Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

TITOLO VIIFinancial Year and Balance SheetArticle 31The Company’s financial year shall begin on 1 July ofeach year and shall end on 30 June of the followingyear.Article 32The Board of Directors shall draw up the balancesheet for the year and shall submit it to shareholdersin general meeting for approval.In its Report to shareholders in general meeting, theBoard shall refer to all matters which may assist inproviding the most comprehensive account possible ofthe Company’s operations and the state of its affairs.Article 33At least 10% of the net profit for each financial yearshall be deducted therefrom and taken in the firstinstance to the Legal Reserve pursuant to Article2430 of the Civil Code with any balance beingallocated to the Statutory Reserve. Should the Boardof Directors so propose, the General Meeting maythen also resolve that any further sums be deductedwhich it is deemed prudent either to allocate to theStatutory Reserve for the purpose of increasing itsresources, or to set aside in order to establish otherreserves of an extraordinary or special nature.The remainder shall be shared among theshareholders, with the exception of any amountscarried forward.SECTION VIIIWinding-upArticle 34The liquidation of the Company shall be governed bythe provisions of the law.TITOLO VIIFinancial Year and Balance SheetArticle 321UnchangedArticle 332Unchanged”Article 343Unchanged”SECTION VIIIWinding-upArticle 354Unchanged3. to vest the Chairman, the Managing Director and the General Manager, jointlyand severally, with the widest powers to incorporate into this resolution anyamendment, change or addendum that may be required or otherwise requestedby the competent authorities.”Milan, 22 July 2011THE BOARD OF DIRECTORS– 533