State Act

Portuguese Civil Code, 1867

Article 1247 – Liability of society of acquired assets for the debts of the shareholders - Where the society is only of acquired assets, unless there is declaration to the contrary, the society shall be liable to pay only following debts: 1. Debts contracted by the shareholders, for the purposes of the same society; 2. The expenses made and expenditure necessary for the maintenance of the shareholders and their families. § Sole paragraph - It is understood that the expenditure towards maintenance is towards habitation, alimony, clothing, as well as treatment during illness.