1. Where a share is subject to a usufruct, the right to take part in the capital increase is exercised by the bare owner, by the usufructuary or by both, as they agree between themselves.
1 - Se a acção estiver sujeita a usufruto, o direito de participar no aumento do capital é exercido pelo titular da raiz ou pelo usufrutuário ou por ambos, nos termos que entre si acordarem.
2. In the absence of agreement, the right to take part in the capital increase belongs to the bare owner; however, if the bare owner does not exercise it within eight or ten days from, respectively, the public notice or the written communication referred to in Article 459(3), that right passes to the usufructuary.
2 - Na falta de acordo, o direito de participar no aumento do capital pertence ao titular da raiz, mas se este não o exercer no prazo de oito ou de dez dias, contados, respectivamente, do anúncio ou da comunicação escrita referidos no n.º 3 do artigo 459.º, o referido direito devolve-se ao usufrutuário.
3. Where the communication prescribed by Article 459(3) is to be made, it shall be sent to both the bare owner and the usufructuary.
3 - Quando houver de efectuar-se a comunicação prescrita pelo n.º 3 do artigo 459.º, deve ela ser enviada ao titular da raiz e ao usufrutuário.
4. The new share belongs in full ownership to the person who exercised the right to take part in the capital increase, unless the parties concerned have agreed that it is also to be subject to the usufruct.
4 - A nova acção fica a pertencer em propriedade plena àquele que tiver exercido o direito de participar no aumento do capital, salvo se os interessados tiverem acordado em que ela fique também sujeita a usufruto.
5. If neither the bare owner nor the usufructuary wishes to exercise the pre-emption right in the increase, either of them may sell the corresponding rights, and the amount obtained shall be divided between them in proportion to the value of each one’s right at that time.
5 - Se nem o titular da raiz, nem o usufrutuário quiserem exercer a preferência no aumento, pode qualquer deles vender os respectivos direitos, devendo ser repartida entre eles a quantia obtida, na proporção do valor que nesse momento tiver o direito de cada um.
The allocation by agreement between bare owner and usufructuary, the bare owner's default right with the eight- or ten-day periods before it passes to the usufructuary, the communication to both, full ownership of the new share absent agreement and the proportional sharing of sale proceeds 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.