P.R. Laws tit. 18, § 1779
The reserve shall have a thirty percent (30%) of the cooperative’s net surplus. This reserve shall be used according to the bylaws of the cooperative and, with the previous authorization of the Board of Directors, for the following purposes:
(1) School equipment and materials necessary for the process of teaching/learning or to benefit the school community’s safety and health.
(2) Installations and areas designated for the safety and recreation of students.
(3) Cash donations, only to cooperate in emergency situations.
All donations shall be requested in writing from the Board of Directors. The accumulated funds can be used quarterly in case of need, previous written request to the Board of Directors and without a risk to the cooperative’s economy. The amounts so advanced shall be subtracted from the accrued total at the closing of the balance sheet.
History —Aug. 29, 2002, No. 220, § 12.8.