P.R. Laws tit. 7, § 1363a
The document of the corporate clauses shall be sworn to by all the incorporators before a notary public and shall include the following information:
(a) Official name of the cooperative, which shall include the words “Savings and Credit Cooperative” or the initials “Coop” or “SCC”. No cooperative shall adopt a name that is similar or alike to that of a previously established cooperative. This provision shall in no way limit the power of the cooperatives to adopt and use commercial names, individually or jointly among themselves, regarding their operations, services or products, or those of their subsidiaries or affiliates, all of which is subject to compliance with applicable laws.
(b) Exact address of the place where the main office of the cooperative to be organized shall be established.
(c) Objectives or purposes for which it is organized.
(d) Par value of the shares, which shall not be less than ten dollars ($10) each.
(e) Name, address and personal status of the incorporators, as well as the number of shares subscribed by each of them.
(f) Number of partners with which the cooperative shall commence operations.
(g) Number of shares with which the cooperative shall initiate operations, which shall not be less than fifty thousand dollars ($50,000), with the exception of closed cooperatives in which the number of shares could be less.
History —Oct. 28, 2002, No. 255, § 3.02.