P.R. Laws tit. 26, § 3405
The articles of incorporation of an insurance cooperative shall state:
(1) The name of the insurance cooperative, which shall contain as a distinctive part thereof, the word “Cooperative”. Provided, That no insurance cooperative may select a name already adopted by another insurer or which is so similar thereto as to be likely to create confusion.
(2) The name of the city or town in which will be located the insurance cooperative’s main place of business, which place must be in Puerto Rico.
(3) The duration of its existence, which may be perpetual.
(4) The kinds of insurance the insurance cooperative is formed to transact, according to the definitions thereof in this Code. The insurance cooperative may initially be authorized to transact one or several kinds of insurance.
(5) There shall be indicated the authorized total number of fund contribution certificates and the amount of the contribution represented by each certificate. If the insurance cooperative authorizes more than one kind of contribution certificates, it shall indicate the description of each kind; the number of certificates making up each kind; and the rights, preferences and restrictions granted to or imposed on each kind.
(6) The names and mailing addresses of the incorporators and the number of fund contribution certificates underwritten.
(7) The names and mailing addresses of the provisional directors, who shall not be less than five.
The articles of incorporation of an insurance cooperative may include any other provision that is not contrary to the law, morality or the public order.
History —Ins. Code, added as § 34.050 on June 26, 1959, No. 84, p. 220, § 1; June 25, 1965, No. 86, p. 200, § 2; Nov. 12, 2007, No. 174, § 6, eff. 30 days after Nov. 12, 2007.