P.R. Laws tit. 26, § 3606
After one year from the effective date of this act, no unincorporated association shall be permitted to transact business in Puerto Rico as a fraternal benefit society.
Any domestic voluntary association now authorized to transact business in Puerto Rico may incorporate and shall receive from the Commissioner of Insurance a permanent certificate of incorporation as a fraternal benefit society when:
(1) It shall have completed its conversion to an incorporated society not later than one year from the effective date of this act.
(2) it has filed its articles of incorporation and has satisfied the other requirements described in § 3604 of this title, and
(3) the Commissioner of Insurance shall have made such examination and procured whatever additional information he shall deem advisable.
Every voluntary association so incorporated shall incur the obligations and enjoy the benefits thereof the same as though originally incorporated, and such corporation shall be deemed a continuation of the original voluntary association. The officers thereof shall serve through their respective terms as provided in its original articles of association, but their successors shall be elected and shall serve as provided in its articles of incorporation. Incorporation of a voluntary association shall not affect existing suits, claims or contracts existing at the moment of the incorporation.
History —Ins. Code, added as § 36.060 on June 13, 1964, No. 55, p. 122.