In matters of corporate arbitration, pursuant to Article 36 of Legislative Decree No. 5/2003, disputes concerning the challenge of corporate bodies’ resolutions must be decided by arbitrators according to law and not according to equity, with the consequence that an award rendered in breach of such requirement is susceptible to annulment for violation of rules of law.
In proceedings on remand following the cassation of a judgment rendered in arbitral award challenge proceedings, the court on remand is bound by the principle of law stated by the Court of Cassation and must proceed to verify the conformity with the law of the decision taken by the arbitrators, subject only to the limit of any supervening law.
In matters of share capital increase in limited liability companies, pursuant to Article 2481-bis, paragraph 4, of the Civil Code, the subscription of a capital increase by means of a contribution in cash is not perfected by the mere expression of will of the member, but also requires the simultaneous payment of at least twenty-five per cent of the portion of capital subscribed within the time limit fixed by the resolution of the general meeting; it follows that failure to make payment within the established time limit renders the subscription declaration ineffective and entitles the management body to declare forfeiture of the related right, without the regime applicable to a defaulting member being applicable.