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1369c — Puerto Rico Law | CourtGPT
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  4. Title Seven - Banking (§§ 1 — 3116)/
  5. Part III - Other Financial Institutions/
  6. Chapter 86 - Cooperative Savings and Credit Associations Act of 2002 Sub/
  7. Subchapter IX - Prohibitions and Penalties § 1369a - Restrictions to Granting of Loans to Profitable Juridical Entities/
  8. 1369c
Puerto Rico Legal Code

1369c

It shall be understood that any violation of the provisions of this chapter incurred by a cooperative, is also committed by the official or employee who is liable according to his/her obligations, pursuant to the regulations, policies, and procedures of the cooperative. If no such liability has been expressly assigned to any official or employee of a cooperative through regulations, policies and procedures, all the members of the Board of Directors, and of the committees of the cooperative shall be liable, unless said member proves that he/she had no knowledge of it, or that he/she made every reasonable effort, and took measures to prevent that the violation in question would be incurred. Continuing to commit any act or omission that constitutes a violation of the provisions of this chapter shall be deemed to be a new offense for each subsequent week that the commission or omission in question persists. History —Oct. 28, 2002, No. 255, § 9.04.

It shall be understood that any violation of the provisions of this chapter incurred by a cooperative, is also committed by the official or employee who is liable according to his/her obligations, pursuant to the regulations, policies, and procedures of the cooperative. If no such liability has been expressly assigned to any official or employee of a cooperative through regulations, policies and procedures, all the members of the Board of Directors, and of the committees of the cooperative shall be liable, unless said member proves that he/she had no knowledge of it, or that he/she made every reasonable effort, and took measures to prevent that the violation in question would be incurred. Continuing to commit any act or omission that constitutes a violation of the provisions of this chapter shall be deemed to be a new offense for each subsequent week that the commission or omission in question persists. History —Oct. 28, 2002, No. 255, § 9.04.
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