Circular No. 2543 — Sets Maximum Duration for Consortium Groups and Limits Use of Bid Instrument

CIRCULAR NO. 002543

Sets maximum duration for consortium groups and limits the use of the bid instrument.

The Board of Directors of the Central Bank of Brazil, in a session held on February 21, 1995, based on Article 33 of Law No. 8,177 of March 1, 1991,

DECIDED:

Art. 1. Set a maximum duration of 6 (six) months for the duration of consortium groups referencing automobiles, pickup trucks, and utility vehicles, constituted from this date.

Art. 2. Regarding bids, in consortium groups, the following must be observed:

I - contemplation by bid remains prohibited in groups constituted from October 20, 1994;

II - in groups constituted prior to October 20, 1994, the value of each bid may not exceed the equivalent of 10% (ten percent) of the value of the asset referenced in the contract.

Art. 3. This Circular enters into force on the date of its publication.

Art. 4. Article 2 of Circular No. 2,496 of October 19, 1994 is hereby revoked.

Brasilia, February 22, 1995

Claudio Ness Mauch
Director of Standards and Organization of the
Financial System