P.R. Laws tit. 18, § 1713
In the constitutional convention, the incorporating members of the cooperative must prepare and approve the cooperative’s bylaws, specifying the provisions contained in its clauses. Additionally, the bylaws can contain other provisions that the members consider necessary for the better development of the cooperative, as long as they do not contradict the provisions of this chapter nor the articles of incorporation.
The bylaws may contain, without limitation:
(a) Date, place and manner of convening and holding ordinary and extraordinary meetings of the members.
(b) The way to vote and conditions under which members may vote in ordinary and extraordinary meetings, according to the cooperative principle of one man one vote.
(c) The number, functions, responsibilities, powers and terms of the directors and officers.
(d) The date, place and form by which the board meets, convenes, and holds its meetings.
(e) The destitution, resignation or substitution of a director or officer.
(f) The condition, requirements of membership, the method for determining and paying for the members’ interest in the cooperative upon death, retirement, separation or other circumstance making membership cease; the conditions and dates upon which any given membership will cease; the method and effect of suspension of membership.
(g) The methods of making withdrawals of shares and contributions.
(h) The way in which the cooperative’s net savings shall be distributed to members and the way in which the cooperative shall relate to nonmembers.
(i) The way in which participation, collaboration and donations are made to the school, so that its economic stability or the goals or purposes for which the cooperative is organized are not affected.
(j) The penalties for violations of the bylaws and the procedure for filing claims.
(k) The functions and duties that can be delegated to the cooperative’s administrator.
(l) The functions and duties of the counselor.
History —Aug. 29, 2002, No. 220, § 4.2.