Circular No. 2281 — Provisions on the Capitalization of Profits Determined in the June 30 Balance Sheet

CIRCULAR NO. 002281

PROVISIONS ON THE CAPITALIZATION OF PROFITS DETERMINED IN THE JUNE 30 BALANCE SHEET.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 26.02.93, BASED ON ART. 4, PARAGRAPH XII, OF LAW NO. 4.595, OF 31.12.64, BY COMPETENCE DELEGATED BY THE MONETARY NATIONAL COUNCIL, DECIDED THAT:

ART. 1. THE PROFITS DETERMINED IN THE BALANCE SHEET RAISED ON JUNE 30 AND INCORPORATED INTO ACCUMULATED PROFITS OR LOSSES, OR INTO RESERVES, MAY BE USED FOR CAPITAL INCREASE, BEFORE THE END OF THE FISCAL YEAR, OBSERVING THE PROVISIONS CONTAINED IN THE LEGISLATION AND REGULATIONS IN FORCE.

ART. 2. THE COUNTERPART OF THE MONETARY CORRECTION OF THE RESULT DETERMINED IN THE FIRST SEMESTER -- MAINTAINED IN ACCUMULATED PROFITS OR LOSSES, INCORPORATED INTO CAPITAL INCREASE/CAPITAL OR USED FOR THE CONSTITUTION OF PROFIT RESERVES -- MUST BE REGISTERED IN THE SUBTITLE RESULT OF THE 1ST SEMESTER, CODE 8.6.1.10.50-5, OF MONETARY CORRECTION RESULT, DURING THE SECOND SEMESTER.

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

BRASÍLIA (DF), FEBRUARY 26, 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA
PRESIDENT