Chapter VIII · Amendments to the articles of association

Article 267 Disposal of the right to participate in a capital increase

Artigo 267.º · Alienação do direito de participar no aumento de capital

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

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1. The right to participate preferentially in a capital increase may be disposed of with the company’s consent.

1 - O direito de participar preferencialmente num aumento de capital pode ser alienado, com o consentimento da sociedade.

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2. The consent required by the preceding paragraph is dispensed with, granted or refused in the manner prescribed for consent to the assignment of quota interests, but the resolution increasing the capital may grant that consent for the entire increase.

2 - O consentimento exigido no número anterior é dispensado, concedido ou recusado nos termos prescritos para o consentimento de cessão de quotas, mas a deliberação de aumento de capital pode conceder o referido consentimento para todo esse aumento.

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3. In the case provided for in the final part of the preceding paragraph, the acquirers must exercise the pre-emption right at the meeting that approves the capital increase.

3 - No caso previsto na parte final do número anterior, os adquirentes devem exercer a preferência na assembleia que aprove o aumento de capital.

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4. If consent is expressly refused, the company must submit a proposal for the acquisition of the right by a member or a third party, and Article 231 applies with the necessary adaptations.

4 - No caso de o consentimento ser expressamente recusado, a sociedade deve apresentar proposta de aquisição do direito por sócio ou estranho, aplicando-se, com as necessárias adaptações, o disposto no artigo 231.º

What we checked in this article

The company's consent requirement, the option of blanket consent in the capital-increase resolution, and the company's duty on express refusal to propose an acquirer under Article 231 are retained.

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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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