Cooperatives in formation shall be those which, having initiated the procedure with the presentation of the incorporation papers, are not yet registered at the Department of State.\nThe period of formation shall not be more than one (1) year from the date of filing the articles of incorporation and the bylaws before the Cooperative Development Administration. During that period, which may be extended for just cause, the previously mentioned shall be empowered to execute acts before third parties. The incorporators shall be personally and solidarily liable for said acts before third parties.\nHistory —Sept. 1, 2004, No. 239, § 3.7.
Puerto Rico Legal Code