1701

The following terms shall have the meaning expressed below:\n(1) Youth cooperative. — Means an organization of youths under twenty-nine (29) years of age in a public or private school, community or university institution.\n(2) Cooperative Development Administration. — Means the government agency responsible for promoting and organizing all cooperatives.\n(3) Department of Education. — Means the government agency responsible for developing and implementing Puerto Rico’s educational system.\n(4) Office of the Cooperative Inspector. — Means the government agency responsible for ensuring that cooperatives comply with cooperative laws, their clauses and regulations.\n(5) League of Cooperatives. — Means the central organization of the Puerto Rican cooperative movement which groups cooperatives, federations and organized central cooperatives under the cooperative laws of Puerto Rico.\n(6) Shares. — Means contributions, quotas or parts of a cooperative social capital.\n(7) Assemblies. — Means meetings of cooperative members where they exercise their right to participate and their authority.\n(8) Members. — Means any natural or juridical person belonging to a cooperative.\n(9) Clauses.

ans meetings of cooperative members where they exercise their right to participate and their authority.\n(8) Members. — Means any natural or juridical person belonging to a cooperative.\n(9) Clauses. — Means the principal document of creation.\n(10) Regulations. — Means the internal regulations of the cooperative.\n(11) Patronage. — Means the proportion of the volume of business or services generated, made or received by a member.\n(12) Reserves. — Means funds separated from net gains for specific uses determined by law.\n(13) Social reserve. — Means a special reserve established for emergencies.\n(14) Service reserve. — Means a special reserve for community education and services.\n(15) Reserve for sponsoring entity. — Means the special reserve for donations to the school community or community organizations, or to nonprofits that sponsor youth cooperatives.\n(16) Reserve for the creation of new cooperative enterprises. — Means a special reserve to contribute to the establishment of cooperative enterprises that generate jobs.\n(17) Board. — Means board of directors.\n(18) Committees.

of new cooperative enterprises. — Means a special reserve to contribute to the establishment of cooperative enterprises that generate jobs.\n(17) Board. — Means board of directors.\n(18) Committees. — Means the work groups designated by this chapter or by the board of directors, to perform specific duties.\n(19) Counselors. — Means the person or people working to support the school youth, community, or university cooperatives.\n(20) Excess. — Means the positive result of operations after deducting the results.\n(21) Donations. — Means the contributions rendered by the cooperative to the school community.\n(22) Person. — Means every natural person, every cooperative organized according to the laws of Puerto Rico and any non-profit association or juridical person not-for-profit under the laws of the Commonwealth of Puerto Rico.\nHistory —Aug. 29, 2002, No. 220, § 1.1; July 19, 2006, No. 125, § 1.