P.R. Laws tit. 5, § 4515
2019-02-20 00:00:00+00
Any cooperative whose articles allow it may grant loans to members. The loan application shall indicate the purpose for which it is being requested, the security offered and any other information deemed pertinent.
The loan shall be secured by a promissory note drafted according to the instructions of the Board. Its signatories shall be deemed to be joint debtors. The cooperative may accept other securities.
The debtor may pay his/her loan, in whole or in part, during the working hours of the cooperative.
History —Sept. 1, 2004, No. 239, § 20.4.