P.R. Laws tit. 21, § 4809
The special corporation may opt to establish a membership system or not, in accordance with the regulations provided in their corporate bylaws.
(a) The members shall be residents of the municipality in which the special corporation is located and shall represent the community’s different interest groups such as: government, institutions related to corporate ends, professional and technical people, private sector entities and persons who can share their knowledge and experience to attain corporate purposes.
(b) Decisions regarding the membership of a person shall be made strictly on the basis of the benefit said person can provide in forwarding corporate goals and purposes, and the search for a diversity of opinion among the members of the special corporation. There shall be no discrimination on the basis of sex, religion, age, political belief, race, or social or economic condition.
(c) All membership applications shall be considered by the Board of Directors, which must approve or reject them within a term of not more than ten (10) business days from the date of their submittal.
(d) Membership shall not be transferable and the exercise of the rights, privileges and duties it entails is individual. Each membership shall represent one vote in any election submitted to the consideration of the members.
(e) At least one general assembly of members shall be held annually which shall be notified to their last known address, as it appears in the corporation’s registry of members, no later than thirty (30) days prior to the date of the assembly. Officers and directors shall discuss the detailed report of their work and the audited financial statement of the previous fiscal year, as well as future plans and projects at the assembly. The financial statement shall include a record of corporate properties and assets, their location and appraised value, property acquired during the year and a breakdown of income, expenses, accounts, obligations and disbursements. The financial statement shall be sent to members no later than one hundred and twenty (120) days after the close of the fiscal year. Members may inquire about matters included in the agenda. They also may amend the agenda by the majority vote of the members present at the assembly.
(f) The corporate secretary shall call a meeting of members whenever a signed petition to such effects is presented by at least one-tenth (1/10) of the total number of members registered at the time the petition is filed, to discuss the matters stated in the required petition.
(g) Members shall have the right to examine the books, accounts and documents of the Corporation, after due notice to the designated custodian thereof, no less than three (3) days prior to the date requested.
(h) Corporate by-laws may be amended with the approval of an absolute majority of the members.
History —Aug. 30, 1991, No. 81, § 17.009.