P.R. Laws tit. 5, § 4534
Should the cooperatives that merge or consolidate approve said agreement, the President and the Secretary of each cooperative shall certify, under oath, the resolution approved to that effect. Said resolution, thus approved and certified, shall be submitted with three (3) copies to the Inspector of Cooperatives, together with the merger agreement signed by the President and the Secretary of each of the cooperatives for its final approval.
Should the Inspector of Cooperatives determine that said merger or consolidation was executed pursuant to the provisions of this chapter, he/she shall submit the original of the resolution approving the agreement to the Department of State, for its registration, together with the pertinent incorporation and cancellation documents within sixty (60) days after the agreement was filed. The Inspector shall retain in his files the original agreement, a copy of the resolution approving said agreement, and a copy of the certificate of registration.
Should the Inspector of Cooperatives determine that the provisions of this chapter have not been met, he/she shall notify his/her decision to all cooperatives concerned. The inspector shall notify his/her decision to reject it within thirty (30) days after having received said documents, and shall state the reasons for rejection in his/her notice.
History —Sept. 1, 2004, No. 239, § 24.4.