On May 2nd, 2017 was published the by the National
Department of Commercial Registry ("DNRC"), immediately entering in
force, a new Normative Instruction (NI) DREI No. 40/2017, amending the NI
DREI No. 34/2017, which established new rules for the filing of powers of
attorneys from foreign quotaholders of a Brazilian companies or cooperatives.
After receiving criticism about the requirement that every power of attorney,
for corporate purposes, granted by a foreign quotaholder to its representative
in Brazil, contain an indefinite term and with powers to receive a judicial
summons in actions proposed against the foreign quotaholder, DREI
recognized the excess in such requirement and repealed it.
Hence, through NI DREI No. 40/2017, it was amended the wording of art. 2nd
NI DREI No. 34/2017, which shall be read as follow:
“Art. 2 – Individuals, Brazilian or foreign, residing abroad, and legal
entities with registered office abroad, who are quotaholders of a Brazilian
companies or cooperatives, may file in the Board of Trade, as long as in a
separate proceeding, a power of attorney granted to its representative in
Brazil, in compliance with the legislation governing the respective corporate
Therefore, it will no longer be required an indefinite term for these
mentioned power of attorneys.
Lastly, it should be highlighted that the remaining
requirements established by NI DREI No. 34/2017 were maintained.