Chapter V · Shareholders’ resolutions

Article 386 Majority

Artigo 386.º · Maioria

Código das Sociedades Comerciais · Decree-Law No. 262/86 · consolidated text checked 26 October 2026

#

1. The general meeting adopts resolutions by a majority of the votes cast, whatever the percentage of the share capital represented at it, unless the law or the articles of association provide otherwise; abstentions are not counted.

1 - A assembleia geral delibera por maioria dos votos emitidos, seja qual for a percentagem do capital social nela representado, salvo disposição diversa da lei ou do contrato; as abstenções não são contadas.

#

2. In a resolution on the appointment of members of corporate bodies or of statutory auditors or statutory audit firms, if there are several proposals, the proposal receiving the greatest number of votes prevails.

2 - Na deliberação sobre a designação de titulares de órgãos sociais ou de revisores ou sociedades de revisores oficiais de contas, se houver várias propostas, fará vencimento aquela que tiver a seu favor maior número de votos.

#

3. A resolution on any of the matters referred to in Article 383(2) must be approved by two thirds of the votes cast, whether the meeting is held on first or on second call.

3 - A deliberação sobre algum dos assentos referidos no n.º 2 do artigo 383.º deve ser aprovada por dois terços dos votos emitidos, quer a assembleia reúna em primeira quer em segunda convocação.

#

4. If, at a meeting held on second call, shareholders holding at least half of the share capital are present or represented, a resolution on any of the matters referred to in Article 383(2) may be adopted by a majority of the votes cast.

4 - Se, na assembleia reunida em segunda convocação, estiverem presentes ou representados accionistas detentores de, pelo menos, metade do capital social, a deliberação sobre algum dos assuntos referidos no n.º 2 do artigo 383.º pode ser tomada pela maioria dos votos emitidos.

#

5. Where the law or the articles of association require a qualified majority determined by reference to the company’s capital, shares whose holders are legally barred from voting, whether generally or in the specific case, are not taken into account in calculating that majority, nor, unless the articles of association provide otherwise, do the vote limitations permitted by Article 384(2)(b) apply.

5 - Quando a lei ou o contrato exijam uma maioria qualificada, determinada em função do capital da sociedade, não são tidas em conta para o cálculo dessa maioria as acções cujos titulares estejam legalmente impedidos de votar, quer em geral quer no caso concreto, nem funcionam, a não ser que o contrato disponha diferentemente, as limitações de voto permitidas pelo artigo 384.º, n.º 2, alínea b).

What we checked in this article

The simple majority of votes cast with abstentions not counted, the plurality rule for appointments, the two-thirds majority for the Article 383(2) matters on either call, the reversion to a simple majority on second call where at least half of the share capital is present or represented, and the exclusions from the capital-based qualified majority calculation are retained.

Is Article 386 relevant to a company you run or plan to set up?

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.

Applying the law

Portuguese company law, explained in English by the people who apply it

Reading the statute is the first step. Applying it to your articles of association, your capital and your board is where mistakes cost money. Tell us what you are deciding and we will set out the rules that apply and what it costs to get it done.

Get a quote