Approves The Law Carrying Out The Restructuring Of Concessionaire Public Service Of Radio And Television

Original Language Title: Aprova a Lei que procede a reestruturação da concessionária do serviço público de rádio e televisão

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Read the untranslated law here: http://app.parlamento.pt/webutils/docs/doc.pdf?path=6148523063446f764c3246795a5868774d546f334e7a67774c336470626d6c7561574e7059585270646d467a4c316776644756346447397a4c334277624445774e6931594c6d527659773d3d&fich=ppl106-X.doc&Inline=false

1 PROPOSAL of law No. 106/X explanatory statement the legal regime of the State business sector in the audiovisual area is currently governed by Act No. 33/2003, of 22 August, which amended Decree-Law No. 2/94, of January 10, law No. 4/2001, of 23 February and to law No. 18/2002 , 18 July. The need to re-evaluate the model holding the company Rádio e Televisão de Portugal, S.G.P.S., S.A. and the «public services legal costumes of radio and television, assuring the full rendibilização of the financial, technical and human resources available and maintaining the autonomy of the directorates of programming and information relating to radio and television ' is one of the objectives set out in the programme of the XVII constitutional Government. This goal is now achieved not only by changing the subject of the company Rádio e Televisão de Portugal, S.G.P.S., s. a. and its title to ' Rádio e Televisão de Portugal, S. ', But also the incorporation of the latter companies Radiotelevisão Portuguesa-public service television, s. a., Portuguese Broadcasting, s. a. and RTP-means of production, s. a. Simultaneously, this merger not only ensures the maintenance of the RDP and RTP and marks the full autonomy with regard to your editorial programming and information, but also meets the concern reflected in that Government Program , to prevent "the shift away from public service radio face to the public service tv». Aware of the constitutional imperative according to which ' the structure and the functioning of the media in the public sector must safeguard your independence vis-à-vis the Government, the Administration and other public authorities, as well as to ensure the possibility of expression and confrontation of the various currents of opinion», the Government seizes this moment of corporate restructuring to propose the improvement of the management model of concessionaire public services of radio and television. 2 in this sense, strengthen the parliamentary monitoring in relation to the activity carried out by the concessionaire, in particular through the annual hearing of members of the Board of Directors and persons responsible for programming and information of the respective programs and Services binds the activities of members of the Board of Directors for the fulfilment of the concession contracts for television and for radio. With a view to ensuring greater social participation in monitoring the activity of the concessionaire of public service radio and television, are also strengthened the powers of the Board of opinion, making them more operational, including through the prediction of mechanism of hearing of those responsible for the selection and content of programming and information. It's even changed the composition of this Council, by including the extinction of the Government representatives and the strengthening of the representation chosen by the Assembly of the Republic. Were heard the Regional Government of the autonomous region of the Azores, the Regional Government of the autonomous region of Madeira and the regulatory authority for the media. She was promoted to hearing of the legislative assemblies of the autonomous regions of the Azores and Madeira.

So: under d) of paragraph 1 of article 197 of the Constitution, the Government presents to the Assembly of the Republic the following Bill: chapter I Rádio e Televisão de Portugal, s.a.

Article 1 Nature, purpose and statutes 1. The Rádio e Televisão de Portugal, SGPS, s.a., passes by virtue of this Act, having as principal object the provision of public radio and television, in accordance with the law, the law of radio and Television concession and the name Rádio e Televisão de Portugal, s.a. 3 2. Are incorporated into the Rádio e Televisão de Portugal, s.a., the Portuguese radio and television – public service television, s. a., the Portuguese Broadcasting, s. a. and RTP-means of production, s. a. 3. The Rádio e Televisão de Portugal, s.a. is a company exclusively. 4. The Rádio e Televisão de Portugal, S. The can still pursue any other industrial or commercial activities, related to radio and television activity, provided they do not impair or affect the pursuit of public service radio and television. 5. The statutes of the Rádio e Televisão de Portugal, s.a., are published in the annex to this Law, her part and parcel. 6. The statutory provisions on the composition, appointment, tenure and powers of the Board of Directors, the powers of the directors of programming and information, to the Council, to the listener and Viewer providers and monitoring the parliamentary activity of the Rádio e Televisão de Portugal, S.A., can only be changed by law.

Article 2 Purpose 1. As a result of the provisions of paragraphs 1 and 2 of the previous article, the Rádio e Televisão de Portugal, s.a., assumes ownership of concessions of public services of radio and television and the direct exploitation of their program services. 2. Are maintained the RDP and RTP associated marks, respectively, to the provision of public service radio and television. 3. The public service radio and television work with full autonomy with regard to your editorial schedule and information. 4. The delegations of Radiotelevisão Portuguesa-public service television, s. a. and the Portuguese Broadcasting, s. a. in the autonomous regions of the Azores and Madeira are transformed, in each one of them, a single regional centre, being correspondingly applicable to the provisions of paragraphs 2 and 3.

4 Article 3 social Capital 1. The share capital of Rádio e Televisão de Portugal, s.a., is € 710,948,965.00, and is entirely held by the State. 2. The shares representing the share capital of Rádio e Televisão de Portugal, s.a. are held directly by the Directorate General of the Treasury and your management can be committed to a legal person governed by public law or the entity that belongs to the public sector. 3. the rights of the State as shareholder of Rádio e Televisão de Portugal, s.a., are exercised by a representative designated by order set of members of the Government responsible for the areas of the media and Finance.

Article 4 governing bodies the Rádio e Televisão de Portugal, s.a., has as social bodies, the General Assembly, the Board of Directors and the statutory auditor, with the powers committed to them by the law and the statutes.

Article 5 of Council Opinion the Rádio e Televisão de Portugal, s.a., there is also a Council of opinion, composed mostly by members appointed by associations and other bodies representing the different sectors of public opinion, in accordance with the powers provided for in the statutes.

Article 6 of the listener and Viewer Providers by the Rádio e Televisão de Portugal, s.a., exercising a provider of the listener and a viewer provider, according to the competences laid down in the statutes.

5 CHAPTER II Formalization and registration article 7 registration and exemptions 1. This law is title enough to proof and formalization of legal acts on it, including registration. 2. Since the legal assumptions of the legal regime laid down in Decree-Law No 404/90, of 21 December, are exempt from fees, and IMT stamp duty, all acts to practice for implementation of the provisions of this Act, including the registration of transfers of goods contained therein and the registration of statutes of the Rádio e Televisão de Portugal s. a. 3. The acts referred to in this law are carried out ex officio by the competent government offices. 4. The provisions of paragraphs 2 and 3 shall not apply to acts to practice on protective measures. 5. failure to register shall not prevent the effect of the Statute of the Rádio e Televisão de Portugal, s.a., pursuant to article 14. 6. Considering the fiscal neutrality of transactions arising out of article 2 and the provisions of paragraph 6 of article 69 of the IRC code, is authorized to deduct the taxable profit of the acquiring entity of the tax losses of the group, not yet deducted, subject to the special arrangements for taxation of groups of companies, pursuant to the General rules applicable to the carry-over of losses.

Article 8 social Deliberations While the Rádio e Televisão de Portugal, S.A., has a single shareholder is excused the conduct of general meetings of the society, being enough that their social decisions are recorded in minutes signed by the representative of that shareholder.

6 CHAPTER III transitional and final provisions article 9 labour relations


1. Transmitted to the Rádio e Televisão de Portugal, s.a., the legal position of employer in employment contracts or services maintained by Rádio e Televisão de Portugal, SGPS, s.a., by Radiotelevisão Portuguesa-public service television, s. a., the Portuguese Broadcasting, s. a. and RTP-means of production, s.a., in accordance with the provisions of general legislation on the effects of the transfer of the undertaking or establishment in labor relations. 2. The collective labour regulation instruments that link the Rádio e Televisão de Portugal, SGPS, s.a., the Portuguese radio and television – public service television, s. a., the Portuguese Broadcasting, s. a. and RTP-means of production, s. a. remain in force, in accordance with the procedure and time limits on them. 3. workers from the former are integrated into the national broadcaster Rádio e Televisão de Portugal, s.a. and remain subject to the legal framework that was applicable to them.

Article 10 contractual Relations is not considered change of circumstances the transmission to the Rádio e Televisão de Portugal, s.a., pursuant to this law, any contracts linking the companies now incorporated.

Article 11 Increase the share capital the share capital of Rádio e Televisão de Portugal, s.a. is raised through capital appropriations provided for in the financial restructuring agreement signed between the Rádio e Televisão de Portugal, SGPS, s.a., and the Portuguese State on September 22 2003. 7 article 12 References shall be deemed to be made by Rádio e Televisão de Portugal s. a. references made in the law on radio and television of Portugal, SGPS, s.a., the Portuguese radio and television – public service television, s. a., the Portuguese Broadcasting, s. a. and RTP-means of production, s. a.

Article 13 Repeal repealed law No. 33/2003, of 22 August.

Article 14 this law takes effect, as well as the statutes attachments, produce their effects since 1 January 2007.

Seen and approved by the Council of Ministers of 16 November 2006.

The Prime Minister, the Minister of Parliamentary Affairs Minister Presidency 8 ANNEX STATUTES of the RÁDIO E TELEVISÃO DE PORTUGAL, s.a.

Chapter I denomination, headquarters, duration and subject article 1 form and title 1. The company adopts the form of a public limited company and the name of Rádio e Televisão de Portugal, s.a. 2. The society is governed by statutes approved by this law and by the General or specific legislation to be applicable.

Article 2 Headquarters and representations 1. Society has to your head office in Lisbon, Avenida Marechal Gomes da Costa, no. 37. 2. By resolution of the Board of Directors, the company may shift the registered office within the same municipality or municipality borderline. 3. The society has a delegation in each autonomous region, called the regional center, and may create or extinguish, anywhere in the national territory or abroad, delegations or any other form of social representation. 4. The duration of the company is indefinitely.

Article 3 Subject 1. The Rádio e Televisão de Portugal, s.a., have as their object the provision of public radio and television, in accordance with the law of radio, Tv and law of the respective concession contracts. 2. The company may pursue any industrial or commercial activities, related to radio and television activity, insofar as this does not impair or affect 9 the pursuit of public service radio and television, including the following: the advertising activity, exploration) in accordance with the respective concession contracts; (b) Production and availability to the public) of goods related to the activity of radio or television, including programs and publications; c) provision of technical advisory services and vocational training and cooperation with other entities, domestic or foreign, especially with Portuguese-speaking countries ' counterparts; d) Participation in investments in the production of films and audiovisual works.

Article 4 Responsibility for contents 1. Responsibility for the selection and the content of the programming services of radio and television programmes of Portugal, s.a., belongs to the respective directors. 2. The powers referred to in the preceding paragraph must comply with the management guidelines pursued by the Board of Directors in accordance with the objectives and obligations, inter alia, provided for in the laws of radio and television and in the concession contracts. 3. editorial responsibility for the information services of radio and television programmes of Portugal, s.a., belongs, directly and exclusively to the director to lead its area. 4. The Assembly of the Republic, the regulatory authority for the media and the opinion Board assess, within their respective competences, the achievement of the objectives and obligations of public service by the Rádio e Televisão de Portugal, s.a. 5. The Rádio e Televisão de Portugal, s.a., must ensure the contribution of regional delegations for their programming and information.

10 article 5 1 parliamentary Monitoring. The Board of Directors of Rádio e Televisão de Portugal, s.a., keeps Parliament informed about the fulfilment of public service radio and television, in particular through the annual submission of business plans and budget, as well as of the annual activity reports. 2. The members of the Board of Directors of Rádio e Televisão de Portugal, s.a., and those responsible for programming and information of the respective program services are subject to an annual hearing in Parliament. 3. The first parliamentary hearing of members of the Board of Directors takes place immediately following your election. 4. Irrespective of the provisions of paragraph 2, the Assembly of the Republic may at any time convene there referred to entities for the provision of clarifications concerning the functioning of the public service.

CHAPTER II The social capital and social Capital, article 6 actions and representation of the State 1. The share capital of Rádio e Televisão de Portugal, s.a., is € 710,948,965.00, and is entirely held by the State. 2. The share capital is divided into shares with the nominal value of 5 euros each, or 1 titles, 10, 15 and 100 shares and multiples of 100 to 10000. 3. The shares are registered, and may not be converted into bearer shares, getting already authorised, in accordance with applicable law, the issuance or conversion of book-entry shares, which follow the system of registered shares. 4. The shares representing the share capital exclusively belong to the State, legal persons of public law, public companies or the capital companies exclusively.

11 CHAPTER III society Bodies section I General provisions article 7 governing bodies 1. Are corporate bodies of the company to the general meeting, the Board of Directors and the statutory auditor. 2. The members of the governing bodies shall carry out their duties for a period of four calendar years, renewable, to full the calendar year of the designation. 3. The members of the governing bodies considered to be inducted in the moment in which they were elected and remains in Office until the election of their replacements.

SECTION II General Assembly article 8 Composition and operation 1. The General Assembly is formed by the shareholders with voting rights. 2. Every 1000 shares corresponds to one vote. 3. The members of the Board of Directors and the statutory auditor shall be present at meetings of the General Assembly and may participate in its work, but have not, as such, the right to vote. 4. The resolutions are taken by a majority of the votes of the shareholders present or represented when the law or the statutes do not require greater numbers.

12 article 9 Competence


The General Assembly further powers are committed in these statutes and in general law and, in particular: a) electing and dismissing the Bureau of the Assembly, the members of the Board of Directors and the statutory auditor; b) deliberate on amendments to the statutes and capital increases, without prejudice to the provisions of paragraph 5 of article 1 of the law approving the Statute; c) decide, in accordance with the Statute of the Public Manager, on the salaries of members of the governing bodies and, to that end, appoint a Committee of wages; d) discuss and vote on the balance sheet and accounts and the auditor's opinion and decide on the application of the results of the financial year; and) decide on the establishment of a reserve fund, without ceiling, consisting of the transfer of net profits ascertained in each financial year; f) fasten the value from which are subject to your consent the acquisition, disposal or encumbrance of rights, including the incidents on immovable property or movable and shareholdings; g) Authorize loans with respect for the provisions of paragraph 3 of article 2 of the law of Funding of public service broadcasting and television; h) to resolve on the issuance of obligations; I) decide, by a qualified majority of two-thirds, about the separation of parts of the assets of the company or of your activity, with a view to your assignment to new companies that create or in which capital will participate; j) approve the annual plan of activities, as well as investment plans; l) give an opinion on any other matter for which it has been convened.

Article 10 the General Meeting 1. The Board of the general meeting shall consist of a President, a Vice-President and a Secretary. 13 2. The general meeting is convened by the President at least 30 days, giving express business. 3. The faults are provided under the commercial law.

Article 11 1 Meetings. The General Assembly meets at least once a year and whenever the Board of directors or the statutory auditor will need or when the meeting is required by shareholders representing at least 10% of the share capital and the request in a letter to indicate with precision the matters to be included in the agenda and the reasons. 2. For the purposes of (a)), (b)) and i) of article 9, the general meeting can only validly meet and present shareholders representing the majority of the share capital.

Section III Board of Directors article 12 Composition 1. The Board of Directors consists of five members elected at the general meeting, being a President and a Vice President. 2. The Board of Directors applies only to managing directors.

Article 13 Tenure 1. The elements of the Board of Directors are irremovable and may only be removed in time prior to the end of your mandate: to commit misconduct proven) in the performance of their duties or the performance of any other obligation inherent in the Office; 14 b) in the event of serious and repeated the concession agreement of the public service radio or television; c) in the case of permanent disability. 2. The decision of dismissal based on subparagraph (b)) of the preceding paragraph may only occur after approval of the regulatory authority for the media.

Article 14 Jurisdiction to the Board of Directors shall: a) to ensure the achievement of the objectives and obligations provided for in the laws of radio and television and in the concession contracts of public service radio and television; b) manage the social and business practice all acts relating to the objects that do not fit in the competence attributed to other organs of society; c) represent the company in court and outside it, actively and passively, and may give up, compromise and confess in any applications, as well as undertake, through the Arbitration Convention, the decision of arbitrators; d) Acquire, sell or otherwise dispose of or encumber rights, including incidents on immovable property or movable and shareholdings, without prejudice to the powers conferred on this matter to the General Assembly; e) decide on the establishment of other funds, in addition to the Reserve Fund of the competence of the General Assembly, and on the necessary provisions to prevent risks of depreciation or losses that certain species of plant or equipment are particularly subject; f) resolving on the creation and extinction, anywhere in the national territory or abroad, branches, delegations, or any other form of social representation; g) establish technical and administrative organisation of society and regulation of your inner workings, including the establishment plan and the respective remuneration; h) Appoint and dismiss those responsible for programming and information content, without prejudice to the powers legally conferred in this domain for the regulatory authority for the media; 15 i) Provide representatives with the powers that it deems convenient; j) Exercise the other powers assigned to him by law or by the General Assembly.

Article 15 President 1. It is the responsibility of, especially, the President of the Board of Directors: a) represent the Council in court and outside it; b) Coordinate the activities of the Board of Directors, summon and direct their meetings; c) Exercise a casting vote; d) to ensure the proper implementation of the resolutions of the Board of Directors. 2. On his absences or impediments, the President is replaced by the Vice President.

Article 16 1 Meetings. The Board of Directors shall fix the dates or the periodicity of its ordinary meetings and convene extraordinarily whenever convened by the Chairman, either on his own initiative or at the request of your two Admins. 2. The Board of Directors may not deliberate without the presence of a majority of its members on effectiveness of functions, unless by reason of urgency as such recognized by the President, in which case the votes may be cast by mail or by the credentials of another administrator. 3. The deliberations of the Board of Directors are set out in the minutes and always are taken by a majority of the votes of the members present, and the President, or who legally replaces, casting vote.

Article 17 1 Signatures. The society undertakes: a) the signature of two members of the Board of Directors; 16 b) the signature of an administrator, under the powers expressly delegated; c) by the signature of representatives constituted under the corresponding mandate. 2. In matters of mere hours just the signature of an administrator. 3. The Management Board may decide, in legal terms, that certain documents of the society are signed by mechanical means or by seal.

SECTION IV statutory auditor article 18 1 Function. The supervision of the company is held by a sole auditor elected at the general meeting, which also elects the Deputy. 2. The statutory auditor and the Deputy are your statutory auditors or audit firms. 3. The statutory auditor may be assisted by specially appointed or hired for that purpose and to companies specializing in audit work. 4. The statutory auditor should, mandatory and annually request an audit on the implementation of loans granted by the State.

Article 19 Responsibilities in addition to the powers set out in the general law, it is, in particular, the statutory auditor: the) scan, where the judge and should be taken at least once a month, the registration of the company; b) issue opinions on the budget, the balance sheet, inventory and the annual accounts; c) Ask to convene extraordinary General Assembly whenever it deems convenient; 17 d) Request to the Board of Directors the appreciation of any subject who understands should be considered; e) rule on any matter that is referred to it by the Board of Directors.

Section V Secretary of society article 20 Secretary of the Society Board of Directors may appoint a Secretary of the society and a substitute to perform the functions provided for in the law.

CHAPTER VII Board of Opinion article 21 Composition


1. the opinion shall consist of: a) ten members elected by the Assembly of the Republic according to the proportional system; (b)) a member appointed by the Legislative Assembly of the autonomous region of the Azores; c) A member designated by the Legislative Assembly of the autonomous region of Madeira; d) Two members appointed by the unions and two members designated by the employers ' associations; and) a member designated by the most representative religious confessions; f) A member designated by the associations of television viewers; g) one member designated by the parents ' associations; h) one member designated by the associations for the defence of the family; I) A member designated by the associations of youth; 18 j) one member designated by the associations for the defence of the Portuguese authors; l) A member designated by non-governmental organizations Section of the Advisory Board of the Commission for equality and women's rights; m) one member designated by the associations of people with disabilities or disability; n) a member designated by consumer protection associations. 2. The Presidents of the General Assembly, the Board of Directors and the statutory auditor may attend meetings of the Board of opinion and participate in the proceedings, without the right to vote. 3. The members of the Board of opinion shall carry out their duties for periods of four years, renewable. 4. The members of the Board of opinion are independent in the performance of their duties, whether in front of the other statutory bodies of the company Rádio e Televisão de Portugal, s.a., both before the entities that the designate.

Article 22 Jurisdiction 1. It is incumbent upon the Board of opinion: a) Enjoy the activity plans and budget for the following year, as well as the multiannual plans. b) Enjoy the annual report; c) monitor the activity, as well as comment on the compliance of public service radio and television, taking into account the respective General bases of programming and investment plans, and may for such hearing responsible for selection and for the content of programming and information of Rádio e Televisão de Portugal s. a.; d) appreciate the activity of the company within the framework of cooperation with the Portuguese-speaking countries and support Portuguese communities abroad; and) issue opinions on concession agreements to be concluded with the State, particularly with regard to the qualification of public service missions; f) Elect, from among its members, Chairman; 19 g) rule on any matter that the governing bodies understand submit his opinion; h) an opinion binding on people nominated for the positions of provider of Viewer and listener provider. 2. The governing bodies of the company, as well as those responsible for the areas of programming and information, must collaborate with the Board of opinion in pursuit of their competences.

Article 23 the Council Meetings of opinion gathers ordinarily three times a year for consideration of matters within your competence, and extraordinarily upon request of two thirds of its members.

CHAPTER VIII article 24 Providers 1 Designation. The provider of the listener and Viewer provider are appointed from among persons of recognised professional merit, credibility and personal integrity whose activity in the last five years has been carried out in the area of communication. 2. The Board of Directors of Rádio e Televisão de Portugal, s.a., designates the provider of the listener and Viewer and Provider communicates such nomination to the Board of opinion until 30 days before the end of the mandates. 3. The names nominated for the positions of the provider listener and Viewer provider shall be subject to binding opinion from the Board of opinion. 4. If the Board of opinion don't send opinion within 30 days after the date on which it was communicated to nomination, it is assumed that their opinion is favorable. 5. unless an unfavourable opinion of the Council, duly substantiated in fulfilling the requirements laid down in paragraph 1 of this article, the 20 listener provider and the provider of the viewer are invested by the Management Board, within five days from the date of issuance of an opinion by the Council of the opinion or, in the case of your absence the period laid down in the preceding paragraph.

Article 25 1 Status. The provider of the listener and Viewer provider enjoy independence vis-à-vis the organs and structures of the concessionaire of public service radio and television and their operators, without prejudice to the compensation due to them. 2. The mandates of the provider of the listener and Viewer provider have a duration of two years, renewable for a time in accordance with the previous article. 3. The mandates of the provider of the listener and Viewer provider just cease in the following situations: the Death or permanent incapacity) holder; b) resignation of holder; c) designation of new holder, in the case of expiry of the mandate.

Article 26 Cooperation 1. The Rádio e Televisão de Portugal, s.a., offers to the provider of the listener and Viewer provider administrative and technical means necessary for the performance of its functions. 2. Costs in respect of the continuation of their employment, including their remuneration, is provided by Rádio e Televisão de Portugal, s.a. 3. The remuneration of the provider of the listener and Viewer provider is fixed by the Board of Directors of Rádio e Televisão de Portugal, s.a., which also ensures the costs incurred in respect of the pursuit of their duties. 4. The organs, structures, services and employees of the Rádio e Televisão de Portugal, s.a., and operators of public service radio and television and, in particular, the respective directors of programming and information should collaborate with the provider of the listener and Viewer provider, in particular through the provision of rapid and punctual delivery and the information and documents requested , 21 as well as the permission of access to its premises and to its logs, without prejudice to the protection of professional secrecy.

Article 27 Competence 1. It is the provider of the listener and Viewer: the provider) Receive and assess the relevance of complaints and suggestions from listeners and viewers on the broadcast content and its form of presentation by public service radio and television; b) Produce opinions on complaints and suggestions received, driving them to administrative and other responsible; c) Investigate and formulate conclusions on the criteria and methods used in the preparation and presentation of programming and information broadcast by public radio and television; d) convey to listeners and viewers their opinions about the contents broadcast by public radio and television; and in issue) ensure core services programs, a weekly program on your material competence, with a minimum duration of 15 minutes, broadcasting on appropriate time; f) draw up an annual report on your activity. 2. The provider of the listener and Viewer provider should hear the information director or program director, depending on the matter under consideration, and people targeted by complaints or suggestions, prior to the adoption of opinions by the dissemination of their opinions. 3. opinions and conclusions referred to in paragraph 1 (b)) and c) of paragraph 1 are always communicated to those responsible for the services and people covered, that, within the time limit set by the provider or, in your absence, within five days, shall communicate its reasoned reply provider and adopt the necessary measures. 4. The annual reports of the Ombudsman of the listener and Viewer provider must be sent to the regulatory authority for the media until 31 January of each year and published annually by operators acting under concession of public service radio and television, through its electronic site or by any other means judged appropriate. 22 CHAPTER IX of the financial years and application of results article 28 1 Plans. The economic and financial management of the company is programmed and regulated by financial and activity plans, annual and multiannual programmes, annual budgets and investments that appropriately address the essential resources to cover expenditure on them. 2. The financial plans shall provide for the development of expenditure projected investments and funding sources. 3. The multi-annual plans are updated each year and should translate the company's medium-term strategy, integrating the guidelines defined in the planning for the sector in which the company is inserted. 4. The exercises coincide with calendar years.

Article 29 application of profits profits, duly approved, have the following application: a) a minimum of 10% for eventual reintegration or Constitution of the legal reserve, until it reaches the amount payable; (b)) the rest to purposes which the General Assembly acts of importance to society.

CHAPTER X People article 30 the society Scheme applies, according to the nature of their legal link, the General employment law or the civil law.