CORPORATE STATUTE OF BANCA DI CREDITO COOPERATIVO DI FORNACETTE
(ESTRATTO DELLO STATUTO DELLA BANCA DI CREDITO COOPERATIVO DI FORNACETTE) - english version
ESTABLISHMENT – NAMING - HEAD OFFICE - TERRITORIAL COMPETENCE - DURATION
Section 1 – Naming
A “società cooperativa per azioni” has been established and named “Banca di credito Cooperativo di Fornacette Società cooperativa per azioni”.
Banca di Credito Cooperativo di Fornacette is a “società cooperativa” based on prevailing mutualit.
Section 2 – Head Office and Territorial Competence
Head office of the Company is placed in municipality of Calcinaia (PI).
Territorial competence, as referred to in auditing provisions, includes territory of above mentioned municipality, all territories of those municipalities where the Company holds its branches and of all neighbouring municipalities too.
Section 3 – Duration
Duration of the Company is set on December 31st, 2050 and may be postponed, from time to time, on resolution of an extraordinary assembly.
Section 4 – Eligibility to membership
Eligibility to membership applies to all natural persons and legal entities, all properly established companies of any kind, which reside and regularly perform their activities in the whole area of territorial competence of the Company.
Regarding those entities different from natural persons, it is mainly taken into account the location of their head office, of their administrative office, of their factories and operating units.
Shareholders must opportunely communicate any occurred change no longer complying with above mentioned requirements.
Shareholders different from natural persons have to designate and write down the name of the person, choosen among all Executive Officers, who will be in charge of representing them all; any alteration in above mentioned nomination shall not be considered valid, until it is formally communicated to the Company itself .
Shareholders' legal representatives, together with all those who are nominated as referred to in above paragraph, have the power to exercise all rights due to everybody who is represented by them, but are not, in that capacity, eligible to hold any office.
Everybody who is burdened by the limitations as referred to in Section 5, that is to say those who have been formerly excluded pursuant to Section 12, cannot be nominated to represent shareholders different from natural persons.
Section 5 – Restrictions about eligibility to membership
Interdicts, together with those who are ineligible or are not in possession of required qualifications, as set forth by Act no.385 September 1st, 1993, and those who went bankrupt, cannot share eligibility to membership.
Moreover, also those who, on resolution of the Board of Directors, are considered defaulting towards the Company or who obliged the latter to go to Court in order to settle performance of obligations towards itself, together with those who are in the conditions as referred to in section 12, paragraph 2, letter D.
Section 6 – Formalities about eligibility to membership
In order to gain membership, the would-be shareholder has to submit to the Board of Directors a written application form filled in with both the number of shares he intends to purchase and all the proper information and declarations as set forth by this Statute, or requested by the Company in general.
The Board of Directors deliberates about the application for eligibility within 90 days from its receipt and, in case of acceptance, once payment of the full amount for purchasing of shares and their related premium has been made and verified, takes immediately care both about notifying to the applicant the resolution for approval and about making a written note of the resolution for approval itself down on the Register of Shareholders.
Membership becomes valid right from this moment on.
No shareholder is allowed to own a number of shares equivalent to a total nominal value exceeding limits established by the Law.