P.R. Laws tit. 5, § 4620
The highest authority of the cooperative of member-owners shall be the general assembly of member-owners, whether regular or extraordinary, and its decisions shall be binding for the Board of Directors, the committees and all the member-owners, whether present or absent, provided that its decisions are adopted pursuant to law and the regulations. Every cooperative of member-owners shall hold at least one general assembly of members per year. Regarding the notification of all assemblies, the dates and quorum shall be established in the general rules.
In addition to those provided in this chapter, the duties of the assembly of member-owner shall include the following:
(a) Establish the general policy of the member-owner cooperative and receive the reports of the Board of Directors and of the respective committees established by law or regulation;
(b) establish the maintenance fees or mandatory contributions in addition to those established in the regulation, upon evaluation and recommendation of the Board of Directors, and
(c) make decisions regarding the use of reserves in the case of extraordinary expenses as they are defined in the general rules.
The challenging of the decisions of the assemblies of member-owners shall be filed through recourse of review before the Office of the Inspector of Cooperatives. Those powers, rights and obligations granted to the Board of Directors, the supervision committee or any other directing body by this chapter shall not be altered in an assembly.
History —Sept. 1, 2004, No. 239, § 35A.30.