P.R. Laws tit. 5, § 4628
All cooperatives organized pursuant to this chapter shall establish and maintain operational and reserve accounts, including one which may be used for expenses related to the acquisition of housing units, as established in this chapter, as well as extraordinary expenses agreed upon by the assembly of member-owners. The percentages of the maintenance fees and other income according to the formulas established in the general rules shall be deposited in these accounts. All income generated by the cooperative, including income from the sale of housing units by the cooperative and from the operation of businesses shall be deposited in these accounts. Provisions pertaining to the use of funds in the corresponding administrative and financial operations, including operational funds, deposits and investments, shall be established in the general rules in agreement with the operational freedom and flexibility of the cooperatives. A procedure shall be provided to negotiate with the corresponding regulating entity those changes and variations in the percentages and formulas necessary and reasonable for the adequate operation, development and advancement of the cooperatives.
History —Sept. 1, 2004, No. 239, § 35A.38.