Circular No. 3247 — Provisions on the Maintenance of Judicial Deposits in Financial Institutions Undergoing Privatization

CIRCULAR NO. 003247

Dispenses on the maintenance of judicial deposits in financial institutions subject to a privatization process.

The Collegiate Board of the Central Bank of Brazil, in a session held on July 14, 2004, based on Article 9 of Law No. 4,595 of December 31, 1964, and considering the provisions of Article 29 of Provisional Measure No. 2,192-70 of August 24, 2001,

DECIDED:

Article 1. Establish that judicial deposits made in official financial institutions subject to a privatization process may be maintained in the institution itself or in the financial institution acquiring its shareholding control, until the regular withdrawal, as determined by the competent judicial authority. (Article 29 of Provisional Measure No. 2,192-70 of August 24, 2001)

Sole Paragraph. In accordance with current legislation, official financial institutions subject to a privatization process may not accept judicial deposits from the conclusion of the privatization process, except in the absence of an official credit establishment or its agencies in the location, by express judicial order. (Article 666, item I, of the Code of Civil Procedure)

Article 2. Official financial institutions whose privatization process has been concluded are not considered covered by the expressions "official financial institutions" or "public," or "official banks" or "public," or similar, provided for in the legislation relating to judicial deposits for the purpose of defining the institutions authorized to receive said deposits. (Articles 1 and 2 of Law No. 9,703 of November 17, 1998, and Article 2 of Law No. 10,482 of July 3, 2002)

Article 3. This circular enters into force on the date of its publication.

Brasília, July 14, 2004.

Sérgio Darcy da Silva Alves
Director