Chapter IX · Mergers of companies · Section I · Domestic mergers

Article 103 Resolution

Artigo 103.º · Deliberação

Código das Sociedades Comerciais · Decree-Law No. 262/86 · consolidated text checked 26 October 2026

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1. In the absence of a special provision, the resolution shall be adopted in accordance with the rules governing amendments to the articles of association.

1 - A deliberação é tomada, na falta de disposição especial, nos termos prescritos para a alteração do contrato de sociedade.

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2. The merger may be registered only after obtaining the consent of members adversely affected where it:

2 - A fusão apenas pode ser registada depois de obtido o consentimento dos sócios prejudicados quando:

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a) Increases the obligations of all or some members;

a) Aumentar as obrigações de todos ou alguns dos sócios;

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b) Affects special rights held by some members;

b) Afectar direitos especiais de que sejam titulares alguns sócios;

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c) Changes the proportion of their interests relative to those of the other members of the same company, except insofar as that change results from payments required from them to comply with statutory provisions imposing a minimum or fixed value for each unit of participation.

c) Alterar a proporção das suas participações sociais em face dos restantes sócios da mesma sociedade, salvo na medida em que tal alteração resulte de pagamentos que lhes sejam exigidos para respeitar disposições legais que imponham valor mínimo ou certo de cada unidade de participação.

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3. Where a participating company has several classes of shares, the merger resolution of its general meeting takes effect only after approval by a separate meeting of each class.

3 - Se alguma das sociedades participantes tiver várias categorias de acções, a deliberação de fusão da respectiva assembleia geral só é eficaz depois de aprovada pela assembleia especial de cada categoria.

What we checked in this article

The default amendment majority, affected-member consent, proportionality exception and class meeting approval remain distinct.

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Unofficial English translation prepared by BCA Portugal for reference. Only the Portuguese text published in the Diário da República has legal force. Editorial notes are ours and are not part of the statute.

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