P.R. Laws tit. 23, § 637
(a) The Public Corporation for the Supervision and Insurance of Cooperatives and the Investment and Cooperative Development Fund are hereby attached to the Commission as its operating components; Provided, That any determinations by such entities which involve public policymaking must be consistent with the public policy of cooperative development as such policy may be made and interpreted by the Governing Board of the Commission. Attached entities shall render periodical reports to the Commissioner and the Governing Board pursuant to the parameters that the latter may set in the Commission bylaws.
(b) The Governing Board shall have the power to resolve possible inconsistencies between norms, regulations, procedures, circular letters or operating policies of attached entities, as refers to their approval, application, and construction, and the public policy of cooperative development. The Board shall adopt norms and procedures to expediently address such possible inconsistencies to thus prevent the impairment of the public policy of cooperative development as well as any delays in the operations of attached entities. The determination of the Board may reaffirm the operating policy under discussion or declare the same to be inconsistent with the public policy of cooperative development, in which case, said operating policy shall be rendered ineffective as per the determination of the Governing Board. Determinations of the Governing Board relative to the approval or disapproval of operating policies that are possibly inconsistent with the public policy set forth in this chapter or any other to be promulgated by such body, as provided for in § 632 of this title, shall be final and not be subject to review by another body, except when the Board itself may deem that a reconsideration is in order and except for judicial reviews in the event it is found that the determination has been made capriciously, arbitrarily, or in violation of the due process of law.
(c) Any person with an interest, including but not limited to, any of the members of the Governing Board and any cooperative, may petition such body to consider any arguments presented before the body as to possible inconsistencies within the public policy, which petition shall conform to the norms set forth by the entity proper through regulations to that effect. Public policy reconciliation proceedings held by virtue of the foregoing provisions shall not be subject to §§ 2101 et seq. of Title 3, also known as the “Uniform Administrative Procedures Act”.
History —Aug. 10, 2008, No. 247, § 13, eff. Feb. 1, 2009.