Satzungsautonomie und Ewigkeitsklauseln

The question whether articles of association may be determined immutable by means of so-called perpetuity clauses is of fundamental importance in practice. The thesis addresses this question by illuminating the scope of the principles of private autonomy and statutory autonomy and then discussing the possibility of their abolition by explicit or de facto perpetuity clauses. After the invalidity of perpetuity clauses is established, the legal consequences of such invalidity are elaborated and a reduction of perpetuity clauses to preserve validity is proposed. The thesis provides a comparative overview of the valuation in the different legal forms of corporations and partnerships.