Other FINAME Norms

The BNDES

Where am I? Home page >> The BNDES

Other FINAME Norms

Decree Nº. 59,170, of September 2, 1966, with amendments of the Decree Nº. 4,648, of March 27, 2003
Decree Nº. 45, of November 18, 1966
Act Nº. 5,662, of June 21, 1971, with the amendments of the Act Nº. 10,556, November 13, 2002 and of the Act Nº. 11,786, of September 25, 2008
Decision Nº. Dir. 775/2004-BNDES, of September 27, 2004
Decision Nº. Dir. 369/2006-BNDES, of May 18, 2006
Decision Nº. Dir. 1.215/2006-BNDES, of December 28, 2006

DECREE Nº. 59,170, OF SEPTEMBER 2, 1966

This Decree creates the Special Agency for Industrial Financing (FINAME) incorporating the Financing Fund for the Acquisition of Machinery and Equipment (FINAME), created by Decree Nº. 55,275, of December 22, 1964, and establishes other provisions.

The President of the Republic, employing the powers established in Article 87, item I of the Federal Constitution, and based on Article 69 of Act Nº. 4,728 of July 14, 1965,

DECREES:

Art. 1 Together with the Brazilian Development Bank, to manage, with administrative and financial autonomy, the Financing Fund for the Acquisition of Machinery and Equipment (FINAME), which is created by Decree Nº. 55,275 of December 22, 1964, the creation of the Special Agency for Industrial Financing, which shall retain the same acronym FINAME, and, where applicable, the legal principles applied to financial institutions shall prevail when relating to FINAME, with no effect on the provisions in the Decree herein.

Art. 2 The Special Agency for Industrial Financing (FINAME), with headquarters and legal domicile in the state of Rio de Janeiro, shall develop their activities under the responsibility and with the collaboration of the BNDE, where an account will be opened to register the global movement of FINAME’s resources.

Art. 3 The Special Agency for Industrial Financing (FINAME) shall receive resources from:

a) loans or donations from national or international entities and among these, the resources from the “Alliance towards Progress”;

b) resources made available to it by the Brazilian Development Bank and other financial agencies of the federal and state governments;

c) resources mobilized by the BNDE in the domestic and foreign capitals markets for the specific purpose of the Decree herein;

d) earnings from operations, reimbursed capital, interest, commissions, bonuses and others;

e) refinancing of bonds at the Central Bank: in compliance with said bank’s terms and conditions;

f) investments from the National Treasury through adjustable obligations or other negotiable instruments;

g) financial operations that, not specified in the previous items, are included in the purposes of the Agency, at the discretion of the Administrative board.

Sole paragraph. The advances the BNDE makes to the Financing Fund for the Acquisition of Machinery and Equipment (FINAME) are now considered resources from the Special Agency for Industrial Financing (FINAME), and they may not be recalled when applied to transactions provided for in the Decree herein.

Art. 4º The Agency’s resources are earmarked to finance:

a) Purchase and sale operations of nationally-produced machinery and equipment;

b) exports and imports of machinery and equipment.

Art. 5 At the discretion of the Administrative board, the Agency may carry out acceptance operations to provide working capital to companies operating in basic industries of the economy, as defined in item b, of Article 7, and this type of activity can be initiated through co-acceptance of securities.

Sole paragraph. The Agency may also underwrite shares of industrial companies for later transfer to the public, and, through agreements, apply resources and securities from other federal or state agencies for the established purpose.

Art. 6 The Administrative board is responsible for higher-level administration of the Agency, comprising the following ten (10) members: (Wording in Decree Nº. 4,648, of March 27, 2003)

1 – BNDE President;

2 - a member of the BNDE Advisory Board;

3 - a BNDE Managing Director;

4 - a representative from the Ministry to which the BNDE is linked;

5 - a representative from the Ministry of Finance;

6 - a representative from the Ministry of the Planning, Budget and Management;

7 - a representative from the industrial sector;

8 - a representative from the regional and state development banks;

9 - a representative from the commercial banks;

10 - a representative from the private investment banks

Paragraph 1 The term for members of the Administrative board shall last three (3) years and is renewable for an equal period by a Federal Minister supervising the BNDE, except for the President, the Managing Director and the BNDE Advisor, and the latter two (2) shall be appointed, respectively, by the BNDE’s Board of Directors and the Advisory Board.

Paragraph 2 The Federal Minister supervising the BNDE shall delegate, from the members of the Administrative board, a Chairman.

Paragraph 3 Decisions made by the Administrative board shall be made in a relative majority vote, with the presence of at least five (5) members, and, in the event of a tie, the President’s vote shall prevail, respecting the provisions of Art. 10 of the Decree herein.

Art. 7 The Agency’s Administrative board is responsible for:

a) approving generic application plans;

b) establishing criteria to allocate the Agency’s resources, including establishing priority scales;

c) approving the general conditions for operations, as well as budgets, including expenditure, establishing allocation to repay the BNDE for services and materials provided to the Entity;

d) approving contracts and agreements necessary for the Agency to operate;

e) approving the Agency’s Regulations and authorizing the complementary acts required to achieve the Agency’s objectives;

f) resolving any omissions.

Art. 8 The Administrative board shall meet, ordinarily, in the last week of each quarter of the calendar year, and extraordinarily, whenever convened by the President, by means of a resolution or at the request of, at least, two (2) of its members.

Paragraph 1 Members of the Administrative board shall receive payment for attending each session, and when held outside the Board's headquarters, they shall also receive reimbursement for travel expenses.

Paragraph 2 The President of the Administrative board shall receive a representation fee, which is to be determined by the same Board.

Art. 9 The Agency's ordinary business shall be managed by the President of the Administrative board, which is responsible for active and passive representation of the Entity, in or out of court and may, under the terms and limits established by the Board in the Agency’s Regulation, delegate some of his/her duties to the BNDE’s President or to the Advisor.

Paragraph 1 The Administrative board shall have an Executive Secretary, appointed by the President, with the duties established in the Regulations, which shall provide administrative, technical and legal assistance.

Paragraph 2 The Executive Secretary shall participate in meetings of the Board with no right to vote and his/her fees shall be established by the Board.

Art. 10. The member of the Administrative board appointed as Chairman shall be replaced, if absent, with another member appointed by the Federal Minister supervising the BNDE. (Wording in Decree Nº. 4,648, of March 27, 2003)

Art. 11. The Agency may, at the request of the President of the Board, use the services of civil servants, including authorities, as well as employees from mixed economy companies.

Paragraph 1 The collaboration of the BNDES’ staff with the entity shall only be effective with the authorization from the President of the Board.

Paragraph 2 The President of the Administrative Board shall decide on the advantages and bonuses to be assigned to Agency employees.

Art. 12. The Agency’s operations may be carried out by public and/or private financial agents, and their capacity is subject to the following requirements.

Paragraph 1 FINAME financial agents may be regional and state development banks, as well as commercial banks, financing companies and investment banks, , accredited as such, all of which shall be subordinate to the following conditions:

a) expressly accept the operation modalities established by the Board referred to in Article 4 of the Decree herein;

b) take co-responsibility as guarantors, lenders or endorsers.

Paragraph 2 Operations shall only be accepted by financial agents within the usual secure conditions of the bank, and credit applicants may be required to provide all financial, economic and accounting elements, including the examination of their tax records.

Art. 13. The Agency’s Regulations shall establish all conditions required for operation, the mechanism for operations, the reimbursement guarantees to be offered by financial agents, as well as how monetary correction shall be applied in operations performed by FINAME.

Art. 14. In the performance of banking activities authorized by Article 10 of Act Nº. 1,628, of June 20, 1952, and within the application areas established in Acts Nº. 1,474 and Nº. 1,518 with the increase established in the sole paragraph of Article 1 of Act Nº. 4,457 of November 6, 1964, the Brazilian Development Bank may, in the acceptance operations performed by the Agency, grant approval in the form of acceptance or co-acceptance of the respective securities.

Art. 15. No change shall be made to the current network of financial agents, provided that it is compatible with the provisions of the Decree herein, nor to the operating regime and the integrity of the contracts signed by the Financing Fund for the Acquisition of Machinery and Equipment (FINAME), mentioned in Decree Nº. 55,275 of December 22, 1964, whose operations shall not be interrupted.

Sole paragraph. The Agency referred to in the Decree herein and the Fund it administers are not subordinate to the provisions in Decree Nº. 56,835 of September 3, 1965.

Art. 16. This Decree shall enter into force as of the date it is published and revokes all provisions to the contrary.

Brasília, September 2, 1966; 145th year of Independence and 78th year of the Republic.

H. CASTELLO BRANCO
Octávio Bulhões
Roberto Campos

DECREE-LAW Nº. 45, OF NOVEMBER 18, 1966

This Decree authorizes the Brazilian Development Bank to create a corporation, which shall incorporate FINAME, and establishes other provisions.

The President of the Republic, employing the powers established in Article 30, of the Institutional Act Nº. 2, of October 27, 1965,

DECREES:

Art. 1º The Special Agency of Industrial Financing (FINAME), created by Decree Nº. 59,170, of September 2, 1966, whose terms are an integral part of the Decree-Law herein, when not modified by it, has a stand-alone corporation, developing its activities in collaboration with the Brazilian Development Bank, according to the legislation in effect.

Art. 2º The President of FINAME’s Administrative board, or the person exercising his/her duties, is responsible for exercising the right of veto, appealing to the body plenary on behalf of the BNDE’s Administrative board, which shall decide as a last resort.

Art. 3° The Brazilian Development Bank is authorized to conduct financial transactions related to the development of the national economy, either directly or through subsidiary companies, consulting the National Monetary Council, concerning the operation modalities and application sectors not specified in Acts Nº. 1,628, of June 20, 1952, Nº. 2,973, of November 26, 1956, and Nº. 4,457 of November 6, 1964.

Sole paragraph. The decision levels of the BNDE’s agencies, defined in Act Nº. 1,628, of June 20, 1952, shall be updated annually in accordance with the evaluation coefficients of the companies’ fixed assets, calculated by the National Economic Council.

Art. 4º Within ninety (90) days, at most, the Brazilian Development Bank shall create a mixed economy company, and it shall hold its controlling shares, to succeed the Special Agency for Industrial Financing (FINAME), whose assets and liabilities shall be incorporated by the new entity.

Paragraph 1 The Corporation to be created shall be publicly-held and shall be equal, for the purposes of Article 50 of Act Nº. 4,595, of December 31, 1964, to the mixed economy companies mentioned in it.

Paragraph 2 This Corporation shall be established by means of a Resolution from the BNDE’s Administrative board, as proposed by the President, and the National Monetary Council shall be informed of the respective Bylaws to be adopted,.

Art. 5 The Decree-law herein shall enter into effect as of the date it is published and revokes all provisions to the contrary.

Brasília, November 18, 1966; 145th year of Independence and 78th year of the Republic.

H. CASTELLO BRANCO
Octávio Bulhões
Roberto Campos

ACT Nº. 5.662, OF JUNE 21, 1971

This Act classifies the Brazilian Development Bank (BNDE) in the category of publicly-owned companies and establishes other provisions.

The President of the Republic:

I make it public that the National Congress decrees and I approve the following Act:

Art. 1 The Brazilian Development Bank (BNDE), a federal agency created by Act Nº. 1,628, of June 20, 1952, shall be classified, according the terms and for the purposes of paragraph 2 of Art. 5 of Decree-Law Nº. 200, of February 25, 1967, as a publicly-owned company governed by private law and its own assets under the name of the Brazilian Development Bank (BNDE) and subordinate to the Ministry of Planning and General Coordination, pursuant to Art. 189 of Decree-law Nº. 200, of February 25, 1967.¹

Sole paragraph. The initial capital of the publicly-owned company the Brazilian Development Bank (BNDE), shall be divided into shares, each valued at Cr$ 10,000.00 (ten thousand cruzeiros), and shall belong in its entirety to the federal government and shall be constituted by the value, on the date of this act, of the net assets in the former (and now extinct) agency, and which may be increased by reinvesting earnings and other resources that, according to the legislation in effect, the federal government provides for such a purpose.

Art. 2º The existing or partially modified legal provisions in Act Nº. 1,628, of June 20, 1952, and in Act Nº. 2,973, of November 26, 1956, shall be included, as a whole, in the Bylaws that govern the publicly-owned company the Brazilian Development Bank (BNDE), regulating the purposes of the company and its administrative structure, as well as its governing and controlling bodies.

Sole paragraph. Amendments to the Bylaws referred to in this article, required for the company’s operation, shall be made, after the date of this act, by a decree from the President, which shall be filed at the relevant Trade Board.

Art. 3 All provisions of Act Nº. 1,628, of June 20, 1952, and Act Nº. 2,973 of November 26, 1956, as well as other legislative acts that refer to the former (and now extinct) agency the Brazilian Development Bank (BNDE), and which do not conflict with the legal requirements applicable to publicly-owned companies in general, or with the special provisions in this act, are still in effect, and the publicly-owned company the Brazilian Development Bank (BNDE) shall now be subordinate to them.

Art. 4 The employees of the former (and now extinct) agency Brazilian Development Bank (BNDE) shall have a period of one (1) year to choose between being a civil servant with statutory relationship and an employee subject to the law in effect for private employment, as provided for in the Bylaws of the Company, calculating the former period of service for the purposes of benefits of the General Social Security System.

Paragraph 1 The civil servants retaining the statutory relationship shall be included in the supplementary staff, and their positions shall be declared extinct as they leave, safeguarding the employment opportunities for promotion.

Paragraph 2 The civil servants from the former (and now extinct) agency the Brazilian Development Bank (BNDE), included in the obligatory contributors to the State Social Security Institute by Decree Nº. 34,625 of November 16, 1953, shall have the same benefits the Institute grants to federal civil servants with regard to social security, as well as medical and hospital care.

¹ The BNDE changed its name to the Brazilian Development Bank (BNDES), according to Art. 5 in the Decree-law Nº. 1,940, of February 25, 1982

Art. 4-A. The provisions of Art. 224 of the Consolidated Labor Laws (CLT), approved by Decree-law Nº. 5,452, of May 1, 1943, shall not be applicable to the civil servants of the Brazilian Development Bank (BNDES) and its subsidiaries. (Included by Act Nº. 10,556, of November 13, 2002)

Sole paragraph. The working hours of the employees of the BNDES and its subsidiaries shall be seven (7) hours per day, totaling thirty-five (35) hours per week, and this shall not be reduced in any case.

Art. 5 The publicly-owned company the Brazilian Development Bank (BNDE) may perform all banking operations required to develop the national economy, in sectors and with the limitations established in its Investment Budget, subject to the provisions in Art. 189 of Decree-law Nº. 200, of February 25, 1967.

Sole paragraph. The operations referred to in this article may be formalized abroad, when required, and the publicly-owned company the Brazilian Development Bank (BNDES) shall be authorized to establish subsidiaries abroad and to accept the standard clauses in international agreements, including arbitration. (Wording in Act Nº. 11,786, of September 25, 2008.)

Art. 6 When dealing abroad or in the country, the publicly-owned company Brazilian Development Bank (BNDE) may offer the guarantee of the federal government, subject to the relevant legal provisions.

Art. 7 Loans from the publicly-owned company the Brazilian Development Bank (BNDE), from any source, may undergo monetary correction (for inflation), observing the current legal standards.

Art. 8 The Executive Branch shall be authorized to, when appropriate, transform the publicly-owned company the Brazilian Development Bank (BNDE) into a mixed economy company as defined in item III of Art. 5 of Decree-law Nº. 200, of February 25, 1967, with the same name of the publicly-owned company referred to in Art. 1 of this Act, and which shall be the successor for all legal purposes.

Sole paragraph. The initial participation of the federal government in the capital of the mixed economy company referred to in this article shall be represented by the net assets of the publicly-owned company, whose value shall be determined, prior to confirming the transformation, by a special commission comprising three (3) members, appointed by the Ministry of Planning and General Coordination and comprising representatives of this Ministry, the Ministry of Finance and the Ministry of Publicly-owned Companies.

Art. 9 The mixed economy company, which is created under the authorization pursuant to Art. 8 of this act, shall obey, in its constitution, the following basic norms and guidelines:

a) be a corporation, whose shares with voting rights shall always belong, mostly, to the federal government, or to an indirectly managed entity;

b) have the initial purpose of performing all activities relevant to developing the national economy that are being carried out by the publicly-owned company that it shall succeed;

c) specify, in the Bylaws, that the company shall perform the activities listed in its purpose to stimulate the private sector, with no effect on the support for projects, programs and financial operations related to projects that, due to their pioneering or essentiality, are considered of national importance;

d) establish in the Bylaws, that, provided the federal government or indirectly managed entities maintain the legal share control of the company, that it is allowed to transfer shares owned by the federal government or those entities to buyers or underwriters from the private sector, individuals or companies;

e) include, in the Bylaws, a provision ensuring that the labor legislation shall govern the employment relationships of company staff, safeguarding the situation established in Art. 4º of the act herein.

Sole paragraph. The Bylaws of the mixed economy company, whose creation is authorized by this act, shall be approved by a decree from the President of the Republic, filed at the competent Trade Board and the subsequent amendments required shall be resolved according to the process and shall follow the formalities provided for in the act in effect for corporations.

Art. 10. The Special Agency for Industrial Financing (FINAME), a federally-owned agency created by Decree-Law Nº. 45, of November 18, 1966, and whose wording incorporates, as an integral part, the provisions of Decree Nº. 59,170, of September 2, 1966, and is also classified in terms and for the purposes of paragraph 2 in Art. 5 of Decree-Law Nº. 200, of February 25, 1967, as a publicly-owned company, keeping the same name, governed under private law, holding its own assets and linked through the Brazilian Development Bank (BNDE) to the Ministry of Planning and General Coordination, pursuant to Art. 189 of Decree-law Nº. 200, of February 25, 1967.

Paragraph 1 The applicable Bylaws of the publicly-owned company referred to in this article is the set of provisions from Decree Nº. 59,170, of September 2, 1966, and Decree-Law Nº. 45, of November 18, 1966, and which shall govern the purpose of the company and its administrative structure, as well as their governing and controlling bodies, and subsequent changes may be made by means of a decree from the President of the Republic, filed at the competent Trade Board.

Paragraph 2 The initial capital of the publicly-owned company created by this article to succeed the Special Agency of Industrial Financing (FINAME) consists of the value of the net assets from the former (and now extinct) agency, calculated at the date of this act, whose capital belongs, in its entirety, to the publicly-owned company the Brazilian Development Bank (BNDE), which is the exclusive property of the federal government, and it shall be divided into nominal shares in the amount of Cr$ 10.00 (ten cruzeiros) each.

Paragraph 3 The shares of the publicly-owned company the Special Agency for Industrial Financing (FINAME) shall only belong to the federal government or to an indirectly managed entity.

Paragraph 4 The labor law for the staff employed at publicly-owned companies referred to in this article is that to which employees are subject in the current legislation for private labor employment relations.

Paragraph 5 The provisions in Decree Law Nº. 45, of November 18, 1966, with the incorporated text from Decree Nº. 59,170, of September 2, 1966, and not in conflict with this Act, shall remain in effect and shall replace the Deputy Managing Director of the Brazilian Development Bank (BNDE), a now extinct role, with one of the Managing Directors of this Publicly-owned Company, as appointed by the President of the Administrative Board referred to in Art. 6 of Decree Nº. 59,170, of September 2, 1966.

Art. 11. This Decree shall enter into effect as of the date it is published and revokes all provisions to the contrary.

Brasília, June 21, 1971; 150th year of Independence and 83rd year of the Republic.

EMILIO G. MÉDICI
Armando de Brito
João Paulo dos Reis Velloso

DECISION Nº. DIR. 775/2004-BNDES

MEETING HELD ON SEPTEMBER 27, 2004

Interested Party: SPECIAL AGENCY FOR INDUSTRIAL FINANCING (FINAME)

Corporate taxpayer number CNPJ: 33.660.564/0001-00

Avenida República do Chile, 100 – parte do 17º e 18º andares
20139-900 – Rio de Janeiro – RJ

Subject: Capital Increase to capitalize Reserves and Retained Earnings

Reference: STANDARDIZED INFORMATION AF/DEPCO Nº. 29/2004, OF SEPTEMBER 27/2004

Endorsing the opinion of the Rapporteur, the Board of Directors unanimously decided to approve:

I) the increase of FINAME’s capital in the amount of R$ 412,333,200.76 (four hundred and twelve million, three hundred thirty-three thousand, two hundred reais and seventy-six centavos), with no shares issued, by:

a) capitalizing the Capital Reserve, resulting from Income Tax Incentives in the amount of R$ 30,832,443.49 (thirty million, eight hundred and thirty-two thousand, four hundred and forty-three reais and forty-nine centavos);

b) incorporating the Profit Reserve, from the Legal Reserves in the amount of R$ 77,282,835.92 (seventy-seven million, two hundred and eighty-two thousand, eight hundred and thirty-five reais and ninety-two centavos); and

c) capitalizing the Retained Earnings in the amount of R$ 304,217,921.35 (three hundred and four million, two hundred and seventeen thousand, nine hundred and twenty-one reais and thirty-five centavos), from: i) the remaining balance of the profit in 2001 in the amount of R$ 85,070,998.40 (eighty-five million, seventy thousand, nine hundred and ninety-eight reais and forty centavos); and ii) the remaining balance of the profit in 2003 in the amount of R$ 219,146,922, 95 (two hundred and nineteen million, one hundred and forty-six thousand, nine hundred and twenty-two reais and ninety-five centavos).

II) due to the change in item I, the capital of the Special Agency for Industrial Financing (FINAME), which was R$ 1,374,911,085.37 (one billion, three hundred seventy-four million, nine hundred and eleven thousand, eighty-five reais and thirty-seven centavos) is now R$ 1,787,244,286.13 (one billion, seven hundred and eighty-seven million, two hundred and forty-four thousand, two hundred and eighty-six reais and thirteen centavos), divided into 589,580,236 registered common shares with no par value.

It is further decided to forward the proposal to increase the capital according to FINAME’s Administrative Board.

This Decision made by the BNDES’ Board of Directors, sole shareholder of its wholly-owned subsidiary Special Agency for Industrial Financing (FINAME), meets all the formal requirements in Act Nº. 6,404, of December 15, 1976.

Darc Antonio da Luz Costa – Acting President
Fabio Stefano Erber – Managing Director
Luiz Eduardo Melin de Carvalho e Silva – Managing Director
Maurício Borges Lemos - Managing Director
Roberto Timotheo da Costa – Managing Director
José Roberto Leal Ferreira Fiorencio – Deputy Managing Director

DECISION Nº. DIR. 369/2006-BNDES

MEETING HELD ON MAY 18, 2006

Interested Party: SPECIAL AGENCY FOR INDUSTRIAL FINANCING (FINAME)

Corporate taxpayer number CNPJ: 33.660.564/0001-00

Avenida República do Chile, 100 – parte
20139-900 – Rio de Janeiro – RJ

Subject: Increase of FINAME’s capital by converting credits withheld by the BNDES against FINAME and capitalizing Retained Earnings.

Reference: STANDARDIZED JOINT INFORMATION AF/DEPCO Nº. 15/2006 and AF/DEPOL Nº. 08/2006, of MAY 10, 2006.

Endorsing the opinion of the Rapporteur, the Board of Directors unanimously decided to approve:

I) the increase of FINAME’s capital in the amount of R$ 694,939,737.12 (six hundred and ninety-four million, nine hundred and thirty-nine thousand, seven hundred and thirty-seven reais and twelve centavos) paid in as described below:

a) R$ 600,000,000.00 (six hundred million reais), by converting credits withheld by the BNDES against FINAME for contract Nº. 4204841, subcredit Nº. 014; account balance updated on March 31, 2006; R$ 7,472,396,842.00 (seven billion, four hundred and seventy-two million, three hundred and ninety-six thousand, eight hundred and forty-two reais); due on January 15, 2014;

b) R$ 94.939.737,12 (ninety-four million, nine hundred and thirty nine thousand, seven hundred and thirty-seven reais and twelve centavos), to capitalize FINAME’s retained earnings.

II) due to the change in item I, the capital of the Special Agency for Industrial Financing (FINAME), which was R$ 2,322,244,286.13 (two billion, three hundred and twenty-two million, two hundred and forty-four thousand, two hundred and eighty-six reais and thirteen centavos) is now R$ 3,017,184,023.25 (three billion, seventeen million, one hundred and eighty-four thousand, twenty-three reais and twenty-five centavos), divided into 589,580,236 (five hundred and eighty-nine million, five hundred and eighty thousand, two hundred and thirty six) registered common shares with no par value.

This Decision of the BNDES’ Board of Directors, sole shareholder of its wholly-owned subsidiary Special Agency for Industrial Financing (FINAME), meets all the formal requirements in Act Nº. 6,404, of December 15, 1976.

Demian Fiocca – President
Armando Mariante Carvalho – Vice-President
Antonio Barros de Castro – Managing Director
Eduardo Rath Fingerl – Managing Director
Maurício Borges Lemos - Managing Director
Wagner Bittencourt – Managing Director
Júlio César Maciel Ramundo – Deputy Managing Director

DECISION Nº. DIR. 1215/2006-BNDES

MEETING HELD ON DECEMBER 28, 2006

Interested Party: SPECIAL AGENCY FOR INDUSTRIAL FINANCING - FINAME

Corporate taxpayer number CNPJ: 33.660.564/0001-00

Avenida República do Chile, 100 – parte
20139-900 – Rio de Janeiro – RJ

Subject: Increase of FINAME’s capital by converting a part of the credit withheld by the BNDES against FINAME.

Reference: STANDARDIZED JOINT INFORMATION AF/DEPCO Nº. 42/2006 and AF/DEPOL Nº. 25/2006, of DECEMBER 18, 2006.

Endorsing the opinion of the Rapporteur, the Board of Directors unanimously decided to approve:

I) the complementary increase of FINAME’s capital in the amount of R$ 165,684,651.13 (one hundred and sixty-five million, six hundred and eighty-four thousand, six hundred and fifty-one reais and thirteen centavos), by converting a part of the credit withheld by the BNDES against FINAME related to contract Nº. 4204841, subcredit Nº. 014, with a registered accounting balance updated on November 30, 2006, of R$ 10,104,467,364.93 (ten billion, one hundred and four million, four hundred and sixty-seven thousand, three hundred and sixty-four reais and ninety-three centavos); due on January 15, 2014;

II) due to the change in item I, the capital of the Special Agency for Industrial Financing (FINAME), which was R$ 3,017,184,023.25 (three billion, seventeen million, one hundred and eighty-four thousand, twenty-three reais and twenty-five centavos) is now R$ 3,182,868,674.38 (three billion, one hundred and eighty-two million, eight hundred and sixty-eight thousand, six hundred and seventy-four reais and thirty eight centavos), divided into 589,580,236 (five hundred and eighty-nine million, five hundred and eighty thousand, two hundred and thirty-six) registered common shares with no par value.

This Decision of the BNDES’ Board of Directors, sole shareholder of its wholly-owned subsidiary Special Agency for Industrial Financing (FINAME), meets all the formal requirements in Act Nº. 6,404, of December 15, 1976 and subsequent amendments.

Armando Mariante C. Junior – Acting President
Eduardo Rath Fingerl – Managing Director
Elvio Lima Gaspar – Managing Director
Maurício Borges Lemos - Managing Director
Wagner Bittencourt – Managing Director
Antonio Carlos Rizzo – Deputy Managing Director

In This Section

History

Mission, Vision and Values

The BNDES System

Who is Who

Telephone Numbers and Addresses

Home | Ombudsperson | Contact Us | Site Map | Frequently Asked Questions

Avenida República do Chile, 100 | Rio de Janeiro - RJ - Brasil - 20031-917 | Tel.: +55 21 2052-7447 / 3747-7447