P.R. Laws tit. 7, § 1368f
2019-02-20 00:00:00+00
Before proceeding to decree the mandatory merger or consolidation, of a cooperative when the Corporation, through the two-thirds (2 / 3) vote of its Board of Directors, makes an express determination that there is no possibility of rehabilitating the cooperative, and the merger or consolidation and the share or deposit insurance be approved. At no time shall the cooperative that is proposed to be the recipient, be bound to accept the merger.
No transaction for the merger, consolidation, sale of assets or liabilities, nor any other similar transaction or agreement with institutions that are not cooperatives, shall be performed.
History —Oct. 28, 2002, No. 255, § 8.07.