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75-417: The company was instituted by an act on 22 April 1905, taking control over the majority of the national railways, which up until that time were privately owned and managed. The president was nominated by the government. The first Director General was Riccardo Bianchi . In June 1912 Ferrovie dello Stato owned 5021 steam locomotives, 151 railcars, 10,037 coaches, 3371 baggage cars and 92,990 goods wagons. With

150-406: A business entity in which shares of the company's stock can be bought and sold by shareholders . Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law , the existence of a joint-stock company

225-672: A subsidiary of another corporation (its parent company ), which may itself be either a closely held or a public corporation. In some jurisdictions, the subsidiary of a listed public corporation is also defined as a public corporation (for example, in Australia ). In Australia corporations are registered and regulated by the Commonwealth Government through the Australian Securities and Investments Commission . Corporations law has been largely codified in

300-405: A company with legal liability, not being a partnership, had a distinct legal personality that was separate from that of its individual shareholders. The existence of a corporation requires a special legal framework and body of law that specifically grants the corporation legal personality, and it typically views a corporation as a fictional person, a legal person, or a moral person (as opposed to

375-459: A corporate tax rate, and dividends paid to shareholders are taxed at a separate rate. Such a system is sometimes referred to as " double taxation " because any profits distributed to shareholders will eventually be taxed twice. One solution, followed by as in the case of the Australian and UK tax systems, is for the recipient of the dividend to be entitled to a tax credit to address the fact that

450-432: A form for smaller enterprises, are becoming increasingly common. Between 2002 and 2008, the intermediary corporation ( 中間法人 , chūkan hōjin ) existed to bridge the gap between for-profit companies and non-governmental and non-profit organizations. In Latvia , which uses a model similar to Germany, a public stock company is called an akciju sabiedrība (a/s, A/S or AS), whereas a private, 'limited liability company'

525-475: A hydrodynamic command and control system using water mixed with glycerin which he patented on 18 September 1883. For the construction he collaborated with Ing. Giovanni Servettaz. The first Hydrodynamic Central Apparatus in the world for the operation of points and signals thus saw the light in the Abbiategrasso railway plant on 15 October 1886. It was a 10-lever system and the results were so good that it

600-613: A large pool of shareholders with management in the hands of jingshang , merchants who operated their businesses using investors' funds, with investor compensation based on profit-sharing, reducing the risk of individual merchants and burdens of interest payment. The operation of these joint investment partnerships can be examined in a mathematical problem included in the Mathematical treatise in nine sections ( Shu-shu chiu-chang ) (1247 ed.) of Ch'in Chiu-shao (c.1202–61). Although

675-640: A legal entity that has shares (Bosnian/Croatian: dionica or vrijednosni papir ; Serbian: akcija or hartija od vrijednosti - Cyrillic : акција or хартија од вриједности ) that can be traded in a free market or stock exchanges in the Bosnia and Herzegovina (listed in Sarajevo Stock Exchange or Banja Luka Stock Exchange ). In Bulgaria , a joint-stock company is called a aktsionerno druzhestvo or AD ( Bulgarian : акционерно дружество or АД ). When all shares are owned by

750-660: A more viable financial structure than previous guilds or state-regulated companies. The first joint-stock companies to be implemented in the Americas were the London Company and the Plymouth Company . Transferable shares aim to achieve positive returns on equity , which is evidenced by investment in companies like the East India Company, which used the financing model to manage their trade on

825-460: A much smaller hit to their returns as opposed to those involved with a closely held corporation. Publicly traded companies, however, can suffer from that advantage. A closely held corporation can often voluntarily take a hit to profit with little to no repercussions if it is not a sustained loss. A publicly traded company often comes under extreme scrutiny if profit and growth are not evident to stock holders, thus stock holders may sell, further damaging

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900-467: A natural person) which shields its owners (shareholders) from "corporate" losses or liabilities; losses are limited to the number of shares owned. It furthermore creates an inducement to new investors (marketable stocks and future stock issuance). Corporate statutes typically empower corporations to own property, sign binding contracts, and pay taxes in a capacity separate from that of its shareholders, who are sometimes referred to as "members". The corporation

975-625: A publicly traded company, as there will generally be fewer voting shareholders, and the shareholders would have common interests. A publicly traded company is also at the mercy of the market, with capital flow in and out based not only on what the company is doing but also on what the market and even what the competitors, major and minor, are doing. However, publicly traded companies also have advantages over their closely held counterparts. Publicly traded companies often have more working capital and can delegate debt throughout all shareholders. Therefore, shareholders of publicly traded company will each take

1050-511: A responsabilità limitata , or S.r.l.), and the publicly traded partnership ( società in accomandita per azioni , or S.a.p.a.). The latter is a hybrid of the limited partnership and public limited company, having two categories of shareholders, some with and some without limited liability, and is rarely used in practice. In Japan , both the state and local public entities under the Local Autonomy Act (now 47 prefectures , made in

1125-478: A single shareholder the company receives the special designation of ednolichno aktsionerno druzhestvo or EAD ( Bulgarian : еднолично акционерно дружество or ЕАД ). In Canada both the federal government and the provinces have corporate statutes, and thus a corporation may be incorporated either provincially or federally. Many older corporations in Canada stem from Acts of Parliament passed before

1200-611: A stock transfer for an eighth of the company (or more specifically, the mountain in which the copper resource was available) as early as 1288. In more recent history, the earliest joint-stock company recognized in England was the Company of Merchant Adventurers to New Lands , founded in 1551 with 240 shareholders. It became the Muscovy Company , which had a monopoly on trade between Russia and England , when royal charter

1275-415: A top speed of 200 km/h (120 mph). The ETR 401 (1976) was the first prototype of the new Pendolino class. Following other network improvements, works for the first Italian high-speed rail line started in these years. The Direttissima line from Florence to Rome was partially opened in 1986 and concluded in 1992. In 1986, trains were travelling the line at 200 km/h (120 mph), surpassing for

1350-642: A while as a university scholar. In 1880 the Società per le strade ferrate dell'Alta Italia (SFAI) launched a competition for engineers. He was ranked among the first fourteen on merit and was assigned to the Fixed Material Office of the Maintenance and Works Service. At the time, the devices in use were Saxby levers and rodding that, for the control of points, required considerable muscle strength. Bianchi studied an easier mechanism and devised

1425-584: Is a matter of definition. An early form of joint-stock company was the medieval commenda , although it was usually employed for a single commercial expedition. Around 1350 in France at Toulouse , 96 shares of the Société des Moulins du Bazacle , or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned, making it probably the first company of its kind in history. The Swedish company Stora has documented

1500-419: Is also empowered to borrow money, both conventionally and directly to the public, by issuing interest-bearing bonds. Corporations subsist indefinitely; "death" comes only by absorption (takeover) or bankruptcy. According to Lord Chancellor Haldane , ...a corporation is an abstraction. It has no mind of its own any more than it has a body of its own; its active and directing will must consequently be sought in

1575-624: Is called a sabiedrība ar ierobežotu atbildību (SIA). State-owned variants of these companies add an initial capital V ( valsts - 'state'), as in VAS and VSIA. In Norway, a joint-stock company is called an aksjeselskap , abbreviated AS . A special and by far less common form of joint-stock companies, intended for companies with a large number of shareholders, is the publicly traded joint-stock companies, called allmennaksjeselskap and abbreviated ASA . A joint-stock company must be incorporated, has an independent legal personality and limited liability, and

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1650-457: Is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies . Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In

1725-503: Is required to have a certain capital upon incorporation. Ordinary joint-stock companies must have a minimum capital of NOK 30,000 upon incorporation, which was reduced from 100,000 in 2012. Publicly traded joint-stock companies must have a minimum capital of NOK 1 million. See: Open joint-stock company (OJSC). In Spain there are two types of companies with limited liability: (i) "S.L.", or Sociedad Limitada (a private limited company ), and (ii) "S.A.", or Sociedad Anónima (similar to

1800-496: Is that publicly traded corporations have the burden of complying with additional securities laws, which (especially in the US) may require additional periodic disclosure (with more stringent requirements), stricter corporate governance standards as well as additional procedural obligations in connection with major corporate transactions (for example, mergers) or events (for example, elections of directors). A closely held corporation may be

1875-562: Is the primary train operator in Italy. It was established in 2000 following a European Union directive on the deregulation of rail transport. Hellenic Train , the sole operator for passenger and the main for freight services in Greece, has been under the company's management since 2017. The company employs over 1,000 people. ANAS ( Italian : Azienda Nazionale Autonoma delle Strade , English: National Autonomous Roads Corporation ) manages

1950-657: The Aktiengesellschaft (AG), analogous to public limited companies (or corporations in US/Can) in the English-speaking world, and the Gesellschaft mit beschränkter Haftung (GmbH), similar to the modern private limited company . Italy recognizes three types of company limited by shares: the public limited company ( società per azioni , or S.p.A.), the private limited company ( società

2025-706: The Canada Business Corporations Act . The Chilean form of joint-stock company is called Sociedad por Acciones (often abbreviated "SpA"). They were created in 2007 by Law N° 20.190, and they are the most recent variety of societary types, as they represent a simplified form of corporation – originally conceived for venture capital companies. According to the Ministry of Economy's Business and Society Registry, SpAs accounted for 71.42% of new businesses in October 2023. The Czech form of

2100-526: The Corporations Act 2001 . In Brazil there are many different types of legal entities ( sociedades ), but the two most common ones commercially speaking are (i) sociedade limitada , identified by "Ltda." or "Limitada" after the company's name, equivalent to the British limited liability company, and (ii) sociedade anônima or companhia , identified by "SA" or "Companhia" in

2175-551: The Dutch East India Company issued shares that were made tradable on the Amsterdam Stock Exchange . The development enhanced the ability of joint-stock companies to attract capital from investors, as they could now easily dispose of their shares. In 1612, it became the first 'corporation' in intercontinental trade with 'locked in' capital and limited liability. The joint-stock company became

2250-491: The Indian subcontinent . Joint-stock companies paid out divisions (dividends) to their shareholders by dividing up the profits of the voyage in the proportion of shares held. Divisions were usually cash, but when working capital was low and detrimental to the survival of the company, divisions were either postponed or paid out in remaining cargo, which could be sold by shareholders for profit. However, in general, incorporation

2325-517: The United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited companies . A joint-stock company is an artificial person; it has legal existence separate from persons composing it. It can sue and can be sued in its own name. It is created by law, established for commercial purposes, and comprises a large number of members. The shares of each member can be purchased, sold, and transferred without

Ferrovie dello Stato Italiane - Misplaced Pages Continue

2400-548: The Westinghouse brake . Even the couplings were of different types. In ten years Bianchi managed to standardize the regulations and the legal status of the staff. His decisive character led him to face business problems with an entrepreneurial approach. An example was the supply of coal, of British origin, which passed through various intermediaries. Bianchi, instead, set up his own office directly in Cardiff . Mediating at

2475-521: The 19th century and municipalities ) are considered to be corporations ( 法人 , hōjin ) . Non-profit corporations may be established under the Civil Code . The term "company" ( 会社 , kaisha ) or (企業 kigyō ) is used to refer to business corporations. The predominant form is the Kabushiki gaisha (株式会社), used by public corporations as well as smaller enterprises. Mochibun kaisha (持分会社),

2550-555: The ALe 601, progenitor of the Ale 801/940 and ALe 803 EMU, still in use today on regional service. During the 1970s, a new generation of electronically operated railcars and power trains were first introduced on the Italian network, starting with the G.A.I. (Gruppo Aziende Italiane) trains for regional and metropolitan service. The new E.444 was the first attempt on high-speed rail , with

2625-505: The Kingdom on 23 February 1917, he was called to hold the post of Minister for Maritime Transport and Railways on 16 June 1917, but resigned on 14 May 1918. He held various other ministerial positions and was a member of the board of directors of some banks and other bodies. He died in Turin on 4 November 1936 at the age of 82. Joint-stock company A joint-stock company (JSC) is

2700-565: The US). The institution most often referenced by the word "corporation" is publicly traded , which means that the company's shares are traded on a public stock exchange (for example, the New York Stock Exchange or Nasdaq in the United States) whose shares of stock of corporations are bought and sold by and to the general public. Most of the largest businesses in the world are publicly traded corporations. However,

2775-592: The case of Hallett v Dowdall , the Court of the Exchequer held that such clauses bound people who have notice of them. Four years later, the Joint Stock Companies Act 1856 provided for limited liability for all joint-stock companies provided, among other things, that they included the word "limited" in their company name. The landmark case of Salomon v A Salomon & Co Ltd established that

2850-557: The company debts that extend beyond the company's ability to pay up to the amount of them. The earliest records of joint-stock companies appear in China during the Tang and Song dynasties . The Tang dynasty saw the development of the heben , the earliest form of joint stock company with an active partner and one or two passive investors. By the Song dynasty this had expanded into the douniu ,

2925-480: The company if a vacancy occurs, but that is uncommon. A joint-stock company also differs from other company forms, as it lacks internal ownership (hence its shareholders). This means that although the shareholder(s) in the joint-stock company may also work for the company as employees or by contract, when they act as shareholders they are always exterior to the company, which may help keep ownership business-oriented and impersonal. Provided sales and assets exist within

3000-520: The company profits. Closely held companies often have a better relationship with workers. In larger, publicly traded companies, often after only one bad year, the first area to feel the effects is the workforce with layoffs or worker hours, wages or benefits being cut. Again, in a closely held business the shareholders can incur the profit damage rather than passing it to the workers. The affairs of publicly traded and closely held corporations are similar in many respects. The main difference in most countries

3075-494: The company's name, equivalent to the British public limited company. The "Ltda." is mainly governed by the new Civil Code, enacted in 2002, and the "SA", by Law 6.404, dated December 15, 1976, as amended. In Bosnia and Herzegovina , a joint-stock company is called: The specified form of organization means that the company ( private or state-owned ) is organized on the Bosnian market (Federation of BiH and RS entity level) as

Ferrovie dello Stato Italiane - Misplaced Pages Continue

3150-469: The company, a joint-stock company is effectively a forum for three- party trading: Owners, i.e. shareholders, are seeking financial funds (profits) and offer economic assets, in the form of capital. Employees, contractors and other contracted parties seek compensation and offer labor for this. Utilisers, ie customers, clients and other stakeholders, seek products and services, and offer financial funds for this. The shareholders are usually not liable for any of

3225-408: The company. Often, that blow is enough to make a small public company fail. Often, communities benefit from a closely held company more so than from a public company. A closely held company is far more likely to stay in a single place that has treated it well even if that means going through hard times. Shareholders can incur some of the damage the company may receive from a bad year or slow period in

3300-513: The consent of other members. Its capital is divided into transferable shares, suitable for large undertakings. Joint stock companies have a perpetual succession and a common seal. Ownership refers to a large number of privileges. The company is managed on behalf of the shareholders by a board of directors, elected at an annual general meeting. The shareholders also vote to accept or reject an annual report and audited set of accounts. Individual shareholders can sometimes stand for directorships within

3375-472: The construction and maintenance of motorways and state highways in Italy. Ferrovie dello Stato Italiane owns and operates a ferry service for rail trains connecting the mainland to Sicily , crossing the Strait of Messina . They carry InterCity , InterCityNotte and goods wagon by means of ferry boats. Until 2009 there was another ferry service for freight transport, which was activated in 1961 to connect

3450-609: The continent to the Sardinia , between Civitavecchia and Golfo Aranci . Since 2010, after the regular service has been suspended, there is an on-call service for Messina Marittima and Villa San Giovanni Mare . The former company CEOs were: Lorenzo Necci (1989–1996), Giancarlo Cimoli (1996–2004), Elio Catania (2004–2006), Mauro Moretti (2006–2014), Michele Mario Elia (2014–2015), Renato Mazzoncini (2015–2018) and Gianfranco Battisti (2018-2021). NEL 2030 FRECCIA ORO ETR Riccardo Bianchi Riccardo Bianchi (1854-1936)

3525-513: The corporation are able to assess the creditworthiness of the corporation and cannot enforce claims against shareholders. Shareholders, therefore, experience some loss of privacy in return for limited liability. That requirement generally applies in Europe, but not in common law jurisdictions, except for publicly traded corporations (for which financial disclosure is required for investor protection). In many countries, corporate profits are taxed at

3600-563: The dealings it describes are perhaps more complex than those practiced a century earlier, it essentially deals with a kind of investment and division of profits that for sure would have been made in the twelfth if not also the eleventh century: a four-party partnership that collectively made an investment (of 424,000 strings of cash) in a Chinese trading venture to southeast Asia. Each party's original investment consisted of precious metals like silver and gold and commodities like salt, paper, and monk certificates (and their accruing tax exemption). Yet

3675-465: The development of electric lighting of vehicles and stations. The problem of shortage of rolling stock was tackled head-on, thanks to huge financing obtained from the Government for thousands of wagons and carriages, as well as new classes of technologically advanced steam locomotives . In just one year, he managed to acquire or build 567 locomotives, 1,244 coaches and 20,623 freight wagons, in one of

3750-595: The establishment of the FS in 1905. With the coming of nationalization , Bianchi was appointed General Manager of the Ferrovie dello Stato by Giovanni Giolitti. Bianchi was respected as a man of great moral integrity and an enlightened and progressive manager, who paid great attention to technological innovation and efficiency. Giolitti, in his memoirs, recalled that, when asked what salary he wanted as General Manager of Ferrovie dello Stato, Bianchi surprised him by replying that

3825-458: The firm cannot be taken by personal creditors of its shareholders. The second feature requires special legislation and a special legal framework, as it cannot be reproduced via standard contract law. The regulations most favorable to incorporation include: In many jurisdictions, corporations whose shareholders benefit from limited liability are required to publish annual financial statements and other data so that creditors who do business with

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3900-558: The first time the previous maximum limit of 180 km/h on the Italian network. In 1988, the ETR 450 Pendolino was travelling regularly at 250 km/h (160 mph), today's top speed on the line. The line was the fastest in Europe after the French TGV lines. The old logo was renewed in 1982 and again in 1994, with the introduction of the XMPR livery  [ it ] . The FS

3975-459: The greatest improvement efforts ever seen in the history of Italian infrastructure. His management style was sometimes controversial but this was justified by the fact that a large national enterprise had been established from nothing and he had to face significant problems of amalgamation and unification among the employees. On 24 January 1915, following disputes with the Minister of Transport on

4050-506: The introduction of general corporation law. The oldest corporation in Canada is the Hudson's Bay Company ; though its business has always been based in Canada, its Royal Charter was issued in England by King Charles II in 1670, and became a Canadian charter by amendment in 1970 when it moved its corporate headquarters from London to Canada. Federally recognized corporations are regulated by

4125-481: The majority of corporations are privately held , or closely held, so there is no ready market for the trading of shares. Many such corporations are owned and managed by a small group of businesspeople or companies, but the size of such a corporation can be as vast as the largest public corporations. Closely held corporations have some advantages over publicly traded corporations. A small, closely held company can often make company-changing decisions much more rapidly than

4200-663: The management of the rail infrastructure. Both companies were still subsidiaries of Ferrovie dello Stato Holding SpA. In 2011 Ferrovie dello Stato Italiane bought the German Netinera . In July 2016 Busitalia (part of Ferrovie dello Stato Italiane) purchased the Dutch company Qbuzz . In February 2017 Trenitalia bought from National Express the British train operating company c2c . In September 2017, an agreement to buy 100% of TrainOSE (the Greek railways) for €45 million

4275-624: The management. The organisation was converted from a government agency to a state-owned enterprise in 1992 with the creation of the new Ferrovie dello Stato SpA, a joint-stock company , following a European guideline. However, it was not privatized : it remained fully owned by the Italian Government. On 1 June 2000, the company's two main divisions, service and infrastructure, were separated and two different independent companies were created: Trenitalia , responsible for transport service, and Rete Ferroviaria Italiana , responsible for

4350-412: The ministries he managed to promote important investments to build large locomotive repair depots and important railway lines, such as Rome-Naples and Bologna-Florence, whose construction began during his tenure. After having designed a unified architecture for new lines, he began work on extending the tracks, then of 15,000 km, of which less than one sixth was double track. He invested much effort in

4425-584: The occasion of an earthquake in the Marsican territory, Bianchi resigned from his post as general manager. The Bianchi management, however, had an extremely positive effect and created a railway administration that was competitive with those of other European nations. As a result of his appointment as Director General of the FS, the Italian Railway Engineers College had appointed him as its honorary president. Appointed Senator of

4500-465: The person of somebody who is really the directing mind and will of the corporation, the very ego and centre of the personality of the corporation. This 'directing will' is embodied in a corporate Board of Directors. The legal personality has two economic implications. It grants creditors (as opposed to shareholders or employees) priority over the corporate assets upon liquidation. Second, corporate assets cannot be withdrawn by its shareholders, and assets of

4575-426: The profits represented by the dividend have already been taxed. The company profit being passed on is thus effectively taxed only at the rate of tax paid by the eventual recipient of the dividend. In other systems, dividends are taxed at a lower rate than other income (for example, in the US), or shareholders are taxed directly on the corporation's profits, while dividends are not taxed (for example, S corporations in

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4650-417: The public limited company is called akciová společnost ( a.s. ) and its private counterpart is called společnost s ručením omezeným ( s.r.o. ). Their Slovak equivalents are called akciová spoločnosť ( a.s. ) and spoločnosť s ručením obmedzeným ( s.r.o. ). Germany , Austria , Switzerland and Liechtenstein recognize two forms of company limited by shares:

4725-488: The rise of Fascism , a centralization policy was carried out. The board of directors and chief administrator office were abolished at the end of 1922. The institution was administered by a commissioner, appointed by the King until April 1924. Since then, Ferrovie dello Stato was managed by the newly born Ministry of Communications (including rail transport), under Costanzo Ciano . After the armistice on 8 September 1943, Italy

4800-617: The salary he enjoyed as general director of the Sicula Network would be enough. Settled in his new prestigious office he had to face great problems. Most of the lines, rolling stock and plant were in a state of neglect and decay. There were different and divergent regulations and provisions. The Adriatic Network had adopted Vignoles rail and the Hardy brake , while the Mediterranean Network used double-headed rail and

4875-428: The value of their individual investments varied considerably, as much as eightfold. Likewise, each party's share of the profits varied greatly, evidently in proportion to its overall share in the total investment. While social and family ties may have shaped the circle of potential coinvestors, they affected little, if at all, an investor's eventual share of the profits, or losses. Finding the earliest joint-stock company

4950-658: Was an Italian engineer and the first Director-General of the Italian State Railways (FS), formed in 1905. Riccardo Bianchi was born at Casale Monferrato , in Piedmont on 20 August 1854. He did his studies and earned a degree in engineering in Turin and then gained practical experience in the railway workshops in Bologna where he obtained an industrial technical diploma. After graduation he worked in England for

5025-473: Was divided and train operations were separately directed too, with headquarters in Salerno for the south and Verona for the north. At the end of 1944, the Ministry of Communications was split and the new Ministry of Transport was created, including the general management of Ferrovie dello Stato, and in 1945, the company was renamed Azienda Autonoma delle Ferrovie dello Stato . The period after World War II

5100-580: Was extended to many other installations on the Italian network, and also abroad, and was used until after the Second World War . In 1885, the SFAI became part of Rete Mediterranea and in 1891 Bianchi was appointed head of the Maintenance and Works Department and, in 1900, Director of the Movement and Traffic Service. On 22 July 1901 he became General Manager of Rete Sicula where he remained until

5175-631: Was granted in 1555. The most notable joint-stock company from the British Isles was the East India Company , which was granted a royal charter by Queen Elizabeth I on December 31, 1600 with the intention of establishing trade on the Indian subcontinent . The charter effectively granted the newly formed Honourable East India Company a fifteen-year monopoly on all English trade in the East Indies . Soon afterwards, in 1602,

5250-519: Was introduced, greatly reducing travel time on the Italian network. During these years, the rolling stock was generally renewed and expanded with the mass construction of electrical and diesel multiple units, like the Ale 883, ALe 840 and ALn 772. The FS ALn 668 diesel multiple unit was introduced in 1956. In the following years, 3 MU out of 4 were 668 , which replaced many older units. Many electrical multiple units were also introduced during this period, like

5325-515: Was left unchanged in its administrative structure until the end of 1985. From the following year, after 80 years, the Azienda Autonoma delle Ferrovie dello Stato was replaced by a new company, Ferrovie dello Stato . The newly born Ferrovie dello Stato underwent major structural transformations between 1986 and 1992. The workforce was reduced to half: from 216,310 employees in 1988 to 112,018 in 1999. Divisions were created to rationalize

5400-416: Was particularly tough for Ferrovie dello Stato, since most of the Italian rail network was severely damaged and the rolling stock was obsolete. The network was rebuilt almost entirely by 1952. Since then, a period of renewal started. New trains were introduced, among them the ETR 300 , and many sections of the national network were electrified and sometimes doubled. In 1957, the new ALn 442/448 multiple unit

5475-623: Was possible by royal charter or private act , and it was limited because of the government's jealous protection of the privileges and advantages thereby granted. As a result of the rapid expansion of capital-intensive enterprises in the course of the Industrial Revolution in Europe and the United States, many businesses came to be operated as unincorporated associations or extended partnerships , with large numbers of members. Nevertheless, membership of such associations

5550-411: Was signed. Blufferies is a subsidiary company of Ferrovie dello Stato (Italy's Rail Infrastructure Manager) that operates ferries across the Strait of Messina . It provides transport across the strait for passengers, cars and trains. The company employs approximately 130 people. Trenitalia is the most important subsidiary of the company, as it manages all the trains of the company group. Trenitalia

5625-399: Was usually for a short term so their nature was constantly changing. Consequently, registration and incorporation of companies, without specific legislation, was introduced by the Joint Stock Companies Act 1844 . Initially, companies incorporated under this Act did not have limited liability, but it became common for companies to include a limited liability clause in their internal rules. In

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