On April 28, 2017, the Corporate Registry and Integration Department (Departamento de Registro Empresarial e Integração – “DREI”) issued Normative Ruling No. 40 (“IN DREI No. 40”) that amended Normative Ruling No. 34, as of March 3, 2017 (which was mentioned in our Newsletter of 04/18/2017), before such instruction entered into force on May 2, 2017.

IN DREI No. 40 revoked the obligation of members (either resident or headquartered abroad) of Brazilian corporations, companies or cooperatives to grant powers of attorney, valid for an indefinite period of time, for purposes of receiving service of process.

Accordingly, powers of attorney granted by members that are resident or domiciled abroad may once again be valid for a limited period. The existing powers of attorney no longer need to be modified to comply with the revoked rule.