(a) A revolving fund is hereby created in the Cooperative Development Administration to promote the organization of cooperatives to provide farm-machinery services to small and medium farmers of Puerto Rico.(b) The Administrator of the Cooperative Development Administration is hereby empowered to use said revolving fund for the payment of incentives and the granting of loans to cooperatives duly organized for the purposes provided in this section; Provided, That the sum to be used as incentives shall not exceed one-third of the total of the fund.(c) The Administrator of the Cooperative Development Administration shall establish by regulations for the purpose the norms for the granting of incentives and loans to the cooperatives thus organized; Provided, That the Administrator shall have discretion to determine the conditions of the loans.(d) The amount loaned shall be repaid without interest within a period not exceeding 20 years.(e) The government agencies having in their possession equipment and/or farm machinery facilities are hereby authorized to transfer them, free of charge, to the Cooperative Development Administration, so that the latter may, in its discretion, sell, lease quipment and/or farm machinery facilities are hereby authorized to transfer them, free of charge, to the Cooperative Development Administration, so that the latter may, in its discretion, sell, lease or cede them gratuitously to the farm-machinery service cooperatives heretofore or hereafter organized in Puerto Rico. History —June 5, 1963, No. 44, p. 63, §§ 1—5, eff. July 1, 1963.
Puerto Rico Legal Code