The regulation of arbitration clauses in articles of association laid down by Article 34, paragraph 6, of Legislative Decree No. 5/2003 – which provides for approval by a majority of two-thirds of the share capital and the right of withdrawal for absent or dissenting shareholders – applies exclusively to clauses referring corporate disputes to institutional arbitration, and does not apply to clauses in the articles of association providing for the reference of such disputes to contractual arbitration (arbitrato irrituale).