˙¯·Ú‰ Û˜˙Ï ÌÈ˘ÂÏ ˙¯˘Ù‡ Ô˙Ó· ‡È‰ ÂÊ ‰˜ÈÒÙ Ï˘ ˙Â·È˘Á‰ .134ÔÂÚ¯ÈÙ ˙ÂÏ„ÁÌÈ„ÚÒ ÌÈ˘ÂÏ ÌÈ˜Ó ˜Â¯ÈÙ‰ ÈÈ„ ÈÎ ¯ÂÎÊÏ ˘È ,Ìχ ,135˜Â¯ÈÙÏ ÍÂÓÒ Âڈ·˘ ÌÈÒÎÏÚ ÌȘÏÂÁ‰ ˘È ÔÎ ÏÚ ,136‰ÏÂÒÙ ÌÈÒÎ ˙¯·Ú‰ Ï˘ ‰Ï‡Î Ìȯ˜Ó· ÌÈȯÂËÂËËÒÏ˘ Ì˙·ÂÁ ‰¯Î‰ ˙¯Á‡ common-law ˙ÂÈ„Ó· Ì‚ .137‰˘È„Á‰ ‰˜ÈÒÙ· ͯˆ‰·ˆÓÏ ‰ÚÈ‚Ó ‰¯·Á‰ ¯˘‡Î ,ÌÈ˘Â‰ Ï˘ ÌÈÒ¯Ëȇ‰ ˙‡ Ô·˘Á· ˙Á˜Ï Ìȯ¢¯È„‰

.138ÔÂÚ¯ÈÙ ˙ÂÏ„Á Ï˘

130˘È˘ ,“vicinity of insolvency”- “insolvency” Ï˘ ÌÈÓÂÓÚ ÌÈÁÂÓ· ˘ÂÓÈ˘‰ ÏÚ ˙¯Â˜È·Ï˙ÂÈÓ‰ ÈÏÚ·Ó Ì‰È˙·ÂÁ ˙¯·ÂÚ È˙Ó Ú·˜Ï ˙ÏÂÎȉ ˙‡ Ìȯ¢¯È„‰Ó ÏÂÏ˘Ï È„Î Ì‰·B. Nicholson “Recent Delaware Case Law Regarding Director’s Duties to :‡¯ ,ÌÈ˘ÂÏBondholders” 19 Delaware J.of Corporate L. (1994) 573, 591; Ramesh K.S. Rao, D.Simon Sokolow & D. White “Fiduciary Duty a la Lyonnais: An Economic Perspectiveon Corporate Governance in a Financially-Distressed Firm” The J.of Corporation L.

.(1996) 53, 64y66131.Jelisavcic, supra note 86, at p. 164 :‰Ê ÔÈÈÚÏ Â‡¯132Jelisavcic, Ï˘ ¯Ӈӷ ÌÈ˯ÂÙÓ‰ ,ÌÈ¯Ó‡Ó Ï˘ ‰Î¯‡ ‰¯Â˘· Altman È„È-ÏÚ Á˙ÂÙ ‰Ê Ï„ÂÓ

.Jelisavcic, ibid, at pp. 170y172 :‡¯ ,Ï„ÂÓ‰ Ï˘ ˙È˙ȈÓ˙ ‰¯È˜ÒÏ ibid, at f.n. 166133J. Scott “The Probability of Bankruptcy: A Comparison of Empirical Predications and

Ï„ÂÓ· ÌÈÎÓÂ˙˘ ÌÈÙÒ Ìȯ˜ÁÓÏ .Theoretical Models” 5 J. Banking & Fin. 317 (1981)ÌȯӇӉ ‰Ê ÔÈÈÚÏ Â‡¯ .˙¯Â˜È·Ï ‰ÎÊ Ì‚ Ï„ÂÓ‰ .Jelisavcic, ibid, at p. 168 ‡¯ ,¯ÂÓ‡‰

.Jelisavcic, ibid, at p. 168, f.n. 173 Ï˘ ¯Ӈӷ Ìȇ·ÂÓ‰134West Mercia Safetywear Ltd. v. Dodd [1988] BCLC 250 (C.A.); Official Receiver v.

Stern (No 2) [2002] 1 BCLC 119, 129; Colin Gwyer & Associates Ltd. V. London Wharf.(Limehouse) Ltd. [2003] 2 BCLC 153, 178 (Ch.D.)

135Gower & Davies, supra note 12, at p. 373136Z ‰Ù„Ú‰ ·˜Ú ‡ Èχȯ‰Ó ÍÂÓ È¢· ˜Â¯ÈÙÏ ÂÓ„˜˘ ˙‡˜ÒÚ ÏÂËÈ· ¯˘Ù‡Ó ÈÏ‚‡‰ ˜ÂÁ‰

‰¯Ú‰ ÏÈÚÏ ,ԉΠ:‡¯ ,˜Â¯ÈÙÏ ÂÓ„˜˘ ˙‡˜ÒÚ ÏÂËÈ·Ï .Insolvency Act, 1986, s. 238y241.455y404 'Ú· ,126

137L. S. Sealy “Directors’ Duties — An Unnecessary Gloss” [1988] C.L.J. 175138;Nicholson v. Permakraft (NZ) Ltd. [1985] 1 N.Z.L.R. 242 :„ÏÈÊ-ÂÈ· ˜ÒÙ ÍÎ

.Kinsela v. Russel Kinsela Pty Ltd. 10 ACLR 395 (1986) :‰ÈϯËÒ‡·

118

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

˙ÂȯÁ‡‰ ˙ÏÂÁ˙ Í¯ÂˆÏ ˙ÂÈË·ÏÂÒ‰ ¯ÒÂÁ „ÚÂÓ ˙‡ Ú·˜Ï È˘Â˜‰ ÔÓ ÚÓÈ‰Ï È„Î‡ Ú„È ¯Â˘¯È„‰˘ Ìȯ˜ÓÏ ˜¯ ˙ÂȯÁ‡‰ ˙‡ ÏÈ·‚‰Ï ÌÂ˜Ó ˘È ,139Ìȯ¢¯È„‰ Ï˘

.140ÔÂÚ¯ÈÙ ˙Ï„ÁÏ ÍÂÙ‰Ï ˙„ÓÂÚ Â‡ ÔÂÚ¯ÈÙ ˙Ï„Á ‰¯·Á‰˘ ˙Ú„Ï ‰È‰ Íȯˆ˙ÒÒÂ·Ó ˜Â¯ÈÙ ÔÓÊ· ‰¯˘Ó ȇ˘Â „‚ ÌÈ˘Â ˙ÂÈÓ ÈÏÚ· Ï˘ ‰ÚÈ·˙‰ ˙¯˘Ù‡

.ÔÏ‰Ï ¯‡Â·ÓÎ ,˙ÂȯÂËÂËËÒ ˙‡¯Â‰ ÏÚÌÈÂÓ‡ ˙·ÂÁ ˙¯Ù‰ ÔÈ‚· ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ˙ÂȯÁ‡· ¯ÈÎ‰Ï ˘È¯˘‡Î Ô‚Π,ÌÈÂÓ‡ ˙·ÂÁ ̉È˙·˜Ú· ‰¯ˆÂ˘ ‰Ï‡Î Âȉ ̉ÈÈ· ÌÈÒÁȉ ¯˘‡Î ˜¯¯ÎÂ˙ ,ÔÎ ÂÓÎ .Ì‰Ï˘ ÌÈÓ‡Ï Â‡ ÌÈÁÂÏ˘Ï Ìȯ¢¯È„‰ ˙‡ ÂÈÓ ˙ÂÈÓ‰ ÈÏÚ·˙·Á· ¯ÈÎÓ ˜ÂÁ‰ ¯˘‡Î ÌÈ˘Â ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ˙È˘È‡ ˙ÂȯÁ‡¯·ÚÓ ,ÌÈȈÈÁ ÌÈӯ‚ ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ˙È˘È‡ ‰·ÂÁ ˙¯ˆÂÈ˘ ˜ÂÁ ˙‡¯Â‰ .141ÂÊΘÂÁ· ÂÊÎ ‰ÚÈ·˙Ï È¯˘Ù‡ ÒÈÒ· .ÂÏ ‰ˆÂÁÓ Ô‰Â ÂÓˆÚ ˙¯·Á‰ ˜ÂÁ· Ô‰ ˙‡ˆÓ ,‰¯·Áω¯·Á Ï˘ ÔÂȯ¢¯È„ ÏÚ ˙·Á ÏÈËÓ‰ ,˙¯·Á‰ ˜ÂÁÏ 315 ÛÈÚÒ· ‡ÂˆÓÏ Ô˙È ˙¯·Á‰˙¯·Á‰ Ï˘ ÈÙÒΉ Ô·ˆÓÏ ·Ï ÌÈ˘· ,Ú·˜Ï ÔÂ„Ï ,‚ÂÊÈÓ ¯˘‡Ï ̇ Ï˜Â˘‰ ,˙‚ÊÓ˙Ó‰¯·Á‰ Ï˘ ‰˙ÏÂÎÈ· ‰È‰È ‡Ï ‚ÂÊÈÓ‰ ·˜Ú˘ ¯È·Ò ˘˘Á Â˙Ú„Ï ÌÈȘ ̇ ,˙‚ÊÓ˙Ó‰,‰¯·Á‰ È˘Â ÏÚ Ô‚‰Ï ‰„Ú ÂÊ ‰‡¯Â‰ .‰È˘ÂÏ ‰¯·Á‰ ˙ÂÈ·ÈÈÁ˙‰ ˙‡ ÌÈÈ˜Ï ˙ËϘ‰˙ÏÂÂÚ ÏÚ ÒÒ·˙‰· Ô‰ ‰ÚÈ·˙ ˙ÏÈÚ ÌÈÚ‚Ù‰ ÌÈ˘ÂÏ ÁÈÓˆ‰Ï ‰ÈÂ˘Ú ‰˙¯Ù‰ ÔÎ ÏÚÂ

.143‰˜Â˜Á ‰·ÂÁ ˙¯Ù‰ Ï˘ ‰ÏÂÂÚ‰ ÏÚ ÒÒ·˙‰· ԉ 142˙ÂÏ˘¯‰ÛÈÚÒÓ ÁÂÎÓ ˘Î¯ ˙Úˆ‰ Ï˘ ‰¯˜Ó· ˙ÂÈÓ ÈÏÚ·Ï ˙ȘÂÓ ˙È˘È‡ ‰ÚÈ·˙ ˙ÂÎʉ˜Â˜Á ‰·ÂÁ ˙¯Ù‰ ‡È‰ ‰Ê ˜¯Ù ˙‡¯Â‰ ˙¯Ù‰" ÈΠڷ˜˘ ˙¯·Á‰ ˜ÂÁÏ (‚) 333

."‰¯·Á· ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ˙‡¯Â‰ ÌÈȈÈÁ ÌȘÂÁ· Ì‚ ˙ÂÏÂÏÎ ˙¯·Á‰ ˜ÂÁ· ˙¯ÂÓ‡‰ ˙‡¯Â‰Ï ÛÒ·.ÌÈ˘Â ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ ‰¯·Á· ‰¯˘Ó ȇ˘Â ÏÚ ˙È˘È‡ ˙ÂȯÁ‡ ˙ÏËÂÓ ÔÁÂÎÓ˘‰¯˘Ó ȇ˘Â „‚ ‰ÚÈ·˙ ˙ÂÎÊ ÌÈ˘ÂÏ ˙ÂÈÓ ÈÏÚ·Ï ˙Â˜Ó˘ ,˙·¢Á ˜ÂÁ ˙‡¯Â‰˙ÂÏ·‚ÂÓ ‰Ï‡ ˙‡¯Â‰ .144˙¯·Á‰ ˙„˜ÙÏ 374- 373 ÌÈÙÈÚÒ· ˙ÂÏÂÏÎ ,‰¯·Á·È‡˘Â „‚ ‰ÚÈ·˙ ˘È‚‰Ï ÌÈ˘ÂÏ ˙ÂÈÓ‰ ÈÏÚ·Ï ˙¯˘Ù‡Ó ԉ ˜Â¯ÈÙ Ï˘ ÌÈ·ˆÓÏ

139L.U. Davis, M.B. McCullough, E. P. McNulty & R.W. Schuler :Ì‚ ‡¯ ‰Ê È˘Â˜Ï“Corporate Reorganization in the 1990s: Guiding Directors of Troubled Corporations

.Through Uncertain Territory” 47 Bus. L. (1991) 1,3y4140Re Horsley and Weight Ltd. [1982] 3 All E.R. ÔÈÈÚ· ÈÏ‚‡‰ ËÙ˘Ó‰ ˙È· Ì‚ ˜ÒÙ ÍÎ

Nicholson v. Permakraft (NZ) Ltd. ÔÈÈÚ· È„ÏÈÊ-Âȉ ËÙ˘Ó‰ ˙È· ÂÈ˙·˜Ú·Â ;1045S. R. McDonnell “Geyer v. Ingersoll Publicatioms Co.: :Ì‚ ‡¯ .[1985] 1 N.Z.L.R. 242Insolvency Shifts Directors’ Burden from Shareholders to Creditors” 19 Delaware J. of

.Corporate L. (1994) 177, 208141.˙È˘È‡ ‰·ÂÁ· ‡Ï‡ ,ÌÈÂÓ‡ ˙·ÂÁ· ¯·Â„Ó Ôȇ142.ÔȘÈʉ ˙„˜ÙÏ 36y35 ÌÈÙÈÚÒ143.ÔȘÈʉ ˙„˜ÙÏ 63 ÛÈÚÒ144.776y725 'ÓÚ· ,126 ‰¯Ú‰ ÏÈÚÏ ,ԉΠ:‡¯ ‰Ï‡ ˙‡¯Â‰· ÔÂÈ„Ï

119

ԉΠ‰¯ÂÙˆ

ȘÒÚ Ï‰ÈÏ Ï·‚ÂÓ 373 ÛÈÚÒ .‰¯·Á‰ ÈÙÏÎ Ì‰Ï˘ ‰·ÂÁ ˙¯Ù‰ ÔÈ‚· ‰¯·Á· ‰¯˘Ó˙·Á· ԇΠ¯·Â„Ó Ôȇ .‰·ÂÁ ˙¯Ù‰ ÏÎÏ ÒÁÈÈ˙Ó 374 ÛÈÚÒ ÂÏȇ ,˙ÈÓ¯˙ Èί„· ‰¯·Á‰˜Â¯ÈÙ ÔÓÊ· Ú·˙Ï ‰Ï‡ ÌÈÓ¯Â‚Ï ÁÂÎ Ô˙Ó· ‡Ï‡ ,ÌÈ˘Â‰Â ˙ÂÈÓ‰ ÈÏÚ· ÈÙÏÎ ˙È˘È‡

.‰¯·Á‰ ÈÙÏÎ ‰¯˘Ó‰ ȇ˘Â Ï˘ ‰·ÂÁ ˙¯Ù‰ ÔÈ‚·‰˜Ú‰ Ìȯ¢¯È„ „‚ ˙È˘È‡ ‰ÚÈ·˙ ˘È‚‰Ï ÌÈ˘Â ˙ÂÈÓ ÈÏÚ· Ï˘ ˙¯˘Ù‡˙ÂÎÊ .145ÛȘ˘˙· ‰ÚËÓ Ë¯Ù Ï˘ ÂÓÂȘ Ï˘ ‰¯˜Ó· Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 31 ÛÈÚÒ ÁÂÎÓ˘Î¯ ‡ ¯ÎÓ˘ ÈÓ ÚȈӉ ÔÓ Í¯Ú ˙¯ÈÈ ˘Î¯˘ ÈÓ ÏÎÏ ÛÈÚÒ‰ ÈÙ-ÏÚ ˙ȘÂÓ ‰ÚÈ·˙‰.‰ÚËÓ‰ ˯ى Ï˘ ÂÓÂȘ ·˜Ú ˜ÂÊÈ ‰Ï ‰ˆÂÁÓ Â‡ ‰Ò¯Â·· ¯ÁÒÓ‰ È„Î ÍÂ˙ Í¯Ú ˙¯ÈÈÈÏÚ· ÌÈ˘Â Ô‰Â ,¯Â·ÈˆÏ ˙ÂÈÓ ˙Úˆ‰ Ï˘ ‰¯˜Ó· ,˙ÂÈÓ ÈÏÚ· Ô‰ ÌÈÏÂÏÎ ÂÊ ˙¯‚ÒÓ·˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ÏÎÂÈ ¯Â˘¯È„ .¯Â·ÈˆÏ ·ÂÁ ˙¯‚‡ ˙Úˆ‰ Ï˘ ‰¯˜Ó· ,·ÂÁ ˙¯‚‡Ë¯Ù ‰È‰È ‡Ï˘ ÁÈË·‰Ï È„Î ÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏΠ˘" ÈÎ ÁÈÎÂÈ Ì‡ ˜¯ ‰Ê ‰¯˜Ó·Ô‰ ,ÏÏΠͯ„· ‰¯˘Ó ȇ˘Â ÏÚ ˙ÏËÂÓ˘ ÂÊÓ ‰¯ÂÓÁ ÂÊ ˙ÂȯÁ‡ .146"ÛȘ˘˙· ‰ÚËÓ˙·ÂÁ ۘȉ· ԉ Â˙ÂȯÁ‡ ¯„Úȉ ˙‡ ÁÈÎÂ‰Ï ‰ÁΉ‰ ÏË ÏËÂÓ ¯Â˘¯È„‰ ÏÚ˘ ÍηÌÈÚˆÓ‡‰ ÏÎ ˙‡ ˘ ÈÎ ÁÈÎÂ‰Ï ÂÈÏÚ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï È„Î .ÂÈÏÚ ˙ÏËÂÓ‰ ˙¯ȉʉ

.147ÌÈ¯È·Ò ÌÈÚˆÓ‡ ˙ËȘ· È„ ‡Ï ,ÌÈ˙‡‰Ï"ÎÓ Ìȯ¢¯È„ „‚ ‰ÚÈ·˙ ˙ÏÈÚ Í¯Ú ˙¯ÈÈ È˜ÈÊÁÓÏ ‰˜Ó˘ ˙ÙÒ ‰‡¯Â‰˜Ê ÔÈ‚· ˙ÂȯÁ‡ ̉ÈÏÚ ˙ÏËÂÓ ÂÁÂÎÓ˘ ,Í¯Ú ˙¯ÈÈ ˜ÂÁÏ ‡È 52 ÛÈÚÒ· ‰ÏÂÏÎ˙¯ÈÈ ˜ÂÁ Ï˘ ‰‡¯Â‰ ¯Ù‰ ˜ÈÙÓ‰˘ ÍÎÓ ‰‡ˆÂ˙Î Í¯Ú ˙¯ÈÈ· ˜ÈÊÁÓÏ Ì¯‚˘ÏÚ ‰·ÂÁ ‰ÏÁ ‰ÈÙÏ˘ ˙ÂÓ‡‰ ¯Ë˘ Ï˘ ‰‡¯Â‰ ‡ ÂÈÙÏ Â˜˙‰˘ ˙˜˙ ‡ ͯÚÏÂÎÈ ‰Ê ‰¯˜Ó· Ì‚ .˜ÈÙ‰˘ ˙·ÈÈÁ˙‰ ˙„ÂÚ˙· ÌȘÈÊÁÓÏ ÔÓ‡‰ ÈÙÏÎ ˜ÈÙӉȄΠÌÈ˙‡‰ ÌÈÚˆÓ‡‰ ÏÎ ˙‡ ˘˘ ÁÈÎÂÈ Ì‡ ˙ÂȯÁ‡Ó ¯¯Á˙˘‰Ï ‰¯˘Ó‰ ‡˘ÂÏÂÎÈ ‡Ï ‡ ‰ÈÏÚ ˙Ú„Ï ÂÈÏÚ ‰È‰ ‡Ï ‰¯Ù‰ ¯·„ ˙‡ Ú„È ‡Ï˘ ‡ 148‰¯Ù‰‰ ˙‡ ÚÂÓÏ

.149‰ÈÏÚ ˙Ú„Ï ‰È‰ÔÈ‚· ÌÈ˘Â ˙ÂÈÓ ÈÏÚ· ÈÙÏÎ Ìȇ¯Á‡ ˙ÂÈ‰Ï ÌÈÈÂ˘Ú Ìȯ¢¯È„ ,ÍÎÏ ÛÒ·ڈ·Ó Ï˘ ˙È˘È‡ ˙ÂȯÁ‡ ÂÈ˙·˜Ú· ¯¯Â‚ ‰ÏÂÂÚ Úˆȷ .̉ÈÙÏÎ ˙ÂÏÂÂÚ ÚÂˆÈ·Ï˘ Ô‚¯Â‡Î „ȘÙ˙ ˙¯‚ÒÓ· ‰¯˘Ó‰ ‡˘Â È„È-ÏÚ ‰ÚˆÂ· ‰ÏÂÂÚ‰ ¯˘‡Î Ì‚ ,‰ÏÂÂÚ‰

.151¯Á‡ ̘ӷ È˙·Á¯‰ ÂÊ ˙ÂȯÁ‡ ÏÚ .150‰¯·Á‰

145ÛÈÚÒ ˙ÙÒ‰ È„È-ÏÚ Í¯Ú-˙¯ÈÈ ˜ÂÁ ÈÙ-ÏÚ Ìȯ¢¯È„‰ Ï˘ ˙ÂȯÁ‡‰ ˙‡ ·ÈÁ¯‰Ï ‰ÂÂÎ ˙ÓÈȘÛË¢ ÁÂÂÈ„· ‰ÚËÓ Ë¯Ù ÔÈ‚· Ì‚ Ìȯ¢¯È„‰ ÏÚ ˙ÂȯÁ‡ ÏËÂ˙ ÂÈÙÏ˘ ,Í¯Ú ˙¯ÈÈ ˜ÂÁÏ ‚38

.2002y·"Ò˘˙‰ ,(23 'ÒÓ Ô˜È˙) ͯÚ-˙¯ÈÈ ˜ÂÁ ¯ÈÎÊ˙ :‡¯ .ÛȘ˘˙· ˜¯ ‡ÏÂ146.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ 33 ÛÈÚÒ147.410y397 (‡"˘˙) ˙ÂÙ¯˙ ‰ÚÈ·˙ ˙ÂÈÂÎÊ Z ‰¯·Á· ˙ÂÈÓ ÈÏÚ· ԉΠ'ˆ148.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (1)‚È52 ÛÈÚÒ149.Í¯Ú ˙¯ÈÈ ˜ÂÁÏ (2)‚È52 ÛÈÚÒ150.ÂÊ ‰¯Ú‰Ï ÍÂÓÒ· ËҘˉ 113 ‰¯Ú‰ ÏÈÚÏ Â‡¯151Cohen, supra note 121

120

‰˜ÈÒÙ· ˙ÂÁ˙Ù˙‰ ÈÂÂÈÎ Z ‰¯·Á· ‰¯˘Ó ȇ˘Â ˙ÂȯÁ‡

¯·„ ÛÂÒ .‰

Ìȯ¢¯È„‰ È„È· „˜ÙÂÓ‰ ·¯‰ ÁÂΉ ÏÚ (ʇ ¯‡Â˙Î) ˜¯· ËÙ¢‰ „ÓÂÚ ÈÂÒ˜ ÔÈÈÚ·,˜ÙÒ Ôȇ .152"˙¯˜Ù‰Ï ÏÂ˘Ó ˙ÂȯÁ‡ ‡ÏÏ ÁÂÎ" Z ‰Ú¯Ï ‰Ê ÁÂÎ ÏÂˆÈ Ï˘ ˘˘Á‰Â.̉ÈÏÚ ˙ÂȯÁ‡ ˙Ïˉ ˙ÂÚˆÓ‡· ‰¯˘Ó‰ ȇ˘Â È„È· „˜ÙÂÓ‰ ÁÂΉ ˙‡ ÔÒ¯Ï ˘È ÈΉ˜ÈÒÙ‰ .˙ÏËÂÓ ‡È‰ ÈÓ ÈÙÏΠÂÊ ˙ÂȯÁ‡ Ï˘ ‰Ù˜È‰ ‰Ó Ô‰ ˙¢˜·˙Ó‰ ˙Âχ˘‰È˘ .‰¯·Á· ‰¯˘Ó ȇ˘Â ÏÚ ˙ÂȯÁ‡ ˙Ïˉ· ‰¯ÓÁ‰ Ï˘ ÔÂÂÈÎ ÏÚ ‰ÚÈ·ˆÓ ‰˘„Á‰ÌÈÈ˘˜‰ ˙‡ ÌÈ˘ÈÁÓÓ Ë˜ ÔÈÈÚ·Â ‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ÌÈ˘„Á‰ ÔÈ„‰ ȘÒÙ˙¯Ù‰ ÔÈ‚· ˙ÂȯÁ‡ Ï˘ ‰ÓÂÈ˜Ï ÌȘ‰ ËÂ˯˘ .ÂÊ ‰ÎÂ·Ò ‰È‚ÂÒ· ˙Âӯ‰ ·ÂˆÈÚ·ÏÙ¯Ú‰ ˙‡ ¯ÊÙÏ È„Î Â· Ôȇ ,‰˜È¯Ó‡ ÔÂÙˆ ˜· ÔÈÈÚ· ‰˘Ú˘ ÈÙÎ ,˙Â¯È‰Ê ˙·ÂÁ‡Â‰ ˙ÂÏ˘¯‰ ˙ÏÂÂÚ Ï˘ ‰ÒÈÒ·· ·ˆÈ˘ ˙¯ȷ҉ ÔÁ·Ó .˙ÂÏ˘¯‰ ˙ÏÂÂÚ· Ú·ˉ„Ú Û‡˘Ï ˘È .˙ÈËÂÙÈ˘ ˙ÂÈÈ„Ó Ï˘ ÌÈÏÂ˜È˘ ÈÙ-ÏÚ ÔÎÂ˙· ‡ÏÓ˙Ó˘ ÌÂÓÚ ÔÁ·Ó̄ȘÙ˙ ÈÂÏÈÓ· ‰¯˘Ó‰ ȇ˘Â ˙‡ ÂÎȯ„È˘ ˙‚‰˙‰ ÈÏÏÎ ˙ÂÂ˙‰Ï Ô˙È˘ ‰ÓÎ˙Ï·˜ „‚ ÚÈ·ˆÓ‰ ,¯Â˘¯È„ Ï˘ ˙¯ËÙ˙‰‰ ˙·ÂÁ ¯·„· ‰Ï‡˘‰ ˙¯‡˘‰ .‰¯·Á·ÌÚ „Á‡ ‰˜· ‰ÏÂÚ ‰È‡ ‰ÚÓ ‡ÏÏ ,˙ÂȯÁ‡Ó ¯¯Á˘Ï ȇ˙Î ,˙ÈÏ˘¯ ‰ËÏÁ‰ÈÏÚ· ÈÙÏÎ Ìȯ¢¯È„ Ï˘ ÌÈÂÓ‡ ˙·ÂÁ· ‰¯Î‰ È·‚Ï Ì‚ ÌÈÙÈ Ìȯ·„‰ .ÂÊ ˙ÂÈÈ„Ó,˙ÂÈÓ ÈÏÚ· ÈÙÏÎ ÌÈÂÓ‡ ˙·ÂÁ· ‰¯Î‰Ï ÌÂ˜Ó Ôȇ .˘ ÔÈÈÚ· ‰˙˘Ú˘ ÈÙÎ ,˙ÂÈÓ˜ÂÁ ˙‡¯Â‰ ÁÂÎÓ Â‡ ÈÏÏΉ ÔÈ„‰ ÁÂÎÓ ÂÊ ‰·ÂÁ ˙Ïˉ ˙˘˜·˙Ó ÔΠ̇ ‡Ï‡˙·ÂÁ ÔÈ·Ï ˙¯ȉʉ ˙·ÂÁ ÔÈ· ‰Á·‰‰ ÏÚ Ì˙Ú„ ˙˙Ï ËÙ˘Ó‰ È˙· ÏÚ .˙„ÁÂÈӉȇ ÌÈÂÓ‡ ˙·ÂÁ ˙¯Ù‰˘ „ÂÚ· .ÁÂËÈ· ‰ÊÂÁ· ¯˘˜˙‰Ï ¯˙È‰Ï Ú‚Â‰ Ïη ÌÈÂÓ‡‰¯˘Ù‡Ï È„Î .ÁÂËÈ· È„È-ÏÚ ‰ÒÂÎÓ ˙ÂÈ‰Ï ‰ÏÂÎÈ ˙Â¯È‰Ê ˙·ÂÁ ˙¯Ù‰ ,ÁÂËÈ·Ï ˙˙ÈÌÈÂÓ‡‰ ˙·ÂÁ ˙‡ ·ÈÁ¯‰Ï ‡Ï˘ ȇ¯ ,Ì‰Ï Ì¯‚˘ ˜Ê‰ ÏÚ ÈˆÈÙ Ï·˜Ï ÌȘÂÊÈÏ

.ÔÈ„‰ ÁÂÎÓ ·ÈÈÁ˙ÓÏ ¯·ÚÓ ‰¯˘Ó‰ ȇ˘Â Ï˘

152.277 'Ú· ,11 ‰¯Ú‰ ÏÈÚÏ ,ÈÂÒ˜ ÔÈÈÚ

121