P.R. Laws tit. 7, § 1362d
(a) Branches. — Cooperatives may establish branches in mobile units or permanent establishments, provided they fulfill the provisions and procedures of this chapter and its regulations and, in every case, with the prior approval of the Corporation. Every cooperative that wishes to obtain an authorization to establish a branch, whether mobile or permanent, shall file an application with the Corporation in which it shall state the exact address of the place where the branch is to be located or where the mobile branches are to be operated.
(b) Service offices. — An adequate cooperative may establish service offices, provided it notifies the Corporation of the establishment thereof. The establishing of a service office shall be deemed to be approved if the Corporation does not file an objection within thirty (30) calendar days from the date the notice of the cooperative is received. The objection by the Corporation shall expressly indicate its specific grounds, in which case the process to establish the service office shall be detained until tile objection is withdrawn. The cooperatives that are not adequate, may establish service offices subject to the prior approval of the Corporation.
(c) Relocation of branches and service offices. — An adequate cooperative may relocate its branches and service offices, provided the Corporation is notified of said transfers. The transfer shall be considered as approved if the Corporation does not file an objection within thirty (30) calendar days following receipt of the notice. The objection by the Corporation must expressly indicate its specific grounds, in which case, the relocation process shall be detained until the objection is withdrawn. Cooperatives that are not adequate may locate their branches and service offices subject to the prior approval of the Corporation.
(d) [Notification]. — Every notification and every application for prior approval required under this section shall be submitted in writing and signed by an official authorized for such matters, and shall contain such information that the Corporation shall provide by regulations. The Corporation shall adopt objective parameters for the evaluation of the applications through regulations.
History —Oct. 28, 2002, No. 255, § 2.05.