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Lawfulness of the statutory termination clause ad nutum in fixed-term joint-stock companies that do not have recourse to the venture capital market

  • 01/02/2024

The Court of Cassation, Sec. I, in its judgment No. 2629 of 29 January 2024, ruled that, in a joint-stock company with a fixed term, which does not have recourse to the venture capital market, a clause that, pursuant to Article 2437 of the Civil Code, provides for the right of shareholders to withdraw from the company ad nutum with a reasonable period of notice as a cause for withdrawal must be deemed lawful.

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