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The government prepares a decree to provide banks and companies with the express departure of Catalonia

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The government prepares a decree to provide banks and companies with the express departure of Catalonia

Banco Sabadell agrees to move its headquarters to Alicante and CaixaBank, to Palma

Catalan West also raises change of venue

The government will not allow secession, but it facilitates express departure of large banks and companies in Catalonia to avoid serious economic damage while uncertainty lasts. The Minister of Economy, Luis de Guindos, plans to raise this Friday to Council of Ministers orN Decree law that allows easy changes of social domicile to entities that want, as could confirm world.

It is a law that frees entities from having to convene shareholders ' meetings for changes in ir registered office and that a decision of board of Directors is sufficient. Therefore, what usually takes weeks and sometimes an uncertain vote at shareholders ' meeting can be done in hours.

There are entities, such as Banco Sabadell, which already had it planned in its statutes, but not ors as CaixaBank, which becomes first major beneficiary of new decree.

The improvised normative change implies modifying public company law of 2015 which in its article 285 stipulated that Board of directors may decide change of domicile, unless statutes grant that power to board. The governing body will now be established without exception. Already in 2015, Guindos introduced this provision at request of large Catalan groups after illegal consultation of 9-N, but it has been seen se days that had to go furr to facilitate march.

Given climate of tension in Catalonia, convening of a shareholders ' meeting to leave autonomous community could pose serious public policy problems and delays in a decision that has an impact on stock market. Knowledgeable sources of decree highlight what would imply that CaixaBank convened a shareholders ' meeting in weeks, giving independenceists time to prepare an enormous mobilization next to meeting place.

Consequently, in line of decree, CaixaBank is planning to formalize today Friday what advanced this newspaper in its edition yesterday, transfer of headquarters to Balearic Islands. The Executive committee already agreed yesterday to raise change of address to Palma de Mallorca. The objective is to have transfer agreements ready to be published official Bulletin of state this Saturday while new decree government law.

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