P.R. Laws tit. 5, § 4508
The articles, bylaws or the Board of Directors shall govern the amount to be set aside to nourish the corporate reserve, but said amount shall not be less than ten percent (10%) of the net savings, until the amount accrued in said reserve is equal to thirty percent (30%) of the book value of the tangible assets of the cooperative.
The corporate reserve of the cooperative is non-distributable, and therefore, neither the members nor those who have resigned or been excluded, nor in the case of natural person, the heirs thereof, have the right to claim or receive any portion of it. Any charge against this reserve shall be for an emergency of the cooperative through previous authorization of the Board of Directors and the supervision committee, and shall be reported in the next assembly of members; Provided, That in such case, the approval of the inspector shall be required.
History —Sept. 1, 2004, No. 239, § 19.8.