1. The issue of bonds and the issue of each of their series are subject to commercial registration when carried out by way of a private offer, unless the bonds have been admitted to trading on a regulated securities market within the period for applying for registration.
1 - Estão sujeitas a registo comercial a emissão de obrigações e a emissão de cada uma das suas séries, quando realizadas através de oferta particular, excepto se tiver ocorrido dentro do prazo para requerer o registo a admissão das mesmas à negociação em mercado regulamentado de valores mobiliários.
2. Where registration is mandatory, the corresponding certificates may not be issued until the issue or series has been definitively registered; failure to register does not render the certificates invalid but renders the directors liable.
2 - Quando sujeita a registo obrigatório, enquanto a emissão ou a série não estiver definitivamente registada, não podem ser emitidos os respectivos títulos; a falta de registo não torna os títulos inválidos, mas sujeita os administradores a responsabilidade.
The registration requirement for private offers, the exception for admission to trading within the registration period and the validity of unregistered certificates with directors' liability 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.