P.R. Laws tit. 5, § 65
(a) The Secretary of Agriculture is hereby directed to transfer to the Cooperative Development Administration the sum of one hundred and fifty thousand dollars ($150,000) from the revolving fund created by Act Jan. 24, 1951, No. 1, for the Administrator of the Cooperative Development Administration to organize a farmers’ cooperative which shall engage in the purchase and sale of food commodities produced in Puerto Rico.
(b) The Secretary of Agriculture is hereby directed to transfer to the Cooperative Development Administration the personnel, operating funds, equipment, vehicles, machinery, inventory, and other facilities at present used by the Department of Agriculture in the purchase and sale transactions of food commodities produced in Puerto Rico. The personnel so transferred shall keep its present classification within the Non-competitive Service.
The Secretary of Agriculture shall maintain his power to use the balance of the revolving fund of the Food Commodities Production and Distribution Program of the Department of Agriculture in the purchase and sale, either by cash or on credit, of food commodities produced in Puerto Rico whenever situations should arise which, in his judgment, make advisable, necessary or convenient such purchase and sale transactions, as authorized by Act No. 1 of January 24, 1951, as amended. If any such situation arises, the cooperative so organized shall assume the obligation of facilitating to the Food Commodities and Distribution Program of the Department of Agriculture the free use of all properties, equipment, vehicles, machinery, and other facilities transferred by virtue of this section and which are available.
(c) The transference of said resources, funds, personnel and properties above mentioned shall not take place until the cooperative which is to take charge of said purchase and sale transactions of food commodities produced in Puerto Rico is incorporated and has raised a reasonable capital, in the judgment of the Cooperative Development Administration. Said capital shall in no case be less than ten thousand dollars ($10,000).
(d) The Administrator of the Cooperative Development Administration may transfer free of cost to the cooperative which is to take charge of the said purchase and sale transactions of food commodities produced in Puerto Rico the equipment, vehicles, furniture, machinery, inventories, and other facilities received from the Department of Agriculture, as soon as said cooperative is incorporated under the legal statutes in force.
(e) The Administrator of the Cooperative Development Administration shall promulgate the necessary norms and regulations for implementing this section; Provided, That the cooperative organized in accordance with the provisions of this section shall conform to all the provisions of the General Cooperative Associations Act, and any other legislation applicable to cooperatives in Puerto Rico.
History —June 26, 1963, J.R. No. 102, p. 422, §§ 1—5; May 21, 1964, J.R. No. 58, p. 443, § 3.