Circular No. 3136 — Regulates the Use of the Term Director by Financial Institutions and Other Institutions Authorized to Operate by the Central Bank of Brazil

CIRCULAR N. 003136

Disciplina a utilização do termo diretor pelas instituições financeiras e demais instituições autorizadas a funcionar pelo Banco Central do Brasil.

The Collegiate Board of the Central Bank of Brazil, in a session held on July 10, 2002, based on art. 10, item XI, of Law 4.595, of December 31, 1964, renumbered in the manner of art. 19 of Law 7.730, of January 31, 1989, and on art. 11 of Resolution 2.645, of September 22, 1999, and having in view the provisions of arts. 138, 143, 144 and 145 of Law 6.404, of December 15, 1976,

DECIDED:

Art. 1º Establish that, within the scope of financial institutions and other institutions authorized to operate by the Central Bank of Brazil, the term director, whether adjunct, executive, technical, or similar, must be used exclusively by persons elected or appointed, as the case may be, by the board of directors or by the general assembly or by an instrument of contractual amendment of the respective institution for the exercise of the administrative functions provided for in the legislation in force.

Sole Paragraph. Institutions that are acting in disagreement with the provisions of the caput must promote the due regularization within a period of up to sixty days, counted from the date of entry into force of this circular.

Art. 2º This circular enters into force on the date of its publication.

Brasília, July 11, 2002.

Sérgio Darcy da Silva Alves
Director