Chapter III · Shares · Section III · Own shares

Article 325 Pledge and security over own shares

Artigo 325.º · Penhor e caução de acções próprias

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

1. Own shares that a company receives by way of pledge or security count towards the limit laid down in Article 317(2), except those intended to secure liabilities arising from holding corporate office.

1 - As acções próprias que uma sociedade receba em penhor ou caução são contadas para o limite estabelecido no artigo 317.º, n.º 2, exceptuadas aquelas que se destinarem a caucionar responsabilidades pelo exercício de cargos sociais.

2. Directors who accept for the company its own shares by way of pledge or security, whether or not the limit laid down in Article 317(2) is exceeded, are liable in accordance with Article 323(4) if the shares are subsequently acquired by the company.

2 - Os administradores que aceitarem para a sociedade acções próprias desta em penhor ou caução, quer esteja quer não esteja excedido o limite estabelecido no n.º 2 do artigo 317.º, são responsáveis, conforme o disposto no n.º 4 do artigo 323.º, se as acções vierem a ser adquiridas pela sociedade.

What we checked in this article

The counting of pledged shares towards the Article 317(2) limit, the exception for security for corporate office, and the directors' liability under Article 323(4) are retained.

Is Article 325 relevant to a company you run or plan to set up?

We advise on Portuguese company law in English every day: formation, capital, members’ resolutions, managers’ liability and restructuring. A written answer and a fixed quote within one working day.

Ask us about this article WhatsApp

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.

Applying the law

Portuguese company law, explained in English by the people who apply it

Reading the statute is the first step. Applying it to your articles of association, your capital and your board is where mistakes cost money. Tell us what you are deciding and we will set out the rules that apply and what it costs to get it done.

Get a written quote WhatsAppOr write to [email protected]