P.R. Laws tit. 5, § 4526
The money and other liquid assets in the custody of a cooperative that are not claimed or which have been subjected to any transaction in the previous five (5) years shall be transferred to a corporate capital reserve of the cooperative or to its indivisible capital item, at the option of the cooperative. For purposes of this section, neither the imposition of service charges nor the payment of interest or dividends shall be considered as a transaction or activity in the account. Ninety (90) days prior to the transfer of these liquid assets to the aforementioned reserves, the cooperative shall publish a notice in its branches and service offices with a list of the accounts that shall be subject to transfer. During said ninety (90) day term, the list shall be available for the review by any member and the general public. Any person who, during the aforementioned ninety (90) day term, presents attesting evidence of ownership of one or more of the accounts identified in the list shall be entitled to have said accounts withdrawn from the list and not to be transferred to the capital reserves. After the transfer of an account or liquid assets into the capital reserves has been made, only those claims presented no later than two (2) years after the transfer shall be admitted. In such cases, the cooperative may impose the corresponding administrative charges for the investigation and analysis transactions conducted regarding the claim.
Pursuant to these provisions, the cooperatives, their accounts of shares and deposits and their reserves shall be exempt from the provisions §§ 2101 et seq. of Title 7, known as the “Abandoned or Unclaimed Money and Other Liquid Assets Act”.
History —Sept. 1, 2004, No. 239, § 23.1.