1. The issue of bonds must be resolved upon by the shareholders, unless the articles of association authorise it to be resolved upon by the board of directors.
1 - A emissão de obrigações deve ser deliberada pelos accionistas, salvo se o contrato de sociedade autorizar que ela seja deliberada pelo conselho de administração.
2. No resolution to issue bonds may be passed while a previous issue has not been subscribed and paid up.
2 - Não pode ser tomada deliberação de emissão de obrigações enquanto não estiver subscrita e realizada uma emissão anterior.
3. The shareholders may authorise a bond issue resolved upon by them to be carried out in successive series, set by them or by the board of directors, but that authorisation lapses after five years as regards the series not yet issued.
3 - Os accionistas podem autorizar que uma emissão de obrigações por eles deliberada seja efectuada parcelarmente em séries, fixadas por eles ou pelo conselho de administração, mas tal autorização caduca ao fim de cinco anos, no que toca às séries ainda não emitidas.
4. A new series may not be launched while the bonds of the previous series have not been subscribed and paid up.
4 - Não pode ser lançada uma nova série enquanto não estiverem subscritas e realizadas as obrigações da série anterior.
The default competence of the shareholders, the board's competence only where the articles so authorise, the five-year lapse of the authorisation for unissued series and the bars on new issues or series before prior ones are subscribed and paid up 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.