1. Except as provided in paragraph 3 of this Article, the acquisition of own shares requires a resolution of the general meeting, which must state:
1 - A aquisição de acções próprias depende, salvo o disposto no n.º 3 deste artigo, de deliberação da assembleia geral, da qual obrigatoriamente devem constar:
a) The maximum number and, if there is one, the minimum number of shares to be acquired;
a) O número máximo e, se o houver, o número mínimo de acções a adquirir;
b) The period, not exceeding eighteen months from the date of the resolution, during which the acquisition may be made;
b) O prazo, não excedente a dezoito meses a contar da data da deliberação, durante o qual a aquisição pode ser efectuada;
c) The persons from whom the shares are to be acquired, where the resolution does not require them to be acquired on a regulated market and acquisition from specific shareholders is lawful;
c) As pessoas a quem as acções devem ser adquiridas, quando a deliberação não ordenar que elas sejam adquiridas em mercado regulamentado e seja lícita a aquisição a accionistas determinados;
d) The minimum and maximum consideration, in acquisitions for consideration.
d) As contrapartidas mínima e máxima, nas aquisições a título oneroso.
3. The acquisition of own shares may be decided by the board of directors or by the executive board of directors only if it averts serious and imminent harm to the company, which is presumed to exist in the cases provided for in points (a) and (e) of Article 317(3).
3 - A aquisição das acções próprias pode ser decidida pelo conselho de administração ou pelo conselho de administração executivo apenas se, por meio delas, for evitado um prejuízo grave e iminente para a sociedade, o qual se presume existir nos casos previstos nas alíneas a) e e) do n.º 3 do artigo 317.º
4. Where acquisitions have been made under the preceding paragraph, the directors must, at the next general meeting, set out the reasons for and the terms of the transactions carried out.
4 - Efectuadas aquisições nos termos do número anterior, devem os administradores, na primeira assembleia geral seguinte, expor os motivos e as condições das operações efectuadas.
The four mandatory contents of the resolution (including the eighteen-month maximum), the cross-references to Article 317(2) to (4) and Article 318(1), the board's power limited to averting serious and imminent harm with the presumption for points (a) and (e) of Article 317(3), and the report to the next general meeting 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.