Circular Letter No. 3274 — Clarifies the criteria to be observed by credit cooperatives for the establishment of funds under Article 28, paragraph 1, of Law No. 5,764 of 1971 — BCB — BR

CIRCULAR LETTER NO. 003274

Clarifies the criteria to be observed by credit cooperatives for the establishment of funds under Article 28, paragraph 1, of Law No. 5,764 of 1971.

Credit cooperatives, in the establishment of non-mandatory statutory funds, in accordance with Article 28, paragraph 1, of Law No. 5,764 of December 16, 1971, must observe, among others, the following criteria:

I - resources must be allocated to specific purposes, which provide elements for their perfect characterization, such as:

construction of a building;
acquisition of machinery or vehicles;
coverage of cash shortages;

II - resources cannot have the same purpose as the Reserve Fund, which is mandatory;

III - the General Assembly must clearly define the manner of formation, application, and liquidation of the non-mandatory funds, and such definition cannot be delegated to other statutory bodies.

Brasília, April 24, 2007.

Department of Standards of the Financial System

Amaro Luiz de Oliveira Gomes
Head

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Issued under

Law No. 5764 of 1971Not in RegAlert
“Credit cooperatives, in the establishment of non-mandatory statutory funds, in accordance with Article 28, paragraph 1, of Law No. 5,764 of December 16, 1971, must observe, among others, the following criteria:”