The influence of the PECOL Project in the Reform of the Portuguese Cooperative Code

This paper aims to reflect on the influence of «Principles of European Comparative Law» (PECOL) in the solutions adopted in Law No. 119/2015, of August 31st, which reformed the Portuguese Cooperative Code, in particular as... [ view full abstract ]

This paper aims to reflect on the influence of «Principles of European Comparative Law» (PECOL) in the solutions adopted in Law No. 119/2015, of August 31st, which reformed the Portuguese Cooperative Code, in particular as regards the governance and the financial structure regime.
In the light of the PECOL principles, the reform of the Portuguese Cooperative Code was prepared on the basis of, on the one hand, the concern to preserve cooperative identity in the face of the seduction exercised by commercial companies, which, in some legal systems, has led to an excessive liberalization of the cooperative legal framework, and, on the other hand, to address the legal context of cost reduction needs, maintaining the attractiveness of cooperatives and strengthening its sustainability.
We highlight the reformulation of the governance structures (management and internal control), adopting solutions aimed to increase the statutory autonomy and creating conditions for the professional management and increased transparency, as supported in the PECOL principles.
Regarding the financial structure regime, this paper provides a brief survey of the new normative solutions, based on the principles PECOL, about the share capital, members’ contributions to capital, reserves, liability and results.
*Polytechnic of Porto/ISCAP/CECEJ/SGECOL/Portugal