Members of the management body of each participating company are jointly and severally liable for losses caused by the division to the company and its members and creditors if, in verifying the companies’ assets and liabilities and completing the division, they failed to exercise the diligence of a judicious and orderly manager.
Os membros do órgão de administração de cada uma das sociedades participantes são solidariamente responsáveis pelos danos causados pela cisão à sociedade e aos seus sócios e credores, desde que, na verificação da situação patrimonial das sociedades e na conclusão da cisão, não tenham observado a diligência de um gestor criterioso e ordenado.
Liability is limited to members of the management body (not the supervisory body), is joint and several, and turns on failure to exercise the diligence of a judicious and orderly manager.
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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.