P.R. Laws tit. 7, § 1334s
Each insured cooperative shall maintain in the Corporation, as a contribution of capital stock and according to its determination, a sum equal to one percent (1%) of the total of the shares and deposits that it holds as of June 30 of each year of operations, as stated in the certified shares and deposits statement or in the certified financial statements required by this chapter. The Corporation shall establish the norms and procedures to annually determine the amount of the deposit of the contribution of capital that each insured cooperative should maintain, according to the variations in shares and deposits. Likewise, it shall establish the rules and procedures to determine the annual increment that should be required in the amount of said contribution of capital as a result of an increase in insured shares and deposits.
When the amount of unencumbered uncommitted reserves, for the payment of losses and the total capital of the Corporation, exceeds two percent (2%) of the total insured shares and deposits, the Corporation shall use said excess for the payment of interest on capital. Said interest shall be determined on the basis of an average yield rate of the total assets of the Corporation for the twelve month period preceding the date that the payment is made, reduced by one percent (1%).
When an insured cooperative undergoes a reduction in its insured shares and deposits, the Corporation may reduce the amount of the capital contribution that it should maintain in the Corporation for the corresponding year, as established by the Corporation by regulations. In those cases the capital shall not be adjusted nor returned until the Corporation determines that said reduction in shares and deposits is not due to a potential situation of insolvency. When this is the case, the Corporation shall be prevented from making the return.
History —Aug. 17, 2001, No. 114, § 21.