P.R. Laws tit. 5, § 4487
The chief executive shall be liable to the cooperative for any of the following causes:
(a) Damages caused to the cooperative itself for his/her noncompliance of obligations, gross negligence, deceit or abuse of power;
(b) the existence, regularity and veracity of the books and other documents which must be kept by the cooperative to comply with the law, except those for which the Board of Directors is responsible;
(c) the veracity of the information provided to the general assembly of members and the Board of Directors;
(d) the existence of the assets consigned in the inventories;
(e) the concealment of irregularities observed by him/her in the activities of the cooperative;
(f) the preservation and custody of the capital stock in cash, at a bank or in other institutions and in accounts in the name of the cooperative;
(g) the use of cooperative resources in those activities which differ from the purposes of the cooperative;
(h) the improper use of the name or assets of the cooperative, and
(i) non-compliance with the law, the bylaws and the duties established in the contract.
History —Sept. 1, 2004, No. 239, § 17.3.