# Law No. 4059 of May 8, 1962 > Brazilian law **Wikidata**: [Q105648183](https://www.wikidata.org/wiki/Q105648183) **Source**: https://4ort.xyz/entity/law-no-4059-of-may-8-1962 ## Summary Law No. 4059 of May 8, 1962, is a Brazilian statute that mandates banks to maintain deposits with the Banco do Brasil at the order of the Superintendence of Currency and Credit. It was approved by the Presidency of the Federative Republic of Brazil under President João Goulart and is a formal legal document enacted to create law. ## Key Facts - **Title:** Lei nº 4059, de 8 de maio de 1962 - **Aliases:** Lei nº 4059, de 8 de maio de 1962 - **Country of Origin:** Brazil - **Law Digest:** DISPÕE SOBRE OS DEPOSITOS QUE OS BANCOS DEVEM MANTER NO BANCO DO BRASIL S/A A ORDEM DA SUPERINTENDENCIA DA MOEDA E DO CREDITO - **Approved By:** Presidency of the Federative Republic of Brazil - **Approved By (Qualifiers):** João Goulart (President), 1962-05-08 (point in time), promulgation (determination method) - **Instance Of:** Statute - **Main Subjects:** Bank of Brazil, percent, use - **LexML Brazil ID:** urn:lex:br:federal:lei:1962-05-08;4059 - **Publication Date:** May 8, 1962 - **Place of Publication:** Brasília - **Wikidata Description:** Brazilian law - **Work Available At URL:** https://www.planalto.gov.br/ccivil_03/leis/1950-1969/l4059.htm - **Applies To Jurisdiction:** Brazil - **Language of Work:** Brazilian Portuguese - **Legal Citation:** Lei nº 4059/1962 - **Wikimedia Project Focus List:** WikiProject Brazilian Laws ## FAQs **What is the purpose of Law No. 4059 of May 8, 1962?** The law mandates banks to maintain deposits with the Banco do Brasil at the order of the Superintendence of Currency and Credit, ensuring regulatory compliance and financial stability. **Who approved Law No. 4059 of May 8, 1962?** The law was approved by the Presidency of the Federative Republic of Brazil under President João Goulart on May 8, 1962. **What is the legal citation for Law No. 4059 of May 8, 1962?** The legal citation for the law is Lei nº 4059/1962. **Where can the full text of Law No. 4059 of May 8, 1962 be found?** The full text of the law is available at https://www.planalto.gov.br/ccivil_03/leis/1950-1969/l4059.htm. **What is the LexML Brazil ID for Law No. 4059 of May 8, 1962?** The LexML Brazil ID for the law is urn:lex:br:federal:lei:1962-05-08;4059. ## Why It Matters Law No. 4059 of May 8, 1962, holds significant importance as it establishes a regulatory framework for banks to maintain deposits with the Banco do Brasil, ensuring financial stability and compliance with monetary policies. The law was approved during a period of political and economic transition in Brazil, reflecting the government's efforts to stabilize the financial system. Its provisions ensure that banks adhere to deposit requirements, which is crucial for maintaining public trust and ensuring the smooth operation of the banking sector. The law's implementation contributes to the overall financial health of Brazil and reinforces the role of the Banco do Brasil as a central financial institution. ## Notable For - **Regulatory Compliance:** The law mandates banks to maintain deposits with the Banco do Brasil, ensuring regulatory compliance and financial stability. - **Financial Stability:** The law plays a crucial role in maintaining the financial health of Brazil by ensuring banks adhere to deposit requirements. - **Central Financial Institution:** The law reinforces the role of the Banco do Brasil as a central financial institution in the country. - **Political and Economic Transition:** The law was approved during a period of political and economic transition in Brazil, reflecting the government's efforts to stabilize the financial system. ## Body ### Definition and Scope Law No. 4059 of May 8, 1962, is a formal written document that creates law in Brazil. It is classified as a statute and serves as a specific legal term and concept, functioning as the concrete manifestation of statutory law. The law mandates banks to maintain deposits with the Banco do Brasil at the order of the Superintendence of Currency and Credit. ### Approval and Publication The law was approved by the Presidency of the Federative Republic of Brazil under President João Goulart on May 8, 1962. It was published in Brasília on the same date. The law is available in Brazilian Portuguese and applies to the jurisdiction of Brazil. ### Legal Citation and Identification The legal citation for the law is Lei nº 4059/1962. The LexML Brazil ID for the law is urn:lex:br:federal:lei:1962-05-08;4059. The law is also known by its aliases, including Lei nº 4059, de 8 de maio de 1962. ### Main Subjects and Provisions The main subjects of the law include the Bank of Brazil, percent, and use. The law mandates banks to maintain deposits with the Banco do Brasil at the order of the Superintendence of Currency and Credit. The law digest states: DISPÕE SOBRE OS DEPOSITOS QUE OS BANCOS DEVEM MANTER NO BANCO DO BRASIL S/A A ORDEM DA SUPERINTENDENCIA DA MOEDA E DO CREDITO. ### Availability and References The full text of the law is available at https://www.planalto.gov.br/ccivil_03/leis/1950-1969/l4059.htm. The law is referenced in the WikiProject Brazilian Laws on Wikimedia. The law was published on May 8, 1962, and is a formal legal document enacted to create law in Brazil. ### Historical Context Law No. 4059 of May 8, 1962, was approved during a period of political and economic transition in Brazil. The law reflects the government's efforts to stabilize the financial system and ensure regulatory compliance among banks. The law's provisions ensure that banks adhere to deposit requirements, which is crucial for maintaining public trust and ensuring the smooth operation of the banking sector. ### Regulatory Framework The law establishes a regulatory framework for banks to maintain deposits with the Banco do Brasil. The Superintendence of Currency and Credit has the authority to order banks to comply with the deposit requirements. The law plays a crucial role in maintaining the financial health of Brazil and reinforces the role of the Banco do Brasil as a central financial institution. ### Public Domain Status The law is a formal written document that creates law in Brazil. It is classified as a statute and serves as the concrete manifestation of statutory law. The law is available in the public domain and is a formal legal document enacted to create law in Brazil. ## References 1. [Source](https://www.lexml.gov.br/urn/urn:lex:br:federal:lei:1962-05-08;4059) 2. [Source](https://legislacao.presidencia.gov.br/atos?tipo=LEI&numero=4059&ano=1962&data=08/05/1962&ato=9c3ITQ61kMVRVT265) 3. LexML Brasil