1. Where a recovery or insolvency plan is approved for a company that has issued bonds convertible into shares, in special revitalisation proceedings or insolvency proceedings, the right to convert the bonds into shares may be exercised immediately after the plan is confirmed by the court, on the terms laid down in it.
1 - Sendo aprovado plano de recuperação ou de insolvência de sociedade emitente de obrigações convertíveis em ações, no âmbito de processo especial de revitalização ou de insolvência, pode o direito de conversão das obrigações em ações ser exercido imediatamente após a homologação do plano, nas condições nele estabelecidas.
2. If a company that has issued bonds convertible into shares is dissolved otherwise than as a result of a merger, the bondholders may, in the absence of an adequate security bond, demand early repayment, which may not, however, be imposed on them by the company.
2 - Se a sociedade que tiver emitido obrigações convertíveis em acções se dissolver, sem que isso resulte de fusão, podem os obrigacionistas, na falta de caução idónea, exigir o reembolso antecipado, o qual, todavia, lhes não pode ser imposto pela sociedade.
The immediate exercise of the conversion right after court confirmation of the plan, the exclusion of dissolution resulting from a merger, the condition of no adequate security bond, and the rule that early repayment cannot be imposed by the company 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.