Circular No. 2196 — Regulates the Formation and Operation of Consortium Groups Referenced in Motor Vehicles

CIRCULAR NO. 002196

REGULATES THE FORMATION AND OPERATION OF CONSORTIUM GROUPS REFERENCED IN MOTOR VEHICLES.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, BASED ON LAW NO. 8,177, OF MARCH 1, 1991, HAS DECIDED:

ART. 1. APPROVE THE ANNEXED REGULATIONS, WHICH DISCIPLINE THE FORMATION AND OPERATION OF CONSORTIUM GROUPS REFERENCED IN MOTOR VEHICLES.

ART. 2. THE PROVISIONS CONTAINED IN THE ANNEXED REGULATIONS APPLY EXCLUSIVELY TO CONSORTIUM GROUPS REFERENCED IN AUTOMOBILES, PICKUP TRUCKS, AND UTILITY VEHICLES, OF NATIONAL AND FOREIGN PRODUCTION, FORMED FROM THE DATE OF PUBLICATION OF THIS CIRCULAR.

ART. 3. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), JUNE 30, 1992

PEDRO LUIZ BODIN DE MORAES
DIRECTOR

ANNEXED REGULATIONS

CHAPTER I

OF THE MODALITIES

ART. 1. THE FORMATION OF A CONSORTIUM GROUP IS ADMITTED FOR THE PURCHASE OF AN ASSET WITH INSTALLMENTS AND CREDIT LINKED:

I - TO THE PRICE OF THE ASSET SPECIFIED IN THE ADHESION CONTRACT;

II - TO A PRICE INDEX.

ART. 2. FOR THE FORMATION OF A CONSORTIUM GROUP LINKED TO A PRICE INDEX, THE PRICE INDEX THAT WILL MONTHLY READJUST THE INSTALLMENTS AND THE CREDIT DUE TO THE CONSORTEE MUST BE DEFINED IN THE ADHESION CONTRACT, AS WELL AS A SUBSTITUTE INDEX IN CASE OF ITS EXTINCTION OR FAILURE TO DISCLOSE IN TIMELY MANNER.

PARAGRAPH 1. THE PRICE INDEX REFERRED TO IN THE "CAPUT" MUST HAVE A REGULARLY CALCULATED SERIES AND BE OF PUBLIC KNOWLEDGE, WITH THE EXCHANGE OF INDEX DURING THE VALIDITY OF THE CONTRACT BEING FORBIDDEN, EXCEPT IN THE EVENT OF ITS EXTINCTION.

PARAGRAPH 2. THE USE OF THE REFERENCE RATE (TR), THE DAILY REFERENCE RATE (TRD), AND INDICES OR INDICATORS OBTAINED FROM INTEREST RATES IS FORBIDDEN.

CHAPTER II

OF THE FORMATION OF THE GROUP, THE OBJECT ASSET, AND DURATION PERIODS

SECTION I

OF THE FORMATION OF THE GROUP

ART. 3. THE GROUP SHALL BE CONSIDERED FORMED ON THE DATE OF THE FIRST ORDINARY GENERAL MEETING CONVOKED BY THE ADMINISTRATOR, OBSERVED THAT THE CONVOCATION MAY ONLY BE MADE AFTER THE ADHESION OF AT LEAST 70% (SEVENTY PERCENT) OF THE PARTICIPANTS FORESEEN FOR THE GROUP.

PARAGRAPH 1. THE FORMATION OF A NEW GROUP REFERENCED IN AN ASSET OF THE SAME SPECIES, MODEL, AND BRAND AS THAT OF A GROUP ALREADY FORMED IN ACCORDANCE WITH THE "CAPUT" OF THIS ARTICLE IS FORBIDDEN WHILE 100% (ONE HUNDRED PERCENT) OF THE SHARES OF THAT GROUP ARE NOT SUBSCRIBED.

PARAGRAPH 2. AFTER FORMATION, EACH GROUP SHALL HAVE ITS OWN IDENTIFICATION AND BE AUTONOMOUS RELATIVE TO THE OTHERS FORMED BY THE ADMINISTRATOR.

ART. 4. UPON ADHESION TO THE GROUP, THE CONSORTEE MUST PROVIDE PROOF OF ECONOMIC-FINANCIAL SITUATION COMPATIBLE WITH THEIR PARTICIPATION IN THE PLAN, WITHOUT PREJUDICE TO THE PRESENTATION OF DOCUMENTS RELATING TO GUARANTEES FOR RECEIVING THE ASSET UPON CONTEMPLATION.

ART. 5. THE MAXIMUM NUMBER OF PARTICIPANTS IN EACH GROUP, ON THE DATE OF FORMATION, SHALL BE DOUBLE THE NUMBER OF MONTHS FIXED FOR ITS DURATION.

PARAGRAPH 1. THE FORMATION OF NATIONAL-SCOPE CONSORTIUM GROUPS IS CONDITIONED ON THE CAPACITY OF THE ADMINISTRATOR TO HOLD GENERAL MEETINGS, EVEN BY NON-CONVENTIONAL MEANS, WHICH ALLOW EFFECTIVE PARTICIPATION OF ITS MEMBERS.

PARAGRAPH 2. A NATIONAL-SCOPE CONSORTIUM GROUP IS CONSIDERED ONE WHOSE PARTICIPANTS ARE DOMICILED IN DIFFERENT MUNICIPALITIES.

PARAGRAPH 3. IN THE EVENT OF WITHDRAWAL OR EXCLUSION OF CONSORTEES, THE GROUP MAY CONTINUE OPERATING WITH ANY NUMBER OF PARTICIPANTS, WITHOUT PREJUDICE TO THE DURATION PERIOD AND THE PROVISION IN ITEM IV OF ART. 54 OF THESE REGULATIONS.

ART. 6. THE ADMINISTRATOR, ITS PARTNERS, MANAGERS, DIRECTORS, AND AGENTS WITH MANAGEMENT FUNCTIONS MAY PARTICIPATE IN CONSORTIUM GROUPS ADMINISTERED BY THEM, PROVIDED THAT:

I - THEY DO NOT COMPETE IN THE DISTRIBUTION SYSTEM;

II - THE ASSETS CORRESPONDING TO THEIR PARTICIPATION ARE ATTRIBUTED TO THEM AFTER THE CONTEMPLATION OF ALL OTHER CONSORTEES IN THE GROUP.

SINGLE PARAGRAPH. THE PROVISIONS IN THIS ARTICLE APPLY TO THE COMPANY AFFILIATED WITH THE ADMINISTRATOR THAT PARTICIPATES IN CONSORTIUM GROUPS ADMINISTERED BY IT.

SECTION II

OF THE OBJECT ASSET

ART. 7. MOTOR VEHICLES OF NATIONAL OR FOREIGN MANUFACTURE, NEW, MAY BE THE OBJECT OF A CONSORTIUM GROUP GOVERNED BY THESE REGULATIONS.

ART. 8. THE OBJECT ASSET OF THE GROUP MUST BE CHARACTERIZED IN THE ADHESION CONTRACT BY SPECIES, MODEL, AND BRAND.

PARAGRAPH 1. IN THE CONSORTIUM GROUP LINKED TO THE PRICE OF THE ASSET, THE CONSORTEE SHALL BE CONTEMPLATED WITH CREDIT EQUIVALENT IN VALUE TO THE PRICE OF THE ASSET CHARACTERIZED IN THE ADHESION CONTRACT, IN EFFECT ON THE DATE OF CONTEMPLATION.

PARAGRAPH 2. IN THE CONSORTIUM GROUP LINKED TO A PRICE INDEX:

A - THE PURPOSE OF CHARACTERIZING THE ASSET IN THE ADHESION CONTRACT IS EXCLUSIVELY SO THAT ITS PRICE, IN EFFECT ON THE DATE OF FORMATION OF THE GROUP, SERVES AS THE BASIS FOR CALCULATION OF THE 1st (FIRST) INSTALLMENT;

B - THERE IS NO GUARANTEE OF CREDIT IN A VALUE SUFFICIENT FOR THE ACQUISITION OF THE ASSET CHARACTERIZED IN THE CONTRACT, ON THE DATE OF CONTEMPLATION.

ART. 9. GROUPS OF ASSETS WITH DIFFERENTIATED PRICES MAY BE FORMED, IN THE CASE OF CONSORTIUM LINKED TO THE PRICE OF THE ASSET, PROVIDED THAT THE VALUE OF THE ASSET THAT CONSTITUTES THE LOWER PRICE CATEGORY IS NOT LESS THAN 50% (FIFTY PERCENT) OF THE PRICE OF THE ASSET THAT INTEGRATES THE HIGHER VALUE CATEGORY, ON THE DATE OF FORMATION OF THE GROUPS.

SINGLE PARAGRAPH. CONSORTIUM GROUPS MAY BE FORMED WITH UP TO 4 (FOUR) TYPES OF VEHICLES OF THE SAME SPECIES, WITH DIFFERENTIATED PRICES.

ART. 10. THE FORMATION OF A GROUP REFERENCED SIMULTANEOUSLY IN ASSETS OF NATIONAL AND FOREIGN MANUFACTURE IS FORBIDDEN.

SECTION III

OF THE DURATION PERIODS OF GROUPS

ART. 11. THE CONSORTIUM GROUP SHALL HAVE A DURATION PERIOD FIXED BASED ON THE PRICE, IN EFFECT ON THE DATE OF ITS FORMATION, OF THE ASSET CHARACTERIZED IN THE ADHESION CONTRACT, AS PROVIDED IN ART. 8 OF THESE REGULATIONS, OBSERVING THE FOLLOWING LIMITS, WHICH SHALL BE UPDATED MONTHLY BY THE SAME INDEX THAT UPDATES THE FISCAL REFERENCE UNIT (UFIR):

I - UP TO CR$ 60,000,000.00 (SIXTY MILLION CRUZEIROS): MAXIMUM OF 50 (FIFTY) MONTHS;

II - ABOVE CR$ 60,000,000.00 (SIXTY MILLION CRUZEIROS): MAXIMUM OF 60 (SIXTY) MONTHS.

CHAPTER III

OF CONTEMPLATION

ART. 12. CONTEMPLATION AND THE ATTRIBUTION TO THE CONSORTEE OF THE RIGHT TO USE THE CREDIT THAT WILL BE AT THEIR DISPOSAL FOR THE PURCHASE OF AN ASSET, OBSERVING THE PROVISIONS IN CHAPTER IV.

PARAGRAPH 1. CONTEMPLATION SHALL BE MADE EXCLUSIVELY THROUGH LOTTERIES AND BIDS.

PARAGRAPH 2. FOR THE PURPOSE OF CONTEMPLATION, THE DATES OF THE ORDINARY GENERAL MEETINGS SHALL ALWAYS BE CONSIDERED.

PARAGRAPH 3. THE ADMINISTRATOR MUST COMMUNICATE TO THE ABSENT CONTEMPLATED CONSORTEE THEIR CONTEMPLATION, VIA LETTER WITH ACKNOWLEDGMENT OF RECEIPT (AR), OR BY NOTIFICATORY TELEGRAM, THE DISPATCH OF WHICH MUST BE MADE ON THE 1st (FIRST) BUSINESS DAY AFTER THE REALIZATION OF THE CONTEMPLATION MEETING.

ART. 13. CONTEMPLATION MAY ONLY OCCUR IF THERE ARE RESOURCES IN THE COMMON AND RESERVE FUNDS SUFFICIENT FOR THE CONTEMPLATION OF AT LEAST 1 (ONE) CREDIT FOR THE PURCHASE OF AN ASSET, BY LOTTERY.

SINGLE PARAGRAPH. THE ADMINISTRATOR THAT FAILS TO COMPLY WITH THE PROVISIONS IN THIS ARTICLE SHALL BE HELD RESPONSIBLE FOR THE DAMAGES CAUSED TO THE CONTEMPLATED CONSORTEE.

ART. 14. AFTER CONTEMPLATION BY LOTTERY, THE DISTRIBUTION OF OTHER UNITS THROUGH THE BID SYSTEM IS ADMITTED.

PARAGRAPH 1. BIDS MUST BE OFFERED:

A - IN PERCENTAGES OF THE PRICE, IN EFFECT ON THE DATE OF THE MEETING, OF THE ASSET REFERENCED IN THE ADHESION CONTRACT, AS TREATED IN ART. 8 OF THESE REGULATIONS, IN CONSORTIUM GROUPS LINKED TO THE PRICE OF THE ASSET;

B - IN MULTIPLES OF THE VALUE OF THE CURRENT MONTHLY INSTALLMENT, ON THE DATE OF THE MEETING IN WHICH THEY ARE OFFERED, IN CONSORTIUM GROUPS LINKED TO A PRICE INDEX.

PARAGRAPH 2. THE VALUE OF THE BID CANNOT BE:

A - LESS THAN 10% (TEN PERCENT) OF THE CONSORTEE'S OUTSTANDING BALANCE;

B - GREATER THAN 50% (FIFTY PERCENT) OF THE VALUE OF THE CREDIT IN EFFECT IN THE MONTH IN WHICH THE BID OCCURS;

C - GREATER THAN THE NUMBER OF UPCOMING INSTALLMENTS, EXCLUDING THE INSTALLMENTS FORESEEN IN ITEMS II AND III OF ART. 66 OF THESE REGULATIONS.

PARAGRAPH 3. THE WINNING BID SHALL BE CONSIDERED THE ONE THAT, REPRESENTING THE HIGHEST PERCENTAGE OF THE PRICE OF THE ASSET OR THE HIGHEST NUMBER OF INSTALLMENTS, ACCORDING TO THE MODALITY OF CONSORTIUM, COMBINED WITH THE CASH BALANCE, IS SUFFICIENT FOR THE CONTEMPLATION OF CREDIT FOR THE PURCHASE OF AN ASSET.

PARAGRAPH 4. THE CRITERION FOR BREAKING TIES IN BIDS MUST BE DEFINED IN THE ADHESION CONTRACT.

PARAGRAPH 5. BIDS, IF WINNING, SHALL BE CONSIDERED ADVANCED PAYMENTS OF UPCOMING INSTALLMENTS AS ESTABLISHED IN SECTION II OF CHAPTER VII, AND LOSERS SHALL BE REFUNDED AT THE TIME.

ART. 15. THE ADMINISTRATOR MUST PLACE AT THE DISPOSAL OF THE CONTEMPLATED CONSORTEE THE RESPECTIVE CREDIT, CORRECTED AS PROVIDED IN THESE REGULATIONS, IN EFFECT ON THE DATE OF THE REALIZATION OF THE CONTEMPLATION MEETING:

I - BY THE 1st (FIRST) BUSINESS DAY FOLLOWING THE DATE OF THE MEETING, IN CONTEMPLATION BY LOTTERY;

II - BY THE 3rd (THIRD) BUSINESS DAY FOLLOWING THE DATE OF THE MEETING, IN CONTEMPLATION BY BID.

PARAGRAPH 1. THE RESOURCES RELATING TO THE CREDIT TREATED IN THIS ARTICLE MUST REMAIN DEPOSITED IN A RESTRICTED ACCOUNT APPLIED IN ACCORDANCE WITH LEGISLATIVE DECREE NO. 1,290, OF DECEMBER 3, 1973.

PARAGRAPH 2. THE CONSORTEE SHALL HAVE AT THEIR DISPOSAL FOR THE ACQUISITION OF THE ASSET THE VALUE OF THE CREDIT TREATED IN THE "CAPUT" OF THIS ARTICLE INCREASED, UNTIL THE DATE PRIOR TO ITS EFFECTIVE USE, OF NET YIELDS ARISING FROM ITS FINANCIAL APPLICATION, IN ACCORDANCE WITH THE PREVIOUS PARAGRAPH.

ART. 16. CONTEMPLATION MUST BE CANCELLED, WITH RETURN OF THE CREDIT AND THE RESPECTIVE FINANCIAL YIELDS TO THE COMMON FUND, WHEN THE CONTEMPLATED CONSORTEE:

I - FAILS TO PRESENT THE REQUIRED GUARANTEES WITHIN 10 (TEN) BUSINESS DAYS COUNTED FROM NOTICE OF CONTEMPLATION;

II - FAILS TO USE THE CREDIT AT THEIR DISPOSAL, DELAYING THE PAYMENT OF TWO MONTHLY INSTALLMENTS, CONSECUTIVE OR NOT.

PARAGRAPH 1. IN THE EVENT OF CANCELLATION OF CONTEMPLATION, IF THE VALUE THAT RETURNS TO THE COMMON FUND -- INCLUDING YIELDS ARISING FROM THE FINANCIAL APPLICATION OF THE RESOURCES BETWEEN THE DATE THE CREDIT WAS PLACED AT THE DISPOSAL OF THE CONTEMPLATED CONSORTEE AND THE DAY OF THE REALIZATION OF THE ORDINARY GENERAL MEETING IMMEDIATELY FOLLOWING THE DATE OF CANCELLATION OF CONTEMPLATION -- IS LESS THAN THE VALUE OF THE CREDIT DUE ON THE DATE OF SAID MEETING, THE CORRESPONDING DIFFERENCE SHALL BE ADDED TO THE VALUE OF THE 1st (FIRST) SUBSEQUENT INSTALLMENT OF THE CONSORTEE WHOSE CONTEMPLATION WAS CANCELLED.

PARAGRAPH 2. IN THE OCCURRENCE OF THE PROVISIONS IN THIS ARTICLE, THE ADMINISTRATOR MUST DISTRIBUTE ONE MORE CREDIT, BY LOTTERY, AT THE ORDINARY GENERAL MEETING IMMEDIATELY FOLLOWING THE DATE OF CANCELLATION, IF SUFFICIENT RESOURCES EXIST.

CHAPTER IV

OF THE ACQUISITION OF THE ASSET AND GUARANTEES

SECTION I

OF THE ACQUISITION OF THE ASSET

ART. 17. THE CONTEMPLATED CONSORTEE MAY ACQUIRE WITH THE RESPECTIVE CREDIT, CORRECTED AS PROVIDED IN THESE REGULATIONS:

I - IF A PARTICIPANT IN A CONSORTIUM GROUP LINKED TO THE PRICE OF THE ASSET, THE ASSET REFERENCED IN THE CONTRACT OR ANOTHER OF THE SAME SPECIES;

II - IF A PARTICIPANT IN A CONSORTIUM GROUP LINKED TO A PRICE INDEX, AN ASSET OR SET OF ASSETS.

ART. 18. THE ASSETS TREATED IN THE PREVIOUS ARTICLE, OF NATIONAL OR FOREIGN MANUFACTURE, MAY BE:

I - NEW, ACQUIRED VIA ISSUANCE OF AN INVOICE AND FOR WHICH ASSISTANCE AUTHORIZED TECHNICAL SUPPORT AND PARTS REPLACEMENT ARE GUARANTEED, BY DECLARATION OF THE MANUFACTURER OR THEIR LEGAL REPRESENTATIVE IN THE COUNTRY;

II - USED MOTOR VEHICLES, PROVIDED THEY ARE ACQUIRED VIA ISSUANCE OF AN INVOICE AND A CERTIFICATE OF FUNCTIONING WARRANTY FOR A PERIOD OF 03 (THREE) MONTHS BY A LEGAL ENTITY WHOSE CORPORATE OBJECT IS THE COMMERCE OF MOTOR VEHICLES.

ART. 19. IF THE ACQUIRED ASSET IS OF PRICE:

I - SUPERIOR TO THE CREDIT, AS DEFINED IN ART. 15 OF THESE REGULATIONS, THE CONTEMPLATED CONSORTEE SHALL BE RESPONSIBLE FOR THE PRICE DIFFERENCE THAT EXISTS;

II - INFERIOR TO THE CREDIT, AS DEFINED IN SAID ART. 15, THE DIFFERENCE, AT THE OPTION OF THE CONSORTEE, MUST BE USED:

A - IN THE PURCHASE OF ANOTHER ASSET SUBJECT TO FIDUCIARY ALIENATION;

B - TO PAY UPCOMING INSTALLMENTS IN REVERSE ORDER STARTING FROM THE LAST.

ART. 20. FOR THE ACQUISITION OF THE ASSET:

I - THE CONSORTEE:

A - SHALL HAVE CREDIT AS DEFINED IN ART. 15 OF THESE REGULATIONS;

B - MUST PRESENT DOCUMENTS RELATING TO THE GUARANTEES REQUIRED FOR RECEIVING THE ASSET, AS AGREED IN THE ADHESION CONTRACT, OBSERVING THE PROVISIONS OF SECTION II OF THIS CHAPTER;

II - THE ADMINISTRATOR MUST RESPOND REGARDING THE DOCUMENTS TREATED IN THE PREVIOUS ITEM PRESENTED BY THE CONTEMPLATED CONSORTEE WITHIN A MAXIMUM PERIOD OF 03 (THREE) BUSINESS DAYS COUNTED FROM THE DATE OF THEIR PRESENTATION;

III - AFTER COMPLIANCE WITH THE REQUIREMENTS TREATED IN ITEMS I AND II OF THIS ARTICLE, THE CONTEMPLATED CONSORTEE SHALL FORMAL REQUEST FROM THE ADMINISTRATOR AUTHORIZATION FOR INVOICING OF THE ASSET, INFORMING IN THE REQUEST THE DESCRIPTION OF THE ASSET TO BE ACQUIRED, THE RESPECTIVE PRICE, AND THE INDICATION OF THE SUPPLYING LEGAL ENTITY;

IV - THE ADMINISTRATOR MUST:

A - DELIVER TO THE CONSORTEE THE INVOICING AUTHORIZATION ON THE FIRST BUSINESS DAY SUBSEQUENT TO THEIR FORMAL REQUEST;

B - EFFECT PAYMENT TO THE SUPPLIER OF THE ASSET ON THE FIRST BUSINESS DAY SUBSEQUENT TO THE PRESENTATION OF THE INVOICE.

SINGLE PARAGRAPH. THE ADMINISTRATOR MAY ONLY EFFECT PAYMENT OF THE ASSET TO THE SUPPLIER IF THE ACQUISITION WAS MADE VIA INVOICING AUTHORIZATION ISSUED BY IT.

ART. 21. THE INVOICING AUTHORIZATION MAY BE ISSUED OR TRANSFERRED IN FAVOR OF THIRD PARTIES, UPON WRITTEN REQUEST BY THE CONTEMPLATED PARTY, PRIOR AGREEMENT OF THE ADMINISTRATOR, AND TRANSFER OF CONTRACT.

SINGLE PARAGRAPH. IF DISAGREED, THE ADMINISTRATOR MUST DELIVER TO THE REQUESTING CONSORTEE JUSTIFICATION IN WRITING FOR THEIR DECISION WITHIN A MAXIMUM PERIOD OF 3 (THREE) DAYS.

ART. 22. THE RELEASE OF CREDIT IS DEPENDENT ON THE CONTEMPLATED CONSORTEE EFFECTING PAYMENT OF ANY OVERDUE OBLIGATIONS AFTER CONTEMPLATION.

SECTION II

OF GUARANTEES

ART. 23. AS SECURITY FOR THE PAYMENT OF UPCOMING INSTALLMENTS, THE ASSET OR SET OF ASSETS ACQUIRED THROUGH CONSORTIUM SHALL BE SUBJECT TO FIDUCIARY ALIENATION, UNDER THE TERMS OF ART. 66 OF LAW NO. 4,728, OF JULY 14, 1965, WITH THE WORDING GIVEN BY LEGISLATIVE DECREE NO. 911, OF OCTOBER 1, 1969, WITH ITS RELEASE OR SUBSTITUTION BEFORE SETTLEMENT OF THE OUTSTANDING BALANCE BEING FORBIDDEN, EXCEPT IN CASES OF THEFT, FIRE, AND/OR TOTAL LOSS OF THE ASSET OR SET OF ASSETS FIDUCIARILY ALIENATED, PROVIDED THAT THE MENTIONED OCCURRENCES ARE PROVEN TO THE ADMINISTRATOR.

ART. 24. THE ADMINISTRATOR MAY DEMAND COMPLEMENTARY GUARANTEES PROPORTIONAL TO THE UPCOMING INSTALLMENTS, PROVIDED THEY ARE EXPRESSLY FORESEEN IN THE ADHESION CONTRACT, UNLESS THE CONSORTEE PRESENTS A BANK GUARANTEE.

CHAPTER V

OF PAYMENTS DUE BY THE CONSORTEE

SECTION I

OF THE MONTHLY INSTALLMENT

ART. 25. CONSORTEES OBLIGATE THEMSELVES TO PAY, MONTHLY, AN INSTALLMENT WHOSE VALUE SHALL BE THE SUM OF AMOUNTS REFERENT TO THE COMMON FUND, RESERVE FUND, AND ADMINISTRATION FEE, OBSERVED THAT:

I - THE AMOUNT DESTINED TO THE FORMATION OF THE COMMON FUND OF THE GROUP, REGULATED IN ACCORDANCE WITH SECTION I OF CHAPTER VI, SHALL BE CALCULATED OBSERVING THE FOLLOWING:

A - IN THE CONSORTIUM GROUP LINKED TO THE PRICE OF THE ASSET:

1 - A PERCENTAGE SHALL BE DEFINED, DIVIDING 100% (ONE HUNDRED PERCENT) BY THE TOTAL NUMBER OF MONTHS FIXED FOR THE DURATION OF THE GROUP;

2 - THE VALUE OF THE MONTHLY CONTRIBUTION, DUE TO THE COMMON FUND, SHALL BE THE RESULT OF THE INCIDENCE OF THE PERCENTAGE TREATED IN THE PREVIOUS ITEM ON THE PRICE OF THE ASSET REFERENCED IN THE CONTRACT IN EFFECT ON THE DATE OF REALIZATION OF THE CONTEMPLATION MEETING;

B - IN THE CONSORTIUM GROUP LINKED TO A PRICE INDEX:

1 - IN THE 1st (FIRST) INSTALLMENT, DIVIDING THE VALUE REFERENT TO THE PRICE OF THE ASSET REFERENCED IN THE ADHESION CONTRACT, IN EFFECT ON THE DATE OF FORMATION OF THE GROUP, BY THE NUMBER OF MONTHS FORESEEN FOR THE DURATION OF THE GROUP;

2 - IN SUBSEQUENT INSTALLMENTS, APPLYING THE VARIATION OF THE PRICE INDEX FORESEEN IN THE ADHESION CONTRACT OCCURRED IN THE IMMEDIATELY PREVIOUS MONTH, ON THE VALUE OF THE MONTHLY CONTRIBUTION DUE TO THE COMMON FUND;

II - THE AMOUNT DESTINED TO THE FORMATION OF THE RESERVE FUND OF THE GROUP, REGULATED IN ACCORDANCE WITH SECTION II OF CHAPTER VI, SHALL BE CALCULATED BY APPLYING THE PERCENTAGE FIXED IN THE ADHESION CONTRACT NOT EXCEEDING 5% (FIVE PERCENT) ON THE VALUE OF THE MONTHLY CONTRIBUTION DUE TO THE COMMON FUND;

III - THE PORTION RELATIVE TO THE REMUNERATION OF THE ADMINISTRATOR, WHICH COMPOSES THE MONTHLY INSTALLMENT, REGULATED IN ACCORDANCE WITH SECTION III OF CHAPTER VI, SHALL BE CALCULATED BY APPLYING THE PERCENTAGE FIXED IN THE ADHESION CONTRACT REFERENT TO THE ADMINISTRATION FEE, ON THE VALUE OF THE MONTHLY CONTRIBUTION DUE TO THE COMMON FUND.

SECTION II

OF THE OTHER PAYMENTS

ART. 26. THE CONSORTEE SHALL ALSO BE SUBJECT TO PAYMENT:

I - OF AMOUNT REFERENT TO LIFE INSURANCE PREMIUM FOR GROUP PAYMENT OF UPCOMING INSTALLMENTS;

II - OF DIFFERENCE IN INSTALLMENTS, OBSERVING THE REGULATION OF SECTION IV OF CHAPTER VII;

III - OF EXPENSES, DULY PROVEN BY THE ADMINISTRATOR, REFERENT TO THE REGISTRATION OF GUARANTEES PROVIDED;

IV - OF INTEREST UP TO 1% (ONE PERCENT) PER MONTH AND DEFAULT PENALTY UP TO 10% (TEN PERCENT) CALCULATED ON THE UPDATED VALUE OF OVERDUE MONTHLY INSTALLMENTS, IN ACCORDANCE WITH THE PROVISIONS IN ART. 39;

V - OF JUDICIAL COLLECTION EXPENSES, UNDER THE TERMS OF THE SENTENCE;

VI - OF VALUE CORRESPONDING TO THE ADHESION FEE TO THE CONSORTIUM GROUP, OBSERVING THE PROVISIONS IN ART. 35 OF THESE REGULATIONS.

ART. 27. THE CHARGING OF ANY OTHER VALUES NOT FORESEEN IN THIS CHAPTER IS FORBIDDEN.

CHAPTER VI

OF THE COMMON FUND, RESERVE FUND, AND
REMUNERATION OF THE ADMINISTRATOR

SECTION I

OF THE COMMON FUND

ART. 28. THE COMMON FUND SHALL BE CONSTITUTED BY THE RESOURCES:

I - FORESEEN IN ITEM I OF ART. 25;

II - DERIVED FROM FINANCIAL APPLICATION YIELDS OF THE RESOURCES OF THE FUND ITSELF;

III - ARISING FROM INTEREST AND PENALTIES, IN ACCORDANCE WITH ART. 45 OF THESE REGULATIONS.

SINGLE PARAGRAPH. THE COMMON FUND MUST BE ACCOUNTED FOR SEPARATELY FROM THE RESERVE FUND.

ART. 29. THE RESOURCES OF THE COMMON FUND SHALL BE USED FOR THE ACQUISITION OF ASSETS OF CONTEMPLATED CONSORTEES.

SECTION II

OF THE RESERVE FUND

ART. 30. THE RESERVE FUND SHALL BE CONSTITUTED BY THE RESOURCES:

I - FORESEEN IN ITEM II OF ART. 25;

II - ARISING FROM FINANCIAL APPLICATION YIELDS OF THE RESOURCES OF THE FUND ITSELF;

III - DERIVED FROM PAYMENT, MADE BY CONSORTEE ADMITTED INTO THE GROUP AS SHARE OF WITHDRAWN OR EXCLUDED PARTICIPANT, OF CONTRIBUTIONS RELATING TO THE COMMON AND RESERVE FUNDS PREVIOUSLY PAID;

IV - DERIVED FROM THE REDUCTION OF THE VALUE TO BE RETURNED TO WITHDRAWN OR EXCLUDED PARTICIPANT, OBSERVING THE PROVISIONS IN ART. 65 OF THESE REGULATIONS.

ART. 31. THE RESOURCES OF THE RESERVE FUND SHALL BE USED, PRIORITY AND IN THE FOLLOWING ORDER, FOR:

I - COVERAGE OF EVENTUAL REVENUE INSUFFICIENCY, IN MONTHLY ORDINARY GENERAL MEETINGS, IN A MANNER TO ALLOW THE DISTRIBUTION OF AT LEAST 1 (ONE) CREDIT FOR THE PURCHASE OF AN ASSET;

II - COVERAGE OF EXPENSES FOR RETURN, TO THE WITHDRAWN OR EXCLUDED PARTICIPANT, OBSERVING THE PROVISIONS IN ART. 65 OF THESE REGULATIONS;

III - PAYMENT OF DEBTS OF DEFAULTING CONSORTIUM MEMBERS, AFTER ALL LEGALLY ADMITTED COLLECTION MEANS HAVE BEEN EXHAUSTED;

IV - REFUND, TO CONSORTIUM MEMBERS WHO HAVE NOT BEEN EXCLUDED OR WITHDRAWN, OF THE BALANCE EXISTING AT THE END OF THE GROUP'S OPERATIONS, PROPORTIONAL TO THEIR PAID MONTHLY INSTALLMENTS.

ART. 32. THE RESERVE FUND MUST BE ACCOUNTED FOR SEPARATELY FROM THE COMMON FUND.

SECTION III

OF THE ADMINISTRATOR'S REMUNERATION

ART. 33. THE ADMINISTRATOR'S REMUNERATION FOR THE FORMATION, ORGANIZATION, AND ADMINISTRATION OF THE CONSORTIUM GROUP SHALL CONSIST OF THE FOLLOWING RESOURCES:

I - PROVIDED FOR IN ITEM III OF ART. 25;

II - DERIVED FROM INTEREST AND PENALTIES, UP TO THE PERCENTAGE STIPULATED IN ART. 45 OF THIS REGULATION.

ART. 34. CIVIL-ONLY ENTITIES AND COMMERCIAL COMPANIES SHALL OBSERVE, FOR THE PURPOSE OF FIXING THE ADMINISTRATION FEE, IN ADDITION TO THE PRICE VALID ON THE DATE OF THE ASSET SPECIFIED IN THE ADHESION CONTRACT, THE FOLLOWING LIMITS, WHOSE VALUES SHALL BE UPDATED MONTHLY BY THE SAME INDEX ESTABLISHED FOR THE MONETARY CORRECTION OF THE FINANCIAL STATEMENTS:

I - MAXIMUM OF 10% (TEN PERCENT), WHEN THE VALUE IS UP TO CR$ 60,000,000.00 (SIXTY MILLION CRUZEIROS);

II - MAXIMUM OF 8.5% (EIGHT AND A HALF PERCENT), WHEN THE VALUE IS GREATER THAN CR$ 60,000,000.00 (SIXTY MILLION CRUZEIROS).

SINGLE PARAGRAPH. NON-PROFIT ASSOCIATIONS MAY ONLY CHARGE EFFECTIVE AND PROVEN EXPENSES INCURRED WITH THE MANAGEMENT OF THE GROUP, NOT EXCEEDING HALF OF THE PERCENTAGES ESTABLISHED IN THIS ARTICLE.

ART. 35. THE ADMINISTRATOR IS ENTITLED TO CHARGE THE CONSORTIUM MEMBER, AT THE TIME OF FORMALIZING THEIR ADHESION TO THE GROUP, AN AMOUNT CORRESPONDING TO 1% (ONE PERCENT) OF THE PRICE OF THE ASSET SPECIFIED IN THE ADHESION CONTRACT, VALID ON THAT DATE.

PARAGRAPH 1. ONCE THE GROUP IS CONSTITUTED, THE AMOUNT CHARGED SHALL BE COMPENSATED IN THE ADMINISTRATION FEE.

PARAGRAPH 2. IF THE GROUP IS NOT CONSTITUTED WITHIN 90 (NINETY) DAYS COUNTED FROM THE FORMALIZATION OF ADHESION, FROM THE FIRST BUSINESS DAY FOLLOWING THAT DEADLINE, THE ADMINISTRATOR MUST REFUND TO THE ADHERENT THE AMOUNT CHARGED AS PERMITTED BY THIS ARTICLE, ACCRUED WITH THE YIELDS FROM ITS FINANCIAL APPLICATION.

CHAPTER VII

OF MATURITY, ADVANCEMENTS, LATE PAYMENTS, AND INSTALLMENT DIFFERENCES

SECTION I

OF MATURITY

ART. 36. THE FOLLOWING SHALL BE DELIVERED TO THE CONSORTIUM MEMBER AT THE ORDINARY GENERAL ASSEMBLY OF ITS CONSTITUTION, OR SENT TOGETHER WITH THE COLLECTION OF THE 1st (FIRST) INSTALLMENT:

I - THE CALENDAR WITH THE MATURITY DATES OF THE GROUP'S MONTHLY INSTALLMENTS;

II - INFORMATION ON THE PAYMENT LOCATION.

PARAGRAPH 1. THE MATURITY OF THE FIRST INSTALLMENT SHALL BE SET FOR 15 (FIFTEEN) DAYS AFTER THE HOLDING OF THE ORDINARY GENERAL ASSEMBLY CONSTITUTING THE GROUP, AND FOR THE REST, THE PROVISIONS OF ALINÉA "A" OF PARAGRAPH 1 OF ART. 53 OF THIS REGULATION SHALL BE OBSERVED.

PARAGRAPH 2. IF IT FALLS ON A NON-BUSINESS DAY, THE MATURITY OF THE INSTALLMENT SHALL AUTOMATICALLY SHIFT TO THE IMMEDIATELY FOLLOWING BUSINESS DAY.

ART. 37. A CONSORTIUM MEMBER WHO FAILS TO MAKE THE MONTHLY INSTALLMENT PAYMENT BY THE FIXED MATURITY DATE SHALL BE BARRED FROM PARTICIPATING IN DRAWS OR BIDDING AT THE RESPECTIVE ORDINARY GENERAL ASSEMBLY.

SECTION II

OF INSTALLMENT ADVANCEMENTS

ART. 38. A CONSORTIUM MEMBER MAY DEDUCT THE BALANCE DUE ON THEIR INSTALLMENTS, IN REVERSE ORDER STARTING FROM THE LAST, IN FULL OR IN PART, EXCLUSIVELY:

I - THROUGH A WINNING BID;

II - IN CASE OF USE OF CREDIT DIFFERENCE, AS DEFINED IN ALINÉA "B" OF ITEM II OF ART. 19 OF THIS REGULATION.

SINGLE PARAGRAPH. THE BALANCE DUE INCLUDES:

A - FOR PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO THE ASSET PRICE, THE UNPAID AMOUNT OF INSTALLMENTS AND INSTALLMENT DIFFERENCES, AS REFERRED TO, RESPECTIVELY, IN ART. 25 OF THIS REGULATION AND SECTION IV OF THIS CHAPTER;

B - FOR PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO A PRICE INDEX, THE UNPAID AMOUNT OF INSTALLMENTS, AS REFERRED TO IN ART. 25 OF THIS REGULATION.

SECTION III

OF LATE INSTALLMENT PAYMENTS

ART. 39. INSTALLMENTS PAID AFTER THE MATURITY DATE SHALL HAVE THEIR VALUES UPDATED:

I - IN CONSORTIUM GROUPS LINKED TO THE ASSET PRICE, ACCORDING TO THE ASSET PRICE REFERENCED IN THE CONTRACT, VALID ON THE DATE OF THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE DATE OF ACTUAL PAYMENT.

II - IN CONSORTIUM GROUPS LINKED TO A PRICE INDEX, BY THE ACCUMULATED VARIATION OF THE PRICE INDEX FORESEEN IN THE CONTRACT, DURING THE PERIOD OF DELAY, OBSERVED THAT:

A - IF PAID ON THE MATURITY DATE, THE UPDATE SHALL BE DUE UNTIL THE DATE, INCLUSIVE, OF THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT;

B - IF PAID OUTSIDE THE MATURITY DATE, THE UPDATE SHALL BE DUE UNTIL THE DATE, INCLUSIVE, OF THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE FIRST MATURITY DATE AFTER THE OCCURRENCE OF PAYMENT.

ART. 40. A CONSORTIUM MEMBER WHO DELAYS PAYMENT OF INSTALLMENTS IS SUBJECT TO THE CHARGES STIPULATED IN ITEMS IV AND V OF ART. 26.

SINGLE PARAGRAPH. THE ADMINISTRATOR MUST IMMEDIATELY ADOPT THE LEGAL PROCEDURES NECESSARY FOR THE RECOVERY OF THE ASSET IF THE AWARDED CONSORTIUM MEMBER, IN POSSESSION OF THE ASSET, DELAYS PAYMENT OF INSTALLMENTS.

SECTION IV

OF INSTALLMENT DIFFERENCES

ART. 41. THE PROVISIONS OF THIS SECTION APPLY EXCLUSIVELY TO CONSORTIUM GROUPS LINKED TO THE ASSET PRICE.

ART. 42. INSTALLMENT DIFFERENCE REFERS TO THE AMOUNT COLLECTED LESS OR MORE RELATIVE TO THE ASSET PRICE REFERENCED IN THE CONTRACT, VALID ON THE DATE OF THE HOLDING OF THE RESPECTIVE ORDINARY GENERAL ASSEMBLY.

ART. 43. THE VALUE OF THE INSTALLMENT DIFFERENCE CHARGED LESS OR MORE, CONVERTED INTO A PERCENTAGE OF THE ASSET PRICE, SHALL BE CHARGED OR COMPENSATED IN THE IMMEDIATELY FOLLOWING INSTALLMENT.

ART. 44. LATE CHARGING OF INSTALLMENT DIFFERENCES TO CONSORTIUM MEMBERS IS PROHIBITED.

CHAPTER VIII

OF RESOURCES COLLECTED FROM CONSORTIUM GROUPS

SECTION I

OF THE DESTINATION OF INTEREST AND PENALTY COLLECTIONS

ART. 45. THE VALUES RECEIVED RELATING TO INTEREST AND PENALTIES SHALL HAVE THE FOLLOWING DESTINATION:

I - 10% (TEN PERCENT) TO THE ADMINISTRATOR;

II - THE REMAINING TO THE GROUP'S COMMON FUND.

SECTION II

OF THE APPLICATION OF GROUP RESOURCES

ART. 46. GROUP RESOURCES MUST BE DEPOSITED IN A LINKED ACCOUNT, SPECIFIC TO EACH GROUP, IN A MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, A COMMERCIAL BANK, OR A SAVINGS BANK, AND APPLIED, SINCE THEIR AVAILABILITY, IN THE MANNER FORESEEN IN DECREE-LAW NO. 1,290, OF 12/03/73.

SECTION III

OF THE USE OF GROUP RESOURCES

ART. 47. THE USE OF GROUP RESOURCES, AS WELL AS THE YIELDS FROM THEIR APPLICATIONS, MAY ONLY BE MADE VIA CHECKS, WITH A DECLARATION ON THE REVERSE REGARDING THE PAYMENT PURPOSE, IN FAVOR OF:

I - THE LEGAL ENTITY THAT SOLD THE ASSET TO THE AWARDED CONSORTIUM MEMBER, UNDER THE TERMS OF THE REGULATION CONTAINED IN SECTION I OF CHAPTER IV, FOR THE PURPOSE OF THE RESPECTIVE PAYMENT, SPECIFYING THE INVOICE NUMBER AND DATE;

II - PARTICIPANTS WHO HAVE REMAINED IN THE GROUP, WITHDRAWN, AND EXCLUDED, FOR THE REFUND OF DUE VALUES, AS REGULATED IN CHAPTER IX;

III - THE ADMINISTRATOR, FOR OTHER PAYMENTS MADE IN ACCORDANCE WITH CURRENT REGULATION.

CHAPTER IX

OF THE CLOSURE OF THE GROUP

ART. 48. WITHIN 30 (THIRTY) DAYS AFTER THE AWARDS TO PARTICIPANTS OF THE RESPECTIVE GROUPS AND THE MAKING AVAILABLE TO THEM THE CREDITS DUE FOR THE PURCHASE OF ASSETS, THE ADMINISTRATOR MUST ADOPT THE FOLLOWING PROCEDURES, IN THE ORDER MENTIONED:

I - PERFORM THE APPROPRIATE REFUND TO WITHDRAWN OR EXCLUDED PARTICIPANTS, OBSERVING THE PROVISIONS OF ART. 65 OF THIS REGULATION;

II - RETURN TO GROUP PARTICIPANTS, EXCEPT EXCLUDED AND WITHDRAWN, THE BALANCES EXISTING IN THE COMMON AND RESERVE FUNDS, PROPORTIONATELY TO THEIR RESPECTIVE PAID MONTHLY INSTALLMENTS.

ART. 49. AFTER 30 (THIRTY) DAYS FROM THE REFUNDS AND RESTITUTIONS STIPULATED IN THE PREVIOUS ARTICLE, THE ADMINISTRATOR MUST MONTHLY RETURN TO GROUP PARTICIPANTS, EXCEPT EXCLUDED AND WITHDRAWN, PROPORTIONATELY TO THEIR RESPECTIVE PAID MONTHLY INSTALLMENTS, THE BALANCES DERIVING FROM THE RECEIPT OF DEBTS FROM DEFAULTING CONSORTIUM MEMBERS.

ART. 50. THE CLOSURE OF THE GROUP'S OPERATIONS MUST BE EFFECTED WITHIN 30 (THIRTY) DAYS AFTER THE RECEIPT OF ALL DEBTS OR AFTER ALL LEGALLY ADMITTED COLLECTION MEANS HAVE BEEN EXHAUSTED.

CHAPTER X

OF ORDINARY GENERAL ASSEMBLIES

SECTION I

OF THE CONSTITUTION ASSEMBLY

ART. 51. AT THE ORDINARY GENERAL ASSEMBLY CONSTITUTING THE GROUP, TO BE HELD 15 (FIFTEEN DAYS) BEFORE THE FIRST MATURITY OF INSTALLMENTS, THE ADMINISTRATOR MUST:

I - PROVE THE PLACEMENT OF 70% (SEVENTY PERCENT) OF ITS QUOTAS;

II - PROMOTE THE ELECTION OF 3 (THREE) CONSORTIUM MEMBERS WHO, AS REPRESENTATIVES OF THE GROUP AND WITH FREE MANDATE, WILL BE RESPONSIBLE FOR OVERSIGHTING THE ADMINISTRATOR'S ACTS IN THE CONDUCT OF THE CONSORTIUM OPERATIONS OF THE RESPECTIVE GROUP;

III - MAKE AVAILABLE TO CONSORTIUM MEMBERS, PROVIDING A COPY ALWAYS WHEN REQUESTED:

A - THE LIST CONTAINING THE NAME AND COMPLETE ADDRESS OF ALL ITS PARTICIPANTS, PRESENTING, IF APPLICABLE, A DOCUMENT, WITH RECOGNIZED SIGNATURE, FORMALIZING THE CONSORTIUM MEMBER'S DISAGREEMENT WITH THE DISCLOSURE OF THESE INFORMATION, SIGNED AT THE ADHESION CONTRACT;

B - THE CALENDAR WITH THE MATURITY DATES OF THE GROUP'S INSTALLMENTS AND DATES OF THE RESPECTIVE ASSEMBLIES, DELIVERING A COPY IMMEDIATELY ALWAYS WHEN REQUESTED.

PARAGRAPH 1. AT THE ORDINARY GENERAL ASSEMBLY CONSTITUTING THE GROUP, THERE SHALL BE NO AWARD.

PARAGRAPH 2. THE ADHERING CONSORTIUM MEMBER MAY DECIDE ON THEIR CONTINUATION OR NOT IN THE GROUP DUE TO:

A - FAILURE TO PROVE THE PROVISIONS OF ITEM I OF THIS ARTICLE;

B - NON-COMPLIANCE WITH THE PROVISIONS OF ITEM III OF THIS ARTICLE, OR INCOMPLETE PRESENTATION OF THE LIST STIPULATED IN ALINÉA "A".

PARAGRAPH 3. EMPLOYEES, PARTNERS, MANAGERS, DIRECTORS, AND AGENTS WITH MANAGEMENT POWERS OF THE ADMINISTRATOR OR COMPANIES LINKED TO IT MAY NOT RUN FOR ELECTION AS GROUP REPRESENTATIVES.

PARAGRAPH 4. ANY CHANGE OF MATURITY DATE SCHEDULED IN THE CALENDAR STIPULATED IN ALINÉA "B" OF ITEM III OF THIS ARTICLE IS SUBJECT TO PRIOR APPROVAL BY THE ORDINARY GENERAL ASSEMBLY.

ART. 52. THE GROUP REPRESENTATIVES, ELECTED AS PER ITEM II OF THE PREVIOUS ARTICLE, SHALL HAVE ACCESS, ON ANY DATE, TO ALL STATEMENTS AND DOCUMENTS PERTINENT TO THE GROUP'S OPERATIONS.

SINGLE PARAGRAPH. GROUP REPRESENTATIVES MUST BE CONSORTIUM MEMBERS NOT AWARDED, OBSERVED THAT:

A - THE SUBSTITUTION OF A REPRESENTATIVE DUE TO THEIR AWARD MUST OCCUR AT THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE RESPECTIVE AWARD, AS PER ITEM II OF THE PREVIOUS ARTICLE;

B - A GROUP REPRESENTATIVE MAY, AT ANY TIME, AT THE GROUP'S DISCRETION, BE SUBSTITUTED BY DELIBERATION OF THE MAJORITY OF CONSORTIUM MEMBERS, AT AN ORDINARY GENERAL ASSEMBLY.

SECTION II

OF OTHER ORDINARY GENERAL ASSEMBLIES

ART. 53. THE ORDINARY GENERAL ASSEMBLY IS INTENDED FOR THE AWARD AND THE ATTENDANCE AND PROVISION OF INFORMATION TO CONSORTIUM MEMBERS.

PARAGRAPH 1. THE ORDINARY GENERAL ASSEMBLY:

A - MUST BE HELD BY THE 4th (FOURTH) BUSINESS DAY AFTER THE MATURITY DATE OF THE GROUP'S INSTALLMENTS, MONTHLY, IN A LOCATION, DAY, AND TIME ESTABLISHED IN ADVANCE BY THE ADMINISTRATOR;

B - SHALL BE PUBLIC AND HELD IN A SINGLE CALL, WITH ANY NUMBER OF CONSORTIUM MEMBERS, THEIR LEGAL REPRESENTATIVES, OR DULY CONSTITUTED ATTORNEYS, THE ADMINISTRATOR MAY REPRESENT ABSENT MEMBERS IF SO PROVIDED IN THE CONTRACT.

PARAGRAPH 2. EACH PARTICIPATION QUOTA IN THE GROUP GIVES RIGHT TO ONE VOTE AT THE ORDINARY GENERAL ASSEMBLY, CONSORTIUM MEMBERS IN GOOD STANDING WITH THE PAYMENT OF THEIR CONTRIBUTIONS AND THOSE WITH UP TO 1 (ONE) INSTALLMENT IN DELAY MAY DELIBERATE AND VOTE.

PARAGRAPH 3. THE HOLDING OF THE ORDINARY GENERAL ASSEMBLY STIPULATED IN THIS SECTION IS MANDATORY FOR THE PURPOSE OF ATTENDANCE AND PROVISION OF INFORMATION TO CONSORTIUM MEMBERS.

CHAPTER XI

OF EXTRAORDINARY GENERAL ASSEMBLIES

ART. 54. THE EXTRAORDINARY GENERAL ASSEMBLY OF CONSORTIUM MEMBERS IS RESPONSIBLE FOR DELIBERATING ON:

I - PROPOSAL TO THE CENTRAL BANK OF BRAZIL:

A - OF SUBSTITUTION OF THE ADMINISTRATOR, IN CASE OF IRREGULARITIES IN THE COMPLIANCE WITH LEGAL AND REGULATORY PROVISIONS RELATING TO THE ADMINISTRATION OF THE CONSORTIUM GROUP OR THE CLAUSES ESTABLISHED IN THE ADHESION CONTRACT;

B - BY THE ADMINISTRATOR, AT THEIR CONVENIENCE, OF TRANSFER OF GROUP TO ANOTHER CONSORTIUM ADMINISTRATOR, WHO MUST SATISFY LEGAL AND REGULATORY REQUIREMENTS;

C - BY THE ADMINISTRATOR, FOR THE MERGER OF CONSORTIUM GROUPS ADMINISTERED BY THEM;

II - EXTENSION OF THE GROUP'S DURATION IN CASE OF EVENTS THAT UNDULY BURDEN CONSORTIUM MEMBERS OR OTHER EVENTS THAT DIFFICULT THE SATISFACTION OF THEIR OBLIGATIONS;

III - SUSPENSION OF PAYMENT OF UP TO 2 (TWO) INSTALLMENTS, WITH SUBSEQUENT EXTENSION OF THE DEADLINE BY AN EQUAL PERIOD, IN CASE OF EVENTS THAT UNDULY BURDEN CONSORTIUM MEMBERS OR OTHER EVENTS THAT DIFFICULT THE SATISFACTION OF THEIR OBLIGATIONS;

IV - CLOSURE OF THE GROUP IN CASES OF WITHDRAWALS OR EXCLUSIONS IN NUMBERS THAT COMPROMISE THE DELIVERY OF ASSETS TO ACTIVE CONSORTIUM MEMBERS WITHIN THE DEADLINE ESTABLISHED IN THE CONTRACT;

V - IN THE CASE OF CONSORTIUM GROUPS LINKED TO THE ASSET PRICE, CLOSURE OF THE GROUP OR SUBSTITUTION OF THE ASSET, IN THE EVENT OF DISCONTINUITY OF PRODUCTION OF THE ASSET REFERENCED IN THE CONTRACT.

SINGLE PARAGRAPH. IN THE CASE STIPULATED IN ITEM V OF THIS ARTICLE, THE ADMINISTRATOR MUST:

A - FORMALY REQUEST FROM THE MANUFACTURER/ASSEMBLER THE INFORMATION NECESSARY FOR THE PERFECT CHARACTERIZATION REGARDING THE DISCONTINUITY OF PRODUCTION OF THE ASSET OBJECT OF THE GROUP;

B - CONVOKE AN EXTRAORDINARY GENERAL ASSEMBLY, WITHIN A MAXIMUM DEADLINE OF 3 (THREE) BUSINESS DAYS FROM THE RECEIPT OF INFORMATION REGARDING THE DISCONTINUITY OF PRODUCTION OF THE ASSET.

ART. 55. THE EXTRAORDINARY GENERAL ASSEMBLY MUST BE CONVOKED BY THE ADMINISTRATOR, WHO IS OBLIGATED TO DO SO WITHIN A MAXIMUM DEADLINE OF 5 (FIVE) DAYS, COUNTED FROM THE DATE OF REQUEST BY, AT LEAST, 30% (THIRTY PERCENT) OF THE GROUP'S ACTIVE PARTICIPANTS.

ART. 56. THE CONVOCATION OF THE EXTRAORDINARY GENERAL ASSEMBLY SHALL BE MADE VIA LETTER, WITH ACKNOWLEDGMENT OF RECEIPT (AR), TO ALL ACTIVE PARTICIPANTS OF THE GROUP, WITH UP TO 8 (EIGHT) DAYS OF ADVANCE NOTICE OF ITS HOLDING, COUNTED FROM THIS DEADLINE INCLUDING THE DATE OF HOLDING AND EXCLUDING THE DATE OF DISPATCH OF THE LETTER.

ART. 57. THE CONVOCATION MUST CONTAIN, MANDATORILY, INFORMATION REGARDING THE DAY, TIME, AND LOCATION WHERE THE ASSEMBLY WILL BE HELD, AS WELL AS THE MATTERS TO BE DELIBERATED.

ART. 58. EACH QUOTA GIVES RIGHT TO ONE VOTE AT THE EXTRAORDINARY GENERAL ASSEMBLY, PARTICIPANTS IN GOOD STANDING WITH THE PAYMENT OF CONTRIBUTIONS OR WITH A DELAY OF UP TO 1 (ONE) INSTALLMENT MAY VOTE.

ART. 59. THE DELIBERATIONS OF THE EXTRAORDINARY GENERAL ASSEMBLY, WHICH SHALL BE INSTALLED WITH ANY NUMBER OF PARTICIPANTS, SHALL BE TAKEN BY MAJORITY OF THE VOTES OF THE CONSORTIUM MEMBERS PRESENT, NOT COUNTING BLANK VOTES.

ART. 60. PARTICIPANTS IN THE GROUP, THEIR LEGAL REPRESENTATIVES, AND DULY CONSTITUTED ATTORNEYS WITH SPECIFIC POWERS TO DELIBERATE ON THE MATTER CONTAINED IN THE CONVOCATION OF THE ASSEMBLY MAY VOTE AT THE EXTRAORDINARY GENERAL ASSEMBLY, OBSERVED THAT, IN DELIBERATIONS REGARDING THE MATTERS STIPULATED IN ITEMS II, III, IV, AND V OF ART. 54 OF THIS REGULATION, ONLY CONSORTIUM MEMBERS WHO HAVE NOT RECEIVED THE ASSET MAY VOTE.

ART. 61. AT THE EXTRAORDINARY GENERAL ASSEMBLY INTENDED TO DELIBERATE ON THE MATTERS STIPULATED IN ART. 54, THE ADMINISTRATOR MAY ONLY REPRESENT THE CONSORTIUM MEMBER IF THEY GRANT SPECIFIC POWERS FOR THE EVENT, NOT APPLYING, IN THIS CASE, THE PROVISIONS OF ALINÉA "B" OF PARAGRAPH 1 OF ART. 53 OF THIS REGULATION.

CHAPTER XII

OF THE SUBSTITUTION OF THE ASSET REMOVED FROM MANUFACTURE

ART. 62. DELIBERATED AT AN EXTRAORDINARY GENERAL ASSEMBLY THE CONTINUATION OF THE GROUP WITH THE CHOICE OF ANOTHER ASSET, UNDER THE TERMS OF ITEM V OF ART. 54 OF THIS REGULATION, THE FOLLOWING CRITERIA SHALL BE APPLIED IN THE CHARGING OF MONTHLY INSTALLMENTS:

I - THOSE WHO HAVE BEEN AWARDED, VINCEND, OR IN DELAY, WILL REMAIN AT THE PREVIOUS VALUE AND WILL ONLY BE UPDATED WHEN THERE IS A CHANGE IN THE PRICE OF THE NEW ASSET AND IN THE SAME PROPORTION;

II - THOSE WHO HAVE NOT YET BEEN AWARDED WILL BE CALCULATED BASED ON THE PRICE OF THE NEW ASSET ON THE DATE OF SUBSTITUTION AND SUBSEQUENT CHANGES, OBSERVED THAT:

A - THOSE ALREADY PAID MUST BE UPDATED ON THE DATE OF SUBSTITUTION, ACCORDING TO THE NEW PRICE, THE RESULTING VALUE MUST BE ADDED TO THE DUE INSTALLMENTS OR SUBTRACTED FROM THEM, ACCORDING TO WHETHER THE PRICE OF THE NEW ASSET IS HIGHER OR LOWER, RESPECTIVELY, THAN ORIGINALLY FORESEEN IN THE PLAN;

B - HAVING PAID AN AMOUNT EQUAL TO OR GREATER THAN THE PRICE OF THE NEW ASSET VALID ON THE DATE OF THE EXTRAORDINARY GENERAL ASSEMBLY:

1 - THE CONSORTIUM MEMBER HAS THE RIGHT TO ACQUIRE THE ASSET AFTER ITS AWARD BY DRAW;

2 - THE EXCESS AMOUNT COLLECTED MUST BE REFUNDED, INDEPENDENT OF AWARD.

CHAPTER XIII

OF THE DISSOLUTION OF THE GROUP BY DECISION OF THE AGE

ART. 63. DELIBERATED AT THE EXTRAORDINARY GENERAL ASSEMBLY THE DISSOLUTION OF THE GROUP:

I - CONSORTIUM MEMBERS WHO RECEIVED THE CREDIT WILL COLLECT CONTRIBUTIONS RELATING TO THE VINCEND COMMON FUND ON THEIR RESPECTIVE MATURITY DATES, RE-ADJUSTED:

A - BY A PRICE INDEX OF A REGULARLY CALCULATED AND PUBLICLY KNOWN SERIES, ESTABLISHED IN THE AGE, IF PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO THE ASSET PRICE;

B - BY THE PRICE INDEX FORESEEN IN THE ADHESION CONTRACT, IF PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO A PRICE INDEX.

II - THE AMOUNTS COLLECTED AS PER THE PREVIOUS ITEM SHALL BE REFUNDED MONTHLY, ACCORDING TO CASH AVAILABILITY, BY PROPORTIONAL ALLOCATION TO THE CREDITOR BALANCE OF EACH, FIRSTLY TO ACTIVE CONSORTIUM MEMBERS WHO HAVE NOT RECEIVED THE CREDIT, AND SUBSEQUENTLY TO WITHDRAWN OR EXCLUDED MEMBERS.

CHAPTER XIV

OF WITHDRAWAL, EXCLUSION, AND SUBSTITUTION OF THE CONSORTIUM MEMBER

SECTION I

OF WITHDRAWAL AND EXCLUSION

ART. 64. A CONSORTIUM MEMBER WHO FORMALIZES THEIR REQUEST FOR REMOVAL FROM THE GROUP SHALL BE CONSIDERED WITHDRAWN, AND ONE WHO FAILS TO COMPLY WITH THEIR CONTRACTUAL FINANCIAL OBLIGATIONS MAY BE EXCLUDED.

PARAGRAPH 1. WITHDRAWAL SHALL BE EFFECTED ON THE DATE OF THE REQUEST.

PARAGRAPH 2. EXCLUSION FOR DEFAULT MAY OCCUR, INDEPENDENT OF JUDICIAL NOTIFICATION OR INTERPELLATION, IN CASE OF FAILURE TO PAY 2 (TWO) OR MORE CONSECUTIVE OR ALTERNATING MONTHLY INSTALLMENTS.

PARAGRAPH 3. BEFORE EXCLUSION, THE DEFAULTING PARTICIPANT MAY REESTABLISH THEIR RIGHTS, VIA PAYMENT OF THE RESPECTIVE INSTALLMENTS AND INSTALLMENT DIFFERENCES IN DELAY, WITH THEIR VALUES RE-ADJUSTED, ACCRUED WITH INTEREST AND LATE PENALTIES STIPULATED IN THE CONTRACT.

PARAGRAPH 4. WITHDRAWAL OR EXCLUSION MAY ONLY OCCUR BEFORE THE AWARD.

ART. 65. TO WITHDRAWN OR EXCLUDED PARTICIPANTS, OR TO THEIR SUCCESSORS, THE AMOUNTS PAID BY THEM TO THE COMMON AND RESERVE FUNDS SHALL BE REFUNDED, WITHIN 30 (THIRTY) DAYS AFTER THE LAST CREDIT DUE FOR THE PURCHASE OF THE ASSET IS MADE AVAILABLE TO THE GROUP'S CONSORTIUM MEMBERS, OBSERVED THAT:

I - UPON CANCELLATION OR EXCLUSION OF THE PARTICIPANT, THE ADMINISTRATOR MUST FORMALY NOTIFY THEM OF THE PERCENTAGE PAID OF THE VALUE OF THE REFERENCED ASSET IN THE CONTRACT, VALID ON THE DATE OF THE LAST ASSEMBLY PRIOR TO EXCLUSION OR CANCELLATION;

II - ON THE DATE OF PLACING THE LAST DUE CREDIT AT THE DISPOSAL OF THE CONSORTIUM MEMBERS, THE AMOUNT PERTAINING TO EACH EXCLUDED OR CANCELLING MEMBER SHALL BE CALCULATED BASED ON THE CREDIT VALUE, VALID ON THAT DATE;

III - A REDUCTION PERCENTAGE, INVERSELY PROPORTIONAL TO THE EXCLUDED OR CANCELLING MEMBER'S PARTICIPATION IN THE GROUP, SHALL BE APPLIED TO THE CALCULATED AMOUNT, THE PRODUCT OF WHICH SHALL BE CREDITED TO THE GROUP, OBSERVING:

 A - IN THE CASE OF A PARTICIPANT IN A GROUP LINKED TO THE ASSET PRICE:

      AMORTIZED PERCENTAGE:                          REDUCER:

       UP TO              40%                            15% ABOVE 40% UP TO 60%                            10% ABOVE 60% UP TO 80%                             5% ABOVE 80%                                    ZERO;

 B - IN THE CASE OF A PARTICIPANT IN A GROUP LINKED TO A PRICE INDEX:

      AMORTIZED PERCENTAGE:                          REDUCER:

       UP TO              40%                            20% ABOVE 40% UP TO 60%                            15% ABOVE 60% UP TO 80%                            10% ABOVE 80%                                    ZERO;

               IV - FROM THE AMOUNT TO BE REFUNDED, AN AMOUNT RELATIVE TO THE ADMINISTRATOR'S REMUNERATION, APPROPRIATED ON THE DATE OF THE REFUND IN QUESTION, CORRESPONDING TO THE PRODUCT OF THE NUMBER OF MONTHS OF EXCLUSION/CANCELLATION BY THE INSTALLMENT VALUE CALCULATED IN ACCORDANCE WITH ITEM III OF ART. 25 OF THIS REGULATION, SHALL ALSO BE DEDUCTED, CONSIDERING FOR THE PURPOSE OF THIS CALCULATION:

 A - THE SAME CREDIT VALUE REFERRED TO IN ITEM II OF THIS ARTICLE;

 B - 50% (FIFTY PERCENT) OF THE PERCENTAGE FIXED IN THE ADHESION CONTRACT REGARDING THE ADMINISTRATION FEE.

                          SECTION II

               OF THE SUBSTITUTION OF THE CONSORTIUM MEMBER

                ART.  66. THE CONSORTIUM MEMBER ADMITTED TO THE GROUP, IN SUBSTITUTION FOR THE EXCLUDED OR CANCELLING MEMBER, SHALL BE OBLIGATED TO PAY THE CONTRACT INSTALLMENTS, OBSERVING THE FOLLOWING PROVISIONS:

                I - THE INSTALLMENTS DUE SHALL BE COLLECTED NORMALLY, IN ACCORDANCE WITH THE PROVISIONS FOR THE OTHER PARTICIPANTS OF THE GROUP;

               II - THE INSTALLMENTS AND DIFFERENCES IN CONTRIBUTIONS DUE SHALL BE PAID BY THE DEADLINE PRESCRIBED FOR THE CLOSURE OF THE GROUP, IN INSTALLMENTS OR IN A SINGLE PAYMENT, UPDATED IN ACCORDANCE WITH THE PROVISIONS IN THE CONTRACT;

              III - THE INSTALLMENTS ALREADY PAID BY THE EXCLUDED OR CANCELLING MEMBER SHALL BE SETTLED BY THE CONSORTIUM MEMBER ADMITTED, BY THE DEADLINE PRESCRIBED FOR THE CLOSURE OF THE GROUP, IN ACCORDANCE WITH THE VALUE VALID ON THE DAY OF THE ASSEMBLY OF THE MONTH, AND THE RECEIVED AMOUNTS SHALL BE CREDITED TO THE GROUP'S RESERVE FUND.

                         CHAPTER XV

         OF THE ADHESION CONTRACT TO A CONSORTIUM GROUP

                ART.  67. THE ADHESION CONTRACT IS THE INSTRUMENT, SIGNED BY THE CONSORTIUM MEMBER AND THE ADMINISTRATOR, WHICH CREATES A LEGAL AND OBLIGATIONAL BOND BETWEEN THE PARTIES AND BY WHICH THE CONSORTIUM MEMBER FORMALIZES THEIR ENTRY INTO A CONSORTIUM GROUP.

               SINGLE PARAGRAPH. THE CONTRACT SHALL OBSERVE THE PROVISIONS IN SECTION III, ART. 54, OF LAW NO. 8,078, OF 11.09.90.

                ART.  68. THE ADHESION CONTRACT TO A CONSORTIUM GROUP SHALL CONTAIN:

                I - THE COMPLETE IDENTIFICATION OF THE CONTRACTING PARTIES;

               II - THE OBJECT OF THE PLAN, OBSERVING THE PROVISIONS IN ART. 7 OF THIS REGULATION;

              III - THE METHOD OF CALCULATION OF THE 1st (FIRST) INSTALLMENT AND SUBSEQUENT ONES, OBSERVING THE PROVISIONS IN ART. 25 OF THIS REGULATION;

               IV - THE DURATION PERIOD OF THE GROUP;

                V - THE SPECIFICATION OF THE PERCENTAGE TO BE CHARGED AS:

 A - ADMINISTRATION FEE;

 B - RESERVE FUND;

               VI - THE MANDATORY MONTHLY PAYMENT OF THE CONTRIBUTIONS PRESCRIBED IN ART. 25 OF THIS REGULATION;

              VII - THE LIST OF PAYMENTS TO WHICH THE CONSORTIUM MEMBER WILL BE SUBJECT, OBSERVING THE PROVISIONS IN ART. 26 OF THIS REGULATION;

             VIII - THE LOCATION OF THE ASSEMBLIES OF THE RESPECTIVE GROUPS AND WHERE THE CONSORTIUM MEMBER MAY OBTAIN ALL INFORMATION REGARDING THE GROUP AND THEIR PARTICIPATION, AS WELL AS WHETHER THE GROUP WILL BE NATIONAL OR LOCAL;

               IX - THE MANDATORY NATURE OF THE ACQUIRED ASSET BEING THE OBJECT OF FIDUCIARY ALIENATION, IN ACCORDANCE WITH THE PROVISIONS IN SECTION II OF CHAPTER IV OF THIS REGULATION;

                X - OTHER TYPES OF GUARANTEES, PROPORTIONAL TO THE DUE INSTALLMENTS, WHICH MAY BE DEMANDED FROM THE CONSORTIUM MEMBER CONTEMPLATED, IN ADDITION TO THAT PRESCRIBED IN THE PREVIOUS ITEM;

               XI - THE PROHIBITIONS TREATED IN ARTS. 10 AND 27 OF THIS REGULATION;

              XII - THE PROVISIONS TREATED IN ARTS. 12, 13, 14, 15, 16, 18, 19, 20, 22, 64 AND 65 OF THIS REGULATION;

             XIII - THE METHOD OF DRAWING LOTS AND THE CRITERION FOR BREAKING TIES IN BIDS;

              XIV - THE PROVISION THAT THE ADHERING CONSORTIUM MEMBER MAY CANCEL THE CONTRACT, RECEIVING THE AMOUNTS PAID FOR ANY REASON, IMMEDIATELY, ACCRUED WITH THE YIELDS FROM THEIR FINANCIAL APPLICATION:

 A - WITHIN A PERIOD OF 7 (SEVEN) DAYS FROM THE SIGNING OF THE ADHESION CONTRACT, ALWAYS WHEN THE CONTRACTING OCCURS OUTSIDE THE ADMINISTRATOR'S PREMISES;

 B - IN THE SITUATIONS TREATED IN THE SINGLE PARAGRAPH OF ART. 51 OF THIS REGULATION;

               XV - LOCATION AND DATE OF SIGNATURES.

                PARAGRAPH  1º. THE ADHESION CONTRACT TO A CONSORTIUM GROUP LINKED TO THE ASSET PRICE SHALL ALSO CONTAIN:

 A - THE CRITERION FOR DEFINING THE ASSET PRICE THAT WILL BE USED MONTHLY AS THE BASIS FOR CALCULATING INSTALLMENTS;

 B - THE PROVISIONS TREATED IN THE SINGLE PARAGRAPH OF ART. 8, THE "CAPUT" AND ITEM I OF ART. 17 OF THIS REGULATION.

                PARAGRAPH  2º. THE ADHESION CONTRACT TO A CONSORTIUM GROUP LINKED TO A PRICE INDEX SHALL ALSO CONTAIN:

 A - THE DEFINITION OF THE PRICE INDEX THAT WILL ADJUST THE MONTHLY INSTALLMENTS, AS WELL AS THE SUBSTITUTE INDEX, OBSERVING THE PROVISIONS IN ART. 2 OF THIS REGULATION;

 B - THE PROVISIONS TREATED IN THE SINGLE PARAGRAPH OF ART. 8 AND ITEM II OF ART. 17 OF THIS REGULATION.

                        CHAPTER XVI

                   OF GENERAL PROVISIONS

                ART.  69. FOR THE PURPOSE OF THE PROVISIONS IN THE SINGLE PARAGRAPH OF ART. 6 AND PARAGRAPH 3 OF ART. 51 OF THIS REGULATION, THE FOLLOWING SHALL BE CONSIDERED AFFILIATED WITH THE COMPANY:

                I - IN WHICH ONE PARTICIPATES WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

               II - IN WHICH ADMINISTRATORS, AS WELL AS THEIR RESPECTIVE RELATIVES UP TO THE SECOND DEGREE, OF ONE PARTICIPATE, JOINTLY OR SOLELY, WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

              III - IN WHICH PARTNERS OR SHAREHOLDERS WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ONE PARTICIPATE WITH 10% (TEN PERCENT) OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

               IV - THAT HAVE A COMMON ADMINISTRATOR.

                ART.  70. THE DIFFERENCE IN THE LIFE INSURANCE INDEMNITY, IF ANY, AFTER AMORTIZING THE CONSORTIUM MEMBER'S OUTSTANDING BALANCE, SHALL BE IMMEDIATELY DELIVERED BY THE ADMINISTRATOR TO THEIR SUCCESSORS.

                ART.  71. IN CASES WHERE THE ASSET IS RECOVERED, JUDICIALLY OR EXTRAJUDICIALLY, THE ADMINISTRATOR MUST ALIENATE IT.

                PARAGRAPH  1º. THE RAISED RESOURCES SHALL BE DESTINED TO THE PAYMENT OF OVERDUE AND DUE INSTALLMENTS, WITH APPROPRIATION TO THE COMMON OR RESERVE FUNDS, AS APPROPRIATE, IN ACCORDANCE WITH THE DISCIPLINE IN THIS REGULATION.

                PARAGRAPH  2º. ANY POSITIVE BALANCE THAT MAY EXIST SHALL BE REFUNDED TO THE CONSORTIUM MEMBER WHOSE ASSET WAS RECOVERED, WITH LIABILITY FOR ANY NEGATIVE BALANCE, IF THERE IS ONE.

                ART. 72. ADMINISTRATORS ARE OBLIGATED TO:

                I - DRAW UP MINUTES OF ORDINARY AND EXTRAORDINARY GENERAL ASSEMBLIES AND OCCURRENCE RECORDS;

               II - PREPARE THE CLOSURE BULLETIN OF THE GROUP'S OPERATIONS, WITHIN 60 (SIXTY) DAYS AFTER THE HOLDING OF THE LAST ASSEMBLY.