Article 35 of the Portuguese Companies Code, entitled Loss of Half of the (Statutory) Capital, resulted from the implementation of Article 17 of the EU Directive on Coordination of Safeguards Regarding the Protection of Interests of Members and Others, which established that, in case of a serious loss of a company's subscribed statutory capital, a general meeting should be immediately convened to decide what should be done and to consider, among the various solutions, dissolution of the company.
March 01 2005