P.R. Laws tit. 7, § 1334h
Every cooperative savings and credit union that is organized and operating as such on the effective date of this act, may continue to avail itself of the shares and deposits insurance of the Corporation.
However, those cooperative savings and credit unions that on the effective date of this act have availed themselves of the shares and deposits insurance of the National Credit Union Administration shall have the option of continuing under the insurance of said entity or to avail themselves of the shares and deposit insurance provided in this chapter, subject in this last case, to their compliance with the requirements established by the Corporation.
Every cooperative credit and savings union or federation that is organized after the effective date of this act, is bound to avail itself of the shares and deposit insurance prior to initiating operations, according to the requirements established by regulations.
History —Aug. 17, 2001, No. 114, § 10.