P.R. Laws tit. 7, § 1334n
Every insured cooperative shall be subject to lose all rights and benefits guaranteed by this chapter, to have the Corporation revoke the authorization to do business as a cooperative entity and order its liquidation if:
(a) It refuses to file the certified statements on the total of shares and deposits that are required in this chapter;
(b) it refuses to pay the insurance premiums, the capital stock or special premiums required by this chapter and its regulations, or
(c) it refuses to correct any error or omission in said certified statements or refuses to pay the amounts owed for annual or special premiums, surcharges and interests, or refuses to deposit the capital contribution in the Corporation as required in this chapter, or to pay any administrative fine that has been imposed on it.
When an insured cooperative incurs any of the deficiencies established above, the Corporation shall require it to correct the same within thirty (30) days following the date of such requirement. If it is not corrected in said term, the Corporation shall notify the Board of Directors of the Cooperative of the deficiency incurred, and admonishing it that it shall impose the sanctions established in this chapter on the insured cooperative.
If after this procedure, which may be extended for a term that shall not exceed sixty (60) days, the insured cooperative persists in any of the deficiencies set forth in subsections (a), (b), and (c) of this section, the Corporation may impose the sanctions established in the first paragraph of this section. This decision shall be immediately notified to the Board of Directors of the insured cooperative, stating the facts and grounds on which they are based.
The Corporation has the responsibility to adopt and execute the measures that are necessary to safeguard the guarantees that this chapter provides for the members and depositors of insured cooperatives in any case in which the authorization to do business as a cooperative entity is revoked, or in the cases that the liquidation of the insured cooperative will proceed.
History —Aug. 17, 2001, No. 114, § 16.