P.R. Laws tit. 7, § 1365e
(a) In the case of newly organized cooperatives, the incorporators shall designate the first Board of Directors and the respective committees, pursuant to the provisions of this chapter, the regulations adopted thereby, and the general regulations of the cooperative.
(b) In the case of savings and credit cooperatives in operation that are not organized by districts, the general assembly of members shall cover by election, the positions on the Board whose terms have expired.
(c) In the case of savings and credit cooperatives organized by districts that are already in operation, the members of the Board that represent each district shall be elected in the district assembly according to the number of said directors that correspond to each district, according to the general regulations. The positions of Board members at large, whose terms have expired, if any, shall be filled through an election at the general assembly of delegates.
(d) In cases that, for any event, the election of directors cannot be held during the general assembly of members or delegates, said election can be held at a special assembly.
(e) In every case, the Board of Directors shall be made up of not less than seven (7) nor more than fifteen (15) members.
(f) Every person who hopes to be a member of the Board of Directors must have been a member of a cooperative at the time of the election, for a term of one (1) year, and have fully complied with his/her obligations as a member during said period.
History —Oct. 28, 2002, No. 255, § 5.06.