Strumenti finanziari partecipativi e "nuovi" canali di finanziamento delle societa' per azioni

Il lavoro affronta il tema degli strumenti finanziari partecipativi e non partecipativi che possono essere emessi dalle società per azioni, alla luce della disciplina introdotta dalla riforma del diritto societario. Lo studio è diretto a fornire un inquadramento sistematico di queste modalità di finanziamento rispetto alla dicotomia azioni-obbligazioni, anche sotto il profilo contabile, per poi individuare le conseguenti implicazioni in termini di disciplina applicabile. Affrontando il dibattito dottrinale sulla collocazione complessiva degli strumenti ibridi rispetto alle forme di finanziamento tradizionali, si sposa l’opinione secondo cui tutti gli strumenti finanziari non possono essere ricompresi in una categoria unitaria, ma occorre mantenere distinti gli strumenti finanziari partecipativi indicati dall’art. 2346, comma 6, c.c., dagli altri strumenti finanziari ex art. 2411, comma 3, c.c., riconoscendo nei primi delle modalità di raccolta assimilabili al capitale di rischio e nei secondi delle forme di provvista di capitale di debito. Il connotato distintivo tra strumenti finanziari partecipativi e non partecipativi viene individuato non nell’attribuzione di diritti amministrativi – che possono anche non essere assegnati ai titolari di strumenti di cui all’art. 2346, comma 6 – bensì nell’assenza o nella presenza di un obbligo di rimborso dell’apporto fornito all’impresa. Il lavoro esamina inoltre vari profili di disciplina di entrambe le categorie di strumenti, concentrandosi prevalentemente sui diritti patrimoniali ad essi attribuibili, tra cui la partecipazione agli utili e alle perdite e i diritti in sede di liquidazione. Infine si esaminano le previsioni recentemente introdotte dal d.l. n. 83/2012 in tema di titoli obbligazionari, al fine di valutarne l’impatto sull’impianto complessivo della disciplina vigente. In particolare, viene data attenzione alle nuove disposizioni relative alle obbligazioni subordinate e/o partecipative che possono essere emesse dalle società non quotate, mettendo in evidenza le criticità dal punto di vista sistematico in tema di possibile partecipazione agli utili degli obbligazionisti.

Rheology of arrested colloids : a parameter study using novel experimental methods

The steadily increasing diversity of colloidal systems demands for new theoretical approaches and a cautious experimental characterization. Here we present a combined rheological and microscopical study of colloids in their arrested state whereas we did not aim for a generalized treatise but rather focused on a few model colloids, liquid crystal based colloidal suspensions and sedimented colloidal films. We laid special emphasis on the understanding of the mutual influence of dominant interaction mechanisms, structural characteristics and the particle properties on the mechanical behavior of the colloid. The application of novel combinations of experimental techniques played an important role in these studies. Beside of piezo-rheometry we employed nanoindentation experiments and associated standardized analysis procedures. These rheometric methods were complemented by real space images using confocal microscopy. The flexibility of the home-made setup allowed for a combination of both techniques and thereby for a simultaneous rheological and three-dimensional structural analysis on a single particle level. Though, the limits of confocal microscopy are not reached by now. We show how hollow and optically anisotropic particles can be utilized to quantify contact forces and rotational motions for individual particles. In future such data can contribute to a better understanding of particle reorganization processes, such as the liquidation of colloidal gels and glasses under shear.

A critical appraisal of the legal framework governing the approval in microfinance Establishments within CEMAC

During the mid 80 19s and the early 90 19s the Banking sector of the CEMAC sub-region experienced crisis. This could be seen from the numerous liquidation of Banks within the sub-region during this period, microfinance establishments found a place as an alternative financial institution involved in the provision of savings and loans to the masses. The exercise of the activities of microfinance necessitates an application for approval form the monetary authority. Their potential managers and auditors must equally apply and obtain a license before functioning. After this approval has been obtained the microfinance establishment must register with the National Credit Council and the Trade and Personal Property Credit Register. // Durant les années 80 et au début des années 90 le secteur Bancaire de la sous-région CEMAC on vécue une crise, ceci pouvait ce voit par de nombreuse liquidation des Banques au sein de la sous-région pendant cette période. Les Etablissement de Micro finance ont trouve une place comme une institution financière alternative s’impliquant dans la fourniture de l’épargne et des prêts pour la masses. Mais l'exercice de l'activité de microfinance exige une demande d'agrément remise par l'autorité monétaire après confirmation de la commission bancaire. Mais avant que cet agrément soit remis, ils doivent fournir certain documents et informations. Les microfinances sont également oblige de fournir certaines documents et information s'il veut offrir un agence dans un du état membre de la CEMAC. Quand cette agrément est remise il sont les obligations administrative et professionnelle a remplir. Ceci consiste de s’inscrire auprès du Conseil National du Crédit et le Registre du Commerce et du Crédit Mobilier, adhérer a une Association Professionnelle, mais ils sont le choix adhérer à un réseau ou de poursuivre les activités indépendamment. L'autorité monétaire peut unilatéralement retrait la décision d'agrément pour un raison ou l'autre. Cependant, la décision de retrait de l'agrément est assujettir à un appel devant le conseil d'administration de la BEAC. La commission bancaire a prévu un ensemble de sanctions pour s'assurer que une personne ou établissement en défaut soit appelle en ordre. // Cameroon, Micro-finance, CEMAC, COBAC, Legislation

The Dynamics of the Policies of Ethnic Cleansing in Silesia in the Nineteenth and Twentieth Centuries

Through studying German, Polish and Czech publications on Silesia, Mr. Kamusella found that most of them, instead of trying to objectively analyse the past, are devoted to proving some essential "Germanness", "Polishness" or "Czechness" of this region. He believes that the terminology and thought-patterns of nationalist ideology are so deeply entrenched in the minds of researchers that they do not consider themselves nationalist. However, he notes that, due to the spread of the results of the latest studies on ethnicity/nationalism (by Gellner, Hobsbawm, Smith, Erikson Buillig, amongst others), German publications on Silesia have become quite objective since the 1980s, and the same process (impeded by under funding) has been taking place in Poland and the Czech Republic since 1989. His own research totals some 500 pages, in English, presented on disc. So what are the traps into which historians have been inclined to fall? There is a tendency for them to treat Silesia as an entity which has existed forever, though Mr. Kamusella points out that it emerged as a region only at the beginning of the 11th century. These same historians speak of Poles, Czechs and Germans in Silesia, though Mr. Kamusella found that before the mid-19th century, identification was with an inhabitant's local area, religion or dynasty. In fact, a German national identity started to be forged in Prussian Silesia only during the Liberation War against Napoleon (1813-1815). It was concretised in 1861 in the form of the first Prussian census, when the language a citizen spoke was equated with his/her nationality. A similar census was carried out in Austrian Silesia only in 1881. The censuses forced the Silesians to choose their nationality despite their multiethnic multicultural identities. It was the active promotion of a German identity in Prussian Silesia, and Vienna's uneasy acceptance of the national identities in Austrian Silesia which stimulated the development of Polish national, Moravian ethnic and Upper Silesian ethnic regional identities in Upper Silesia, and Polish national, Czech national, Moravian ethnic and Silesian ethnic identities in Austrian Silesia. While traditional historians speak of the "nationalist struggle" as though it were a permanent characteristic of Silesia, Mr. Kamusella points out that such a struggle only developed in earnest after 1918. What is more, he shows how it has been conveniently forgotten that, besides the national players, there were also significant ethnic movements of Moravians, Upper Silesians, Silesians and the tutejsi (i.e. those who still chose to identify with their locality). At this point Mr. Kamusella moves into the area of linguistics. While traditionally historians have spoken of the conflicts between the three national languages (German, Polish and Czech), Mr Kamusella reminds us that the standardised forms of these languages, which we choose to dub "national", were developed only in the mid-18th century, after 1869 (when Polish became the official language in Galicia), and after the 1870s (when Czech became the official language in Bohemia). As for standard German, it was only widely promoted in Silesia from the mid 19th century onwards. In fact, the majority of the population of Prussian Upper Silesia and Austrian Silesia were bi- or even multilingual. What is more, the "Polish" and "Czech" Silesians spoke were not the standard languages we know today, but a continuum of West-Slavic dialects in the countryside and a continuum of West-Slavic/German creoles in the urbanised areas. Such was the linguistic confusion that, from time to time, some ethnic/regional and Church activists strove to create a distinctive Upper Silesian/Silesian language on the basis of these dialects/creoles, but their efforts were thwarted by the staunch promotion of standard German, and after 1918, of standard Polish and Czech. Still on the subject of language, Mr. Kamusella draws attention to a problem around the issue of place names and personal names. Polish historians use current Polish versions of the Silesian place names, Czechs use current Polish/Czech versions of the place names, and Germans use the German versions which were in use in Silesia up to 1945. Mr. Kamusella attempted to avoid this, as he sees it, nationalist tendency, by using an appropriate version of a place name for a given period and providing its modern counterpart in parentheses. In the case of modern place names he gives the German version in parentheses. As for the name of historical figures, he strove to use the name entered on the birth certificate of the person involved, and by doing so avoid such confusion as, for instance, surrounds the Austrian Silesian pastor L.J. Sherschnik, who in German became Scherschnick, in Polish, Szersznik, and in Czech, Sersnik. Indeed, the prospective Silesian scholar should, Mr. Kamusella suggests, as well as the three languages directly involved in the area itself, know English and French, since many documents and books on the subject have been published in these languages, and even Latin, when dealing in depth with the period before the mid-19th century. Mr. Kamusella divides the policies of ethnic cleansing into two categories. The first he classifies as soft, meaning that policy is confined to the educational system, army, civil service and the church, and the aim is that everyone learn the language of the dominant group. The second is the group of hard policies, which amount to what is popularly labelled as ethnic cleansing. This category of policy aims at the total assimilation and/or physical liquidation of the non-dominant groups non-congruent with the ideal of homogeneity of a given nation-state. Mr. Kamusella found that soft policies were consciously and systematically employed by Prussia/Germany in Prussian Silesia from the 1860s to 1918, whereas in Austrian Silesia, Vienna quite inconsistently dabbled in them from the 1880s to 1917. In the inter-war period, the emergence of the nation-states of Poland and Czechoslovakia led to full employment of the soft policies and partial employment of the hard ones (curbed by the League of Nations minorities protection system) in Czechoslovakian Silesia, German Upper Silesia and the Polish parts of Upper and Austrian Silesia. In 1939-1945, Berlin started consistently using all the "hard" methods to homogenise Polish and Czechoslovakian Silesia which fell, in their entirety, within the Reich's borders. After World War II Czechoslovakia regained its prewar part of Silesia while Poland was given its prewar section plus almost the whole of the prewar German province. Subsequently, with the active involvement and support of the Soviet Union, Warsaw and Prague expelled the majority of Germans from Silesia in 1945-1948 (there were also instances of the Poles expelling Upper Silesian Czechs/Moravians, and of the Czechs expelling Czech Silesian Poles/pro-Polish Silesians). During the period of communist rule, the same two countries carried out a thorough Polonisation and Czechisation of Silesia, submerging this region into a new, non-historically based administrative division. Democratisation in the wake of the fall of communism, and a gradual retreat from the nationalist ideal of the homogeneous nation-state with a view to possible membership of the European Union, caused the abolition of the "hard" policies and phasing out of the "soft" ones. Consequently, limited revivals of various ethnic/national minorities have been observed in Czech and Polish Silesia, whereas Silesian regionalism has become popular in the westernmost part of Silesia which remained part of Germany. Mr. Kamusella believes it is possible that, with the overcoming of the nation-state discourse in European politics, when the expression of multiethnicity and multilingualism has become the cause of the day in Silesia, regionalism will hold sway in this region, uniting its ethnically/nationally variegated population in accordance with the principle of subsidiarity championed by the European Union.

Slovak Policy, 1956-1960

The project looked at crucial political events in Slovakia between 1956 and 1960. 1956 saw the first attempt by Slovak intellectuals to reform the communist regime by increasing the degree of democracy and 1960 was the culmination of the strengthening of the political persecution that began after 1957. The period was characterised by the partial replacement of the informal-political instruments of control over society by formal measures, and the gradual weakening of the role of terror in people's daily life. Marusiak studied the gradual accommodation of the communist regime by the people, analysing the social and political history against the background of political development and of specific aspects such as the conflict of youth and intellectuals with the regime, the collectivisation of agriculture and the liquidation of the rest of the private sector in the economy, public opinion and the changes in the political system, the relations between state and churches, and ethnic problems in Czechoslovakia. He concludes that there was a continuity between the aims and methods used by the communist regime before and after 1953 (or 1956) and that the communist regime in this period remained fundamentally totalitarian.

Private Publishing in Moscow and St. Petersburg: Historical Background, Present Situation and Trends"

This research was a complex study of the economic and socio-cultural aspects of the development of Russian private publishing in the second half of the19th and early 20th centuries, during the periods of 'war communism' and the New Economic Policy of 1917 to 1930, and during the reform of book publishing in 1986-1999. Conclusions about private book publishing in Moscow and St. Petersburg were extrapolated to Russia-wide problems of the development of this field. Svichenskaya sees her main achievement as having identified the economic and legal concepts behind the development of private book publishing over the period in question in the context of state and corporate regulation of publishing. Here the state was the main influence on its development and there was a paradox in the relations between the state authorities and private publishers, in that the latter constantly suffered from repression by the former but at the same time were dependent on state support. The research identified the administrative process of the liquidation of private publishing at the end of the 1920s and showed that its present flourishing is closely linked with the establishment of a preferential mode for the development of this sector. Private publishing now represents around 80% of domestic publishing, in terms both of the number of publishing houses and of the number of volumes published, and so plays the major role in satisfying the demand for books in Russia. Svichenskaya predicts that in the coming years private publishing will see a further concentration of growth and a tendency to monopolies and also the increasing specialisation of the publishing repertoire. She outlines a suggested concept of state management in publishing and ways to optimise this. In the transitional period of adaptation to the market regulation of publishing, these include a continuing degree of state protectionism, the creation of a favourable investment climate, privatisation of the printing companies with the aim of modernising these, and the development of coordinated corporate policies.

Ms.Ff.F.Stoltze 3. 528 - Brief von Friedrich Stoltze an Unbekannt

Ernst Schalck: Nachlaß, Finanzen, Schulden, Frankfurter Latern: Rechts- und Finanzverhältnisse, Liquidation des Geschäfts

Ms.Ff.F.Stoltze 3. 48 - Brief von W. Ebner an Nikolaus Hadermann

"Schalck-Stoltzesche Angelegenheiten": Frankfurter Latern, Verlagsrecht, Liquidation

Ms.Ff.F.Stoltze 3. 49 - Brief von W. Ebner an Friedrich Stoltze

Frankfurter Latern: Verlagsrecht, Liquidation

Hss, Stroop y Stangl: Verdugos profesionales. Estudio comparativo sobre los perpetradores del Holocausto a la luz de sus propias palabras

El presente trabajo es un estudio comparativo sobre perpetradores del Holocausto. Luego de una breve introducción sobre el fenómeno nazi en su contexto, se analizan los casos de tres de sus protagonistas: Rudolf Hss, Jrgen Stroop y Franz Stangl; comandante del campo de exterminio Auschwitz, responsable de la liquidación del gueto de Varsovia y comandante del campo de exterminio de Treblinka respectivamente. El caso de Hss es estudiado a partir de su autobiografía, mientras que los dos restantes a partir de las entrevistas e investigaciones de Kazimierz Moczarski y Gitta Sereny. Hss, Stangl y Stroop fueron condenados por las muertes de 1.100.000, entre 750.00 y 900.00 y 350.000 personas respectivamente. En este sentido una premisa de este trabajo es que ninguno de ellos puede ser considerado hombre corriente o persona común; por el contrario siguiendo a Raul Hilberg se los piensa como sujetos totalmente identificados e impregnados de la cosmovisión y la ideología del nacionalsocialismo y las SS que desde un marco de referencia previo agresivo y violento eventualmente fueron transformándose en asesinos en masa. Como sostiene Gustavo Cosacov estos sujetos serían dueños de una "santidad maligna o invertida" que había reemplazado sus valores éticos y morales cristiano-occidentales; permitiéndoles cometer crímenes en forma sistemática. A pesar de que la cuestión de los victimarios ha sido menos abordada que la de las victimas, en el campo historiográfico existen sólidos aportes. Basta nombrar a Christopher Browning, Peter Longerich o Raul Hilberg para explicitar la corriente de investigación a la que este texto reconoce y aspira. En este sentido el objetivo de las siguientes páginas primero es describir y explicar algunos de los mecanismos históricos, psicológicos y sociológicos que producen a perpetradores de asesinatos en serie de personas tan distantes como desconocidas; como así descifrar a también su marco de referencia. Para ello se hará un repaso crítico por las fuentes históricas a la luz de múltiples disciplinas sociales, analizando sus discursos, sus argumentos, tratando de delinear las voluntades y motivaciones de Hss, Stangl y Stroop. Un concepto clave de esta investigación es "burocracia" en el sentido de Max Weber. En un segundo lugar se reflexionará sobre la violencia nazi, en el sentido de una violencia autotélica contradictoria con respecto al paradigma social liberal y al estado de derecho. En ambos casos se priorizará recrear e interpretar el punto de vista de los perpetradores. Buscando amplitud historiográfica, se utilizarán obras clásicas como también publicaciones recientes sobre el tema. No se busca obtener conclusiones ni respuestas absolutas sino reflexionar, repensar y complejizar a los protagonistas de, acaso, el hecho más oscuro de la historia humana

La liquidación de la Guerra Civil

El tema de la guerra civil española no puede comprenderse cabalmente sin estudiar tanto el clima social y político anterior al enfrentamiento bélico como el proceso de liquidación de este trascendente hecho histórico. El bando triunfante pretendió que el cese de las operaciones militares ponía fin a la guerra, pero ésta no terminó entonces para la mayoría de los españoles. Durante muchos años continuó el uso de la fuerza, en forma unilateral bajo la forma de una sangrienta represión en el orden interno y un largo exilio de los vencidos. Otros hechos son los sufrimientos morales y psicológicos impuestos, los perjuicios culturales ocasionados, el destierro y su repercusión sobre millones de hogares. También pesan los quebrantos económicos y sociales sobre el bienestar general Para apreciar la forma elegida por el régimen franquista para liquidar la guerra civil española resulta ilustrativo detallar algunos aspectos de la modalidad puesta en práctica, cuyo fracaso pone de manifiesto la mezquindad con que actuó el régimen dictatorial.

De propiedad comunal a propiedad individual en el escenario agrario republicano de Venezuela : El caso de Timotes, Mérida

Tratamos aquí el largo proceso de acontecimientos experimentados por la propiedad comunal indígena en Venezuela desde sus orígenes en el siglo XVI, la política anticorporativa de los Borbones, hasta su extinción o supresión, al institucionalizarse la propiedad individual en el siglo XIX, con referencia particular a la Mérida venezolana. El análisis comprende los factores que intervinieron en su progresivo deterioro, propiciadores de la aplicación de la legislación que determinó su liquidación para culminar una etapa del dilema individuo versus comunidad que caracterizó la política agraria del siglo XIX

Hss, Stroop y Stangl: Verdugos profesionales. Estudio comparativo sobre los perpetradores del Holocausto a la luz de sus propias palabras

El presente trabajo es un estudio comparativo sobre perpetradores del Holocausto. Luego de una breve introducción sobre el fenómeno nazi en su contexto, se analizan los casos de tres de sus protagonistas: Rudolf Hss, Jrgen Stroop y Franz Stangl; comandante del campo de exterminio Auschwitz, responsable de la liquidación del gueto de Varsovia y comandante del campo de exterminio de Treblinka respectivamente. El caso de Hss es estudiado a partir de su autobiografía, mientras que los dos restantes a partir de las entrevistas e investigaciones de Kazimierz Moczarski y Gitta Sereny. Hss, Stangl y Stroop fueron condenados por las muertes de 1.100.000, entre 750.00 y 900.00 y 350.000 personas respectivamente. En este sentido una premisa de este trabajo es que ninguno de ellos puede ser considerado hombre corriente o persona común; por el contrario siguiendo a Raul Hilberg se los piensa como sujetos totalmente identificados e impregnados de la cosmovisión y la ideología del nacionalsocialismo y las SS que desde un marco de referencia previo agresivo y violento eventualmente fueron transformándose en asesinos en masa. Como sostiene Gustavo Cosacov estos sujetos serían dueños de una "santidad maligna o invertida" que había reemplazado sus valores éticos y morales cristiano-occidentales; permitiéndoles cometer crímenes en forma sistemática. A pesar de que la cuestión de los victimarios ha sido menos abordada que la de las victimas, en el campo historiográfico existen sólidos aportes. Basta nombrar a Christopher Browning, Peter Longerich o Raul Hilberg para explicitar la corriente de investigación a la que este texto reconoce y aspira. En este sentido el objetivo de las siguientes páginas primero es describir y explicar algunos de los mecanismos históricos, psicológicos y sociológicos que producen a perpetradores de asesinatos en serie de personas tan distantes como desconocidas; como así descifrar a también su marco de referencia. Para ello se hará un repaso crítico por las fuentes históricas a la luz de múltiples disciplinas sociales, analizando sus discursos, sus argumentos, tratando de delinear las voluntades y motivaciones de Hss, Stangl y Stroop. Un concepto clave de esta investigación es "burocracia" en el sentido de Max Weber. En un segundo lugar se reflexionará sobre la violencia nazi, en el sentido de una violencia autotélica contradictoria con respecto al paradigma social liberal y al estado de derecho. En ambos casos se priorizará recrear e interpretar el punto de vista de los perpetradores. Buscando amplitud historiográfica, se utilizarán obras clásicas como también publicaciones recientes sobre el tema. No se busca obtener conclusiones ni respuestas absolutas sino reflexionar, repensar y complejizar a los protagonistas de, acaso, el hecho más oscuro de la historia humana

La liquidación de la Guerra Civil

El tema de la guerra civil española no puede comprenderse cabalmente sin estudiar tanto el clima social y político anterior al enfrentamiento bélico como el proceso de liquidación de este trascendente hecho histórico. El bando triunfante pretendió que el cese de las operaciones militares ponía fin a la guerra, pero ésta no terminó entonces para la mayoría de los españoles. Durante muchos años continuó el uso de la fuerza, en forma unilateral bajo la forma de una sangrienta represión en el orden interno y un largo exilio de los vencidos. Otros hechos son los sufrimientos morales y psicológicos impuestos, los perjuicios culturales ocasionados, el destierro y su repercusión sobre millones de hogares. También pesan los quebrantos económicos y sociales sobre el bienestar general Para apreciar la forma elegida por el régimen franquista para liquidar la guerra civil española resulta ilustrativo detallar algunos aspectos de la modalidad puesta en práctica, cuyo fracaso pone de manifiesto la mezquindad con que actuó el régimen dictatorial.

De propiedad comunal a propiedad individual en el escenario agrario republicano de Venezuela : El caso de Timotes, Mérida

Tratamos aquí el largo proceso de acontecimientos experimentados por la propiedad comunal indígena en Venezuela desde sus orígenes en el siglo XVI, la política anticorporativa de los Borbones, hasta su extinción o supresión, al institucionalizarse la propiedad individual en el siglo XIX, con referencia particular a la Mérida venezolana. El análisis comprende los factores que intervinieron en su progresivo deterioro, propiciadores de la aplicación de la legislación que determinó su liquidación para culminar una etapa del dilema individuo versus comunidad que caracterizó la política agraria del siglo XIX