P.R. Laws tit. 18, § 1777
2019-02-20 00:00:00+00
The articles and bylaws shall establish the amount to be separated as social reserve, which may not be less than ten percent (10%) of the net surplus, until the equivalent of thirty percent (30%) of the value of all the cooperative’s assets is accrued. The social reserve cannot be distributed. Charges against this reserve can only be made due to an emergency, through authorization of the Board of Directors and the supervision committee, or in a special case, with the approval of two-thirds (2 / 3) of the assembly.
History —Aug. 29, 2002, No. 220, § 12.6.