Statute – Titolo IV

ART. 13 (Responsibility)In the case of debts incurred in the name of the Consortium name by its representatives, third parties may claim their rights only regarding the Consortium funds. In the case of debts incurred by Consortium bodies for individual Consortium Members, or groups of Members, the Members of the Consortium are answerable only in terms of the Consortium funds: each Member according to the debts incurred on his account. In the case of insolvency among Consortium Members, the debt of the insolvent Member is divided between the all Members in proportion to their quotas. ART. 14 (Balance Sheet)The Consortium’s financial year of twelve months ends on December 31 of each year. Within two months of closure of the financial year, the Board of Directors draws up the balance sheet, in compliance with the laws regarding the financial statements of public companies, submits it for approval to the Assembly and deposits it in the Chamber of Commerce Business Register. ART. 15 (Consortium Termination)Consortium Members who have not agreed with the deliberations of the Assembly relating to changes in the Consortium status may withdraw from the Consortium. Withdrawal is notified in a declaration delivered to the Consortium President by registered letter with acknowledgment of receipt or by certified mail within 10 days from the date of the resolution authorizing withdrawal. Withdrawal takes effect immediately. ART. 16 (Exclusion from the Consortium)Consortium Members who are declared bankrupt, go into liquidation or into receivership are expelled from the Consortium. In the case of new ownership, the new owner takes over the previous owner’s membership of the Consortium as soon as the Board of directors receives notice of the change in ownership. Moreover, if there is just cause, in the case of transfer from one living person to another, within one month after receipt of the transfer notice, the Consortium Assembly may decide the exclusion of the buyer from the Consortium. The Board of Directors also excludes from the Consortium Members who:1. no longer fulfill all the admission requirements of the Consortium;2. have obliged the Consortium to request the fulfillment of obligations contracted with the Consortium via legal acts and documents;3. have not paid their dues despite a formal warning;4. have not fulfilled an agreement with the Consortium regarding obligations assumed by the Consortium with a third party on behalf of the Member and at the Member’s request;5. do not respect the Consortium regulations, although already warned twice by the Board of Directors;6. damage the Consortium in any way, either morally or materially.