THE REFORM OF THE PORTUGUESE COOPERATIVE CODE

Abstract

The new Portuguese Cooperative Code has been approved by the Law no 119/2005, 31th august 2015, revoking the Cooperative Code approved in 1996. This reform of the Cooperative Code is a consequence of the Legal framework on the which article 13 imposes the reform of the legislation applicable to the cooperatives. The 2015 Cooperative Code reduces the required minimum number of co-operators for the cooperative incorporation; provides three legal alternatives of management and supervisory models. Regarding the financial structure of the Portuguese cooperatives, the 2015 Cooperative Code reduces the minimum share capital, provides for a further clarification of the co-operators’ liability and adopts new legal solutions for the cooperative reserves. This paper highlights the main changes brought by the 2015 Portuguese Cooperative Code.