Notion of normal charge: The ECJ explains the notion of exceptional withdrawal right of shareholders (Enirisorse/Sotacarbo)

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The Court clarifies the concept of a normal charge in the case of a shareholder’s exceptional right of withdrawal

– ECJ, 23 March 2006, Enirisorse, case C-237/04 It is clearly established that any financial intervention by the State which reduces the normal costs borne by undertakings constitutes an advantage within the meaning of Article 87 EC. In practice, however, the concept of normal costs is not always easy to define. The judgment referred to above provides useful clarifications in this respect. Under the Italian Civil Code,

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