P.R. Laws tit. 7, § 1364f
(a) By the members. — The shares kept by the members in a cooperative shall be susceptible for sale, cession, gift, and any other transfer of rights or title by a member, subject to the following conditions:
(1) The transfer shall be made solely in behalf of the persons that are eligible to be members of the cooperative.
(2) The transfer shall be made through an authentic, dated document. For the transfer to be effective, said document shall be presented to the cooperative to be entered in the register of members. In the event that the transfer is made to a person who is not eligible to be a member, who presents any of the causes to permit the expulsion of members, or has, in fact, been expelled as a member of a cooperative, the institution may reject the transfer, and proceed to notify its determination to the parties involved.
(3) All transfers of shares that could affect, reduce or impair the lien, protection or guarantee of loans and other obligations with the cooperative shall be null, unless they have the express written approval of the institution.
(4) The shares held by the members in a cooperative shall always be susceptible to all the liens, restrictions and obligations to which they were subject prior to the transfer.
(5) The shares maintained by the members in a cooperative shall be susceptible to sale, cession or transfer by the cooperative in the event of a sale of loan portfolios, or transactions for the sale of assets and assumption of liabilities, subject to authorization by Corporation. In such cases, the shares of the transferring cooperative could be converted to shares of the acquiring cooperative, being subject to the provisions of the general regulations of said entity.
History —Oct. 28, 2002, No. 255, § 4.07.