1. The articles of association may not exclude the transferability of shares or restrict it beyond what the law permits.
1 - O contrato de sociedade não pode excluir a transmissibilidade das acções nem limitá-la além do que a lei permitir.
a) Make the transfer of registered shares subject to the company’s consent;
a) Subordinar a transmissão das acções nominativas ao consentimento da sociedade;
b) Establish a pre-emption right for the other shareholders, and the conditions for its exercise, in the event of a disposal of registered shares;
b) Estabelecer um direito de preferência dos outros accionistas e as condições do respectivo exercício, no caso de alienação de acções nominativas;
c) Make the transfer of registered shares, and the creation of a pledge or usufruct over them, subject to specific requirements, subjective or objective, that are consistent with the company’s interest.
c) Subordinar a transmissão de acções nominativas e a constituição de penhor ou usufruto sobre elas à existência de determinados requisitos, subjectivos ou objectivos, que estejam de acordo com o interesse social.
3. The restrictions provided for in the preceding paragraph may be introduced only by an amendment to the articles of association with the consent of all shareholders whose shares are affected by them, but they may be relaxed or removed by amendment of the articles under the general rules; the restrictions may be confined to shares corresponding to a particular capital increase, provided that they are resolved upon at the same time as that increase.
3 - As limitações previstas no número anterior só podem ser introduzidas por alteração do contrato de sociedade com o consentimento de todos os accionistas cujas acções sejam por elas afectadas, mas podem ser atenuadas ou extintas mediante alteração do contrato, nos termos gerais; as limitações podem respeitar apenas a acções correspondentes a certo aumento de capital, contanto que sejam deliberadas simultaneamente com este.
4. The clauses provided for in this article must be transcribed on the share certificates or in the share registration accounts, failing which they may not be relied on against acquirers in good faith.
4 - As cláusulas previstas neste artigo devem ser transcritas nos títulos ou nas contas de registo das acções, sob pena de serem inoponíveis a adquirentes de boa fé.
5. The clauses provided for in points (a) and (c) of paragraph 2 may not be invoked in enforcement proceedings or in asset liquidation proceedings.
5 - As cláusulas previstas nas alíneas a) e c) do n.º 2 não podem ser invocadas em processo executivo ou de liquidação de patrimónios.
The three permitted restrictions on registered shares, the unanimity of affected shareholders to introduce them, the transcription requirement against good-faith acquirers, and the non-invocability of points (a) and (c) in enforcement or liquidation proceedings 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.