Circular No. 2.797

CIRCULAR N. 002797 ------------------ Provides for the use of fiduciary transfer in consortium contracts for real estate. The Board of Governors of the Central Bank of Brazil, in a session held on 23.12.97, based on art. 33 of Law No. 8.177, of 01.03.91, and in view of the provisions of art. 22 of Law No. 9.514, of 20.11.97, D E C I D E D: Art. 1 Amend art. 3, paragraph 1, of the Regulation annexed to Circular No. 2.766, of 03.07.97, which shall henceforth have the following wording: " Art. 3...................................................... "Paragraph 1 The guarantee to be provided by the consortium members must respect the nature of the asset object of the contract - fiduciary transfer in the case of movable assets, mortgage or fiduciary transfer in the case of real estate or guarantee breach insurance in the case of tourism services. .............................................................". Art. 2 This Circular enters into force on the date of its publication. Brasília, 23 December 1997 Sérgio Darcy da Silva Alves Director