P.R. Laws tit. 7, § 1366i
Every cooperative is bound to set aside at least one-tenth of one percent (0.1%) of its total volume of business, for the education and integration of the cooperative movement in Puerto Rico. Within three (3) months following the close of operations of each fiscal year, the cooperatives shall determine the amount of said computation up to a maximum of four thousand dollars ($4,000). Every cooperative whose total volume of business exceeds four million dollars ($4,000,000) a year, shall be bound to pay an additional amount of five percent (5%) of its annual net surplus, up to a maximum of six thousand additional dollars ($6,000). This fund shall be contributed to the Cooperative League, which shall use it for education, integration and advisory purposes. For the purposes of this section, the total volume of business shall be computed by adding the total of the loans granted by the cooperative at the close of business, plus the total income from interests in savings and investments as of said date.
Within the month following the close of operations of each fiscal year of the cooperative, it shall have deposited in the Cooperative League, the total amounts it must have paid for that year, that are due. The deposits shall be made quarterly, with each partial payment estimated at one-fourth of the payment corresponding to the preceding year The pertinent adjustment shall be made at the close of operations of the year, and in the event of an overpayment, it shall be credited to the estimated payment for the following first trimester.
History —Oct. 28, 2002, No. 255, § 6.10.