755

The capital shall consist of common stock which shall have a one hundred dollar ($100) par value.(a) Common stock shall have the right to vote as provided in §§ 756 and 760 of this title, and shall be held by cooperative organizations operating in Puerto Rico under Commonwealth or federal laws which maintain not less than [fifteen percent] (15%) of the total amount of funds redeposited in the Bank available to be deposited in institutions or dependencies in or outside of Puerto Rico, or which are available to be invested in liquid assets or available to be invested in any other type of investment in which cooperatives can invest their funds by law. In addition, upon the Commissioner of Financial Institutions’ approval of the Bank Offering for the issue of additional capital, the cooperatives shall acquire a minimum of shares for an amount equal to five percent (5%) of the fifteen percent (15%) redeposit requirement referred to in this section, up to a maximum of ten percent (10%) with the prior authorization of the Commissioner of Financial Institutions. It is also provided that at not time shall the investment required herein be greater than ten percent (10%) of the issued or

ith the prior authorization of the Commissioner of Financial Institutions. It is also provided that at not time shall the investment required herein be greater than ten percent (10%) of the issued or outstanding voting stock of the Bank.(b) No cooperative may invest in Bank stock a sum in excess of the amount that Act No. 6 of 15 of january of 1990, regarding Cooperative and Credit savings Unions, allows it to invest in certificates of deposits and liquid assets. History —June 21, 1966, No. 88, p. 257, § 5; Sept. 25, 1992, No. 79, § 2.