P.R. Laws tit. 5, § 4521
In case the retirement, death or separation of a member, the cooperative shall pay him/her, his/her authorized representative, beneficiaries or heirs, as the case may be, the amount of money equivalent to his/her contribution, plus any sum on account of interest accrued by the member in the cooperative within ninety (90) days of his/her retirement, death or separation. The cooperative shall also be diligent in paying the declared dividends and in carrying out any transaction with regard to life insurance policies carried by the person who has ceased to be a member. Any outstanding debt of the member with the cooperative must be deducted from said payment.
In the case of the death of a member, the cooperative shall comply with the provisions of the Civil Code of Puerto Rico regarding matters of bequests and estates, with the exception of a claim of money for funeral expenses. Provided, That the administration of the cooperative may disburse, at the request of an authorized person, up to a maximum of one thousand dollars ($1,000) to defray funeral expenses of the deceased member. The administration of the cooperative shall submit to the Board of Directors the claim for the assets of the deceased member for its consideration in the next regular meeting once the relative has remitted the following documents: a sworn statement declaring the relationship of the petitioner with the member; death certificate; and funeral parlor invoice. The corresponding payment shall be made out in the name of the funeral parlor that rendered the services.
History —Sept. 1, 2004, No. 239, § 22.2.