P.R. Laws tit. 7, § 1365
The general assembly is the maximum authority of every cooperative, and its decisions are binding on the attending and absent members, its Board, and committees, provided they are adopted pursuant to the incorporation clauses, the general regulations, and the applicable regulations and laws. In the case of cooperatives that are not organized by districts, the general assembly shall be composed of the members. Said general assembly of members shall be held annually. In the case of cooperatives that are organized by districts, the general assembly shall be the assembly of delegates. In the latter case, the cooperative shall hold district assemblies in which the district directors, as well as the delegates that correspond to each district, shall be elected. The number of delegates to be elected in each district shall never be less than three (3) delegates, nor less than one percent (1%) of the total number of members in the district, up to a maximum of twenty (20) per district.
The general assemblies of members and the general assemblies of delegates shall be held annually within the first four (4) months of the fiscal year of the cooperative. The general assemblies, for just cause, and at the satisfaction of the Corporation, the general assemblies or members or delegates, as the case may be, can be held on a later date than established above, endeavoring at all times to preserve the right of the members to be informed of the results of the operations, to elect the delegates, directors and committee members in an opportune way, and to receive the corresponding distribution of overages, if any, all of which, regardless of the fact that the assembly in question is considered as regular or special.
It shall be the responsibility of the Board of Directors to achieve the most expeditious holding of the assemblies. Provided, That in any case that six (6) months or more have elapsed following the end of the fiscal year of the cooperative, without having held the general assembly of members or delegates, the Corporation shall issue an order to the Board of Directors to show cause as to why the imposition of fines on the directors has not proceeded for the delay in holding said assembly.
The holding of every district assembly and of delegates whether regular or special, must be notified at least ten (10) days prior to the date it is held.
History —Oct. 28, 2002, No. 255, § 5.01.