Resolution CMN No. 4,284 — Approves the Statute and Bylaws of the Credit Cooperativism Guarantee Fund (FGCoop) and establishes the contribution method

RESOLUTION No. 4,284, OF NOVEMBER 5, 2013
Approves the Statute and Bylaws of the Credit Cooperativism Guarantee Fund (FGCoop) and establishes the contribution method.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on October 31, 2013, based on Articles 3, item VI, and 4, item VIII, of the aforementioned Law, and Article 12, item IV, of Complementary Law No. 130, of April 17, 2009,

RESOLVES:

Article 1. The Statute and Bylaws of the Credit Cooperativism Guarantee Fund (FGCoop), referred to in Resolution No. 4,150, of October 30, 2012, are hereby approved, in accordance with Annexes I and II to this Resolution.

Article 2. The ordinary monthly contribution of institutions affiliated with FGCoop is 0.0125% (one hundred and twenty-five ten-thousandths of a percent) of the amount of balances of accounts corresponding to obligations subject to ordinary guarantee, recorded in titles and subtitles of the Accounting Plan of the Institutions of the National Financial System (Cosif).

Sole Paragraph. The minimum monthly payment shall not be less than R$100.00 (one hundred reais).

Article 3. The following rules must be observed in the payment of the contributions established in Article 2:

I - The value of the contributions must be calculated based on the balances on the last day of each month of the accounts corresponding to the obligations subject to guarantee;

II - the value of the contributions due must be determined and paid in accordance with standards established by the Central Bank of Brazil;

III - late payment of the contributions due subjects the affiliated institution to an increase of 2% (two percent) on the value of the contribution and adjustment based on the Selic rate, calculated on the value of the contribution and also on the value of the 2% (two percent) increase;

IV - the payment of the contributions and the increase determined in the manner of item III must be processed within the Brazilian Payments System (SPB), through the Reserve Transfer System (STR).

Sole Paragraph. The Central Bank of Brazil is authorized to establish the accounts that must serve as the basis for calculating the contributions.

Article 4. Affiliation with FGCoop by single credit cooperatives and cooperative banks that may be constituted from the effective date of this Resolution must be proven to the Central Bank of Brazil prior to the start of their operations.

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Article 5. Articles 3, 16, and 19 of Resolution No. 3,859, of May 27, 2010, shall henceforth read as follows:

“Article 3. ............................................................................................................
..........................................................................................................................
§ 1. ..................................................................................................................
..........................................................................................................................
VIII - participation in a guarantee fund of the system to which it belongs, if applicable.
...............................................................................................................” (NR)

“Article 16. In the event of non-compliance with the provisions of Article 15, item I of the caput or item I of § 1, the credit cooperative is obliged to adopt the following measures:
...............................................................................................................” (NR)

“Article 19. The central credit cooperative must provide, in its statute and operational rules, provisions that enable the prevention and correction of abnormal situations that may constitute violations of legal or regulatory standards or pose a risk to the solidity of affiliated cooperatives and the cooperative system. ...............................................................................................................” (NR)

Article 6. This Resolution enters into force on the date of its publication.

Article 7. Item III of Article 15 and § 1 of Article 35 of Resolution No. 3,859, of May 27, 2010, are hereby repealed.

Alexandre Antonio Tombini
President of the Central Bank of Brazil

This text does not replace the published version in the Official Gazette (DOU) of 11/7/2013, Section 1, pp. 18-20, and in Sisbacen.

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ANNEX I TO RESOLUTION No. 4,284, OF NOVEMBER 5, 2013
STATUTE OF THE CREDIT COOPERATIVISM GUARANTEE FUND (FGCOOP)

CHAPTER I
OF THE NAME, OBJECT, PURPOSE, HEADQUARTERS, AND TERM

Article 1. The Credit Cooperativism Guarantee Fund (FGCoop) is a non-profit civil association, with private law legal personality of national scope, governed by this Statute and by applicable legal and regulatory provisions.

Sole Paragraph. FGCoop does not exercise any public function, including by delegation.

Article 2. FGCoop has the following purposes:

I - to protect depositors and investors of affiliated institutions, respecting the limits and conditions established in its Bylaws;

II - to contribute to the maintenance of stability of the National System of Cooperative Credit (SNCC);

III - to contribute to the prevention of systemic crisis in the cooperativist segment.

Sole Paragraph. FGCoop is prohibited from reimbursing, even partially, credits of members and clients of institutions that are not its affiliates, as well as credits of representative affiliates, respecting the provisions of the Bylaws.

Article 3. FGCoop’s object is to provide guarantee of credits against affiliated institutions, referred to in Article 10 of this Statute, in situations of declaration of intervention or extrajudicial liquidation of an affiliated institution.

§ 1. By making payment of debts of affiliated institutions, FGCoop has the right to be reimbursed for what it paid in accordance with Article 346, item III, of the Civil Code, and may alienate assets acquired as a result of fulfilling its corporate purpose.

§ 2. Credits held by members of the administrative bodies of the affiliate that are in office on the date of the declaration of the special regime, or that have held office in the 24 (twenty-four) months prior to the declaration of the special regime, or whose assets are unavailable due to the declaration of intervention or extrajudicial liquidation, shall not have the right to the guarantee provided for in this article, respecting the provisions of Law No. 6,024, of March 13, 1974, and subsequent legislation.

§ 3. Credits held by members of the Fiscal Council who are in office on the date of the declaration of the special regime or who have held office in the 24 (twenty-four) months prior to the declaration of the special regime shall also not have the right to the guarantee provided for in this article, until their responsibility for the occurrence of the situation motivating the provision of guarantee is determined.

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Article 4. Also included in FGCoop’s object, considering the purposes set forth in items II and III of Article 2, are the contracting of assistance and financial support operations, including liquidity operations with affiliated institutions, directly or through a central or confederation, which shall be carried out provided that FGCoop’s equity is sufficient to guarantee, at least, 1.5% (one and five-tenths percent) of the deposits of affiliated institutions.

§ 1. The operations referred to in this article shall observe the following limits in relation to net equity, increased by obligations arising from the advance of ordinary contributions by affiliated institutions, as stated in the monthly balance sheet or the annual balance sheet of FGCoop:

I - up to 10% (ten percent) for the set of operations carried out with each affiliated institution, up to 20% (twenty percent) for a cooperative system organized in 2 (two) levels, and 30% (thirty percent) for a cooperative system organized in 3 (three) levels; and

II - up to 50% (fifty percent) for the set of operations referred to in this article.

§ 2. The contracting of the operations referred to in this article is conditioned on:

I - the occurrence of special situations recognized by the Central Bank of Brazil, not covered under Article 3; and

II - prior and express authorization by the Board of Directors of FGCoop.

§ 3. The conditions of the operations referred to in this article regarding term, interest rates, and guarantees shall be fixed by the Board of Directors, in conformity with the risks associated with each operation.

§ 4. FGCoop is prohibited from carrying out assistance and financial support operations with:

I - representative affiliates;

II - institutions that are not affiliated with the Fund.

Article 5. Observing the criteria, limits, diversification requirements, operational format, and contractual clauses established by the Board of Directors, FGCoop may invest resources up to a global limit of 10% (ten percent) of its net equity, increased by obligations arising from the advance of ordinary contributions by affiliated institutions, as stated in the monthly balance sheet or the annual balance sheet of FGCoop, in the acquisition of credit rights of credit cooperatives.

Sole Paragraph. FGCoop is prohibited from investing resources in the acquisition of real estate or in variable income securities, except:

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I - when received in settlement of a credit of its ownership, after which they must be alienated; and

II - for the acquisition of real estate for own use.

Article 6. FGCoop may not refuse payment of guarantees provided on the grounds of non-payment of contributions by the affiliated institution.

Article 7. FGCoop has jurisdiction in the city of Brasília, Federal District, with its headquarters located at Setor de Autarquias Sul, Quadra 4, Block I, CEP 7007-936.

Article 8. The term of duration of FGCoop is indefinite.

CHAPTER II
OF REVENUES AND EQUITY

Article 9. FGCoop’s revenues consist of:

I - ordinary and extraordinary contributions from affiliated institutions;

II - service fees resulting from the issuance of checks without sufficient funds, collected directly or indirectly by affiliated institutions;

III - recoveries of credit rights in which FGCoop has subrogated, due to payment of debts of affiliated institutions related to guaranteed credits;

IV - net result of services provided by FGCoop and earnings from investment of its resources;

V - remuneration and charges corresponding to the receipt of values due due to the realization of the operations referred to in Articles 4 and 5;

VI - revenues from other sources, including resources received from the Credit Guarantee Fund (FGC).

§ 1. The ordinary contributions referred to in item I of the caput shall be calculated and paid monthly, applying the percentage established by the National Monetary Council (CMN) on the balances of credits subject to the guarantee referred to in Article 2 of the Fund’s Bylaws.

§ 2. The liability of affiliated institutions is limited to the contributions they are obligated to make, observing the conditions fixed in the Bylaws of FGCoop, and they do not respond subsidiarily for the social obligations of the Fund.

§ 3. If the circumstances of this article indicate, at any time, that FGCoop’s equity requires additional revenues to meet its obligations, resources from the following sources shall be used, in the following order:

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I - advance, by affiliated institutions, of monthly ordinary contributions, respecting the provisions of the Bylaws;

II - credit operations with private, official, or multilateral institutions;

III - extraordinary contributions from affiliated institutions, established in the manner of this article and Article 31, item II, of this Statute;

IV - other sources of resources, proposed by the administration of FGCoop and with prior authorization from the Central Bank of Brazil.

§ 4. When FGCoop’s liquidity reaches 2% (two percent) of the total balances of credits subject to the guarantee referred to in Article 2 of the Fund’s Bylaws, in the set of single cooperatives and cooperative banks that make up the credit cooperativist segment, the CMN may, upon proposal from the Board of Directors of FGCoop presented to the Central Bank of Brazil, temporarily suspend or reduce the contributions of participating institutions to FGCoop.

§ 5. For the purpose of quantifying FGCoop’s liquidity, only balances available in cash and in liquid financial investments shall be considered.

§ 6. For the purpose of § 5, liquid financial investments are those recorded in the current assets of the annual balance sheet and monthly balance sheets.

§ 7. Under no circumstances shall contributions made by affiliates to FGCoop be refunded.

§ 8. Revenues earned by FGCoop become part of its equity.

CHAPTER III
OF AFFILIATED INSTITUTIONS

Article 10. Affiliated institutions with FGCoop are single credit cooperatives and cooperative banks.

Sole Paragraph. Representative affiliates shall be the confederations and central banks constituted by credit cooperatives, with the exclusive purpose of representing single cooperatives, as provided in this Statute, without those having any right to any type of guarantee, assistance, or financial support provided by FGCoop.

Article 11. FGCoop shall have an unlimited number of affiliated institutions.

§ 1. Just cause, for the purpose of excluding institutions from the roll of affiliates of FGCoop, is the occurrence of any of the situations set forth in Article 3.

§ 2. The affiliate is entitled to offer a defense to the Board of Directors, within 15 (fifteen) days, counted from the notification of the exclusion of the institution from the roll of affiliates of FGCoop.

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§ 3. An appeal, without suspensive effect, may be filed against the decision of the Board of Directors to the General Assembly.

Article 12. The rights of affiliates are:

I - to enjoy the services, guarantees, and actions developed by FGCoop, provided that the requirements and conditions fixed in this Statute and its Bylaws are met;

II - to participate in the general assemblies, discussing and voting on matters addressed therein, subject to legal and statutory prohibitions, and respecting the provisions of Article 15 of this Statute;

III - to propose to the Board of Directors or the General Assembly measures of interest to FGCoop or the affiliates themselves.

Article 13. The duties of affiliates are:

I - to comply with and ensure compliance with the Statute and Internal Regulations;

II - to vote, respect, and comply with the decisions of the General Assembly, observing the provisions of Article 15 of this Statute;

III - to respect and comply with the decisions of FGCoop’s administrative bodies;

IV - to honor contributions punctually, according to established criteria;

V - to make available to FGCoop, by April 30 and September 30 of each year, and whenever requested, copies of semi-annual financial statements and audit reports, and other information requested by the Fund.

CHAPTER IV
OF FGCOOP’S BODIES AND GENERAL ASSEMBLIES

Article 14. FGCoop’s bodies are:

I - the General Assembly;

II - the Board of Directors;

III - the Executive Board; and

IV - the Fiscal Council.

Sole Paragraph. The members of FGCoop’s bodies do not respond, subsidiarily or jointly, for FGCoop’s social obligations, in accordance with item V of Article 46 of the Brazilian Civil Code.

Article 15. The General Assembly is the supreme deliberative body of FGCoop, and affiliates shall be represented therein as follows:

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I - single credit cooperatives that are part of cooperative systems organized in 2 (two) or 3 (three) levels, as applicable, shall be represented in FGCoop’s General Assembly by their central or confederation, respectively;

II - cooperative banks shall be represented in the General Assembly by the respective confederation of the cooperative system to which they are linked;

III - single cooperatives not affiliated with central banks shall be represented by the Organization of Brazilian Cooperatives (OCB).

Article 16. The exercise of the right to vote in FGCoop’s General Assembly is a prerogative of all compliant affiliated institutions, represented in the manner of Article 15, observing the following rules:

I - the legal representatives or attorneys with specific powers of representative affiliates shall have the right to vote corresponding to the sum of the voting units of their respective represented affiliates;

II - each real disbursed in the last ordinary contribution before the respective General Assembly, disregarding cents, shall confer upon the affiliated institution one voting unit.

Article 17. By April 30 of each year, affiliated institutions, represented in the manner of Article 15, must meet in an Ordinary General Assembly to review the accounts of FGCoop’s administrators, examine, discuss, and vote on its financial statements, based on the report of the independent auditor and the opinion of the Fiscal Council, and elect the members of the Board of Directors and the Fiscal Council.

Article 18. The Extraordinary General Assembly may be convened to deliberate on other matters of interest to FGCoop.

Article 19. The General Assembly shall be convened at least 10 (ten) days in advance, through publication in the Official Gazette of the Union and electronic transmission of a copy of the publication to affiliated institutions, always indicating the agenda:

I - by the President of the Board of Directors, on his own initiative or at the request of 3 (three) or more of its members;

II - by 3 (three) or more members of the Board of Directors signing the request to the President of the Board of Directors, if the latter does not promote the publication of the convening notice within 10 (ten) days, counted from the receipt of the request;

III - by at least 2/3 (two-thirds) of the voting units of the affiliated institutions represented in the manner of Article 15 of this Statute;

IV - by 1/5 (one-fifth) of the affiliates.

Article 20. The General Assembly shall be installed and presided over by the President of the Board of Directors, who shall invite one of those present to serve as secretary for the proceedings.

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Sole Paragraph. In the absence of the President, the General Assembly shall be installed by any of the councilors, with the represented affiliated institutions electing the President of the Assembly.

Article 21. Subject to the provisions of Article 20, the General Assembly shall be installed with any number of represented affiliated institutions, and its deliberations shall be taken by simple majority of the voting units, observing the criteria of Articles 15 and 16 of this Statute.

Article 22. The following quorums apply to deliberations regarding the amendment of this Statute or the Bylaws of FGCoop, or the election and removal of a member of the Board of Directors and removal of a member of the Executive Board:

I - installation at first call with the presence of at least 2/3 (two-thirds) of the voting units of the affiliated institutions, represented in the manner of Article 15 of this Statute, and, in subsequent calls, with the presence of at least 1/3 (one-third) of the voting units of the affiliated institutions, represented in the manner of Article 15 of this Statute;

II - deliberation by at least 3/4 (three-fourths) of the voting units of the affiliated institutions represented at the Assembly.

Sole Paragraph. Once the amendment of the Statute or Bylaws is approved by the General Assembly, the respective proposal must be forwarded to the Central Bank of Brazil for review and submission to the CMN.

CHAPTER V
OF THE ADMINISTRATION OF FGCOOP

Article 23. FGCoop shall be administered by the Board of Directors, elected by the General Assembly, observing the criteria of Articles 15 and 16, and by the Executive Board, designated by the Board of Directors after election.

Article 24. The Board of Directors shall consist of 6 (six) effective members and an equal number of alternates, including one President and one Vice-President, all natural persons residing in the country, elected in the General Assembly, observing the following provisions:

I - each cooperative system organized in 3 (three) levels shall have one effective representative and one alternate;

II - the set of cooperative systems organized in 2 (two) levels shall have one effective representative and one alternate;

III - the OCB shall have one effective representative and one alternate as representatives of affiliates not affiliated with central banks;

IV - in the event of resignation, vacancy, or impediment of a council member, the respective alternate shall assume the position until the end of the term.

Sole Paragraph. The candidate for a member of the Board of Directors shall be indicated to the Assembly by the entities mentioned in items I to III of this article.

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Art. 25. The term of office of the members of the Board of Directors is 3 (three) years, with reelection permitted for one additional term.

§ 1º The management period shall extend until the installation of the newly elected councilors.

§ 2º Members of the Board of Directors shall be exempt from providing management guarantees.

Art. 26. The grounds for vacancy of the position of Board of Directors Councilor are:

I - failing to participate in 3 (three) consecutive meetings, without justified cause;

II - ceasing to be a member indicated by the respective organized cooperative system or by the OCB, as applicable, in accordance with the sole paragraph of Art. 24.

Art. 27. The Board of Directors shall meet with the frequency defined in the Regulations, upon summons by the President or at the request of 3 (three) or more of its members.

§ 1º If the President, within 7 (seven) days of receiving the request for summons, does not issue the respective notice, 3 (three) or more members of the Board of Directors who requested the meeting may send it.

§ 2º The summons notice must indicate the agenda and be delivered, with receipt, to the members of the Board of Directors, with at least 10 (ten) days' advance notice.

§ 3º The advance notice referred to in § 2º is waived when the meeting has the presence or representation of all members of the Board of Directors, or alternatively, with written attestation from those members agreeing to the holding of the meeting.

§ 4º The meeting of the Board of Directors may only occur with the presence of at least 5 (five) of its members, and decisions must be taken by majority vote, with the President having the casting vote in case of a tie.

§ 5º Minutes of the Board of Directors meetings must be recorded in the appropriate book, signed by those present.

Art. 28. The FGCoop may have technical advisory committees, whose members, including the coordinator, shall be appointed and have their duties and remuneration fixed by the Board of Directors.

Art. 29. The Executive Directorate shall be composed of up to 3 (three) Directors, one of whom shall be the Executive Director and the others without specific designation, elected by the majority of the members of the Board of Directors for a term of 3 (three) years, in a meeting specifically convened for this purpose, with reelection permitted, observing the following requirements for holding the office:

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I - not be a member of the administration and oversight bodies of the representative associated entities and other associated entities of FGCoop;

II - have an impeccable reputation;

III - have the technical qualification necessary for the exercise of the office;

IV - not hold a political-party office;

V - not be an employee or service provider of an associated institution on a non-occasional basis.

Sole paragraph. The management period shall extend until the installation of the newly elected Directors.

Art. 30. The names of members elected to the administration bodies must be submitted to the Central Bank of Brazil, which will approve them if they meet the requirements provided in the current regulation for holding offices in statutory bodies of financial institutions and other institutions authorized to operate by said Autarchy.

Sole paragraph. Once the respective names are approved, the members of the administration bodies must take office within 30 (thirty) days, signing a confidentiality commitment letter addressed to the Central Bank of Brazil.

Art. 31. It is the responsibility of the Board of Directors:

I - to set the percentage of the ordinary contribution of institutions associated with FGCoop, possibly adopting differentiated rates for associates, due to affiliation or non-affiliation with a cooperative system and/or participation or non-participation of the associate in a reciprocal guarantee and financial centralization system, upon specific request, duly justified, presented to the Central Bank of Brazil for examination and submission for prior authorization of the CMN, observing the maximum percentage already established by the CMN;

II - to set the conditions of the extraordinary contributions that associated institutions must make to finance the guarantee to be provided by FGCoop in the case referred to in Art. 9, § 3º, item III, of this Statute, observing that such contributions are limited to 50% (fifty percent) of the rate in force for ordinary contributions, possibly adopting differentiated rates for associates, due to affiliation or non-affiliation with a cooperative system and/or participation or non-participation of the associate in a reciprocal guarantee and financial centralization system;

III - to define the general orientation of FGCoop services, especially the policies and standards to be observed in fulfilling its social purposes and in applying its resources, establishing the requirements for composition and risk diversification of the portfolio, possibly even contracting its administration with third parties, observing the provisions of Arts. 4 and 5 of this Statute;

IV - to approve the Internal Regulations and define competencies for deliberation and practice of acts included in the object of FGCoop;

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V - to elect the members of the Executive Directorate;

VI - to approve the operating and investment budget of FGCoop;

VII - to present to the Central Bank of Brazil, for examination and submission for prior authorization of the CMN, a duly justified proposal for alteration of the percentage of the monthly ordinary contribution;

VIII - to define the remuneration of the members of the Executive Directorate and, including, to deliberate on the contracting of civil liability insurance for management acts;

IX - to deliberate on acts and operations that, according to this Statute or the Internal Regulations, are within its competence, including alienation of permanent assets and assets acquired as a result of fulfilling its social purpose;

X - to deliberate on the contracting of independent audit;

XI - to appoint the coordinator and define the duties and remuneration of the members of the technical committees;

XII - to examine the monthly balance sheet and express an opinion on the report and financial statements of FGCoop;

XIII - to previously authorize and set the conditions of the operations provided for in Arts. 4 and 5 of this Statute, observing the validity rule established in Art. 41 of this Statute;

XIV - to deliberate on omitted cases.

Art. 32. It is the responsibility of the Executive Directorate, in addition to the practice of ordinary management acts:

I - the active and passive representation of FGCoop, in court or out of court;

II - the administration of FGCoop, in accordance with the Statute and the Internal Regulations.

§ 1º Representation in court, to receive citation or notification, to give personal testimony or analogous acts, shall be the responsibility of the Executive Director, who may indicate, to do so on his behalf, another Director or Attorney with special powers.

§ 2º It is prohibited for the Executive Directorate to assume obligations and/or provide guarantees on behalf of FGCoop in operations unrelated to its social purpose.

Art. 33. FGCoop may only assume obligations through signature:

I - joint signature of 2 (two) Directors;

II - joint signature of 1 (one) Director and 1 (one) Attorney with a specific mandate granted by the President and the Vice-President of the Board of Directors or by two Directors;

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III - exceptionally, in the first 12 (twelve) months of constitution of FGCoop, and provided that the Executive Directorate is not yet installed, by an Attorney specifically constituted jointly by the President and the Vice-President of the Board of Directors.

CHAPTER VI
OF THE FISCAL YEAR AND FINANCIAL STATEMENTS

Art. 34. The fiscal year of FGCoop coincides with the calendar year.

§ 1º At the end of each semester, the Executive Directorate must have semi-annual financial statements prepared.

§ 2º At the end of each fiscal year, the Executive Directorate must prepare a balance sheet and statement of results of the fiscal year, as well as a report on the activities and results of the period and the situation of the accumulated surplus at the end of the fiscal year, for respective appreciation by the Board of Directors.

§ 3º Copies of the annual report and financial statements must be made available to all associated institutions and to the Central Bank of Brazil.

§ 4º The semi-annual and annual financial statements of FGCoop must be examined by independent audit and published in the Official Gazette of the Union.

Art. 35. The result annually determined by FGCoop must be recorded in accumulated surplus.

CHAPTER VII
OF THE FISCAL COUNCIL

Art. 36. FGCoop shall have a Fiscal Council composed of 3 (three) effective members and an equal number of alternates, elected by the General Assembly.

Sole paragraph. Each of the entities mentioned in items I to III of Art. 24 of this Statute shall have the right to indicate to the General Assembly a member of the Fiscal Council, with rotation established between effective and alternate members.

Art. 37. It is the responsibility of the Fiscal Council to examine the balance sheets and financial statements of FGCoop, the reports of the administration and independent audit, issuing an opinion on these documents for appreciation by the Ordinary General Assembly.

Art. 38. The term of office of the members of the Fiscal Council is 2 (two) years, with one reelection permitted.

Sole paragraph. The provisions of items I and II of Art. 26 and Art. 30 of this Statute apply to the members of the Fiscal Council.

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CHAPTER VIII
OF LIQUIDATION

Art. 39. FGCoop shall enter liquidation in the cases provided by law or by determination of the CMN, through deliberation of the General Assembly, with the Board of Directors responsible for appointing the liquidator, after hearing the Central Bank of Brazil.

CHAPTER IX
OF FINAL AND TRANSITORY PROVISIONS

Art. 40. The right to coverage provided for in Art. 3 of this Statute begins from the registration of the constitutive acts of FGCoop at the registry of legal entities, and the payment deadlines for this guarantee, including the transitional period related to the first months of operation of the Fund, are regulated in the Regulations.

Art. 41. Art. 4 of this Statute shall only enter into force after deliberation in a General Assembly specifically convened for this purpose by the Board of Directors and its due regulation by said Council, provided that the minimum limit provided for in the final part of the caput of that article is also met.

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ANNEX II TO RESOLUTION NO. 4,284, OF NOVEMBER 5, 2013
REGULATIONS OF THE CREDIT COOPERATIVISM GUARANTEE FUND (FGCOOP)

CHAPTER I
OF THE ORDINARY GUARANTEE

Art. 1º The beneficiaries of the ordinary guarantee provided by the Credit Cooperativism Guarantee Fund (FGCoop) to associated institutions, referred to in the caput of Art. 10 of the FGCoop Statute, are the investors and depositants of such institutions.

Art. 2º The object of the ordinary guarantee provided by FGCoop includes the following credits:

I - demand deposits or withdrawable upon prior notice;

II - savings deposits;

III - time deposits, with or without issuance of certificate;

IV - deposits maintained in non-checkable accounts, intended for the recording and control of the flow of resources related to the provision of payment services for salaries, wages, pensions, annuities, and similar;

V - bills of exchange;

VI - real estate notes;

VII - mortgage notes;

VIII - real estate credit notes;

IX - agribusiness credit notes;

X - repo operations that have as object securities issued, after March 8, 2012, by a linked company.

§ 1º The ordinary guarantee does not cover other credits, including:

I - deposits, loans, or any other resources raised or withdrawn abroad;

II - operations related to government interest programs established by law;

III - judicial deposits;

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IV - any financial instrument containing a subordination clause, authorized or not by the Central Bank of Brazil to integrate the reference equity of single credit cooperatives and cooperative banks that are part of the National Credit Cooperative System (SNCC);

V - deposits and any other credits owned by:

a) representative associates, in accordance with the sole paragraph of Art. 10 of the FGCoop Statute, except for demand and time deposits maintained in cooperative banks, up to the limit provided in § 3º of this article;

b) members and clients of institutions that are not associated with FGCoop.

§ 2º The ordinary guarantee does not cover credits from investment fund shares administered by associated institutions.

§ 3º The total of credits of each person against the same associated institution with the Fund shall be guaranteed up to the value of R$250,000.00 (two hundred and fifty thousand reais).

§ 4º For the purpose of determining the guaranteed value of each person's credits, the following criteria must be observed:

I - the holder of the credit is the one in whose name the credit is registered in the accounting of the associated institution or the one designated in a title issued or accepted by it;

II - all credits of each creditor identified by their respective Individual Taxpayer Registry (CPF)/National Registry of Legal Entities (CNPJ) against the same associated institution with the Fund must be summed;

III - spouses are considered distinct persons, regardless of the marital property regime;

IV - credits in the name of dependents of the beneficiary identified in accordance with item II must be computed separately;

V - in the case of investment in a credit instrument listed in the items of the caput whose negotiation is intermediated by an institution part of the National Financial System (SFN), the ownership of the credits against the institutions associated with FGCoop must be proven, by the client of the intermediary institution in the operation, through the presentation of the title negotiation note in accordance with Circular No. 915, of February 13, 1985;

VI - credits titled by associations, condominiums, cooperatives, groups, or consortium administrators, supplementary pension entities, insurance companies, capitalization societies, and other societies and associations without legal personality and similar entities shall be guaranteed up to the value of R$250,000.00 (two hundred and fifty thousand reais) for the total of their claims in the institution;

VII - in joint accounts, the guarantee value is limited to R$250,000.00 (two hundred and fifty thousand reais), or to the account balance, when lower than this limit, divided by the number of holders, with the credit of the guaranteed value being made individually.

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§ 5º In the case provided for in § 4º, item V, the intermediary institution of the operation must present to the interventor or liquidator the list of its clients containing the applied values, the date, and other characteristics of the investment in securities under the responsibility of an issuer under intervention or extrajudicial liquidation.

Art. 3º The payment of guaranteed credits shall begin within 60 (sixty) days after the occurrence of the situations that triggered the guarantee mechanism.

Sole paragraph. In the event of a triggering situation of the guarantee mechanism within a period of up to 60 (sixty) days counted from the registration of the constitutive acts of FGCoop at the registry of legal entities, the payment referred to in the caput shall begin after 120 (one hundred and twenty) days from said registration.

Art. 4º Once the situations provided for in Art. 3 of the Statute have occurred, the information regarding the values corresponding to the payment of the guarantee shall be provided directly to FGCoop by the legal representative of the associated institution, with FGCoop responsible for designating the financial institution in charge of the payments.

CHAPTER II
OF GENERAL PROVISIONS

Art. 5º The receipt of credits against associated institutions through powers of attorney must be previously justified and approved by FGCoop.

Art. 6º The policy for the application of the Fund's financial resources, including criteria for composition and risk diversification, is provided for in Arts. 5 and 31, item III, of the Statute.

Art. 7º The conditions for carrying out assistance and financial support operations, meeting the requirements of current legislation, are provided for in Arts. 4 and 41 of the Statute.

Art. 8º Upon detecting the occurrence of procedures that may facilitate, through the use of artifices, the payment of a value higher than the limit established by the National Monetary Council, with the intent of benefiting the same person, or operations whose agreed conditions reveal indications of fraud, FGCoop, through a reasoned decision regarding the specific depositor or investor, may suspend payment until the facts are clarified.

Sole paragraph. It is the responsibility of the interested party to demonstrate the integrity of the procedures adopted, with FGCoop having the discretion to accept or not the arguments and proofs presented.