1. If the quota interest is subject to a usufruct, the right to participate in the capital increase shall be exercised by the bare owner, by the usufructuary or by both, on the terms they agree between themselves.
1 - Se a quota estiver sujeita a usufruto, o direito de participar no aumento do capital será exercido pelo titular da raiz ou pelo usufrutuário ou por ambos, nos termos que entre si acordarem.
2. In the absence of agreement, the right to participate in the capital increase belongs to the bare owner, but if the bare owner does not declare an intention to subscribe the new quota interest within a period equal to half of that set in Article 266(5), that right passes to the usufructuary.
2 - Na falta de acordo, o direito de participar no aumento de capital pertence ao titular da raiz, mas, se este não declarar que pretende subscrever a nova quota em prazo igual a metade do fixado no n.º 5 do artigo 266.º, o referido direito devolve-se ao usufrutuário.
3. The communication prescribed by Article 266(5) must be sent to the bare owner and to the usufructuary.
3 - A comunicação prescrita pelo n.º 5 do artigo 266.º deve ser enviada ao titular da raiz e ao usufrutuário.
4. The new quota interest belongs in full ownership to the person who exercised the right to participate in the capital increase, unless the parties concerned have agreed that it is also to be subject to usufruct.
4 - A nova quota fica a pertencer em propriedade plena àquele que tiver exercido o direito de participar no aumento do capital, salvo se os interessados tiverem acordado em que ela fique também sujeita a usufruto.
5. If the bare owner and the usufructuary agree to dispose of the pre-emption right and the company consents to the disposal, the sum obtained shall be divided between them in proportion to the values of their respective rights at that time.
5 - Se o titular da raiz e o usufrutuário acordarem na alienação do direito de preferência e a sociedade nela consentir, a quantia obtida será repartida entre eles, na proporção dos valores que nesse momento tiverem os respectivos direitos.
The priority of the bare owner absent agreement, the devolution to the usufructuary after half the Article 266(5) period, notice to both holders, full ownership of the new quota interest unless otherwise agreed, and the proportional split of disposal proceeds 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.