According to that article, the original system used paper certificates stored with the brokers. To do a trade, the broker sent the paper certificates to a central place (the predecessor of the current one), which recorded the trade and sent the paper certificates to the other broker. The current system is a natural evolution of the old system: instead of paper certificates, we have records directly within the CBLC (now a department of BM&FBOVESPA).
The 1988 constitution was rewritten as part of a regime change (from a USA-supported military dictatorship to its present-day democracy). From what I understand, every time the Brazilian constitution was written or rewritten was due to a regime change. I believe the current USA constitution is also from the last time its regime changed, so there's not much difference in that aspect.
According to that article, the original system used paper certificates stored with the brokers. To do a trade, the broker sent the paper certificates to a central place (the predecessor of the current one), which recorded the trade and sent the paper certificates to the other broker. The current system is a natural evolution of the old system: instead of paper certificates, we have records directly within the CBLC (now a department of BM&FBOVESPA).
The 1988 constitution was rewritten as part of a regime change (from a USA-supported military dictatorship to its present-day democracy). From what I understand, every time the Brazilian constitution was written or rewritten was due to a regime change. I believe the current USA constitution is also from the last time its regime changed, so there's not much difference in that aspect.