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https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-84/1335g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 84 - Public Corporation for the Supervision and Insurance of Cooperatives (§§ 1334 — 1335h)›§ 1335g - Supervision and auditing | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 84 - Public Corporation for the Supervision and Insurance of Cooperatives (§§ 1334 — 1335h) › § 1335g - Supervision and auditing | The assets, accounts, disbursements, funds and income of the Corporation shall be subject to supervision and to the audits conducted by the Office of the Comptroller of the Commonwealth of Puerto Rico.
History —Aug. 17, 2001, No. 114, § 36. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-84/1335h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 84 - Public Corporation for the Supervision and Insurance of Cooperatives (§§ 1334 — 1335h)›§ 1335h - Continuity of operations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 84 - Public Corporation for the Supervision and Insurance of Cooperatives (§§ 1334 — 1335h) › § 1335h - Continuity of operations | (a) The Corporation shall maintain its juridical, operational and financial existence in a continuing and uninterrupted manner, being subject to the provisions of this act, as of its approval, regardless of the repeal of Act No. 5 of January 15, 1990.
(b) The regulations, orders, agreements, administrative procedures, ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-i/1361/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter I - General Provisions (§ 1361)›§ 1361 - Definiti... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter I - General Provisions (§ 1361) › § 1361 - Definitions | For the purposes of this chapter, the following terms shall have the meaning stated below:
(a) Shares.— Means the financial contribution made by each member of a credit union to the capital or net worth of the cooperative enterprise.
(b) Preferred stock.— Means those shares issued by every cooperative pursuant to the p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362 - Goals and purposes | Savings and credit cooperatives have as their primary purpose, to promote, through the cooperative movement, full access to financial services, to act as regulator of prices, educate their members on the best management of their personal and family finances, promote gainful activity through self-employment, self-enterp... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362a - Loans and financial services—... | Every cooperative shall have the power to grant loans and offer their members the financial services listed below:
(a) Accept, receive and manage all types of deposits by persons and private and public entities, and offer all such depositary services that are allowed to the depositary financial institutions, including:... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362b - Loans and financial services—... | (a) Every cooperative may offer the following products and services to persons who are not members:
(1) Personal loans up to the maximum amount and under the terms and conditions allowed pursuant to §§ 941 et seq. of Title 10, known as the “Small Personal Loans Companies Act”, and
(2) all financial services available t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362c - Loans and financial services—... | In addition to the financial services and activities authorized in §§ 1362a and 1362b of this title, cooperatives may perform other financial activities that are described below, subject to the limits and conditions that are established by the corporation through regulations or administrative decisions, which shall ens... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362d - Authorization—Branches and se... | (a) Branches. — Cooperatives may establish branches in mobile units or permanent establishments, provided they fulfill the provisions and procedures of this chapter and its regulations and, in every case, with the prior approval of the Corporation. Every cooperative that wishes to obtain an authorization to establish a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362d-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362d-1 - Establishment of branches a... | (a) The cooperatives organized pursuant to this chapter, upon prior approval of the Corporation and subject to compliance with the norms provided in this section, shall be authorized to establish branches and/or service offices outside of the jurisdiction of Puerto Rico. Every cooperative that requests the establishmen... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362e - Investment | (a) Wholly owned (100%) subsidiaries. — Cooperatives may perform any of the activities that they are directly allowed, or through subsidiaries that are one hundred percent (100%) owned and controlled by the cooperative. Said subsidiaries may organize under any of the statutory provisions that allow the organization of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362f - Authorization—Preferred stock... | (a) Preferred stock. —
(1) Subject to the approval of the Corporation, every cooperative may issue one or more classes of preferred stock, or one or more series of stock in any of the classes. The total preferred stock shall never exceed the total common stock issued and outstanding. Any of them may be of stock with or... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ii/1362g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter II - Authorized Powers and Activities (§§ 1362 — ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter II - Authorized Powers and Activities (§§ 1362 — 1362g) › § 1362g - Rules regarding real assets | Every cooperative may buy, hold and receive any real assets in conveyance, exclusively for the following purposes:
(a) Those that are necessary and convenient to execute its business and operations, including the establishing of branches, service offices and others, and may lease any space, equipped or not, to others, ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363 - Organization | Except for the provisions of § 1362e of this title, five (5) or more natural persons, of legal age and residents of the Commonwealth of Puerto Rico, may act as incorporators of a cooperative organized pursuant to this chapter. The incorporation process shall be carried out through the signing of a document that contain... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363a - Corporate cla... | The document of the corporate clauses shall be sworn to by all the incorporators before a notary public and shall include the following information:
(a) Official name of the cooperative, which shall include the words “Savings and Credit Cooperative” or the initials “Coop” or “SCC”. No cooperative shall adopt a name tha... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363b - Incorporation... | The incorporators of the cooperative shall submit to the Corporation two (2) copies of the document of the incorporation clauses, and an internal revenue receipt in the amount that the Corporation shall establish by regulations. They shall also present the original document of the general regulations of the cooperative... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363c - General regul... | The general regulations of every cooperative, pursuant to the cooperative principles and characteristics, shall provide the following, without it being construed as a limitation:
(a) How to convene and hold regular and special assemblies of members.
(b) How to vote and the conditions under which the members may vote in... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363d - Organization ... | Cooperatives may organize by districts, if it is thus provided in their general regulations. In such cases, the general regulations shall provide that the participation of the members shall be directed through duly elected delegates constituted in an assembly of delegates. The general regulations shall also establish t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iii/1363e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter III - Organization of Savings and Credit Cooperat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter III - Organization of Savings and Credit Cooperatives (§§ 1363 — 1363e) › § 1363e - Amendments | The corporate clauses and the general regulations of the cooperative may be amended at any general regular or extraordinary assembly. The amendments must be approved by a two-thirds vote of the members present, and in the case of cooperatives organized by district, with the vote of two-thirds (2 / 3) of the delegates p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364 - Requireme... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364 - Requirements | In addition to the incorporators, every person, other than a profitable juristic person, that meets the requirements established in the incorporation clauses and the general regulations of the cooperative, may be a member of a cooperative. Minors may be members of a cooperative, subject to the limitations established i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364a - Rights | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364a - Rights | The members of every cooperative shall have the following rights and prerogatives:
(a) Participate with voice and vote in the general assemblies of members, on a basis of mutual respect, equality and decorum;
(b) elect and be elected to office on the board of directors of the cooperative;
(c) use the cooperative’s serv... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364b - Obligati... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364b - Obligations | Every member of a cooperative shall have the following obligations with regard to the same:
(a) Comply with the corporate clauses, the general regulations and the obligations imposed by this chapter;
(b) make the periodic contributions to the share account as provided by the general regulations of the cooperative. The ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364c - Registry | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364c - Registry | Every cooperative shall keep and maintain an updated register or list of members, which shall include the following items:
(a) Name, address and occupation of each of the members whose credentials and identity must be verified;
(b) number of shares owned by each member with their corresponding numbers, if available, an... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364d - Voluntar... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364d - Voluntary resignations | Every member of a cooperative may voluntarily withdraw from it at any time, in which case the member must give written notice to the Board in advance, as required by the general regulations. This notice shall be considered by the Board or by the officials, executive officers or employees, on whom said function is deleg... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364e - Causes a... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364e - Causes and procedures—Removal of members | Members of a cooperative can be removed and deprived of their rights therein when they incur one or more of the following causes:
(a) Perform acts for which the cooperative is bound to file a claim pursuant to the fidelity bond;
(b) are delinquent in the payment of loans that have been granted to them and the cooperati... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-iv/1364f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IV - Members (§§ 1364 — 1364f)›§ 1364f - Transfer... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IV - Members (§§ 1364 — 1364f) › § 1364f - Transfer of shares | (a) By the members. — The shares kept by the members in a cooperative shall be susceptible for sale, cession, gift, and any other transfer of rights or title by a member, subject to the following conditions:
(1) The transfer shall be made solely in behalf of the persons that are eligible to be members of the cooperativ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365 - Assemblies | The general assembly is the maximum authority of every cooperative, and its decisions are binding on the attending and absent members, its Board, and committees, provided they are adopted pursuant to the incorporation clauses, the general regulations, and the applicable regulations and laws. In the case of cooperatives... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365a - Notice | The Board of Directors may convoke special, general or district assemblies, when it is deemed convenient. The cooperative shall be bound to call special assemblies when requested by:
(a) Ten percent (10%) of the total number of members of the cooperative when it is a general assembly of members;
(b) ten percent (10%) o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365b - Quorum | In every general or district assembly of members, a quorum of not less than ten percent (10%) of the first one thousand (1,000) members, and three percent (3%) of the excess of one thousand (1,000) members shall be required; Provided, That those members who are minors, shall not be considered for the purpose of computi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365c - Right to vote | The members of a cooperative, whether natural or juridical persons, and regardless of the number of shares they hold, shall each be entitled to one (1) vote. No member shall issue his/her vote through a proxy, except in the case of the members who are juridical persons, who may vote through their authorized representat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365d - Board of Director... | Only those members who, at the moment of their election or designation, meet and comply with the following requirements during their entire incumbency in their respective offices, may be members of the Board of Directors of a cooperative:
(a) Be natural persons.
(b) Have not been convicted of felonies or misdemeanors t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365e - Board of Director... | (a) In the case of newly organized cooperatives, the incorporators shall designate the first Board of Directors and the respective committees, pursuant to the provisions of this chapter, the regulations adopted thereby, and the general regulations of the cooperative.
(b) In the case of savings and credit cooperatives i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365f - Board of Director... | (a) General rule. — Members of the Board shall be elected for a term of not more than three (3) years each, and shall hold office until their successors are elected. The members of the Board cannot be elected to fill the same or other elected office for more than three (3) consecutive terms. For the purposes of this pr... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365g - Board of Director... | Vacancies that arise among the members of the Board shall be filled by appointment through the vote of the majority of the remaining incumbent members duly constituted to such effects, subject to ratification by the corresponding general assembly of members, the district assembly, or the assembly of delegates, as perti... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365h - Board of Director... | The members of the Board shall be responsible for the definition and adoption of the institutional policies of the cooperative, shall have a fiduciary responsibility towards it and its members, and shall act as a good paterfamilias in all cooperative affairs.
The Board of each cooperative shall meet within ten (10) day... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365i - Board of Director... | (a) It is the authority, responsibility and fundamental duty of the Board to define the policy, norms and general management regarding the operation and functioning of the cooperative, of which the management, under the control of the Executive Chairperson, shall be responsible. In the discharge of said responsibility,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365j - Executive Preside... | Acting in accordance with the institutional policies adopted by the Board of Directors of the cooperative, the Executive President shall have the following functions and responsibilities:
(a) Implement the institutional policies adopted by the Board.
(b) Select, recruit, supervise, evaluate and remove all personnel of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365k - Supervisory commi... | A supervisory committee shall be elected at the first general assembly of members or delegates of every cooperative, which shall be composed of three (3) members. The members of the supervisory committee shall be elected for a term of not more than three (3) years each, and shall hold office until their successors are ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365l - Supervision and A... | The supervision and auditing committee of each cooperative shall have, besides any others that are provided in this chapter or its regulations, the following functions and responsibilities:
(a) Assist the internal and external auditors in the examination of the accounts and operations of the cooperative, and perform th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365m - Credit Committee—... | The Board shall designate a credit committee, composed of not less than three (3) regular members and two (2) alternate members, who shall perform the functions of those who hold office in every case of temporary absence. The members of the credit committee shall be designated for a term of not more than one (1) year e... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365n - Credit Committee—... | The credit committee of every cooperative shall have, in addition to any others provided in this chapter or its regulations, the functions and responsibilities indicated below:
(a) Consider, approve, or deny loans for amounts in excess of those that the credit officials are authorized to grant, but up to the limits fix... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365o - Education Committ... | The Board shall designate an education committee to develop a cooperative education program, according to the standards adopted pursuant to the provisions of this chapter. This committee shall be composed of not less than three (3) members nor more than seven (7) members, at least half of which shall not be members of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365p/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365p - Educational polic... | The Board of Directors shall adopt an educational policy that shall lead to the education of members, boards of directors, managers and employees, which shall be addressed to expedite and propitiate:
(a) The generation of new volunteer leaders with technical and financial knowledge.
(b) Personal financial education at ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365q/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365q - Education Committ... | The education committee of each cooperative shall have the following functions and responsibilities:
(a) Pursuant to the educational policy established by the Board, it shall draft a working plan to:
(1) Attend to the training needs of the members of the boards of directors on the matters inherent to the functions they... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365r/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365r - Compensation and ... | (a) None of the members of the Board of Directors shall receive any compensation or remuneration whatsoever for the performance of their functions. However, the general regulations of the cooperative may authorize the payment of per diems for attendance to official meetings, subject to the rules specifically adopted by... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365s/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365s - List of directors... | Every cooperative shall remit a complete list of the members of their Boards of Directors, indicating the official position held by each of them.
These lists shall include any other pertinent information required by the Corporation and shall be sent no later than twenty (20) days following the date that the members are... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365t/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365t - Board of Director... | Any member or official of the Board of Directors may be separated from office for the following causes:
(a) Incur any of the actions constituting cause for the separation of members of a cooperative that are established in § 1364e of this title.
(b) Violate the provisions of this chapter, §§ 1334 et seq. of this title,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365u/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365u - Directors and com... | (a) The members of the Boards of Directors may be removed from office as provided below:
(1) By petition of the members. — Any member can initiate a procedure for removal against a director, by filing a written request stating the imputed charges, signed by five percent (5%) of all the members or by ten percent (10%) o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365v/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365v - Directors and com... | No member of a Board of Directors may be an employee of a savings and credit cooperative until at least two (2) years have elapsed from having ceased in his/her office on the Board or committee, whether by completion of his/her term of office, or resignation from the position held on a Board of Directors.
History —Oct.... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-v/1365w/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter V - Assemblies, Board of Directors and Committees... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter V - Assemblies, Board of Directors and Committees (§§ 1365 — 1365w) › § 1365w - Directors and com... | (a) When the Corporation has grounds to believe that any member of the Board or an officer thereof, or any member of the other boards of directors, or any executive officer or employee of a cooperative has incurred one of the causes for removal established in § 1365t of this title, he/she shall raise charges against sa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366 - Capital | The capital of every cooperative shall consist of the total amount of its capital stock, indivisible capital or surplus, and capital liabilities.
History —Oct. 28, 2002, No. 255, § 6.01. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366a - Indivisible capital | (a) Cooperatives shall maintain an indivisible capital reserve that shall be known as indivisible capital. Thirty-five percent (35%) of the indivisible capital reserve shall be maintained in liquid assets. As of December 31 of the year of approval of this act, each cooperative must have a minimum indivisible capital of... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366b - Granting of loans | (a) Lending policies. — Cooperatives shall grant loans according to the lending standards established by their Board, which shall not be incompatible with the practices used in the administration of financial institutions that are recognized as sound practices, and in protection of the public interest. Said lending pol... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366b-1-d-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366b-1 - Payment receipt | For purposes of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix a cut-off time for money or item transactions and book entries that shall not be earlier than two in the afternoon (2:00 p.m.). Banks and cooperatives shall d... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366c - Surplus shares | The Board of Directors shall provide for the distribution of the net surplus that has been accrued by the cooperative at the end of each year, after the amortization of accrued losses, if any, followed by the contributions to the indivisible reserve, as required in this chapter, and the allowance for possible losses in... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366d - Withdrawal of deposit... | When a member of a cooperative retires voluntarily or is separated from it, he/she shall be paid, after discounting the amount of any debt in the cooperative (including debts contracted as debtor in solidum, warrantor or sponsor, regardless of whether or not personal profit or lucre has been obtained from said loan), t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366e - Withdrawal or transfe... | The members of the Board and its officials, committee members, executive officers, and members of a cooperative who participate directly in its administration, shall not withdraw nor transfer their shares while they hold office or perform functions in the cooperative. Any withdrawal or transfer of shares made by those ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366f - Losses, liquidity, an... | (a) Provision for possible losses in loans. — Every cooperative shall establish a provision for possible loan losses, chargeable to operating income, using a formula based on the real loan loss experience as fixed by the Corporation through regulations.
(b) Minimum liquidity requirement. — Every cooperative shall alway... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366g - Tax exemption | (a) General rule.— Except as provided in subsection (b) of this section:
(1) Cooperatives, their subsidiaries or affiliates, as well as the income from all their activities or operations, all their assets, capital, reserves, and surplus, and those of their subsidiaries or affiliates, shall be exempt from any type of in... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366h - Unclaimed accounts | Unclaimed sums of money and other liquid assets held by a cooperative, or that have not been subject to any type of transaction whatsoever during five (5) consecutive years, except sums from share accounts, shall be transferred to the equity capital reserve or the indivisible capital item, at the option of the cooperat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vi/1366i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VI - Operating Capital, Loans and Limitations (§§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VI - Operating Capital, Loans and Limitations (§§ 1366 — 1366i) › § 1366i - Contribution for educ... | Every cooperative is bound to set aside at least one-tenth of one percent (0.1%) of its total volume of business, for the education and integration of the cooperative movement in Puerto Rico. Within three (3) months following the close of operations of each fiscal year, the cooperatives shall determine the amount of sa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vii/1367/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VII - Institutional Changes (§§ 1367 — 1367b)›§ 1... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VII - Institutional Changes (§§ 1367 — 1367b) › § 1367 - Mergers or consolidations—Limits | No cooperative shall merge or consolidate with another cooperative, except as provided in §§ 1367a and 1368f of this title. Cooperatives shall not sell their assets nor acquire obligations or debts insurable by the Corporation, except in the normal course of business, with the prior authorization of the Corporation and... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vii/1367a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VII - Institutional Changes (§§ 1367 — 1367b)›§ 1... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VII - Institutional Changes (§§ 1367 — 1367b) › § 1367a - Mergers or consolidations—Voluntary | Two or more cooperatives organized pursuant to this chapter, may voluntarily merge or consolidate, with the approval of the assembly of members or delegates, as applicable, with the prior approval of the Corporation, and according to the procedure established by regulations or by administrative determination. When one ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-vii/1367b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VII - Institutional Changes (§§ 1367 — 1367b)›§ 1... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VII - Institutional Changes (§§ 1367 — 1367b) › § 1367b - Voluntary dissolution | Any cooperative whose dissolution does not require disbursements by the Corporation under the shares and deposits insurance, may be voluntarily dissolved through the approval of the corresponding general assembly of members or the general assembly of delegates, following the procedure established by to such effects by ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368 - Cooperative fiscal year | The fiscal year of every cooperative shall be established in the incorporation clauses and in the general regulations thereof.
History —Oct. 28, 2002, No. 255, § 8.01. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368a - Notices and calls to s... | In every case that the cooperative notifies or calls its members to session, said notice or call may be made by:
(a) Remitting it by mail to the address found in the records of the cooperative, or
(b) publication in a newspaper of general circulation, along with the posting of clearly-visible posters in the branches an... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368b - Reports | Cooperatives shall submit all such reports that the Corporation requires, with such frequency, detail, and in the form required through its orders, or regulations. The President and the Secretary of the Board shall certify that the annual financial statements of the cooperative are correct, according to their best know... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368c - Adjudicative procedure... | When by provision of this chapter or its regulations, the cooperative must adjudicate a complaint presented by any cooperative, its board of directors, committees and executive officials, or by any partner or depositor of a cooperative, for violations of this chapter, §§ 1334 et seq. of this title, or the regulations a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368d - Inspections, auditors ... | Every cooperative covered by this chapter, shall submit audited financial statements annually to the [Corporation], Cooperative Development Administration, and the Puerto Rico Cooperatives League, within one hundred and twenty (120) days following the close of operations of its fiscal year. The audited financial statem... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368e - Support and rehabilita... | It is the public policy of the Commonwealth to support and propitiate the development of every cooperative. Pursuant thereto, the Corporation shall seek to identify in a timely manner, any operating, financial or managerial weakness that requires corrective action. Once identified, the Corporation shall ascertain that ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368f - Mandatory merger or co... | Before proceeding to decree the mandatory merger or consolidation, of a cooperative when the Corporation, through the two-thirds (2 / 3) vote of its Board of Directors, makes an express determination that there is no possibility of rehabilitating the cooperative, and the merger or consolidation and the share or deposit... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368g - Receivership | (a)
(1) The Corporation may direct that a cooperative be placed under emergency receivership or management under receivership, when, after an audit, investigation, examination or inspection, it is shown that the cooperative is undergoing the situations provided in §§ 1334 et seq. of this title.
(2) The Corporation shal... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368h - Permits and certificat... | The Corporation may temporarily suspend or permanently revoke the operating permit of any cooperative and require the Secretary of State to cancel its registration certificate when:
(a) The total number of members of a cooperative is reduced to less than double the number of the elected bodies;
(b) the permit to operat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368i - Dissolution—Causes | The Corporation may direct the dissolution of a cooperative when:
(a) It is in danger of financial insolvency;
(b) it is confirmed that the real value of the shares has dropped by more than five percent (5%) of their book value, after an economic study to such effect;
(c) it fails to comply with the necessary requireme... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-viii/1368j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter VIII - Administrative Provisions, Inspection (§§ ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter VIII - Administrative Provisions, Inspection (§§ 1368 — 1368j) › § 1368j - Dissolution—Procedure | The following procedure shall be observed in every action to dissolve a cooperative:
(a) Liquidating trustee. — When the Corporation orders an ensured cooperative to be dissolved, it shall act as liquidating trustee through officials of the Corporation itself, or through a contracted third party. In every case, the off... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369 - Exclusive use of name | (a) Any natural or juridical person other than an association organized and registered pursuant to the provisions of this chapter, is forbidden to use or be identified under the name of “Savings and Credit Union”. It is also forbidden for any person, natural or juridical, other than a recognized cooperative entity, to ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369a - Restrictions to granting of loans t... | Cooperatives shall not grant loans to lucrative juridical entities, corporations, partnerships, associations or private organizations, except in the case of business loans to entities that are small and medium-size businesses controlled by natural persons that are members of the cooperative, or in the case of projects,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369b - Administrative fines | (a) The Corporation may impose an administrative fine of not more than five thousand dollars ($5,000), on any cooperative that incurs violations of the provisions of this chapter or the regulations adopted thereby, or that violates the resolutions or orders, and on any member of the boards of directors, or any executiv... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369c - Liability for violations | It shall be understood that any violation of the provisions of this chapter incurred by a cooperative, is also committed by the official or employee who is liable according to his/her obligations, pursuant to the regulations, policies, and procedures of the cooperative. If no such liability has been expressly assigned ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369d - Felonies | (a) Every member of the Board of Directors, the committees, and every executive official, employee or agent of a cooperative, shall incur a felony and upon conviction, shall be punished by a penalty of incarceration for a fixed term of six (6) years, that:
(1) Misappropriates or applies money, funds or credits of a coo... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369e - Acts against the funds | Any Board member, committee member, official, employee or agent of a cooperative, and any other person in charge of receiving, keeping, transferring, or disbursing cooperative funds, who performs one or more of the following acts, shall be punished with a penalty of imprisonment for a fixed term of eight (8) years:
(a)... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369f - Injurious information | Any person who knowingly and maliciously, makes, circulates, or transmits any statement, rumor or written, printed or spoken indication, that directly or indirectly results in the discredit of the institution, its directors, or its executive officials, or that affects the solvency or liquidity of a savings and credit c... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369g - Special prosecutor | In every case that the Corporation has grounds to believe that any partner, member of the boards of directors, executive official of a cooperative or any other person has incurred any act that constitutes an offense pursuant to this chapter, or Act No. 15 of July 22, 1974, known as the Penal Code of Puerto Rico, or any... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-ix/1369h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h)... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter IX - Prohibitions and Penalties (§§ 1369 — 1369h) › § 1369h - Investigation fund | The administrative fines collected by virtue of this chapter shall be covered into the general fund of the Corporation.
History —Oct. 28, 2002, No. 255, § 9.09. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-x/1370/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter X - Fiduciary Duties and Conflicts of Interest (§... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter X - Fiduciary Duties and Conflicts of Interest (§ 1370) › § 1370 - Duties | (a) The members of the Boards of Directors of a cooperative shall be subject to a fiduciary duty towards the cooperative. This fiduciary duty includes the duty of diligence and the duty of loyalty to the cooperative, as well as the duty to watch over and care as a good paterfamilias of the property and operations of th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-xi/1371/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter XI - Final Provisions (§§ 1371 — 1371b)›§ 1371 - ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter XI - Final Provisions (§§ 1371 — 1371b) › § 1371 - [Pacts, agreements, contracts and existing reg... | [No provision of this chapter shall be understood to modify, alter or invalidate any agreement, pact or contract in effect at the date of effectiveness of this act, that has been granted under Act Jan. 15, 1973, No. 1, as amended, known as the “Cooperative Savings and Loan Act”, repealed by Act Jan. 15, 1990, No. 6, as... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-xi/1371a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter XI - Final Provisions (§§ 1371 — 1371b)›§ 1371a -... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter XI - Final Provisions (§§ 1371 — 1371b) › § 1371a - Procedures initiated prior to approval | Every procedure for the organization of a cooperative and any action, claim or pending action, before the Commissioner of Financial Institutions or before the Corporation or before any Court at the date of approval of this act, initiated pursuant to the provisions of Act No. 1 of June 15, 1973, as amended, or pursuant ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-86/subchapter-xi/1371b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b)›Subchapter XI - Final Provisions (§§ 1371 — 1371b)›§ 1371b -... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 (§§ 1361 — 1371b) › Subchapter XI - Final Provisions (§§ 1371 — 1371b) › § 1371b - Other applicable laws | Act No. 50 of August 4, 1994, known as the “General Cooperative Associations of Puerto Rico Act”, as well as any successor statute of said Act shall be supplementary to this chapter and its provisions, as well as the regulations adopted by virtue thereof shall be applicable to the savings and credit cooperatives in the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382 - Special Maintenance Fund—Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382 - Special Maintenance Fund—Definitions | For the purposes of §§ 1382 et seq. of this title, the following terms shall have the meaning indicated hereinbelow, unless another meaning is clearly construed from the context:
(a) Committee. — Shall mean the “Interagency Committee for the Evaluation and Approval of Special Maintenance Proposals” created by §§ 1382 e... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382a - Special Maintenance Fund—Creation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382a - Special Maintenance Fund—Creation | A special fund denominated “Special Maintenance Fund”, hereinafter referred to as the “Fund”, is hereby created in the books of the Secretary of the Treasury, which shall be used by the Committee for the Evaluation and Approval of Special Maintenance Proposals created by §§ 1382 et seq. of this title. The Fund shall be... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382b - Special Maintenance Fund—Capitalization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382b - Special Maintenance Fund—Capitalization | The Fund shall be capitalized by one or more of the following mechanisms:
(a) Five percent (5%) contribution of the annual bond issue for the Commonwealth of Puerto Rico Capital Improvements Program, except for fiscal year 1995-96.
(b) Legislative appropriations from the General Fund.
(c) Contributions from public corp... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382c - Special Maintenance Fund—Interagency Committee for the Evaluation and Approv... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382c - Special Maintenance Fund—Interagency Committee for the Evaluation and Approval of Special Maintenance Proposals | An Interagency Committee for the Evaluation and Approval of Special Maintenance Proposals, is hereby created, which shall be composed of the Secretary of State, the Director of the Office of the Management and Budget and the Chairman of the Planning Board. The Secretary of State shall be the Chairman of the Committee.
... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382d - Special Maintenance Fund—Reports to the Legislature | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382d - Special Maintenance Fund—Reports to the Legislature | The Governor, in addition to the Budget Report and the Capital Improvements Program, shall submit an annual report to the Legislature itemizing all maintenance needs handled by the Fund, including the final cost of each.
History —Aug. 14, 1991, No. 66, p. 326, § 6, retroactive to July 1, 1991. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382e - Special Maintenance Fund—Initial capitalization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382e - Special Maintenance Fund—Initial capitalization | For fiscal year 1991-92 and as initial capitalization of the Special Maintenance Fund, the following resources shall be available:
(a) From the General Fund of the Commonwealth of Puerto Rico $1,000,000 (b) Five percent (5%) of the Bond Issue for Capital Improvements of the Commonwealth of Puerto Rico for Fiscal Year 1... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-87/1382f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f)›§ 1382f - Special Maintenance Fund—Appropriation for projects during Fiscal Year 1991-... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 87 - Permanent Infrastructure Fund (§§ 1380 — 1382f) › § 1382f - Special Maintenance Fund—Appropriation for projects during Fiscal Year 1991-92 | In view of the need to deal immediately with certain infrastructure maintenance needs without having to complete the procedure established in §§ 1382 et seq. of this title, the Committee is hereby authorized to make the disbursements described below:
(a) To repair the Melania dam, in Guayama, owned by the Commonwealth ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1401 - Short title | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1401 - Short title | This chapter shall be known as “Act on Transfers of Funds Abroad”.
History —July 23, 1974, No. 131, Part 1, p. 590, § 1, eff. 60 days after July 23, 1974. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1402 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1402 - Definitions | As used in this chapter, the following terms shall have the meaning stated below:
(1) Money.— Generally accepted medium of exchange that may be declared as legal form of payment, constituted by the currency of the United States of America and the currency of foreign countries, including bills or other negotiable instru... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1403 - Scope; records; reports; publicity; exemptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1403 - Scope; records; reports; publicity; exemptions | (a) Except as otherwise provided in this chapter, any financial institution or agency that makes or receives any payment, directly or indirectly through the transfer of funds, on its own or on behalf of another person, with a financial institution organized or operating under the laws of a foreign country in an amount ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1404/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1404 - Personal transportation; exemptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1404 - Personal transportation; exemptions | (a) Any person who transports or causes the transport of money or bearer securities in excess of five thousand dollars ($5,000).
(1) From a place in the Commonwealth of Puerto Rico to or through a place in a foreign country; or
(2) to a place in the Commonwealth of Puerto Rico from or through a place in a foreign count... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1405/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1405 - Regulation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1405 - Regulation | The Secretary shall prescribe by regulation such measures as he may deem necessary and suitable to fulfill the purposes of this chapter.
History —July 23, 1974, No. 131, Part 1, p. 590, § 5, eff. 60 days after July 23, 1974. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iv/chapter-91/1406/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART IV - Transfer Of Funds (§§ 1401 — 1407)›Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407)›§ 1406 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART IV - Transfer Of Funds (§§ 1401 — 1407) › Chapter 91 - Transfer of Funds Abroad (§§ 1401 — 1407) › § 1406 - Penalties | The Secretary is hereby authorized to impose and collect administrative fines in a sum which shall not exceed five thousand dollars ($5,000) for any violation of this chapter or the provisions contained in the regulations promulgated thereunder, except as otherwise provided in said statutes. This fine may be imposed wh... |
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