CVM INSTRUCTION NO. 324, OF JANUARY 19, 2000.

Establishes a scale reducing, based on social capital, the minimum percentages of shareholding necessary to request the installation of a Fiscal Council of a publicly held company, as provided for in § 2 of art. 161 of Law No. 6,404, of December 15, 1976.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION - CVM makes public that the Collegiate Body, in a meeting held on January 14, 2000, and based on the provisions of arts. 8, item I, and 22, § 1, item VIII, of Law No. 6,385, of December 7, 1976, and art. 291, caput, of Law No. 6,404, of December 15, 1976, HAS RESOLVED TO ISSUE THE FOLLOWING INSTRUCTION:

SCOPE AND PURPOSE

Art. 1 Through this Instruction, the CVM, using competence expressly provided for and seeking to guarantee the effectiveness of protection for minority shareholders, including with regard to companies with high social capital value, reduces the minimum percentages of shareholding necessary to request the installation of a Fiscal Council of a publicly held company (ten percent of the shares with voting rights and five percent of the shares without voting rights).

REQUEST FOR INSTALLATION OF THE FISCAL COUNCIL

Art. 2 The Fiscal Council of non-permanent operation of publicly held companies shall be installed by the general assembly, at the request of shareholders representing, at minimum, the percentages of shares contained in the following scale:

Social Capital of the publicly held company	% of Shares with voting rights	% of Shares without voting rights
Up to R$ 50,000,000.00	8%	4%
Between R$ 50,000,000.00 and R$ 100,000,000.00	6%	3%
Between R$ 100,000,000.00 and R$ 150,000,000.00	4%	2%
Above R$ 150,000,000.00	2%	1%

SERIOUS OFFENSE

Art. 3 Non-compliance with the provisions of this Instruction constitutes a serious offense, for the purposes of the provisions of § 3 of art. 11 of Law No. 6,385, of December 7, 1976.

EFFECTIVE DATE

Art. 4 This Instruction enters into force on the date of its publication in the Official Gazette of the Union.

Signed original by

FRANCISCO DA COSTA E SILVA
President