Executive Decree No. 247/16, of 3 June 2016, is aimed at enabling the incorporation of companies by means of a private document, as provided under the Companies Simplified Incorporation Procedures Law (Law No. 11/15, of 17 June 2015 – Legal Alert of 18 June 2015).
For this purpose, the statute approves the templates of articles of association to be adopted for the incorporation of limited liability companies by quotas and joint stock companies. Said templates may either be “simple” (containing essential elements only) or “complex” (to be adopted by companies with management and supervisory bodies). The templates of articles of association for joint stock companies attached to the Executive Decree are intended to be adopted only for the incorporation of companies with an initial capital represented by nominative shares.
The use of the approved templates is optional, but failure to do so entails the mandatory incorporation of companies by means of a public deed.
The statute also sets forth the essential elements to be included in the by-laws of any type of company, as well as the documents required for its incorporation.
Executive Decree No. 247/16, of 3 June 2016, entered into force on 4 June 2016.
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