Ordinary and Extraordinary General Meeting Presentation
EXHIBIT III - CONSOLIDATED BYLAWS
§ 3º. Brazilian law alone shall apply to the merit of any and all controversy, as well
as to the execution, interpretation and effectiveness of this arbitration clause.
§ 4°. The arbitration procedure shall take place in the city of São Paulo, State of
São Paulo, where the arbitration award shall be delivered. Arbitration shall be managed
by the Market Arbitration Chamber itself, and shall be conducted and ruled on in
accordance with the pertinent provisions of the Arbitration Regulations.
TITLE XII
LIQUIDATION
Art. 49. The company shall be liquidated as prescribed in law, and it shall be
incumbent on the General Meeting to decide on how it is to be liquidated, appoint the
liquidator and the Fiscal Council, as the case may be, which must be in session during this
period.
TITLE XIII
ISSUANCE OF UNITS
Art. 50. The Company may sponsor the issue of share deposit certificates
(hereinafter referred to as "Units" or individually as "Unit").
§ 1º. Each Unit will correspond to one (1) common share and one (1) preferred
share issued by the Company, provided that the Board of Directors can define transitory
rules for Unit breakdown in view of the approval of capital increase by the Central Bank
of Brazil. During such transition period, the Units can be comprised of share subscription
receipts. The Units will be book-entry.
§ 2º. The Units will be issued in case of primary and/or secondary offering or as
requested by the shareholders that so wish, subject to the rules to be determined by the
Board of Directors as set forth herein
§ 3º. Only shares free from onus and liens may be the subject of deposits for
issuing Units.
Art. 51. Except in the event of cancellation of the Units, ownership of the shares
represented by the Units shall only be transferred by transferring the Units.
Art. 52. O The holder of the Units shall, at any time, be entitled to request the
depositary financial institution to cancel the Units and deliver the respective deposited
shares, with due regard for the rules to be established by the Board of Directors in
accordance with the provisions of these Bylaws.
§ 1°. The respective holder may be charged the cost of canceling and transferring
the Unit.
§ 2º. The Company's Board of Directors can, on any time, suspend, for an
indefinite period, the possibility of issuance or cancellation of Units set forth in article 50,
paragraph 2 and in the main section of this article, respectively, in case of beginning of
primary and/or secondary offering of Units, in the domestic and/or foreign market, it
being understood that, in this case, the suspension period cannot exceed one hundred
and eighty (180) days.
§ 3º. Units subject to burdens, lien or encumbrances may not be canceled.
Art. 53. Holders of the Units shall be entitled to the same rights and advantages
as the deposited shares.
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