The times for the definitive transformation of the last Popolari into joint stock companies are shortening. The Council of State has scheduled a precautionary hearing on Thursday for 12 July next in which it will establish the new deadline within which the banks with over 8 billion in assets will have to complete the transformation into a joint stock company.
This was reported by some sources interviewed by Reuters, explaining that the reform will therefore not remain frozen until October 18, as had emerged initially.
The suspension of the law which obliges the large cooperative banks to renounce the "one person one vote" principle was sanctioned by an order of the Council of State dated 2 December 2016, then confirmed in January 2017, pending the decision of the Constitutional Court. The Consulta rejected the appeals of unconstitutionality on 21 March.
