Article 4
This Decision is addressed to the Italian Republic. Done at Brussels, 22 August 2002. For the Commission Mario Monti Member of the Commission (1) OJ C 44, 10.2.2001, p. 2. (2) See footnote 1. (3) Commission notice pursuant to Article 93(2) of the EC Treaty to other Member States and interested parties concerning aid granted to Banco di Napoli (Case C 40/96; OJ C 328, 1.11.1996, page 23), Commission Decision 99/288/EC of 29 July 1998 (OJ L 116, 4.5.1999, p. 5) and Commission Decision 2000/600/EC (OJ L 256, 10.10.2000, p. 21). (4) Case 250/83 Finsider v Commission [1985] ECR 131, paragraph 8. (5) Case C-80/95 Harnas & Helm CV v Staatssecretaris van Financiën [1997] ECR I-745, paragraph 15. (6) Joined Cases C-159/91 and C-160/91 Poucet and Pistre [1993] ECR I-637, paragraphs 18 and 19. (7) OJ L 195, 29.7.1980, p. 35. Last amended by Directive 2000/52/EC (OJ L 193, 29.7.2000, p. 75). (8) "Forced administrative liquidation" (liquidazione coatta amministrativa) is a special winding-up procedure that replaces application of the ordinary rules on bankruptcy. (9) Law No 448/01 introduced the distinction between "admitted" and "relevant" sectors. Originally, Decree No 153/99 covered only "relevant sectors", more generally defined as scientific research, education, art, health, cultural and environmental promotion and conservation, and assistance for vulnerable social groups. The difference between the past and the present rules is that the new provisions tend to force banking foundations to define more accurately their scope of activity. Some new areas of activity can now be chosen as "relevant sectors". (10) Within the area of protection and development of individuals, the Law lists: family and related values, growth and development of young people, education and training, including the acquisition of publications for schools, voluntary and charity work, religion and spiritual development, assistance to the elderly and civil rights. The area of social security includes: crime prevention, public safety, food security and high-quality agriculture, local development and public housing, consumer protection, civil protection, public health, preventive and rehabilitative medicine, sport, prevention of drug addiction and rehabilitation of addicts, and psychological and mental conditions. (11) Law No 448 of 28 December 2001 has added that the capital has to be managed in a way that is consistent with the nature of the foundations as non-profit bodies that operate according to principles of transparency and morality. (12) Law No 448 of 28 December 2001 allows foundations to entrust their holdings in the "transferee" bank to an outside company specialised in investment management (società di gestione risparmio - SGR). They can thus delay the sale of their controlling stake in the bank by three years. A foundation cannot interfere in the management of its assets and, regarding its shareholding rights, can only give indications regarding the decisions of the extraordinary general meeting where provided for under Article 2365 of the Italian Civil Code. (13) See Cases C-60/90 Polysar Investments Netherlands v Inspecteur der Invoerrechten [1991] ECR I-3111, C-333/91 Sofitam [1993] ECR I-3513 and C-142/99 Floridienne and Berginvest [2000] ECR I-9567. (14) Case C-35/96 Commission of the European Communities v Italian Republic [1998] ECR I-3851, paragraph 36. (15) Joined cases C-115/97 to C-117/97 Brentjens' Handelsonderneming BV v Stichting Bedrijfspensioenfonds voor de Handel in Bouwmaterialen [1999] ECR I-6025, paragraphs 85 and 86. (16) Letter of 16 January 2001 in reply to the Commission's letter of 25 October 2000 informing the Italian Government that it had decided to initiate the procedure laid down in Article 88(2) of the EC Treaty.