P.R. Laws tit. 7, § 1368e
It is the public policy of the Commonwealth to support and propitiate the development of every cooperative. Pursuant thereto, the Corporation shall seek to identify in a timely manner, any operating, financial or managerial weakness that requires corrective action. Once identified, the Corporation shall ascertain that the cooperative shall orderly and efficiently put into effect the necessary corrective measures that shall propitiate [sic] its fostering and development for which it may use the administrative and regulatory measures provided in §§ 1334 et seq. of this title, in this chapter, and in the special laws that are applicable.
The primary responsibility of the executive or management bodies of the cooperative shall be the implementation of the corrective measures provided by the Corporation, without impairing the powers of the corporation to bring charges and the removal of officials, directors and employees, pursuant to §§ 1334q and 1365w of this title. In those cases that the protection of the members and the depositors, the continuity or integrity of the operations of the cooperative, or the protection of the insurance fund of the Corporation is required, it may adopt the necessary regulatory measures provided in §§ 1334 et seq. of this title, in this chapter, and in the special laws that are applicable, leading to the rehabilitation and support of the cooperative.
Before proceeding to decree a merger, consolidation, sale of assets and the assumption of liabilities, or the dissolution and liquidation of a cooperative, the Corporation shall be required, through the affirmative two-thirds (2 / 3) vote of its Board of Directors, to make an express determination that there is no possibility of rehabilitating the cooperative.
History —Oct. 28, 2002, No. 255, § 8.06.