In the cases of the liquidation or voluntary dissolution of an insured cooperative that does not entail losses for the Corporation, the latter shall reimburse to the former, the equivalent of the percentage of participating in the contributed capital of the total of the existing capital shares. When said liquidation or dissolution entails losses for the Corporation, the latter shall treat it as if it were a case of insolvency, choosing the course of action that is less costly and shall retain all the capital held by the insured cooperative in the Corporation until the case is solved in a final and binding manner.The Board may authorize that dividends on the contribution of capital be credited or paid to the insured cooperative, provided:(a) The Corporation does not have outstanding debts with the Government of the Commonwealth of Puerto Rico, its agencies, instrumentalities, public corporations or political subdivisions, nor with any other creditor that has granted it loans for the payment of losses;(b) the payment of said dividends does not have the effect of reducing liens free assets of the Corporation to an amount less than one and-a-half percent (1 1 / 2 %) of the total he payment of losses;(b) the payment of said dividends does not have the effect of reducing liens free assets of the Corporation to an amount less than one and-a-half percent (1 1 / 2 %) of the total capital in shares and deposits in all insured cooperatives, as determined in the annual certified statement of the Corporation for the year preceding the year in which the payment of dividends would be disbursed, and(c) there are no special circumstances or actuarial opinions that justify that such dividends not be paid.In the years in which the Board does not authorize the accreditation or payment of dividends, it shall include the reasons therefor in its annual report.In the case of insured cooperatives that have problems of financial solvency, the dividends shall be accredited to their capital account in the Corporation, unless the latter determines that its payment in cash could improve the financial situation or the liquidity of said cooperatives. History —Aug. 17, 2001, No. 114, § 22. In the cases of the liquidation or voluntary dissolution of an insured cooperative that does not entail losses for the Corporation, the latter shall reimburse to the former, the equivalent of the percentage of participating in the contributed capital of the total of the existing capital shares. When said liquidation or dissolution entails losses for the Corporation, the latter shall treat it as if it were a case of insolvency, choosing the course of action that is less costly and shall retain all the capital held by the insured cooperative in the Corporation until the case is solved in a final and binding manner.The Board may authorize that dividends on the contribution of capital be credited or paid to the insured cooperative, provided:(a) The Corporation does not have outstanding debts with the Government of the Commonwealth of Puerto Rico, its agencies, instrumentalities, public corporations or political subdivisions, nor with any other creditor that has granted it loans for the payment of losses;(b) the payment of said dividends does not have the effect of reducing liens free assets of the Corporation to an amount less than one and-a-half percent (1 1 / 2 %) of the total he payment of losses;(b) the payment of said dividends does not have the effect of reducing liens free assets of the Corporation to an amount less than one and-a-half percent (1 1 / 2 %) of the total capital in shares and deposits in all insured cooperatives, as determined in the annual certified statement of the Corporation for the year preceding the year in which the payment of dividends would be disbursed, and(c) there are no special circumstances or actuarial opinions that justify that such dividends not be paid.In the years in which the Board does not authorize the accreditation or payment of dividends, it shall include the reasons therefor in its annual report.In the case of insured cooperatives that have problems of financial solvency, the dividends shall be accredited to their capital account in the Corporation, unless the latter determines that its payment in cash could improve the financial situation or the liquidity of said cooperatives. History —Aug. 17, 2001, No. 114, § 22.
Puerto Rico Legal Code