P.R. Laws tit. 5, § 4501
2019-02-20 00:00:00+00
The articles of incorporation shall indicate the initial capital of the cooperative and the bylaws shall provide the minimum sum a member must contribute, or the shares he/she must own.
Contributions or shares may be paid in cash, goods or services, according to the provisions of the bylaws of the cooperative.
The bylaws of the cooperative shall provide the form and procedure to be used to determine the worth of the goods or services rendered to pay for the contributions or shares. The personal work of the incorporators [or] promoters of the cooperative performed prior to the organization thereof shall not be valued as a contribution nor compensated with shares.
History —Sept. 1, 2004, No. 239, § 19.1.