1. Public limited companies may issue securities which, within a single issue, confer equal credit rights and which are called bonds.
1 - As sociedades anónimas podem emitir valores mobiliários que, numa mesma emissão, conferem direitos de crédito iguais e que se denominam obrigações.
2. Bonds may be issued only by companies whose articles of association have been definitively registered for more than one year, unless:
2 - Só podem emitir obrigações as sociedades cujo contrato esteja definitivamente registado há mais de um ano, salvo se:
a) They result from a merger or division of companies at least one of which has been registered for more than one year; or
a) Tenham resultado de fusão ou de cisão de sociedades das quais uma, pelo menos, se encontre registada há mais de um ano; ou
b) The State or an equivalent public entity holds the majority of the company’s share capital;
b) O Estado ou entidade pública equiparada detenha a maioria do capital social da sociedade;
c) The bonds are guaranteed by a credit institution, by the State or by an equivalent public entity.
c) As obrigações forem objecto de garantia prestada por instituição de crédito, pelo Estado ou entidade pública equiparada.
d) Financial information on the issuer, relating to a date not more than three months before the issue, audited by an independent auditor registered with the Portuguese Securities Market Commission (CMVM) and prepared in accordance with the applicable accounting standards, is made available to investors.
d) For disponibilizada aos investidores informação financeira relativa ao emitente, reportada a data não superior a três meses relativamente à emissão, auditada por auditor independente registado na Comissão do Mercado de Valores Mobiliários, e elaborada de acordo com as normas contabilísticas aplicáveis.
3. The requirements laid down in the preceding paragraph may be waived, in whole or in part, by order (portaria) of the Ministers of Finance and of Justice.
3 - Por portaria dos Ministros das Finanças e da Justiça podem ser dispensados, no todo ou em parte, os requisitos previstos no número anterior.
4. Bonds may not be issued before the share capital has been fully paid up or, at least, before all shareholders who have not paid up their shares in due time have been placed in default.
4 - As obrigações não podem ser emitidas antes de o capital estar inteiramente liberado ou de, pelo menos, estarem colocados em mora todos os accionistas que não hajam liberado oportunamente as suas acções.
The one-year registration requirement, the four exceptions in paragraph 2 (including the three-month limit and CMVM-registered auditor in point (d)) and the bar on issuing before capital is fully paid up or defaulting shareholders are placed in default are retained.
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.
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.