Circular No. 2122 — Allows the option to receive a letter of credit for consortium members and groups referenced in automobiles, pickup trucks, or utility vehicles and establishes other procedures to be observed by consortium administrators

CIRCULAR NO. 002122

TO MOBILE GOODS CONSORTIUM ADMINISTRATORS

ALLOWS THE OPTION TO RECEIVE A LETTER OF CREDIT FOR CONSORTIUM MEMBERS OF GROUPS REFERENCED IN AUTOMOBILES, PICKUP TRUCKS OR UTILITY VEHICLES AND ESTABLISHES OTHER PROCEDURES THAT MUST BE OBSERVED BY CONSORTIUM ADMINISTRATORS OF GROUPS REFERENCED IN THE MENTIONED GOODS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 24.01.92, BASED ON LAW NO. 8.177, OF 01.03.91, DECIDED:

ART. 1. THE CONTEMPLATED MEMBER OF A GROUP REFERENCED IN AN AUTOMOBILE, PICKUP TRUCK OR UTILITY VEHICLE, WHEN DELIVERING THE DOCUMENTATION RELATING TO THE GUARANTEES FOR RECEIVING THE GOOD, MAY OPT FOR THE RECEIPT OF A LETTER OF CREDIT, OBSERVED THE FOLLOWING:

I - UNTIL THE 5TH (FIFTH) BUSINESS DAY SUBSEQUENT TO THE DELIVERY OF THE DOCUMENTATION FOR RECEIVING THE GOOD, THE ADMINISTRATOR MUST DELIVER TO THE CONSORTIUM MEMBER A LETTER OF CREDIT WITH VALUE UPDATED ACCORDING TO THE PRICE OF THE GOOD;

II - UNTIL THE 30TH (THIRTIETH) DAY AFTER THE DELIVERY OF THE DOCUMENTATION FOR RECEIVING THE GOOD, OR UNTIL THE DATE OF ACQUISITION OF THE GOOD, IF THIS OCCURS IN THE REFERRED PERIOD, THE VALUE OF THE LETTER OF CREDIT WILL BE UPDATED BY THE VALUE OF THE GOOD, IN THE EVENT OF A CHANGE IN THE PRICE OF THE GOOD IN THE PERIOD BETWEEN THE DATE OF CONTEMPLATION AND THE DAY IMMEDIATELY PRECEDING THE PAYMENT OF THE LETTER OF CREDIT;

III - FROM THE 31ST (THIRTY-FIRST) DAY SUBSEQUENT TO THE DELIVERY OF THE DOCUMENTATION, THE CONTEMPLATED CONSORTIUM MEMBER WILL BE RESPONSIBLE FOR ANY DIFFERENCE BETWEEN THE PRICE OF THE GOOD AND THE VALUE OF THE LETTER OF CREDIT PLUS THE YIELD OF THE FINANCIAL INVESTMENT, PROPORTIONAL TO THE APPLIED VALUE AND THE TERM OF THE INVESTMENT;

IV - THE CONSORTIUM MEMBER MAY ONLY ACQUIRE A NEW AUTOMOBILE OF NATIONAL MANUFACTURE WITH THE RESOURCES OF THE LETTER OF CREDIT IF THEY ARE A PARTICIPANT IN A GROUP DESTINED FOR THE ACQUISITION OF A NEW AUTOMOBILE OF NATIONAL MANUFACTURE, WHILE THE PROVISIONS OF RESOLUTION NO. 1.778, OF 19.12.90, ARE IN EFFECT;

V - THE CONSORTIUM MEMBER MAY USE THE RESPECTIVE CREDIT FOR THE PURCHASE OF A USED VEHICLE, WITH UP TO 3 (THREE) YEARS OF MANUFACTURE, INCLUDING THE PURCHASE, ACQUIRED THROUGH THE ISSUANCE OF AN INVOICE AND CERTIFICATE OF FUNCTIONING GUARANTEE FOR A PERIOD OF 03 (THREE) MONTHS OR 5,000 (FIVE THOUSAND) KILOMETERS, COVERING TRANSMISSION AND ENGINE, THE VEHICLE ALSO BEING SUBJECT TO THE PROVISIONS OF ITEM 51 AND SUBITEM 51.1 OF MF ORDINANCE NO. 190, OF 27.10.89;

VI - THE DELIVERY OF THE LETTER OF CREDIT TO THE CONSORTIUM MEMBER IS CONDITIONED ON THE PAYMENT OF OVERDUE OBLIGATIONS.

PARAGRAPH 1. THE CONTEMPLATION WILL BE CANCELLED IF THE CONSORTIUM MEMBER, AFTER RECEIVING THE LETTER OF CREDIT, HAVING NOT USED THE RESPECTIVE CREDIT, DELAYS THE PAYMENT OF 2 (TWO) CONSECUTIVE CONTRIBUTIONS.

PARAGRAPH 2. IN THE EVENT OF WHAT IS PROVIDED IN THE PREVIOUS PARAGRAPH, THE VALUE OF THE RESPECTIVE LETTER OF CREDIT, PLUS THE YIELD OF THE FINANCIAL INVESTMENT, PROPORTIONAL TO THE APPLIED VALUE AND THE TERM OF THE INVESTMENT, WHICH WILL BE COUNTED FROM THE 31ST (THIRTY-FIRST) BUSINESS DAY SUBSEQUENT TO THE DELIVERY OF THE DOCUMENTATION, WILL RETURN TO THE COMMON FUND.

PARAGRAPH 3. IF THE VALUE THAT RETURNS TO THE COMMON FUND IS LOWER THAN THE PRICE OF THE GOOD OBJECT OF THE PLAN ON THE DATE OF CANCELLATION OF THE CONTEMPLATION, THE CORRESPONDING DIFFERENCE WILL BE TRANSFORMED INTO A PERCENTAGE OF THE PRICE OF THE GOOD AND ADDED TO THE OUTSTANDING BALANCE OF THE CONSORTIUM MEMBER.

ART. 2. THE CONTEMPLATED CONSORTIUM MEMBERS OF GROUPS IN PROGRESS ON THE DATE OF PUBLICATION OF THIS CIRCULAR, REFERENCED IN AUTOMOBILE, PICKUP TRUCK OR UTILITY VEHICLE, WHO HAVE NOT YET RECEIVED THE GOOD, MAY EXERCISE THE OPTION TREATED IN THE PREVIOUS ARTICLE, PROVIDED THAT THE REQUEST FOR INVOICING OF THE GOOD OF THEIR PREVIOUS OPTION HAS NOT BEEN MADE.

ART. 3. THE CONSORTIUM GROUP REFERENCED IN AUTOMOBILE, PICKUP TRUCK, UTILITY VEHICLE, MOTORCYCLE OR ELECTRONIC DEVICE WILL BE CONSIDERED CONSTITUTED ON THE DATE OF THE FIRST GENERAL ASSEMBLY CONVOKED BY THE ADMINISTRATOR, OBSERVED THAT THE CONVOCATION MAY ONLY BE MADE WHEN 70% (SEVENTY PERCENT) OF THE QUOTAS OF THE GROUP HAVE BEEN SOLD.

SINGLE PARAGRAPH. THE FORMATION OF MIXED GROUPS REFERENCED IN GOODS OF NATIONAL AND FOREIGN MANUFACTURE IS PROHIBITED.

ART. 4. THE NUMBER OF PARTICIPANTS OF EACH GROUP REFERENCED IN ELECTRONIC DEVICES, ON THE DATE OF CONSTITUTION, WILL BE THE RESULT OF THE MULTIPLICATION OF THE NUMBER OF MONTHS ESTABLISHED FOR ITS DURATION BY THE QUANTITY OF GOODS PREVIEWED FOR MONTHLY DISTRIBUTION.

SINGLE PARAGRAPH. THE GOOD DENOMINATED HOUSEHOLD APPLIANCE, FOR THE PURPOSE OF CONSORTIUM REGULATION, NOW DENOMINATES ELECTRONIC DEVICE, CONSIDERING ALL TYPES OF ELECTRONIC DEVICES AS GOODS OF THE SAME SPECIES.

ART. 5. ARE REVOKED, EXCLUSIVELY FOR THE SEGMENT OF CONSORTIUM OF AUTOMOBILES, PICKUP TRUCKS, UTILITY VEHICLES, MOTORCYCLES AND ELECTRONIC DEVICES, SUBITEM 10.1 OF ORDINANCE NO. 190, OF 27.10.89, AND, FOR THE SEGMENT OF ELECTRONIC DEVICES, THE "CAPUT" OF ITEM 14 AND SUBITEM 44.2 OF THE REFERRED ORDINANCE NO. 190.

ART. 6. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), JANUARY 24, 1992

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR