P.R. Laws tit. 5, § 4480
The supervision committee shall have the following duties and powers:
(a) Elect, from within its members, a chairperson, vice-president and secretary, and accept the dismissal or the resignation of its members.
(b) Establish the internal rules of procedure of the committee.
(c) Perform internal and external interventions in the audit of the accounts and operations of the cooperative and carry out the interventions it deems necessary and convenient for the best interests of the cooperative.
(d) Request from the Board the funds required to obtain the services of professional personnel needed to discharge its duties. The Board shall contract the external auditors requested by the supervision committee, in writing, when the committee expresses the need for said contracting in order to perform its account audit responsibilities to the Board.
(e) Receive and analyze the reports of the internal and external auditors, as well as those of the Inspector.
(f) Examine the minutes of the Board of Directors and of the committees to oversee that they are kept according to the established procedures.
(g) Evaluate the constitution and subsistence of the guarantees and fidelity bonds.
(h) Follow-up on the course of the judicial actions in which the cooperative is a party.
(i) Render a report on the results of the audits made to the cooperative to the Board of Directors no later than thirty (30) days following the date on which the same is concluded.
(j) Render a written report to the general assembly and the Inspector of Cooperatives on the work performed during the year, being it understood that the committee shall not comment on the effectiveness or efficiency of the administrative actions of the Board. The supervision committee shall present and discuss said report with the Board no later than thirty (30) days prior to holding of said assembly.
(k) It may request the Board of Directors to convoke a special assembly of members to discuss matters of importance and interest to the members.
(l) Fill vacancies which may arise in the committee until the next general assembly is held and the new members are elected.
(m) The supervision committee may recommend the suspension or dismissal of any member of the Board or of another committee who incurs violations against the provisions in this chapter to the general assembly, after the filing and notice of the charges, and holding a hearing before the committee. The person accused may attend the hearing accompanied by counsel.
(n) Exercise all other powers in its competence by express provision of law.
History —Sept. 1, 2004, No. 239, § 16.2.