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(121) Furthermore, when the holding concerned cooperatives, X participated as financing member. This means that, according to Italian Law, it had a special position compared to normal members of the cooperatives, namely:
– it obtained a higher profit than normal members ( on average 2% more);
– it could appoint one member to the board of directors and one member to the board of statutory auditors;
– when acquiring the participation of a cooperative as financing member, X obtained guarantees on 50% of the invested capital, constituted as a security. This guarantee was not requested by other members and was an extra security conditional upon the participation of X.