The annual premium shall be calculated by applying the tariff rate in effect to the capital in shares and deposits of the insured cooperative as of the 30th of June of each year. Every insured cooperative shall pay its corresponding annual premium in advance as provided in this chapter. In the case of cooperatives that avail themselves of the insurance after June 30 of each year, the premium shall be determined on the basis of the number of months remaining to complete their first year of operations and shall be paid in advance prior to beginning the same. History —Aug. 17, 2001, No. 114, § 24. The annual premium shall be calculated by applying the tariff rate in effect to the capital in shares and deposits of the insured cooperative as of the 30th of June of each year. Every insured cooperative shall pay its corresponding annual premium in advance as provided in this chapter. In the case of cooperatives that avail themselves of the insurance after June 30 of each year, the premium shall be determined on the basis of the number of months remaining to complete their first year of operations and shall be paid in advance prior to beginning the same. History —Aug. 17, 2001, No. 114, § 24.
Puerto Rico Legal Code