P.R. Laws tit. 5, § 4460
The Board and Supervisory Committee shall be constituted by members who meet the following requirements:
(a) Have not been convicted of a felony or misdemeanor involving fraud, breach of trust or moral turpitude. The members of those cooperatives that are formed to serve the inmate and ex-inmate populations and that present proof of compliance with the development plans drafted together with the Inspector of Cooperatives as established in § 4647b of this title shall be exempted from the application of this subsection.
(b) Do not have a direct or indirect financial interest in any enterprise whose business is in competition with that of the cooperative.
(c) Do not hold office or fill a position in other profit or non-profit entities that may create a conflict in the performance of their responsibilities.
(d) Have not been separated as members of the Board or committee, or as executive officer of another cooperative for the reasons established in this chapter.
(e) Meet all the requirements established in the bylaws of the cooperative.
(f) Are eligible to be covered by a fidelity bond.
(g) Are up-to-date in their obligations with the cooperative.
(h) Take and approve cooperative training courses containing principles and applicable laws according to the nature of the cooperative. Such courses shall be taken during the first year of their appointment and shall be endorsed by the cooperative league.
History —Sept. 1, 2004, No. 239, § 14.0; June 12, 2008, No. 90, § 1.