P.R. Laws tit. 18, § 1701
The following terms shall have the meaning expressed below:
(1) Youth cooperative. — Means an organization of youths under twenty-nine (29) years of age in a public or private school, community or university institution.
(2) Cooperative Development Administration. — Means the government agency responsible for promoting and organizing all cooperatives.
(3) Department of Education. — Means the government agency responsible for developing and implementing Puerto Rico’s educational system.
(4) Office of the Cooperative Inspector. — Means the government agency responsible for ensuring that cooperatives comply with cooperative laws, their clauses and regulations.
(5) League of Cooperatives. — Means the central organization of the Puerto Rican cooperative movement which groups cooperatives, federations and organized central cooperatives under the cooperative laws of Puerto Rico.
(6) Shares. — Means contributions, quotas or parts of a cooperative social capital.
(7) Assemblies. — Means meetings of cooperative members where they exercise their right to participate and their authority.
(8) Members. — Means any natural or juridical person belonging to a cooperative.
(9) Clauses. — Means the principal document of creation.
(10) Regulations. — Means the internal regulations of the cooperative.
(11) Patronage. — Means the proportion of the volume of business or services generated, made or received by a member.
(12) Reserves. — Means funds separated from net gains for specific uses determined by law.
(13) Social reserve. — Means a special reserve established for emergencies.
(14) Service reserve. — Means a special reserve for community education and services.
(15) Reserve for sponsoring entity. — Means the special reserve for donations to the school community or community organizations, or to nonprofits that sponsor youth cooperatives.
(16) Reserve for the creation of new cooperative enterprises. — Means a special reserve to contribute to the establishment of cooperative enterprises that generate jobs.
(17) Board. — Means board of directors.
(18) Committees. — Means the work groups designated by this chapter or by the board of directors, to perform specific duties.
(19) Counselors. — Means the person or people working to support the school youth, community, or university cooperatives.
(20) Excess. — Means the positive result of operations after deducting the results.
(21) Donations. — Means the contributions rendered by the cooperative to the school community.
(22) Person. — Means every natural person, every cooperative organized according to the laws of Puerto Rico and any non-profit association or juridical person not-for-profit under the laws of the Commonwealth of Puerto Rico.
History —Aug. 29, 2002, No. 220, § 1.1; July 19, 2006, No. 125, § 1.