First Paragraph - The Board of Curators can decide to contract under the terms of the nation's Consolidated Labor Laws, as many employees as it deems necessary to assure the proper operation of the INSTITUTO.

Second Paragraph - The Board of Curators, in the administration of its activities in the interests of the INSTITUTO, will observe the principles of legality, impersonality, morality, promotion, savings and efficiency and will adopt administrative management practices that are necessary and sufficient to deter the attainment in an individual or collective form, of personal benefits or advantages or that in favor of related companies, due to their participation in the respective decisions. In the same way, the Board of Curators will take measures so that these management principles and norms be observed by employees.

Third Paragraph - The members of the Board of Curators will not receive any remuneration, advantages or benefits, directly or indirectly, in any form or title, due to the attributions, functions or activities that they are attributed.

Fourth Paragraph - The members of the Board of Curators will not respond, as a group or individually, in solidarity or support, for the obligations contracted by the INSTITUTO, through their regular management activity or for business activities practiced in the administration of the entity.

First Paragraph - The non-lifetime member will first be named by the founders.

Second Paragraph - As determined by this article, the mandate of the elected Board member will be 2 (two) years, with eligibility for re-election.

Third paragraph - In case of vacancy on the board of a lifetime member, the first two substitutes will be elected for a mandate of 5 (five) years and the third, for a mandate of 3 (three) years.

Fourth Paragraph - Upon election, each member of the Board of Curators will indicate an alternate who will substitute the member if he or she is temporarily impeded and who will complete the term in case of vacancy.

Fifth Paragraph - Except for the lifetime members, it is up to the Board of Curators to elect its members. The election will be conducted separately for each position, and a person who receives the majority of the votes will be considered elected.

Sixth Paragraph - The Board of Curators will have a President and a Vice President, elected by absolute majority by the members of the Board of Directors. They can be re-elected. The mandate of each will be 2 (two) years but in no case will it exceed the end of the mandate of each as a Board member.

First Paragraph - The meetings of the Board of Curators will be installed with the absolute majority of its members and its deliberations will also always occur by absolute majority.

Second Paragraph - The convocation for meetings of the Board of Curators will be done in writing (letter, e-mail, or advertisement in a nationally circulating newspaper ) at least 5 (five) days in advance.

a) To comply with and enforce these By-laws;

b) To elect the members of the Sports Board and Events Board;

c) To establish and modify the schedule for the INSTITUTO, creating or terminating positions, admitting or dismissing employees and establishing their pay levels, as well as hiring and dismissing, under the terms of Brazil's Consolidated Labor Legislation, a Superintendent, and establishing his or her functions;

d) To Establish norms for the operation of the INSTITUTO and to guide its employees, as well as for the complete administration of the activities of the INSTITUTO;

e) To evaluate regularly the activities of the INSTITUTO;

f) To establish and approve the annual budget and its modifications;

g) To conduct and approve annual strategic and operational planning for each one of the areas of the INSTITUTO, as proposed by any one of its members;

h) To contract outside auditors and substitute them;

i) To solicit reports from specialists in the legal, tax, accounting, technical and educational fields.

j) To deliberate about the alienation of and burdens associated to assets, financial operations and other acts and business that go beyond ordinary administration;

k) Authorize the entering of accords, contracts, and agreements that go beyond normal administration;

l) Alter these By-laws

m) Name the members of the Consultative Board;

n) Change the address of the headquarters and of any establishments and open affiliates of this Foundation.

a) the President and the Vice-President;

b) the Superintendent and the President; or to the Superintendent and the Vice-President;

c) two persons with special and specific powers of attorney, constituted by those people indicated in items a) and b) above.

First Paragraph - The signing of checks, the opening of and use of bank accounts and financial investments and the entering of contracts of any nature, will be conducted jointly by the Superintendent and by President or by the Superintendent and Vice-President.