P.R. Laws tit. 7, § 1368c
When by provision of this chapter or its regulations, the cooperative must adjudicate a complaint presented by any cooperative, its board of directors, committees and executive officials, or by any partner or depositor of a cooperative, for violations of this chapter, §§ 1334 et seq. of this title, or the regulations adopted hereby, or for violations to the general regulations of the cooperative, the Corporation, on its own initiative, or by petition of any of the parties, shall submit the matter to the consideration of an arbitration panel composed of three (3) arbitrators, one (1) selected by each party in the controversy, and the third selected by mutual agreement by the two first arbiters. In the event there are more than two parties in the controversy, additional arbitrators may be designated. In the event the panel results in an even number of arbitrators, they shall designate an additional arbitrator by mutual agreement to ensure an uneven number. The Corporation shall adopt rules that shall govern the arbitration procedure, including, among others, the eligibility requirements of the arbitrators, rules of procedure to be applied, the corresponding charges and fees to defray the cost of the arbitration procedure, and the assumption of the costs and expenses by the parties. The arbitration panels shall apply the existing standards and shall not generate interpretations or opinions that imply the adoption of public policy. In order to assure a correct application of juridical and regulatory norms, the Corporation shall provide technical assistance to the arbitration panels. The party affected by the decision of the arbitration panel, may request judicial review of said decision before the Court of First Instance in which the main office of the cooperative is located, within fifteen (15) days following the date the decision of the panel is served.
In those cases that the Corporation determines that the public interest requires a direct adjudication, the regulatory procedures established by the Corporation pursuant to §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”, shall be observed.
History —Oct. 28, 2002, No. 255, § 8.04.