Central Bank Resolution Altering Resolution No. 3,859 of May 27, 2010 Regarding Credit Cooperatives

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on June 28, 2013, based on Articles 4, items VI and VIII, and 55 of the aforementioned Law, and on Article 12 of Complementary Law No. 130 of April 17, 2009,

R E S O L V E D:

Article 1. Articles 6, 15, 30, and 43 of Resolution No. 3,859 of May 27, 2010, shall enter into force with the following wording:

"Article 6. ......

Sole Paragraph. In cases where the Central Bank of Brazil requires compliance with the conditions established in Article 3, the deadlines provided for in Article 7 for formalizing the request for approval of the act of statutory alteration must be observed, after which, without the adoption of pertinent measures, the process shall be considered closed and archived." (NR)

"Article 15. ......

......

§ 3. A declaration of purpose must be published, with a view to the exercise of positions of board counselor or director of single credit cooperatives of free admission, regarding those elected whose names have not previously been approved by the Central Bank of Brazil for the exercise of such positions." (NR)

"Article 30. The closing financial statements of the fiscal year, accompanied by the respective audit report, must be disclosed by the cooperative with a minimum advance of ten days from the date of the respective Ordinary General Assembly.

......" (NR)

"Article 43. ......

Sole Paragraph. The prohibition referred to in the caput does not apply to the participation of members of statutory organs of credit cooperatives in the board of directors or equivalent collegiate body of financial institutions and other entities controlled, directly or indirectly, by the aforementioned cooperatives, provided that executive functions are not assumed in these controlled entities." (NR)

Article 2. This Resolution enters into force on the date of its publication, applying to ongoing processes.

Sole Paragraph. The rule conveyed by the sole paragraph of Article 6 of Resolution No. 3,859 of 2010, introduced by this Resolution, applies only to requests submitted to the Central Bank of Brazil after the entry into force of this Resolution.

Article 3. Item IV of Article 15 of Resolution No. 3,859 of May 27, 2010, is hereby repealed.

Alexandre Antonio Tombini
President of the Central Bank of Brazil