Opinion of Mr Advocate General Tesauro delivered on 30 January 1991

1 Original language: Italian.

2 OJ 1977 L 26, p. 1.

3 Official Journal of the Hellenic Republic No 107 of 8. 8. 1983, p. 1926.

4 OJ 1988 L 76, p. 18.

5 Official Journal of the Hellenic Republic No A 43 of 23. 3. 1990.

6 Official Journal of the Hellenic Republic No 725 of 14. 12. 1983.

7 Official Journal of the Hellenic Republic No 374 of 10. 6. 1986.

8 See in particular Article 36; Article 48(3) and (4); Article 73(2); Article 92(3); Article 100a(4); Article 108; Article 109; Article 223; Article 224; Article 226.

9 See to that effect the judgment in Case 222/84 Johnston v Chie/Constable of the Royal Ulster Constabulary [1986] ECR 1651, paragraph 26.

10 OJ 1978 L 295, p. 36.

11 In its third question, the Council of Sute asked whether provisions of the type embodied in Law No 1386/1983 were compatible with the provisions of Article 42 of the Second Directive (which provides that the Member Suttes are to ensure equal treatment to all shareholders who are in the same position) in view of the fact that they did not prescribe that the price of the shares was to be fixed by the State on the basis of the objectively established net worth of the undertaking and the resultant inherent value of the old shares but left it to the discretion of the administration to fix the price so as to make possible the necessary immediate inflow of capital into companies which, because of their difficulties, had had confidence in them shaken, although it did safeguard the preemptive right of existing shareholders when tne new shares were distributed.

12 Judgment in Case 61/79 Amministrazione dello Finanze dello Stato v Denkavit Italiana [1980] ECR 1205, paragraph 16; judgment in Joined Cases 66/78, 127/78 and 128/78 Salumi [1980] ECR 1237, paragraph 9.

13 Judgment in Denkavit Italiana, cited above, paragraph 17; judgment in Salumi, cited above, paragraph 10.

14 Judgment in Case C-262/88 Barber v Guardian Royal Exchange Assurance Croup [1990] ECR I-1889, paragraphs 40 to 45; judgment in Case 24/86 Blailot [1988] ECR 379, paragraphs 25 to 35; judgment in Case 43/75 Defienne [1976] ECR 455, paragraphs 69 to 75.