Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Simul stabunt simul cadent clause and corporate control - The 2003 company law reform regulated the so-called “simul stabunt simul cadent” clause, so that it is mainly said that now this clause, after the previous debate in which its validity was discussed, is still allowed. This work aims to open a new debate on the legitimacy of the clause (or, better, its possible declinations) with reasons other than those historically used (and perhaps abused), such as, for example, the (alleged) violation of Article 2383 of the Civil Code. To pursue this objective, the present work also addresses the problem of identifying “who has” the so-called “de facto” control in listed companies in the light of the clause simul stabunt simul cadent.

Sommario: 1. Finalità della clausola. – 2. Sua discussa legittimità nel diritto previgente e fine della discussione con la previsione testuale della stessa. – 3. Ancora sulla legittimità della clausola? o di alcune sue possibili declinazioni? – 4. Il controllo senza revoca degli amministratori. – 5. Il rinnovo parziale con voto di lista. – 6. Considerazioni conclusive.  

Keywords: Simul stabunt simul cadent clause — control — corporate control — appointing directors — removing directors — election of directors.