Resolution CMN No. 909 — Fixed-Term Deposits with Monetary Correction — Decision on Contract Rescission, Admitted Exceptionally at the Depositor’s Initiative, and Responsibility of the Depository Bank — Revision of Current Regulations

RESOLUTION No. 000909

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL NATIONAL, in a session held on April 4, 1984, considering the provisions of Article 4, item VI, of the aforementioned Law, and Article 28 of Law No. 4,728, of July 14, 1965,

RESOLVES:

I - The decision regarding the rescission of fixed-term deposit contracts, admitted in an exceptional manner and at the initiative of the depositor, through the presentation of pressing and irrefutable reasons, is the responsibility of the depository bank.

II - In cases where the bank agrees to the requested rescission, no remuneration may be credited nor the deposit value corrected, from the date of the contract, with the bank being required to deduct from the principal amount to be returned any installments eventually paid under that title.

III - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution.

IV - This Resolution shall enter into force on the date of its publication.

Brasilia-DF, April 5, 1984

Affonso Celso Pastore
President