P.R. Laws tit. 5, § 4558
2019-02-20 00:00:00+00
After the assembly has approved the agreement of dissolution, it shall appoint [a] board of receivers, which shall consist of not less than three (3) members. Should the assembly fail to elect said receivers, they shall be appointed by the Inspector of Cooperatives.
In those cases in which the Inspector has decreed the dissolution, he/she shall appoint the members of said board. The board of receivers shall be required to obtain a fidelity bond underwritten by an insurance company of Puerto Rico. When it is not possible to appoint three (3) receivers, the Inspector shall appoint a single trustee to carry out the dissolution procedures.
History —Sept. 1, 2004, No. 239, § 31.0.