P.R. Laws tit. 7, § 1334
It is the public policy of the Commonwealth of Puerto Rico to watch over the integrity, solvency and financial strength of the cooperative movement of Puerto Rico. An essential part of said public policy and of the essential responsibility of the state is to conduct a fair, equitable and effective supervision and monitoring of the cooperatives, according to the following principles:
(a) The complete function of monitoring and total supervision of cooperative savings and credit unions and their operations, products and services shall be exclusively consolidated and unified in the Public Corporation for the Supervision and Insurance of Cooperatives in Puerto Rico.
(b) The drafting of public policy and regulations of the cooperative movement by the Corporation shall include the representation of insured cooperatives, as subsequently provided in this chapter.
(c) Those matters germane to the governing processes of the cooperatives whose affairs do not present or imply relative risks to the economic, financial, juridical or moral integrity of said institutions or of its members shall be subject to self-regulation under those rules that are adopted by the Corporation with the approval of its board, as subsequently provided in this chapter.
History
—Aug. 17, 2001, No. 114, § 2.