Portugal · Decree-Law No. 262/86

Commercial Companies Code in English

The Código das Sociedades Comerciais governs every Portuguese company: the Lda, the S.A., partnerships, capital, members’ resolutions, managers’ duties, mergers and dissolution. Here it is article by article, in English, with the official Portuguese text alongside and every paragraph linkable.

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English, Portuguese or side by sideChecked against the official consolidationFree, no sign-up
This edition
Articles in Englishof 646 entries in the Code646
Aligned provisionsparagraph by paragraph, EN and PT3030
Text in forceincludes Decree-Law No. 171/2026Oct 2026
All five volumes are published: the whole Code is in English. Every provision has been checked against the official Portuguese text.
Volumes

Five volumes, published in the order of the Code

The Code runs to 646 article entries, including lettered articles inserted by later amendments and repealed placeholders. We translate it in five blocks. A volume is published only when every provision in it has been compared with the Portuguese.

PublishedVolume IArticles 1–117-L · 139 articles

General part: formation, members, capital, resolutions, accounts, liability, amendments and mergers

Start at Article 1 →
PublishedVolume IIArticles 118–174 · 85 articles

General part, continued: divisions, conversions, dissolution, liquidation and publication

Start at Article 118 →
PublishedVolume IIIArticles 175–270-G · 111 articles

General partnerships and private limited companies (Lda), including single-member companies

Start at Article 175 →
PublishedVolume IVArticles 271–464 · 221 articles

Public limited companies (S.A.): shares, bonds, general meetings, boards and audit

Start at Article 271 →
PublishedVolume VArticles 465–546 · 90 articles

Limited partnerships, affiliated companies and groups, criminal and final provisions

Start at Article 465 →
Contents

Every article of the Code

Every article of the Code, in order, with its English and Portuguese heading. Repealed articles are kept in their place so that the numbering and cross-references still line up.

Title I · General partParte geral
    Chapter II · Legal personality and capacityPersonalidade e capacidade
    1. 5Legal personalityPersonalidade
    2. 6Legal capacityCapacidade
    Chapter III · Articles of associationContrato de sociedade
      Section III · The company before registration. Invalidity of the articlesRegime da sociedade antes do registo. Invalidade do contrato
      1. 36Relations before execution of the articles of associationRelações anteriores à celebração do contrato de sociedade
      2. 37Relations between members before registrationRelações entre os sócios antes do registo
      3. 38Relations of unregistered general partnerships with third partiesRelações das sociedades em nome colectivo não registadas com terceiros
      4. 39Relations of unregistered limited partnerships with third partiesRelações das sociedades em comandita simples não registadas com terceiros
      5. 40Relations of unregistered private limited companies, public limited companies and partnerships limited by shares with third partiesRelações das sociedades por quotas, anónimas e em comandita por acções não registadas com terceiros
      6. 41Invalidity of the articles of association before registrationInvalidade do contrato antes do registo
      7. 42Nullity of registered articles of association of a private limited company, a public limited company or a partnership limited by sharesNulidade do contrato de sociedade por quotas, anónima ou em comandita por acções registado
      8. 43Invalidity of the articles of association of general partnerships and limited partnershipsInvalidade do contrato de sociedade em nome colectivo e em comandita simples
      9. 44Proceedings for a declaration of nullity and notice to remedy defectsAcção de declaração de nulidade e notificação para regularização
      10. 45Defects of consent and incapacity in private limited companies, public limited companies and partnerships limited by sharesVícios da vontade e incapacidade nas sociedades por quotas, anónimas e em comandita por acções
      11. 46Defects of consent and incapacity in general partnerships and limited partnershipsVícios da vontade e incapacidade nas sociedades em nome colectivo e em comandita simples
      12. 47Effects of annulment of the articles of associationEfeitos da anulação do contrato
      13. 48Members admitted after incorporationSócios admitidos na sociedade posteriormente à constituição
      14. 49Notice to a member to annul or confirm the transactionNotificação do sócio para anular ou confirmar o negócio
      15. 50Alternative satisfaction of the claimant’s interestSatisfação por outra via do interesse do demandante
      16. 51Acquisition of the claimant’s interestAquisição da quota do autor
      17. 52Effects of invalidityEfeitos da invalidade
    Chapter V · Management and supervisionAdministração e fiscalização
    1. 64Fundamental dutiesDeveres fundamentais
    Chapter IX · Mergers of companiesFusão de sociedades
      Section I · Domestic mergersFusão interna
      1. 96-AResolution tools, powers and mechanismsInstrumentos, poderes e mecanismos de resolução
      2. 97Definition and forms of mergerNoção – Modalidades
      3. 98Draft terms of mergerProjecto de fusão
      4. 99Examination of the draft termsFiscalização do projecto
      5. 100Registration and publication of the draft terms and convening of the meetingRegisto e publicação do projecto e convocação da assembleia
      6. 101Inspection of documentsConsulta de documentos
      7. 101-AObjections by creditorsOposição dos credores
      8. 101-BEffects of an objectionEfeitos da oposição
      9. 101-CBondholdersCredores obrigacionistas
      10. 101-DHolders of other securitiesPortadores de outros títulos
      11. 102Conduct of the meetingReunião da assembleia
      12. 103ResolutionDeliberação
      13. 104Interest held by one company in the capital of anotherParticipação de uma sociedade no capital de outra
      14. 105Members’ right to withdrawDireito de exoneração dos sócios
      15. 106Form and applicable provisionsForma e disposições aplicáveis
      16. 107Disclosure of the merger and creditors’ objectionsPublicidade da fusão e oposição dos credores
      17. 108Effects of an objectionEfeitos da oposição
      18. 109BondholdersCredores obrigacionistas
      19. 110Holders of other securitiesPortadores de outros títulos
      20. 111Registration of the mergerRegisto de fusão
      21. 112Effects of registrationEfeitos do registo
      22. 113Condition or termCondição ou termo
      23. 114Liability arising from the mergerResponsabilidade emergente da fusão
      24. 115Enforcement of liability where the company ceases to existEfectivação de responsabilidade no caso de extinção da sociedade
      25. 116Acquisition by merger of a company at least 90% owned by anotherIncorporação de sociedade detida pelo menos a 90 % por outra
      26. 117Nullity of the mergerNulidade da fusão
    Chapter X · Divisions of companiesCisão de sociedades
    Chapter XI · Conversion of companiesTransformação de sociedades
    Chapter XV · Oversight by the Public Prosecution ServiceFiscalização pelo Ministério Público
    1. 172Application for judicial liquidationRequerimento de liquidação judicial
    2. 173Regularisation of the companyRegularização da sociedade
    Chapter XVI · LimitationPrescrição
    1. 174LimitationPrescrição
Title II · General partnershipsSociedades em nome colectivo
    Chapter III · Amendments to the articles of associationAlterações do contrato
    1. 194Amendments to the articles of associationAlterações do contrato
Title III · Private limited companiesSociedades por quotas
    Chapter II · Duties and rights of membersObrigações e direitos dos sócios
      Section II · Ancillary obligationsObrigações de prestações acessórias
      1. 209Ancillary obligationsObrigações de prestações acessórias
    Chapter III · Quota interestsQuotas
      Section V · Enforcement against a quotaExecução da quota
      1. 239Enforcement against the quota interestExecução da quota
    Chapter VII · Annual assessment of the company’s positionApreciação anual da situação da sociedade
    1. 263Management report and annual accountsRelatório de gestão e contas do exercício
    2. 264Publication of accountsPublicidade das contas
    Chapter IX · Dissolution of the companyDissolução da sociedade
    1. 270Dissolution of the companyDissolução da sociedade
Title IV · Public limited companiesSociedades anónimas
    Chapter III · SharesAcções
      Section VI · Redeemable preference sharesAcções preferenciais remíveis
      1. 345Redeemable preference sharesAcções preferenciais remíveis
    Chapter IV · BondsObrigações
    Chapter VI · Management, supervision and company secretaryAdministração, fiscalização e secretário da sociedade
      Section VI · Statutory auditorRevisor oficial de contas
      1. 446AppointmentDesignação
    Chapter X · Dissolution of the companyDissolução da sociedade
    1. 464DissolutionDissolução
Title VI · Affiliated companiesSociedades coligadas
    Chapter III · Group relationshipsSociedades em relação de grupo
      Section II · Equal-footing group agreementContrato de grupo paritário
      1. 492Rules governing the agreementRegime do contrato
Title VII · Criminal provisionsDisposições penais
  1. 509Failure to collect capital contributionsFalta de cobrança de entradas de capital
  2. 510Unlawful acquisition of quota interests or sharesAquisição ilícita de quotas ou acções
  3. 511Redemption of a quota interest not paid upAmortização de quota não liberada
  4. 512Lawful redemption of a quota interest given in pledge or subject to usufructAmortização lícita de quota dada em penhor ou que seja objecto de usufruto
  5. 513Other infringements of the rules on the redemption of quota interests or sharesOutras infracções às regras da amortização de quotas ou acções
  6. 514Unlawful distribution of company assetsDistribuição ilícita de bens da sociedade
  7. 515Irregularity in convening company meetingsIrregularidade na convocação de assembleias sociais
  8. 516Disruption of a company meetingPerturbação de assembleia social
  9. 517Fraudulent participation in a company meetingParticipação fraudulenta em assembleia social
  10. 518Unlawful refusal of informationRecusa ilícita de informações
  11. 519False informationInformações falsas
  12. 519-ASubmission of falsified or fraudulent accountsApresentação de contas adulteradas ou fraudulentas
  13. 520Misleading notice of meetingConvocatória enganosa
  14. 521Unlawful refusal to draw up minutesRecusa ilícita de lavrar acta
  15. 522Obstruction of supervisionImpedimento de fiscalização
  16. 523Breach of the duty to convene, or to request the convening of, the general meeting in the event of serious loss of share capitalViolação do dever de convocar ou requerer a convocação da assembleia geral em caso de perda grave do capital
  17. 524Misuse of informationAbuso de informações
  18. 525Fraudulent manipulation of securities pricesManipulação fraudulenta de cotações de títulos
  19. 526Irregularities in the issue of securitiesIrregularidades na emissão de títulos
  20. 527Common principlesPrincípios comuns
  21. 528Administrative offencesIlícitos de mera ordenação social
  22. 529Subsidiary legislationLegislação subsidiária
Terminology

How the Portuguese terms are translated

One English term per Portuguese concept, used the same way in every article. The English words do not import English, US or any other company-law rules: a gerente is a manager in the Portuguese sense, a quota is not a share.

sociedade comercial → commercial company
The Code covers partnerships and capital companies; the generic term is not restricted to corporations.
sociedade em nome colectivo → general partnership
Unlimited-liability partnership form.
sociedade por quotas → private limited company
Portuguese Lda.; its equity interests are quotas.
sociedade anónima → public limited company
Portuguese S.A.; this does not itself mean listed company.
sociedade em comandita simples → limited partnership
General partners and limited partners have distinct roles.
sociedade em comandita por acções → partnership limited by shares
Distinct statutory company form.
sócio / accionista → member / shareholder
Member is the general term; shareholder is used where the source specifically refers to shares.
contrato de sociedade / contrato social → articles of association
The constitutional company agreement; not a separate shareholders’ agreement. Civil Code references to partnership agreements are translated in their own context.
acordo parassocial → shareholders’ agreement
An agreement among members; its inter-party effect differs from the constitutional instrument.
firma → business name
A registered trading/company name, not a professional firm.
objecto / fim → object / purpose
The specified activities and the company’s purpose are not collapsed into one concept.
sede estatutária / sede efectiva → registered office / effective seat
The latter refers to the actual management seat.
capital social / capital próprio → share capital / equity
Different concepts, especially in Articles 32 and 35.
parte / quota / acção → partnership interest / quota interest / share
The distinctions between forms of participation are retained.
entrada em dinheiro / em espécie → cash contribution / contribution in kind
Contribution to the company, not income or an accounting receipt.
indústria / sócio de indústria → services / member contributing services
Portuguese contribution of work/services; not an industrial business sector.
liberação / realizar a entrada → paying up / make the contribution
Performance of the capital contribution obligation.
gerente / administrador → manager / director
Statutory office holders; gerente is not a generic employee job title.
órgão de fiscalização → supervisory body
Broader than an individual statutory auditor.
conselho fiscal → supervisory board
The board named conselho fiscal, kept distinct from conselho geral e de supervisão.
conselho geral e de supervisão → general and supervisory board
Specific board in the Portuguese dualistic structure.
revisor oficial de contas → statutory auditor
Professional statutory audit status, not any accountant.
deliberação → resolution
An adopted corporate decision, rather than merely deliberation/discussion.
nulidade / anulabilidade / ineficácia → nullity / voidability / ineffectiveness
Separate legal categories; nullity is also expressed by void, annulability by voidable.
exoneração / destituição / renúncia → withdrawal / removal from office / waiver or resignation
The applicable English term depends on the statutory right and its holder; Article 74 uses waiver.
solidariamente → jointly and severally
Not merely joint liability.
dolo / culpa / culpa grave → intent or fraud / fault / gross negligence
Dolo is fraud in defects-of-consent provisions and intentional conduct in liability provisions.
usura → usury
The Portuguese civil-law concept of exploitative transactions; not confined to interest rates.
transacção → settlement
In Article 74 this means settlement of a claim, not a business transaction.
acção social de responsabilidade → proceedings to enforce the company’s liability claim
Company recovery is distinct from an individual member’s damages claim.
princípio de prova → beginning of proof
Article 63(7): a limited evidential category; no imported common-law burden-shifting rule.
método da equivalência patrimonial → equity method
Accounting term, not a general equality or valuation principle.
certificação legal das contas → statutory audit report
The auditor’s statutory reporting instrument.
instrumentos, poderes e mecanismos de resolução → resolution tools, powers and mechanisms
Statutory resolution regime, not an ordinary company resolution.
produção de efeitos → taking effect / producing effects
Distinguished from entry into force, particularly for Article 70-B.
suprimentos → member loans
Specific Portuguese member-financing category governed by the Code; not every creditor claim.
ágio → issue premium
Amount above the nominal value in a capital issue.
projeto de fusão / projeto comum → draft terms of merger / common draft terms
The merger terms, not the transaction as a whole.
contrato / estatutos (cross-border context) → instrument of constitution / statutes
Where the source distinguishes two instruments, both are retained.
certificado prévio → pre-merger certificate
Not a certificate that the completed merger has already been registered.
contabilista certificado → certified accountant
Portuguese regulated professional title.
Ordem dos Revisores Oficiais de Contas → Portuguese Institute of Statutory Auditors
The Portuguese professional body OROC.
absolvição da instância → dismissal without a decision on the merits
Distinguished from an unsuccessful claim decided on its merits.
Sources and method

How this translation is made and checked

The Portuguese text

The Portuguese column is the consolidated text of the Code as published in the Diário da República, including the amendments made by Decree-Law No. 171/2026 of 26 August. Every paragraph was matched against the official consolidation and the version kept by the Lisbon Public Prosecution Service on 26 October 2026. Where the source is defective, as in Article 117-G(8), we show it as published and say so; where the official consolidation still prints superseded wording next to the text in force, as in Article 132(1)(a), we reproduce the text in force and explain the difference in a note.

The English text

Each provision is translated separately and aligned with its Portuguese counterpart, so numbering, points and cross-references match one to one. Each provision was then reviewed against the Portuguese for conditions, exceptions, time limits, numbers, parties and cross-references, and for consistency with the terminology above.

What it is not

This is not an official or certified translation, and it is not legal advice. Dates when a provision takes effect are flagged on the article where they differ from the date it was enacted, as with Article 70-B, which applies from 10 January 2028.

Applying the law

Setting up or running a company under this Code? We do it in English.

Lda or S.A., share capital, the articles of association, the manager’s duties, a capital increase or a merger. We read the Code so you do not have to, and give you a fixed written quote within one working day.

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