CVM Instruction No. 320 of December 6, 1999

CVM INSTRUCTION NO. 320, OF DECEMBER 6, 1999.

Provides new wording to Art. 1 of CVM Instruction No. 319, of December 3, 1999, which provides for merger, consolidation, and spin-off operations involving publicly-held companies.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes it known that the Collegiate Board, in a meeting held on this date, based on arts. 8, item I, and 18, item II, letter "a", of Law No. 6,385, of December 7, 1976, and having in view the provisions of CVM Instruction No. 243, of March 1, 1996, HAS DECIDED to issue the following Instruction:

Art. 1 - Art. 1 of CVM Instruction No. 319, of December 3, 1999, shall be effective with the following wording:

Art. 1 - ------:
I - ------
II - ------
III - the share exchange ratio for non-controlling shareholders; IV - ------ V - ------ VI - ------ VII - ------

§1 The provisions of this Instruction apply, regardless of their respective corporate form, to commercial societies that are part of the operations referred to in the "caput" of this article.

§2 For the purposes of this Instruction, societies benefiting from resources originating from tax incentives registered with the CVM, and other societies whose shares are admitted to trading in organized over-the-counter market entities, in accordance with CVM Instruction No. 243, of March 1, 1996, are equated to publicly-held companies. (NR)

Art. 2 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

CVM INSTRUCTION NO. 320, OF DECEMBER 6, 1999.
2
Signed original by
FRANCISCO DA COSTA E SILVA
President
Published in the DOU on 12/07/99, page 8, section I.