P.R. Laws tit. 5, § 4523

2019-02-20 00:00:00+00

§ 4523. Withdrawals by members of the governing bodies

No director, officer, committee member or member of the cooperative who is participating directly in the administration of a cooperative may make withdrawals of shares or contributions, unless the cooperative enjoys a solid financial condition and has the approval of the Board of Directors, the supervision committee and the credit committee, should there be one.

History —Sept. 1, 2004, No. 239, § 22.4.