P.R. Laws tit. 7, § 1365l
The supervision and auditing committee of each cooperative shall have, besides any others that are provided in this chapter or its regulations, the following functions and responsibilities:
(a) Assist the internal and external auditors in the examination of the accounts and operations of the cooperative, and perform the audits it deems are necessary or convenient for the best interests of the cooperative.
(b) Receive and analyze the reports of the external auditors and the Corporation.
(c) Render a report to the Board on the result of the examinations of the cooperative no later than thirty (30) days following the date that it concludes [sic].
(d) Render a written report to the general assembly and the Corporation, on the work performed by said Committee during the year, it being understood that that the committee shall not issue a pronouncement on the effectiveness or efficiency of the administrative charges of the Board. Said report shall not include information that by provision of law or of applicable regulations is confidential or privileged. The supervision and auditing committee shall present and discuss this report with the Board no later than twenty (20) days prior to the date said assembly is held.
(e) Act as a mediator in any controversy of the members that arises in the application of the statutory or regulatory provisions of the cooperative, provided they are not labor-management controversies.
(f) Ascertain that the cooperative complies with the recommendations contained in the audits performed, see to the legality of the actions of the Board and management, the veracity of the reports that they present to the members, and the security of the assets of the cooperative.
(g) Request the Board of Directors to contract the personnel that the committee needs to carry out its functions and discharge the responsibilities, subject to the appropriation of funds authorized by the Board, according to the schedule of work presented by the committee.
(h) The supervision committee may recommend to the general assembly the suspension or separation of any member of the Board or of any committee that has incurred violations of the provisions of this chapter, upon the filing and serving of charges, and the holding of a hearing before the committee. The person thus charged may attend the hearing, accompanied by legal counsel.
(i) Perform such other functions that are assigned to it by the Assembly.
History —Oct. 28, 2002, No. 255, § 5.13.