P.R. Laws tit. 5, § 4455
(a) Definition. — A general assembly of members shall be that meeting which is open to all members of the cooperative who, according to its bylaws, qualify as such.
(b) Obligation to hold assemblies. — Every cooperative that is not organized by districts shall hold at least one (1) general assembly of members annually.
(c) Date for holding assemblies. — The general assembly of a cooperative shall be held on the date, time and place determined by the Board of Directors, within six (6) months following the close of its fiscal year, and on the convenient date closest to the referred close.
(d) Quorum. — A general assembly of members shall be legally constituted when the following conditions are present:
(1) When membership is of, or exceeds one hundred (100) persons, quorum shall be ten percent (10%) thereof; plus five percent (5%) of the excess over one thousand (1,000) of the total number of members, and
(2) when membership is less than one hundred (100) members, quorum shall be a minimum of fifteen (15) persons or two-thirds (⅔) of the membership, whatever is less.
(e) Lack of quorum. — If a first summons to a general assembly of members does not attain the required quorum, a second summons to the general assembly shall be issued in which those members or delegates present shall constitute quorum. The second summons shall never be prior to one (1) hour later than the first summons, provided that the first and second summonses have been expressly scheduled in the written notices sent to the members or delegates, as the case may be, stating expressly that those present shall constitute quorum in second summons.
History —Sept. 1, 2004, No. 239, §§ 11.0—11.4.