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Replacement of corporate resolutions during the trials set up to get such resolutions declared void

Gloria Millepezzi, Avvocato in Torino

Il presente contributo cercherà di mettere in luce come l’istituto della sostituzione prescritta dall’art. 2377, comma 8, c.c., racchiuda in sé diversi principi ispiratori della riforma del diritto societario introdotta dal d.lgs. 17 gennaio 2003, n. 6, tra cui il favor per la stabilità degli atti societari e per la conservazione degli effetti da questi prodotti nei confronti dei terzi, la prevalenza della tutela risarcitoria rispetto a quella reale, il restringimento delle ipotesi in cui le delibere societarie possono essere annullate.

La sostituzione di delibere societarie nelle more del processo instaurato per il loro annullamento

The paper will shed light on how the institution under article 2377, paragraph 8 of the Italian civil code (i.e. the rectifying process of replacing a potentially invalid company resolution with a valid one) includes several principles that inspired the reform of company law introduced by the legislative decree no. 6, dated 17 January 2003. Among such principles, there are the stability of company acts and the conservation of the effects produced by these acts towards third parties, the prevalence of damage compensation on annulment of company resolutions, the tendency to narrow the number of the possible cases of invalidity, to name but a few.

Keywords: corporate resolutions – annulment – invalid resolutions – resolution replacement – substitution – rectification.

1. Introduction

Article 2377, paragraph 8 of the Italian civil code provides for the so called “substitution of corporate resolutions”: such legal institution belongs to the micro-system of the legal provisions on invalidity of company resolutions (actions for annulment and for nullity), established by articles 2377 et seq. of the civil code. These rules were modified by the reform of company law introduced by the legislative decree no. 6, issued in January, the 17th, 2003.

The instrument of the substitution existed already before the above-mentioned reform, and it has always been at the centre of debates and studies [1]: this is due to the fact that the different ways in which this institution can be applied are expression of different legislative and doctrinal interpretations, as well as of the business tendencies and strategies pursued by the various company bodies.

In particular, the substitution can be a tool used by the company board in order to avoid possible liability actions, but also an instrument at the service of the shareholders, whenever they might come up with different evaluations [continua..]

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