The members of every cooperative shall have the following rights and prerogatives:(a) Participate with voice and vote in the general assemblies of members, on a basis of mutual respect, equality and decorum;(b) elect and be elected to office on the board of directors of the cooperative;(c) use the cooperative’s services;(d) keep informed of the financial status of the cooperative and the operations and activities it conducts, through the corresponding reports. By means of a sworn statement that consigns [sic] its purpose, a member shall have the right to examine the roster of members and other books of the cooperative, as well as to make copies or extracts thereof, during regular office hours, for purposes related to his/her interests as a member; Provided, That no member shall have the right to access information that by provisions of law or applicable regulations is confidential or privileged, including information that constitutes business secrets or strategies. In case of a controversy on the legitimacy of the purposes of the member or of the confidentiality or privilege that binds the information requested, the controversy shall be adjudicated by the Corporation;(e) ascertain ersy on the legitimacy of the purposes of the member or of the confidentiality or privilege that binds the information requested, the controversy shall be adjudicated by the Corporation;(e) ascertain the status of his/her accounts, assets, and transactions in the cooperative;(f) share equitably in the distribution of surplus, if any, according to the policies approved by the general assembly, and(g) upon becoming a member, receive a copy of the regulations of the cooperative, the documents it provides, and the standards of operation of the cooperative.The rights and prerogatives of a partner provided in this section, as well as those that are recognized for them in the general regulations of the corporation shall remain in suspense in all cases in which the member is not up to date in the payment of his/her obligations and debts with the cooperative, including the payment of the loans of which he/she is co-maker, and the acquisition of shares required by the general regulations. History —Oct. 28, 2002, No. 255, § 4.02. The members of every cooperative shall have the following rights and prerogatives:(a) Participate with voice and vote in the general assemblies of members, on a basis of mutual respect, equality and decorum;(b) elect and be elected to office on the board of directors of the cooperative;(c) use the cooperative’s services;(d) keep informed of the financial status of the cooperative and the operations and activities it conducts, through the corresponding reports. By means of a sworn statement that consigns [sic] its purpose, a member shall have the right to examine the roster of members and other books of the cooperative, as well as to make copies or extracts thereof, during regular office hours, for purposes related to his/her interests as a member; Provided, That no member shall have the right to access information that by provisions of law or applicable regulations is confidential or privileged, including information that constitutes business secrets or strategies. In case of a controversy on the legitimacy of the purposes of the member or of the confidentiality or privilege that binds the information requested, the controversy shall be adjudicated by the Corporation;(e) ascertain ersy on the legitimacy of the purposes of the member or of the confidentiality or privilege that binds the information requested, the controversy shall be adjudicated by the Corporation;(e) ascertain the status of his/her accounts, assets, and transactions in the cooperative;(f) share equitably in the distribution of surplus, if any, according to the policies approved by the general assembly, and(g) upon becoming a member, receive a copy of the regulations of the cooperative, the documents it provides, and the standards of operation of the cooperative.The rights and prerogatives of a partner provided in this section, as well as those that are recognized for them in the general regulations of the corporation shall remain in suspense in all cases in which the member is not up to date in the payment of his/her obligations and debts with the cooperative, including the payment of the loans of which he/she is co-maker, and the acquisition of shares required by the general regulations. History —Oct. 28, 2002, No. 255, § 4.02.
Puerto Rico Legal Code