Resolution No. 1,198

RESOLUTION NO. 001198 ------------------- THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4,595, of 31.12.64, makes public that the President of the NATIONAL MONETARY COUNCIL, by act of 09.10.86, based on art. 1, Paragraph 2, of Decree No. 83,323, of 11.04.79, with the wording given to it by art. 1 of Decree No. 85,776, of 26.02.81, "ad referendum" of that Council, and in view of the provisions of Law No. 4,728, of 14.07.65, especially in Paragraph 4 of its art. 50, with the wording given to it by art. 24 of Decree-law No. 2,287, of 23.07.86, R E S O L V E D: I - To amend item IV of art. 5, item V of art. 11, art. 26, Paragraph 1 of art. 27, art. 35, and the "caput" of arts. 37 and 39 of the Regulation annexed to Resolution No. 1,022, of 05.06.85, which shall henceforth have the following wording: "Art. 5. ................................................... IV - setting of a grace period, in accordance with the provisions of art. 35; ..........................................................". Art. 11. .................................................. V - other securities and modalities authorized by the Central Bank; ..........................................................". "Art. 26. The shares of a Mutual Investment Fund shall correspond to ideal fractions thereof and shall take the form: a) registered, endorsable, or bearer, in the case of a Mutual Equity Fund; and b) exclusively registered, in the case of a Mutual Fixed Income Fund. Paragraph 1. The shares of a Mutual Equity Fund may be represented by an Investment Certificate or shall be held in deposit accounts in the name of their holders. Paragraph 2. The shares of a Mutual Fixed Income Fund shall be held in deposit accounts in the name of their holders. Paragraph 3. The status of co-owner shall be proven by the Investment Certificate or by the statement of the deposit accounts.". Art. 27. .................................................. Paragraph 1. The Investment Certificate shall adopt the form assumed by the shares, established in the Fund's Regulation. ..........................................................". "Art. 35. For the purpose of exercising the right of redemption by the co-owner, the Mutual Investment Funds shall observe the following grace periods: I - of up to 180 (one hundred and eighty) days counted from the date of issuance of the shares, in the case of a Mutual Equity Fund; and II - comprised between a minimum of 30 (thirty) and a maximum of 180 (one hundred and eighty) days counted from the date of issuance of the shares, in the case of a Mutual Fixed Income Fund.". "Art. 37. Subject to the grace period referred to in art. 35, redemptions of shares of a Mutual Fixed Income Fund with normal yield may only occur at intervals of no less than 30 (thirty) days.". "Art. 39. The redemption shall be made in cash, check or payment order, without charging any fee or expense, from the 2nd (second) business day, inclusive, and up to the 10th (tenth) business
day, inclusive, following the receipt of the request at the headquarters or branches of the managing institution.". II - To add a sole paragraph to arts. 45 and 47 of the Regulation annexed to the aforementioned Resolution, with the following wording: "Art. 45. .................................................. Sole paragraph. The remittance referred to in this article shall not be mandatory for co-owners: I - holding shares whose total value is less than 10 (ten) National Treasury Bonds (OTN); or II - whose last remittance of information has been returned due to incorrectness in the declared address, who have not proceeded to update it.". Art. 47. .................................................. Sole paragraph. In the case of a Fund with bearer shares, the managing institution shall, within the period established in this article, make available to the co-owners, at its headquarters and branches, the information referred to in art. 45, items II to VI, and art. 46.". III - This Resolution shall enter into force on the date of its publication. Brasília-DF, 10 October 1986 Fernão Carlos Botelho Bracher President