Circular No. 2.774

CIRCULAR N. 002774 ------------------ Amends provisions of the Regulation annexed to Circular No. 2.766, of 03.07.97. The Board of Directors of the Central Bank of Brazil, in a session held on 27.08.97, based on art. 33 of Law No. 8.177, of 01.03.91, D E C I D E D: Art. 1 Amend art. 3, item XIV, of the Regulation annexed to Circular No. 2.766, of 03.07.97, which shall henceforth have the following wording: "Art. 3...................................................... XIV - the right of participants excluded, as provided in the previous item, or of their successors, to the return of the amounts paid, calculated the amount of the return by applying the percentage of the value of the asset, set of assets or tourist service amortized by the excluded participant to the group's common fund and, if applicable, to the reserve fund on the value of the credit in force on the date on which the exclusion occurred or on the date of the general meeting of contemplation of the last quota of the group, as provided in the contract, plus the income from the financial investment obtained between one of those dates and the day before payment to the excluded participant, provided that the calculated amount may be subject to a reduction, the product of which shall be credited to the group, in accordance with the provisions of paragraph 2 of art. 53 of Law No. 8.078, of 11.09.90. .............................................................." Art. 2 This Circular enters into force on the date of its publication. Brasília, 27 August 1997 Alkimar Ribeiro Moura Director