# Italian — Corporate / M&A / JV / Resolutions / POA Sub-Lexicon

Unified Italian-to-English mapping covering M&A documents (SPAs, transaction deeds,
disclosure letters), joint ventures (JVAs, SHAs, shareholder loans, consortium and
co-investment agreements), corporate resolutions (board and shareholder resolutions,
minutes, EGMs/OGMs, governance), and powers of attorney / proxies (notarial and
private POAs, apostille/legalisation, meeting proxies).

For substantive English vocabulary and drafting notes, see `references/corporate-ma-jv.md`.

## Core M&A Document Terms

| Italian | English |
|---|---|
| contratto di compravendita di azioni/quote | share purchase agreement (SPA) |
| contratto di compravendita di partecipazioni | share purchase agreement (SPA) |
| cessione di ramo d'azienda | business transfer agreement / going-concern transfer (not an asset purchase in the piecemeal sense: "ramo d'azienda" is a going concern — Art. 2112 CC and Art. 2555 CC) |
| cessione di azienda | transfer of going concern (sale of a complete business undertaking) |
| azienda | business / going concern (Art. 2555 CC: aggregate of assets organised for business purposes; NOT the individual company entity) |
| patto parasociale / patti parasociali | shareholders' agreement (SHA) |
| finanziamento soci | shareholder loan |
| atto di trasferimento | transfer deed / transaction deed |
| lettera di informativa / disclosure letter | disclosure letter |
| dichiarazioni e garanzie del venditore | seller's representations and warranties |
| indennizzo / manleva | indemnity / indemnification |
| clausola di aggiustamento prezzo | price adjustment clause |
| prezzo di acquisto | purchase price |
| corrispettivo | consideration / purchase price (in M&A context this specifically means the price under the acquisition; "consideration" is acceptable here where the common-law doctrine of consideration is engaged) |
| corrispettivo differito | deferred consideration / deferred purchase price |
| conferimenti (in denaro / in natura / in servizi) | contributions (cash / in kind / services) — contributions to share capital (Art. 2342 CC and following) |
| earn-out | earn-out |
| caparra confirmatoria | deposit (Art. 1385 Italian Civil Code — operates as both confirmation of contract and pre-agreed damages for breach) |
| caparra penitenziale | withdrawal deposit (Art. 1386 Italian Civil Code — the price for the contractual right to withdraw) |
| data di esecuzione / closing | completion (UK) / closing (US) |
| data di firma / signing | signing / exchange |
| condizioni sospensive al closing | conditions to completion |
| periodo intermedio / interim period | interim period |
| obblighi nel periodo intermedio | interim covenants |
| clausola MAC | material adverse change clause |
| due diligence | due diligence |
| data room | data room |
| lettera di intenti | letter of intent (LOI) |
| memorandum d'intesa | memorandum of understanding (MOU) |
| offerta vincolante | binding offer |
| offerta non vincolante / indicativa | non-binding offer / indicative offer |

## Price Mechanism (M&A)

| Italian | English |
|---|---|
| locked-box | locked-box pricing |
| meccanismo di completion accounts | completion accounts mechanism |
| posizione finanziaria netta | net financial position / net debt |
| capitale circolante netto | net working capital |
| livello target di capitale circolante | target working capital |
| aggiustamento prezzo | price adjustment |
| esperto indipendente per la determinazione | independent expert for the determination |
| determinazione vincolante | binding determination |
| meccanismo escrow | escrow mechanism |

## Warranty Claim Limitations (M&A)

| Italian | English |
|---|---|
| franchigia (singola) | de minimis (per claim threshold) |
| franchigia aggregata / soglia di rilevanza | basket / threshold |
| franchigia eccedenza ("excess basket") | excess basket / deductible |
| franchigia rovesciamento ("tipping basket") | tipping basket |
| massimale / cap | cap |
| termine di decadenza | time limit / survival period |
| termini di prescrizione contrattuali | contractual limitation periods |
| obblighi di mitigazione | duty to mitigate |
| obbligo di notifica del sinistro | notice of claim obligation |
| terzo pagatore | third-party recovery |

## Escrow and Holdback

| Italian | English |
|---|---|
| conto escrow / conto vincolato | escrow account |
| somma in escrow / importo vincolato | escrow amount |
| escrow agent / agente di garanzia | escrow agent |
| contratto di escrow | escrow agreement |
| holdback (trattenuta) | holdback |
| svincolo dell'escrow | release of escrow |
| somma a copertura indennizzi | indemnity holdback |

## Tax-related M&A Terms (interface)

For substantive tax vocabulary, see `references/taxes.md` and the Italian tax
sub-lexicon `italian-taxes.md`.

| Italian | English |
|---|---|
| garanzie fiscali | tax warranties |
| indennizzo fiscale | tax indemnity / tax covenant |
| periodo d'imposta antecedente al closing | pre-closing tax period |
| periodo d'imposta a cavallo | straddle period |
| neutralità fiscale dell'operazione | tax neutrality of the transaction |
| step-up fiscale | step-up in basis |
| valore di carico fiscale | tax basis |
| perdite fiscali pregresse | tax loss carry-forwards |
| accollo del rischio fiscale | assumption of tax risk |
| affrancamento | tax realignment / tax step-up election |

## SHA and Shareholder Loan Terms

| Italian | English |
|---|---|
| diritto di prelazione | right of first refusal / pre-emption right |
| diritto di prima offerta | right of first offer (ROFO) |
| diritto di co-vendita / tag-along | tag-along right |
| obbligo di co-vendita / drag-along | drag-along right |
| clausola di lock-up | lock-up provision |
| clausola di non concorrenza | non-compete clause |
| divieto di sollecitazione | non-solicitation clause |
| opzione call | call option |
| opzione put | put option |
| stallo / deadlock | deadlock |
| meccanismo di risoluzione dello stallo | deadlock resolution mechanism |
| russian roulette | Russian roulette |
| texas shoot-out | Texas shoot-out |
| mexican shoot-out | Mexican shoot-out |
| clausola di buona uscita / good leaver | good leaver provision |
| clausola di mala uscita / bad leaver | bad leaver provision |
| valore equo / fair value | fair market value |
| finanziamento soci fruttifero | interest-bearing shareholder loan |
| finanziamento soci infruttifero | interest-free shareholder loan |
| postergazione | subordination |
| rimborso del finanziamento soci | repayment of the shareholder loan |
| trasferimento permesso / permitted transferee | permitted transfer / permitted transferee |

## Parties and Roles

| Italian | English |
|---|---|
| venditore / cedente | seller / vendor |
| acquirente / cessionario | buyer / purchaser |
| società target / società obiettivo | target company |
| società acquirente | acquiring company |
| garante (of reps & warranties) | warrantor |
| soggetto indennizzante | indemnifying party |
| soggetto indennizzato | indemnified party |
| amministratore delegato | chief executive officer (CEO) / managing director |
| consiglio di amministrazione | board of directors |
| socio / azionista | shareholder |
| socio di maggioranza | majority shareholder |
| socio di minoranza | minority shareholder |
| titolare effettivo | ultimate beneficial owner (UBO) |

## Transaction Deed Terms

| Italian | English |
|---|---|
| atto di cessione | transfer deed |
| atto notarile di trasferimento | notarial deed of transfer |
| girata azionaria | share transfer (endorsement of share certificates) |
| libro soci | shareholders' register |
| annotazione nel libro soci | entry in the shareholders' register |
| voltura | registration of transfer of title |
| clausola di gradimento | approval clause / consent clause |

## Core JV Terms

| Italian | English |
|---|---|
| contratto di joint venture | joint venture agreement (JVA) |
| accordo consortile | consortium agreement |
| accordo di co-investimento | co-investment agreement |
| accordo di sviluppo congiunto | joint development agreement |
| società veicolo / SPV | special purpose vehicle (SPV) / joint venture company |
| conferimento | contribution (in kind or in cash) |
| conferimento in denaro | cash contribution |
| conferimento in natura | contribution in kind |
| quota di partecipazione | participating interest / equity interest |
| ripartizione degli utili | profit sharing / profit allocation |
| ripartizione delle perdite | loss sharing / loss allocation |
| gestione congiunta | joint management |
| comitato di gestione / steering committee | management committee / steering committee |
| diritto di veto | veto right |
| materie riservate | reserved matters |
| delibera unanime | unanimous resolution |
| delibera a maggioranza qualificata | qualified majority resolution |
| cambio di controllo | change of control |
| recesso | withdrawal / exit |
| scioglimento della joint venture | dissolution of the joint venture |
| liquidazione | winding-up / liquidation |
| esclusione del socio | exclusion of a party |
| inadempimento grave | material breach |
| forza maggiore | force majeure |

## Governance (JV / SHA)

| Italian | English |
|---|---|
| assemblea dei soci | shareholders' meeting / members' meeting |
| amministratore designato | nominated director / appointed director |
| presidente del CdA | chairman of the board |
| diritto di nomina | nomination right / appointment right |
| business plan | business plan |
| piano industriale | business plan (avoid "industrial plan" — calque) |
| budget annuale | annual budget |

Note: `consiglio di amministrazione` and `quorum costitutivo / deliberativo` are defined in the Core M&A Document Terms section above; not duplicated here.

## Contribution and Financial Terms (JV)

| Italian | English |
|---|---|
| impegno di finanziamento | funding commitment |
| versamento in conto capitale | shareholder equity contribution (not forming part of share capital) — reserve irrevocably allocated to capital account; returnable only via capital reduction |
| versamento in conto futuro aumento di capitale | contribution earmarked for future capital increase (returnable if increase not resolved within agreed period) |
| versamento a fondo perduto | non-refundable capital contribution (pure equity injection — Art. 2423 bis CC) |
| conto corrente intersocietario | intercompany current account |
| distribuzione di dividendi | distribution of dividends |
| riserve | reserves |

Note: `finanziamento soci` (shareholder loan) and `capitale sociale` (share capital) are defined in the Core M&A Document Terms section above; not duplicated here.

## Core Corporate Resolution Terms

| Italian | English |
|---|---|
| delibera del consiglio di amministrazione | board resolution / resolution of the board of directors |
| verbale del consiglio di amministrazione | board minutes / minutes of the meeting of the board of directors |
| delibera assembleare | shareholder resolution |
| delibera dell'assemblea dei soci | resolution of the shareholders' meeting |
| verbale dell'assemblea dei soci | minutes of the shareholders' meeting |
| assemblea ordinaria | ordinary general meeting (OGM) |
| assemblea straordinaria | extraordinary general meeting (EGM) |
| delibera scritta / per consultazione scritta | written resolution / resolution by written consent |
| delibera per corrispondenza | circular resolution |
| estratto del verbale | extract of the minutes / certified extract |

## Meeting Procedure Terms

| Italian | English |
|---|---|
| convocazione | notice of meeting / convening notice |
| ordine del giorno | agenda |
| punto all'ordine del giorno | agenda item |
| maggioranza semplice | simple majority |
| maggioranza qualificata | qualified majority / super-majority |
| quorum costitutivo (Art. 2368 CC) | constitutive quorum — minimum attendance required for the meeting to be validly constituted |
| quorum deliberativo (Art. 2368-2369 CC) | deliberative quorum — minimum favourable vote required for a resolution to pass |
| unanimità | unanimity |
| voto favorevole | vote in favour |
| voto contrario | vote against |
| astensione | abstention |
| delega / procura (in assemblea) | proxy |
| delegato / procuratore (in assemblea) | proxy holder |
| presidente dell'assemblea | chairman of the meeting |
| segretario dell'assemblea | secretary of the meeting |
| notaio verbalizzante | notary recording the minutes |
| apertura della seduta | opening of the meeting |
| chiusura della seduta | closure / adjournment of the meeting |
| lettura e approvazione del verbale | reading and approval of the minutes |
| voto palese / voto segreto | open vote / secret ballot |
| voto per alzata di mano | vote by show of hands |

## Corporate Governance Terms

Italian SpA and Srl governance terminology. Note: in Italy's two-tier (dualistico) and monistic (monistico) governance systems, the English equivalents differ — see notes below.

| Italian | English |
|---|---|
| consiglio di amministrazione (CdA) | board of directors (in the traditional one-tier model) |
| consiglio di gestione | management board (in the two-tier "dualistico" model, Arts. 2409-octies et seq. CC) |
| consiglio di sorveglianza | supervisory board (in the two-tier "dualistico" model) |
| comitato per il controllo sulla gestione | management-control committee (in the monistic "monistico" model, Arts. 2409-sexiesdecies et seq. CC) |
| amministratore delegato (AD) | chief executive officer (CEO) / managing director (MD) |
| consigliere delegato | delegated director (a director to whom specific management powers have been delegated, typically via a deed of delegation — Art. 2381 CC) |
| amministratore non esecutivo | non-executive director |
| amministratore indipendente | independent director (Self-Governance Code; mandatory for listed companies) |
| lead independent director | lead independent director (retain English for listed-company corporate governance) |
| vice presidente | vice chairman / deputy chairman |
| amministratore | director |
| collegio sindacale | board of statutory auditors |
| sindaco | statutory auditor |
| revisore legale dei conti | statutory auditor (the individual) |
| società di revisione | audit firm / external auditor (the firm) |
| organo di controllo | supervisory body |
| organismo di vigilanza (OdV) | supervisory body (under Legislative Decree 231/2001) |
| legale rappresentante | legal representative / authorised signatory |
| poteri di firma | signatory powers / signing authority |

Note: `procura speciale / generale / limitata / notarile / irrevocabile / in rem propriam` are consolidated in the dedicated Powers of Attorney section below.

## Substantive Resolution Content

| Italian | English |
|---|---|
| approvazione del bilancio | approval of the financial statements |
| distribuzione degli utili | distribution of profits / dividend distribution |
| copertura delle perdite | coverage of losses |
| aumento di capitale | capital increase / share capital increase |
| riduzione di capitale | capital reduction |
| nomina degli amministratori | appointment of directors |
| revoca degli amministratori | removal of directors |
| conferimento di poteri | granting of powers |
| autorizzazione a compiere operazioni | authorisation to carry out transactions |
| modifica dello statuto | amendment of the articles of association |
| fusione per incorporazione | merger by absorption |
| fusione propria / per unione | merger by formation of a new company |
| scissione totale / parziale | total demerger / partial demerger |
| scioglimento e liquidazione | dissolution and winding-up |
| conferire mandato | to authorise / to empower |
| conferire pieni poteri | to grant full powers |
| ratifica dell'operato | ratification of actions taken |

## Standard Minutes Formulae

| Italian | English |
|---|---|
| L'anno [●], il giorno [●] del mese di [●] | On [●] [month] [year] |
| si è riunito il Consiglio di Amministrazione | a meeting of the Board of Directors was held |
| sono presenti i seguenti amministratori | the following directors are present |
| è presente per il Collegio Sindacale | attending for the Board of Statutory Auditors |
| constatata la validità della seduta | having verified the validity of the meeting |
| il Presidente dichiara aperta la seduta | the Chairman declares the meeting open |
| il Presidente pone in discussione | the Chairman submits for discussion |
| dopo ampia discussione | after extensive discussion |
| all'unanimità / a maggioranza | unanimously / by majority vote |
| con il voto favorevole di tutti i presenti | with the favourable vote of all those present |
| il Consiglio delibera | the Board resolves |
| l'Assemblea delibera | the Meeting resolves |
| non essendovi altro da deliberare | there being no further business |
| il Presidente dichiara chiusa la seduta | the Chairman declares the meeting closed |
| letto, approvato e sottoscritto | read, approved and signed |

## Powers of Attorney and Proxies

### Types of Power of Attorney

| Italian | English |
|---|---|
| procura | power of attorney (POA) |
| procura generale | general power of attorney |
| procura speciale | special power of attorney |
| procura limitata | limited power of attorney |
| procura notarile | notarial power of attorney |
| procura per scrittura privata autenticata | power of attorney by authenticated private deed |
| procura irrevocabile | irrevocable power of attorney |
| procura "in rem propriam" | power of attorney granted in the agent's own interest (irrevocable) |
| procura bancaria | banking power of attorney |
| procura ad litem | power of attorney for legal proceedings |
| facoltà di sub-procura / potere di sostituzione | power of substitution / right to delegate |

### Scope, Authentication and Lifecycle

| Italian | English |
|---|---|
| poteri di rappresentanza | powers of representation |
| firma disgiunta | sole signing authority (any one signatory may bind) |
| firma congiunta | joint signing authority (two or more signatories required) |
| autenticazione di firma | authentication of signature |
| atto pubblico | public deed |
| scrittura privata autenticata | authenticated private deed |
| apostille | apostille (Hague Convention 1961) |
| legalizzazione consolare | consular legalisation |
| traduzione giurata / asseverata | sworn translation / certified translation |
| revoca della procura | revocation of the power of attorney |
| rinuncia del procuratore | renunciation by the attorney |
| decadenza / cessazione | lapse / termination |
| sopravvenuta incapacità del rappresentato | subsequent incapacity of the principal |

### Proxy (Meeting) Terms

| Italian | English |
|---|---|
| delega di voto | voting proxy |
| modulo di delega | proxy form |
| delega in bianco | blank proxy |
| delega vincolata / con istruzioni di voto | directed proxy / instructed proxy |
| delega discrezionale | discretionary proxy |
| sollecitazione di deleghe | proxy solicitation |
| rappresentante designato | designated representative |
| voto per corrispondenza | postal voting |
| voto elettronico | electronic voting |
| voto disgiunto | split voting |
| nominee | nominee |

### Verbal Anchors

| Italian | English |
|---|---|
| con la presente conferisce procura speciale a | hereby grants a special power of attorney to |
| con tutti i più ampi poteri | with the broadest powers |
| con espressa autorizzazione a | with express authority to |
| con facoltà di sub-delega / sostituzione | with the right of substitution |
| la presente procura è irrevocabile ai sensi dell'Art. 1723 c.c. | this power of attorney is irrevocable pursuant to Art. 1723 of the Italian Civil Code |
| la presente procura è valida fino a revoca | this power of attorney is valid until revoked |
| il sottoscritto, in qualità di legale rappresentante di | the undersigned, in his/her capacity as legal representative of |

## Section Headings

| Italian | English |
|---|---|
| DEFINIZIONI E INTERPRETAZIONE | DEFINITIONS AND INTERPRETATION |
| COMPRAVENDITA E TRASFERIMENTO | SALE AND TRANSFER |
| CONDIZIONI AL CLOSING | CONDITIONS TO COMPLETION |
| CLOSING | COMPLETION |
| DICHIARAZIONI E GARANZIE | REPRESENTATIONS AND WARRANTIES |
| INDENNIZZO | INDEMNIFICATION |
| LIMITAZIONI DI RESPONSABILITÀ | LIMITATIONS ON LIABILITY |
| NON CONCORRENZA | NON-COMPETE |
| RISERVATEZZA | CONFIDENTIALITY |
| DISPOSIZIONI GENERALI | MISCELLANEOUS |
| OGGETTO E SCOPO | PURPOSE AND SCOPE |
| CONFERIMENTI | CONTRIBUTIONS |
| GOVERNANCE | GOVERNANCE |
| GESTIONE E AMMINISTRAZIONE | MANAGEMENT AND ADMINISTRATION |
| TRASFERIMENTO DI PARTECIPAZIONI | TRANSFER OF INTERESTS |
| RECESSO E SCIOGLIMENTO | WITHDRAWAL AND DISSOLUTION |
| VERBALE DI RIUNIONE DEL CONSIGLIO DI AMMINISTRAZIONE | MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS |
| VERBALE DI ASSEMBLEA ORDINARIA/STRAORDINARIA | MINUTES OF THE ORDINARY/EXTRAORDINARY GENERAL MEETING |
| PRESENZE | ATTENDANCE |
| DISCUSSIONE E DELIBERAZIONI | DISCUSSION AND RESOLUTIONS |

## Notes

- **"Completion" vs "Closing"**: UK practice uses "completion"; US practice uses "closing".
  Default to UK unless the document context or governing law indicates US style.

- **"Caparra confirmatoria"** (Art. 1385 CC): Has no direct English equivalent. Serves as
  both confirmation of contract and pre-agreed damages. Do NOT translate as "earnest money"
  (US-only) or "penalty deposit". Use "deposit" with a translator's note.

- **"Caparra penitenziale"** (Art. 1386 CC): Price paid for the right to withdraw from a
  contract. Translate as "withdrawal deposit" with a note. Do NOT use "penalty deposit".

- **"Girata azionaria"**: Refers to the physical endorsement of share certificates, not a
  general share transfer. Translate as "share transfer" or "endorsement of share
  certificates" depending on context.

- **"Voltura"**: Specifically the registration/recording of a transfer of title in a public
  register. Translate as "registration of transfer of title". Do NOT use "name change".

- **"Piano industriale"**: Always translate as "business plan". "Industrial plan" is a
  calque that sounds unnatural in English.

- **"Versamento in conto capitale"**: Shareholder equity contribution that does not increase
  nominal share capital. Translate as "contribution to capital reserves" or "shareholder
  equity contribution".

- **"Board of Directors"**: Use full form at first mention, then "Board" for subsequent
  references.

- **"Resolves" not "decides"**: Standard English is "the Board resolves" or "it is resolved
  that".

- **"Collegio Sindacale"**: No direct English equivalent. Translate as "Board of Statutory
  Auditors". Add a brief note if the audience is non-Italian.

- **"Revisore legale"** vs **"società di revisione"**: The "revisore legale" is an
  individual statutory auditor; the "società di revisione" is the audit firm. Do not
  conflate these.

- **"Legale rappresentante"**: Translate as "legal representative" (formal) or "authorised
  signatory" (functional, more natural in English corporate documents).

- **Legislative Decree 231/2001**: References to the OdV relate to Italian corporate
  criminal liability. Keep the legislative reference and translate the body name.

- **"Procura" — POA vs proxy**: The same Italian word covers both meanings. Choose based on
  function: where the operative verbs concern signing, executing, representing the principal
  in transactions or proceedings — use "power of attorney". Where the operative verbs
  concern attending and voting at a meeting — use "proxy".

- **Notarial vs private POAs**: Italian POAs are typically either *atto pubblico* (notarial
  deed) or *scrittura privata autenticata* (authenticated private deed). Both are translated
  with the corresponding English term and a translator's note where the formal nature
  matters for the foreign user.

- **Apostille vs legalisation**: Use "apostille" only for Hague Convention countries; use
  "consular legalisation" for non-Hague countries. Do not conflate.

- **"Procura irrevocabile" (Art. 1723 c.c.)**: Italian law admits irrevocable POAs only
  where granted in the agent's own interest. Translate as "irrevocable power of attorney"
  and keep the article reference.

- **"Sostituzione"**: When the POA grants the right to delegate ("facoltà di sostituzione"),
  translate as "right of substitution" or "power of substitution" — not "replacement".

## Additional Lawlinguists-validated Italian Corporate / M&A Mappings

| Italian | English |
|---|---|
| patto parasociale | shareholders' agreement (SHA) |
| statuto | articles of association (UK) / by-laws (US) |
| atto costitutivo | articles of incorporation / deed of incorporation |
| società di persone | partnership / non-stock company (Arts. 2251-2324 CC — società semplice, in nome collettivo, in accomandita semplice) |
| società di capitali | stock company / joint-stock company (Arts. 2325-2483-ter CC — SpA, Srl, Sapa) |
| società per azioni (SpA) | joint-stock company (JSC) / public limited company (plc) |
| società a responsabilità limitata (Srl) | limited liability company (Ltd); NB not the US LLC — the Srl is a capital company |
| società a responsabilità limitata semplificata (Srls) | simplified limited liability company |
| società in accomandita per azioni (Sapa) | limited partnership with share capital |
| società cooperativa | cooperative company |
| società consortile | consortium company |
| società benefit | benefit company (introduced 2015 on US B-Corp model) |
| sede legale | registered office |
| sede amministrativa / sede effettiva | administrative office / principal place of business |
| denominazione sociale | corporate name |
| oggetto sociale | corporate purpose / corporate objects |
| capitale sociale sottoscritto | subscribed share capital |
| capitale sociale versato | paid-up share capital |
| aumento di capitale a pagamento | capital increase for cash (Art. 2438 CC) |
| aumento di capitale gratuito | bonus issue / capitalisation of reserves (Art. 2442 CC) |
| riduzione del capitale sociale | capital reduction (Arts. 2445-2447 CC) |
| riduzione per perdite | capital reduction for losses (Art. 2446 CC) |
| azioni | shares (of an SpA) |
| quote | quotas / membership interests (of an Srl) |
| azioni ordinarie | ordinary shares / common shares |
| azioni privilegiate | preference shares |
| azioni di risparmio | savings shares (listed-only, special class under TUF) |
| azioni a voto plurimo | multiple-voting shares |
| azioni a voto maggiorato | enhanced-voting shares (for loyalty shareholders) |
| trasformazione | conversion (change of corporate form — Arts. 2498-2500-novies CC) |
| fusione | merger (Arts. 2501-2505-quater CC) |
| fusione propria | merger by formation of new company |
| scissione | demerger (Arts. 2506-2506-quater CC) |
| scissione totale | full demerger |
| scissione parziale | partial demerger |
| scissione per incorporazione | demerger by absorption |
| cessione di partecipazioni | transfer of shares / transfer of quotas |
| clausola di drag-along / trascinamento | drag-along clause |
| clausola di tag-along / co-vendita | tag-along clause / co-sale clause |
| diritto di gradimento | consent right (subjecting share transfer to board or shareholders' approval) |
| clausola di intestazione fiduciaria | fiduciary shareholding clause (Italian fiduciary nominee holding shares) |
| azione revocatoria (Art. 2901 CC) | actio pauliana / action to set aside fraudulent transfer |
| responsabilità solidale | joint and several liability |
| tutela della minoranza | minority protection |
| recesso del socio (Art. 2437 CC) | shareholder's right of withdrawal |
| valore di recesso | withdrawal value (liquidation value of the withdrawing shareholder's stake) |
