P.R. Laws tit. 26, § 3409
(a) As soon as contribution certificates in the amount of three fourths of the minimum surplus funds required have been paid, and as soon as three fourths of the total number of applications of members required to qualify for the original certificate of authority have been accepted, the directors of the cooperative insurer being formed shall call the first assembly of members. The assembly shall be held in any city or town of Puerto Rico as stated in the cooperative’s articles of incorporation, and written notice of the date, time, place, and purposes of the assembly shall be sent to each such member, addressed to the member at his/her last address in record with the cooperative, or delivered to him/her personally, not less than thirty (30) days prior to the date of the assembly.
(b) The assembly shall consider and adopt cooperative bylaws of the insurance cooperative, elect directors with different terms of one, two or three years, according to the initial staggered system established in the bylaws and shall transact such other business as may properly come before it for its consideration.
History —Ins. Code, added as § 34.090 on June 26, 1959, No. 84, p. 220, § 1; June 25, 1965, No. 86, p. 200, § 5; Dec. 13, 1990, No. 36, § 3; Aug. 5, 1993, No. 47, § 1; June 28, 1994, No. 32, § 1; Nov. 12, 2007, No. 174, § 10, eff. 30 days after Nov. 12, 2007.