Circular No. 2659 — Sets the deadline for utilizing credit by a selected consortium member

CIRCULAR NO. 002659

Sets the deadline for utilizing credit by a selected consortium member.

The Board of Directors of the Central Bank of Brazil, in a session held on 07.02.96, based on art. 33 of Law No. 8.177, of 01.03.91,

D E C I D E D:

Art. 1. Establish that the selected consortium member may utilize the respective credit, updated in the manner provided for in art. 15 of the Regulation annexed to Circular No. 2.196, of 30.06.92, with the wording given by Circular No. 2.394, of 22.12.93, in art. 14 of the Regulation annexed to Circular No. 2.312, of 26.05.93, or in art. 14 of the Regulation annexed to Circular No. 2.386, of 02.12.93, according to the good object of the contract, up to 60 (sixty) days after the assembly for selection of the last credit relative to the group.

Paragraph 1. If the credit is not used within the period established in this article, the administrator, on the first business day following the expiration of this period, must send a letter or telegram notifying the selected consortium member, communicating that the value of the credit, plus the net financial earnings, minus the obligations pending payment, is available for receipt in cash.

Paragraph 2. In the event of failure to pay monthly installments by a selected consortium member whose credit has not been used, the administrator, on the due date of the installment immediately following the occurrence of the default, must deduct from the respective credit, plus the respective net financial earnings, the value of the overdue monthly installment, plus, in the regulatory manner, interest and late payment penalties.

Paragraph 3. The provisions of this article also apply to consortium groups referenced in real estate goods.

Art. 2. Items 7 and subitem 7.1 of Ordinance No. 028, of 05.03.90, are hereby amended, which shall henceforth have the following wording:

"7. The credit of the selected consortium member shall be updated, during 30 (thirty) days, counted from the knowledge of the selection, according to the price of the good, in the manner agreed upon in the adherence contract.

"7.1. After the period established in this item has elapsed, the administrator shall deposit the value corresponding to the updated credit in a specific linked bank account, for the purpose of financial application, observing the provisions of Circular No. 2.454, of 27.07.94, of the Central Bank of Brazil."

Art. 3. As a result of the provisions of art. 1 of this Circular, the following are amended:

I - art. 74 of the Regulation annexed to Circular No. 2.196, of 30.06.92, inserted by Circular No. 2.394, of 22.12.93, which shall henceforth have the following wording:

"Art. 74 Safeguarding the interests of the group and the selected consortium member, the administrator may deliver to the supplier of the good, after the selection, an order for the supply of the good referenced in the contract, as well as make the respective payment to guarantee the price valid on the date of the selection assembly.

"Paragraph 1. If the selected consortium member does not wish to acquire the good or set of goods referenced in the adherence contract, intends to make the acquisition with another supplier, or determine another moment for the acquisition, they must communicate their decision to the administrator, in writing, within a period of up to 10 (ten) business days, counted from the date of the holding of the assembly of the respective selection.

"Paragraph 2. Occurring any of the hypotheses provided for in the previous paragraph, the administrator shall return to the group the value of the credit plus an amount corresponding to the respective net financial earnings as if the value of the credit were financially applied, observing the provisions of Circular No. 2.454, of 27.07.94, of the Central Bank of Brazil, and, where applicable, the provisions of art. 15.";

II - art. 15 of the Regulation annexed to Circular No. 2.386, of 02.12.93, which shall henceforth have the following wording:

"Art. 15 Safeguarding the interests of the group and the selected consortium member, the administrator may deliver to the supplier of the good, after the selection, an order for the supply of the good or set of goods referenced in the contract, as well as make the respective payment to guarantee the price valid on the date of the selection assembly.

"Paragraph 1. If the selected consortium member does not wish to acquire the good or set of goods referenced in the adherence contract, intends to make the acquisition with another supplier, or determine another moment for the acquisition, they must communicate their decision to the administrator, in writing, within a period of up to 10 (ten) business days, counted from the date of the holding of the assembly of the respective selection.

"Paragraph 2. Occurring any of the hypotheses provided for in the previous paragraph, the administrator shall return to the group the value of the credit plus an amount corresponding to the respective net financial earnings as if the value of the credit were financially applied, observing the provisions of Circular No. 2.454, of 27.07.94, of the Central Bank of Brazil, and, where applicable, the provisions of the previous article."

Art. 4. The provisions of this Circular may be applied to consortium groups already constituted, provided that so decided in a general ordinary assembly of the groups.

Art. 5. This Circular enters into force on the date of its publication.

Art. 6. Art. 16 and items IV of arts. 29 and 31 of the Regulation annexed to Circular No. 2.196, of 30.06.92, art. 15 and paragraphs 3 and 4 of art. 18 of the Regulation annexed to Circular No. 2.312, of 26.05.93, art. 16 and items IV of arts. 29 and 31 of the Regulation annexed to Circular No. 2.386, of 02.12.93, and subitem 7.2 of Ordinance No. 028, of 05.03.90, of the Ministry of Finance, are hereby repealed.

Brasília, February 7, 1996

Gustavo Jorge Laboissière Loyola
President