P.R. Laws tit. 7, § 1363b
The incorporators of the cooperative shall submit to the Corporation two (2) copies of the document of the incorporation clauses, and an internal revenue receipt in the amount that the Corporation shall establish by regulations. They shall also present the original document of the general regulations of the cooperative, signed by the provisional members of its Board, verified before a notary public, and include two (2) plain copies thereof.
The Corporation shall examine and evaluate the incorporation clauses and the general regulations of the Cooperative, to determine if they meet the requirements established in this chapter and the regulations adopted by virtue thereof. Once its compliance with the statutory incorporation requirements has been verified, the Corporation shall submit the incorporation clauses and the internal revenue receipt to the Secretary of State for its registration. Likewise, it shall return the original of the general regulations to the cooperative, and shall retain a copy of the incorporation clauses document and a plain copy of the general regulations, for its files.
The Secretary of State shall issue the certificate of incorporation and the Corporation shall issue the permit to operate the cooperative, once it qualifies and obtains a written certificate to avail itself of the deposits and shares insurance provided by the Corporation.
History —Oct. 28, 2002, No. 255, § 3.03.