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Provisional Measure No. 1,958-37, Of 16 November 2000

Original Language Title: Medida Provisória nº 1.958-37, de 16 de Novembro de 2000

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PROVISIONAL MEASURE NO. 1.958-37, OF November 16, 2000.

Disposes on the institution of credit societies to the microentrepreneur, alters devices of the Leis nos 6,404, of December 15, 1976, 8,029, of April 12, 1990, and 8,934, of November 18, 1994, and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the assignment that confers it on art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:

Art. 1º It is authorized the institution of credit societies to the microentrepreneur, which:

I-will have by social object exclusive the granting of financing to physical persons and microenterprises, with views to the viabilization of ventures of a professional, commercial or industrial nature, of small size, equipping themselves to financial institutions for the purposes of legislation in force;

II-will have its constitution, organization and functioning disciplined by the National Monetary Council;

III-subject to the surveillance of the Central Bank of Brazil;

IV-will be able to use the institute of fiduciary disposal in its credit operations;

V-will be barred from capturing, in any form, resources to the public, as well as issuing securities and securities intended for the placement and public offering.

Art. 2º The art. 146 and the caput of the art. 294, of Law No. 6,404 of December 15, 1976, with the amendment introduced by Law No. 9,457 of May 5, 1997, they go on to invigorate with the following essay:

?Art. 146. They may be elected to members of the governing bodies of natural persons, and the members of the board of directors shall be shareholders and the resident directors in the Country, shareholders or not.

§ 1º The minutes of the general assembly or of the board meeting that elects administrators should contain the qualification of each of the elected and the managerial term, be filed in the trade and published register.

§ 2º The possession of the advisor resident or domiciled abroad is conditional on the constitution of resident prosecutor in the Country, empowered to receive citation in actions against him proposed on the basis of the society-based legislation, with expiry date coincident with that of the mandate.? (NR)

?Art. 294. The closed company that has fewer than twenty shareholders, with net worth less than R$ 1,000,000.00 (one million reais), will be able to.? (NR)

Art. 3º The art. 11 of Law No. 8,029 of April 12, 1990, introduced by art. 2º of Law No. 8,154 of December 28, 1990, it passes on the invigorating addition of the following § 2º, by changing the current single paragraph to § 1º and by giving new essay to its caput:

?Art. 11. ...................................................................................................................................

§ 1º The resources referred to in this article, which will have as a paramount objective to support the development of the micro and small enterprises through projects and programmes aiming at their technical improvement, rationalization, modernization, managerial empowerment, as well as facilitating access to credit, capitalization and strengthening of the secondary market of capitalization securities of these companies, will have the following targeting:

...........................................................................................................................................................

§ 2º The projects or programs aimed at facilitating access to the credit referred to in the preceding paragraph may be effective:

a) through the targeting of financial applications, in public or private financial agents, to lastrear the provision of endorsing or bail in credit operations aimed at microenterprises and small business enterprises;

b) by the application of financial resources in financial, public or private actors, Organizations of the Civil Society of Interest Public that it treats Law No. 9,790 of March 23, 1999, duly registered in the Ministry of Justice, which engage in alternative credit systems, or credit societies that have by exclusive social object the granting of financing to the microentrepreneur;

c) by the acquisition or integralization of equity shares in mutual funds from emerging companies that target at least fifty percent of their resources to the capitalization of micro and small businesses, defined in law, mainly those of technological base and exporters;

d) by the participation in the entity capital regulated by the Securities Commission-CVM that stimulates the strengthening of the secondary market of capitalization securities of micro and small enterprises.? (NR)

Art. 4º The art. 10, the caput of the art. 11, the inciso II of the art. 12 and the inciso II of the art. 37 of Law No. 8,934 of November 18, 1994, they go on to invigorate with the following essay:

?Art. 10. The Plenum, composed of vowels and respective alternates, shall be comprised of the minimum of eleven and maximum of twenty-three vowels.? (NR)

?Art. 11. The Vogals and respective alternates will be appointed, in the Federal District, by the Minister of State for Development, Industry and Foreign Trade, and in the States, unless otherwise stipulated, by the governments of these constituencies, among Brazilians that meet the following conditions:

.................................................................................................................................................? (NR)

?Art. 12. ...................................................................................................................................

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II-a Vogal and respective alternating, representing the Union, by appointment of the Minister of State for Development, Industry and Foreign Trade;

.................................................................................................................................................? (NR)

?Art. 37. ...................................................................................................................................

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II-declaration of the holder or administrator, signed under the penalties of the law, of not being prevented from exercising trade or the administration of mercantile society, by virtue of criminal conviction;

.................................................................................................................................................? (NR)

Art. 5º Ficam convalidated the acts practiced on the basis of the Provisional Measure No. 1.958-36, from October 19 to 2000.

Art. 6º This Interim MeasD takes effect on the date of its publication.

Brasilia, November 16, 2000; 179º of Independence and 112º of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Malan

Alcides Lopes Tapees