P.R. Laws tit. 5, § 4388
Cooperatives shall observe the following principles:
(a) Open and voluntary membership. — Cooperatives are voluntary organizations for all those persons willing to use their services and to accept the responsibilities entailed by membership without discrimination by reason of gender, race, social class, political affiliation or religion.
(b) Democratic control by the members. — Cooperatives are democratic organizations controlled by their members, who actively participate in the definition of policies and decision-making. The persons elected to represent their cooperative report to the members. The decisions are made in assemblies in which each member is entitled to one (1) vote, regardless of their contribution.
(c) Economic participation of the members. — The members contribute equally and control the capital of the cooperative democratically. At least one part of said capital is common property of the cooperative. Generally, they receive a limited compensation, if any, on the capital subscribed as a condition for membership. The members appropriate any surplus for any of the following purposes: the development of the cooperative through the possible creation of reserves from which at least one part shall be indivisible; member benefits that are in proportion with their transactions with the cooperative; and support for other activities as approved by the membership.
(d) Autonomy and independence. — Cooperatives are autonomous mutual assistance entities controlled by their members. If they enter into agreements with other organizations, including governments, or have capital from outside sources, they use it in terms that ensure democratic control by its members and maintain the autonomy of the cooperative.
(e) Education, training and information. — Cooperatives offer education and training to their members, elected officers, managers and employees in order for them to contribute efficiently to the development of their cooperatives. Cooperatives give information to the general public, particularly youths and creators of public opinion regarding the nature and benefits of cooperative movement.
(f) Cooperation between cooperatives. — Cooperatives serve their members more efficiently and strengthen the cooperative movement by working together through local, regional, national and international structures.
(g) Social responsibility. — Cooperatives work towards the sustainable development of their communities through the policies approved by their members.
History —Sept. 1, 2004, No. 239, § 3.1.