1. A public limited company may not be incorporated with fewer than five members, except where the law dispenses with this requirement.
1 - A sociedade anónima não pode ser constituída por um número de sócios inferior a cinco, salvo quando a lei o dispense.
2. Paragraph 1 does not apply to companies in which the State, directly or through public undertakings or other entities treated as equivalent by law for this purpose, is to hold the majority of the capital; such companies may be incorporated with only two members.
2 - Do disposto no n.º 1 exceptuam-se as sociedades em que o Estado, directamente ou por intermédio de empresas públicas ou outras entidades equiparadas por lei para este efeito, fique a deter a maioria do capital, as quais podem constituir-se apenas com dois sócios.
The minimum of five members, the exception where the law dispenses with it, and the two-member exception for State-controlled companies 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.