P.R. Laws tit. 7, § 1366e
The members of the Board and its officials, committee members, executive officers, and members of a cooperative who participate directly in its administration, shall not withdraw nor transfer their shares while they hold office or perform functions in the cooperative. Any withdrawal or transfer of shares made by those persons in the six (6) months prior to the date on which the Corporation determines that the solvency or liquidity of the cooperative is endangered, or on the date the cooperative decides to use any mechanism authorized by law to safeguard its interests, whichever occurs first, shall be deemed as null. In such case, said persons shall continue to answer to the creditors of the cooperative, or to the Corporation, or to any other underwriter for the value of the shares that they have withdrawn and transferred.
However, in cases of emergency or extreme need, the members of the Board and its officials, committee-members, executive officials and the members of a cooperative that participate directly in its administration, may withdraw or transfer their shares, with the prior authorization of the Board of Directors. In such case, the members of the Board and its officials, committee members, executive officials and members of a cooperative that participate directly in the administration thereof, shall continue to answer to the creditors of the cooperative, to the Corporation, or to any other insurer, pursuant to what is established above.
History —Oct. 28, 2002, No. 255, § 6.06.