P.R. Laws tit. 5, § 4557
The Inspector of Cooperatives of Puerto Rico may decree the dissolution of a cooperative:
(a) When it has been impossible to gather its members or delegates in an assembly for more than two (2) consecutive years;
(b) when a cooperative has been inactive for a period of not less than three (3) years. An inactive cooperative shall be understood to be one that does not perform the activities needed to achieve its ends and purposes;
(c) when a cooperative fails to correct, within a reasonable period of time and according to a work plan for such purpose, violations of the law indicated by the Inspector of Cooperatives, and when said violations represent or may represent irreparable damages for the members of the community, and
(d) when a cooperative has reduced the real value of its shares by more than fifty percent (50%).
History —Sept. 1, 2004, No. 239, § 30.1.