Decree-Law no. 90/2011, of 25 July
Published in D.R. number 141 (Series I) of 25 July 2011
Ministério das Finanças (Ministry of Finance)
(This is not an official translation of the law)
The Government is committed to rigorous compliance with the objectives and measures laid down in the Financial Assistance Program agreed with the European Union, the International Monetary Fund and the European Central Bank, which is the only way to restore the country's financial credibility and to restore international confidence in the Portuguese economy.
The commitment to put an end to the special rights of the State shareholder in certain companies arises in this context.
For said purpose, article 20 of Decree-Law no. 44/95 of 22 February, article 4 of Decree-Law no. 261-A/99 of 7 July and article 13 of Decree-Law no 141/2000 of 15 July, which enacted, respectively, the first phase of the privatization of Portugal Telecom, SGPS, S. A., the first phase of the privatization of Galp Energia, SGPS, S. A., and the fourth phase of the privatization of EDP - Energias de Portugal, S. A., established or provided for the establishment of special rights of the State as a shareholder of said companies.
Notwithstanding the importance of these provisions in the privatization of these companies, it is appropriate, at the present time, that they be repealed.
Likewise, there shall be repeal of a set of legal provisions under which the State and undertakings related to the State are exempt from being subject to the limitation of vote counting as permitted by point b) of paragraph 2 of article 384 of the Código das Sociedades Comerciais (Companies' Code) in respect of shares to be privatized and held in companies in the process of privatization.
Pursuant to point a) of paragraph 1 of article 198 of the Constitution, the Government makes the following decree:
It shall be the object of the present law to eliminate the special rights which the State, as shareholder, enjoys in respect of EDP - Energias de Portugal, S. A., in GALP Energia, SGPS, S. A., and in Portugal Telecom, SGPS, S. A., and also to eliminate the provisions of legislation relating to the respective privatization under which it is established that the State and undertakings related to the State are exempt from being subject to the limitation of vote counting permitted by point b) of paragraph 2 of article 384 of the Código das Sociedades Comerciais (Companies' Code) in respect of shares to be privatized and held in companies in process of privatization.
Amendment to Decree-Law no. 76-A/2006 of 29 March
Article 60 of Decree-Law no. 76-A/2006 of 29 March shall read as follows:
Companies in process of privatization
The shares to be privatized, under the law, shall at all times constitute a class of shares that may only be held by the State or by undertakings belonging to the public sector. »
The following are repealed:
a) Article 15 of Decree-Law no. 353/91 of 20 September;
b) Article 20 of Decree-Law no. 44/95 of 22 February;
c) Paragraph 4 of article 9 of Decree-Law no. 34-A/96 of 24 April;
d) Paragraph 5 of article 9 of Decree-Law no. 78-A/97 of 7 April;
e) Paragraph 4 of article 13 of Decree-Law no 226-A/97 of 29 August;
f) Paragraph 8 of article 15 of Decree-Law no. 119-A/99 of 14 April;
g) Article 4 of Decree-Law no. 261-A/99 of 7 July;
h) Article 13 of Decree-Law no. 141/2000 of 15 July;
i) Paragraph 8 of article 14 of Decree-Law no. 227-A/2000 of 9 September;
j) Article 10 of Decree-Law no. 218-A/2004 of 25 October;
l) Article 6 of Decree-Law no. 209-A/2005 of 2 December.
Entry into force
The present law shall enter into force on the day following its publication.
Seen and approved by the Council of Ministers on 5 July 2011. - Pedro Passos Coelho - Vítor Louçã Rabaça Gaspar - Álvaro Santos Pereira.
Promulgated on 19 July 2011.
Let it be published.
The President of the Republic, ANÍBAL CAVACO SILVA.
Ratified on 21 July 2011.
By the Prime Minister, Vítor Louçã Rabaça Gaspar, Minister of State and of Finance.
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