P.R. Laws tit. 26, § 3406
(1) The articles of incorporation of an insurance cooperative may be amended by resolution adopted by ⅔ of the members present at a vote taken in a regular or a special assembly called for such purpose.
(2) If the amendment is to change the insurance cooperative’s name after the transaction of insurance in Puerto Rico thereunder, the proposed amendment shall not be submitted to the members [until] after the Board has applied for, and received the consent of the Commissioner to the proposed change. The amendment shall be deemed approved, unless it is denied by the Commissioner within thirty (30) days of it having been submitted to his/her consideration.
(3) After adoption of the amendment by the members of the insurance cooperative, its president and secretary shall, under the corporate seal, certify the amendment in triplicate and file one copy with the Commissioner, one copy with the Secretary of State and retain the other copy in the insurance cooperative records. Upon completion of such filings the amendment shall be deemed effectuated.
History —Ins. Code, added as § 34.060 on June 26, 1959, No. 84, p. 220, § 1; Nov. 12, 2007, No. 174, § 7, eff. 30 days after Nov. 12, 2007.