Judgment No. 18891 of 2024: Validity of Statutory Clauses in Limited Liability Companies

The recent ruling No. 18891 of July 10, 2024, by the Court of Cassation offers an important reflection on the validity of statutory clauses in limited liability companies (s.r.l.). In particular, the Court reaffirmed the legitimacy of a clause that obliges a member to sell their share under specific circumstances, without the need for a shareholders' meeting intervention. This principle is of fundamental importance for managing the internal dynamics of s.r.l.s, as it establishes clear boundaries regarding the rights and duties of members.

The Content of the Ruling and Its Implications

The Court examined a case in which the validity of a statutory clause was contested, which required minority members, in the event of termination of their working activity at affiliated companies, to offer their shares for purchase to the other members. The Court decided to uphold the first-instance ruling, stating that such a clause is not comparable to the exclusion hypothesis provided for by Article 2473-bis of the Civil Code, which requires a resolution by the shareholders' meeting.

Limited liability company - Statutory clause - Obligation of the member to sell their share without shareholders' meeting intervention - Validity - Applicability of Article 2473-bis of the Civil Code - Exclusion - Case. In the context of limited liability companies, the statutory clause that identifies a specific situation in which the member is obliged to sell their share of capital in the company without prior expression of will from the meeting is valid and effective, as such a decision cannot be equated to the exclusion hypothesis of Article 2473-bis of the Civil Code, which, albeit not expressly, requires a decision by the members. (In this case, the Supreme Court upheld the contested ruling that had declared valid and effective a clause contained in the bylaws of an s.r.l. that required minority members, upon termination for any reason of their working activity for controlled or affiliated companies, to offer their shares for purchase to the other members.)

This decision is particularly significant as it clarifies that statutory clauses can impose obligations for sale, provided these are clearly defined and do not violate the fundamental rights of the members. Below are some key aspects of the ruling:

  • Clarity of statutory clauses: it is essential that the clauses are drafted clearly and precisely.
  • Protection of minority members: the decision aims to safeguard the rights of minority members, avoiding disadvantageous situations.
  • Distinction between exclusion and obligation to sell: the Court emphasized the difference between the two cases, avoiding confusion in practical applications.

Conclusions

In conclusion, ruling No. 18891 of 2024 represents a step forward in defining the rules that govern limited liability companies. The validity of statutory clauses that impose obligations for sale, in the absence of shareholders' meeting intervention, offers greater flexibility in managing social shares and protects the rights of the members. It is essential for entrepreneurs and legal professionals to pay attention to these provisions to ensure proper and profitable management of the companies.

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