P.R. Laws tit. 5, § 4389
2019-02-20 00:00:00+00
Cooperatives must be consistent regarding the following characteristics:
(a) Indefinite term of duration;
(b) variability and non-restriction of capital;
(c) independence from partisan politics;
(d) equality in the rights and obligations of the members;
(e) recognition of one (1) single vote to each member of first grade cooperatives;
(f) corporate reserves shall not be distributed;
(g) admission as a member shall not be denied to any person by reason of race, gender, color, social position, religious belief, citizenship or political affiliation;
(h) non-profit purposes, and
(i) to promote socioeconomic development through common efforts.
History —Sept. 1, 2004, No. 239, § 3.2.