P.R. Laws tit. 7, § 1334o
Every insured cooperative shall keep its records in such a way that the verification of the correction of the financial statements, audited statements, deposit and stock, loans, insurance premiums and any other statistical and financial data that the Corporation deems necessary for the purposes of this chapter can be expedited. The Corporation may require the insured cooperatives to maintain the systems and procedures and use the uniform forms and documents that are provided for the conservation of said records or documents.
The Corporation may authorize the insured cooperatives to dispose of said records after five (5) years of their having been prepared, filed or having made the report, statement, or payment of any capital sum, regular or special premium, or any adjustment to said payments or charges. Notwithstanding the above, they must be preserved until the final adjudication of any controversy when there are differences between an insured cooperative and the Corporation on the amount of any deposit or adjustment to the same, on any charge for premiums, or on the financial situation of the insured cooperative. Said records shall also be kept when the financial situation of the insured cooperative may require the Corporation to pay any sum under the shares and deposits insurance.
History —Aug. 17, 2001, No. 114, § 17.