P.R. Laws tit. 7, § 1370
(a) The members of the Boards of Directors of a cooperative shall be subject to a fiduciary duty towards the cooperative. This fiduciary duty includes the duty of diligence and the duty of loyalty to the cooperative, as well as the duty to watch over and care as a good paterfamilias of the property and operations of the cooperative, as well as the assets, shares and deposits of the members and depositors of the institution.
(b) The members of the Board of Directors, delegates, and employees of a cooperative shall not incur direct or indirect conflicts of interest with regard to the cooperative. Every member of the Board of Directors, delegate and employee of the cooperative shall be subject to the following general ethical constraints:
(1) Shall not solicit or accept from any person, directly or indirectly, for him/herself, or for any member of the family unit, nor for any other person, business or entity, any assets of economic value, including discounts, tips, gifts, loans, favors, or services in exchange for influencing the actions of the member of the Board or a committee, delegate, or the employee, who favors that, or any other person.
(2) Shall not reveal or use information or documents acquired during the performance of his/her office or employment for purposes alien thereto. Every member of a board of directors, delegate or employee shall maintain in strict confidence those matters related to his/her function or employment, as applicable, unless he/she receives a request that requires the divulgation of a matter, and that it is permitted by competent authority.
(3) Shall not obtain personal lucre by taking advantage of the position he/she holds.
History —Oct. 28, 2002, No. 255, § 10.