P.R. Laws tit. 5, § 4392
Without it being construed as a limitation, every cooperative may:
(a) Carry out its activities in or outside of Puerto Rico, as the laws may permit;
(b) possess its own seal and alter it with the agreement of the Board;
(c) sue and be sued;
(d) execute all types of legal contracts;
(e) accept gifts, provided they do not contain conditions that limit its power to act;
(f) acquire, possess, sell, dispose of, exchange, mortgage, acquire or convey in lease, and otherwise operate with real property and chattels in any way;
(g) acquire, issue, endorse, discount, sell or otherwise operate with bills of sale, bonds, obligations and securities, and otherwise operate with real property and chattels in any other way;
(h) establish and accrue capital reserves and surplus, and invest said reserves and surplus in other properties and securities;
(i) borrow money without limit to the amount;
(j) act as agent, representative or proxy of any member;
(k) grant advances to its members and to members of another cooperative which is, in turn, a partner or a subsidiary of the grantor, on merchandise delivered or services rendered. This power does not apply to housing cooperatives;
(l) limit its operations, activities and services exclusively to its members, or extend them to non-members;
(m) serve as sponsor to other cooperatives;
(n) engage in more than one activity;
(o) broaden its activities through the creation of departments as defined in its articles of incorporation;
(p) establish and accrue corporate reserves for the benefit of its members or the community, for emergencies or natural disasters, pursuant to the criteria established in the bylaws of the cooperative, and
(q) dissolve, liquidate, merge or consolidate within the framework of this chapter.
History —Sept. 1, 2004, No. 239, § 3.5.