P.R. Laws tit. 26, § 3612
It shall be lawful for a society to create, maintain and operate charitable, benevolent or educational institutions for the benefit of its members and their families and dependents and for the benefit of children insured by the society. For such purpose it may acquire, own, hold or lease, and dispose of personal property or real property located within or without Puerto Rico, with necessary buildings thereon. Such property shall be reported in every annual statement but shall not be allowed as an admitted asset of such society, except as permitted under this title.
Maintenance, treatment and proper attendance in any such institution may be furnished free or a reasonable charge may be made therefor, but no such institution shall be operated for profit. The society shall maintain a separate accounting of any income and disbursements under this section and report them in its annual statement. No society shall own or operate funeral homes or undertaking establishments.
History —Ins. Code, added as § 36.120 June 13, 1964, No. 55, p. 122.