It is preceded by a long explanatory statement

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Article 2 states which forms commercial companies may adopt. It does not mention mutual companies, because, by their nature and purpose, they are not to be considered commercial companies. This, in fact, has been the orientation of our law. A simple reading of the precepts that regulate the constitution and operation of mutual insurance companies (decree-law no. 2,063, of March 7, 1940, and decree-law no. 3,908, of December 12, 1941) convinces us that this is a form or type of company that is not adapted to the needs of commercial life. Therefore, art. 258, of the “Transitional Provisions”, requires that currently existing mutual companies for profit be transformed into corporations or limited partnerships.

“As for cooperative societies, which, in principle, should also not be for profit, the author of the bill was obliged to respect the legislation in force, even if it is quite confusing. This type of society is not technically bulk sms hong kong included in a “Code of Commercial Societies”, since cooperativism aims to replace the practice of capitalism. That is not all. Decree-Law No. 581, of August 1, 1938, reinstated, with amendments, Decree No. 22,239, of December 19, 1932. Article 2 of this last decree states:

“Cooperative societies, whatever their nature, civil or commercial , are societies of people and not of capital, with a “ sui generis ” legal form , which are distinguished from other societies by the following characteristic points, and the statutes cannot include provisions that infringe them”.

“The decree, in art. 38, lists civil cooperatives, to, in art. 42, prescribe:

“No one may organize a cooperative society, or be a member thereof, solely with the intention of enjoying the profit permitted for shares in the share capital , or with the intention of exploiting the labor of others, whether salaried or not; nor may merchants or commercial agents who trade with the same purposes and object as the society join cooperatives.”