P.R. Laws tit. 26, § 3410
The general assembly of members of insurance cooperatives shall be held in any city or town of the Island of Puerto Rico in which there are members.
Notice of said assembly shall be given not less than twenty (20) days in advance. The annual regular assembly shall fill the existing vacancies or those that occur on the Board of Directors, receive or consider reports of the officers of the Board of the insurance cooperative with regard to its business and shall resolve all other matters that are duly submitted by the members. Provided, That not more than thirteen (13) months shall elapse between one (1) regular assembly of members and the next.
No assembly of members may amend the articles of incorporation and the regulations of the insurance cooperative unless the proposal for its amendment has been included in the notice of the assembly.
The contents of resolutions presented in the assemblies shall be consistent with the ends and purposes of the insurance cooperative, the laws and bylaws. Furthermore, it is provided that such resolutions shall be submitted duly approved by the Board of Directors of the members to the Board of the insurance cooperative within the term established in the bylaws, and in the absence thereof, as provided by the Board for its evaluation and recommendation to the assembly.
It shall be the duty of the board of directors to call a special general meeting of members when 10% of the members file with the secretary a petition, in writing, to hold such assembly and specifying the matters to be discussed thereat.
History —Ins. Code, added as § 34.100 on June 26, 1959, No. 84, p. 220, § 1; June 25, 1965, No. 86, p. 200, § 6; Apr. 4, 1992, No. 6, § 1; Nov. 12, 2007, No. 174, § 11; Sept. 29, 2010, No. 146, § 1.