Upon the dissolution of the cooperative, its assets shall be liquidated and distributed in the following order:\n(1) Reasonable expenses incurred by the board [of] receivers.\n(2) All insured obligations.\n(3) All obligations except those incurred by virtue of certificates of indebtedness and loan capital.\n(4) Loan capital, if any.\n(5) Certificates of indebtedness to holders thereof.\n(6) Par value of common and preferred stock, if any.\nIf after the aforementioned distribution has been carried out, corporate reserves remain in whole or in part, they shall not be distributed among the members and they shall be destined for and form part of the savings of the federation of the sector, and in default thereof, of the League of Cooperatives.\nHistory —Sept. 1, 2004, No. 239, § 32.2.
Puerto Rico Legal Code