Two or more cooperatives organized pursuant to this chapter, may voluntarily merge or consolidate, with the approval of the assembly of members or delegates, as applicable, with the prior approval of the Corporation, and according to the procedure established by regulations or by administrative determination. When one or more cooperatives merge, one of them shall grant its name, assets, and other properties and rights to the other cooperative, which shall be the one that shall continue to exist as a recognized juridical entity. When two or more cooperatives merge, they shall form a new cooperative entity different from the existing ones.No voluntary merger or consolidation transaction, sale of assets and/or liabilities, nor any other similar transaction or agreement with institutions that are not cooperatives, shall be allowed. History —Oct. 28, 2002, No. 255, § 7.02. Two or more cooperatives organized pursuant to this chapter, may voluntarily merge or consolidate, with the approval of the assembly of members or delegates, as applicable, with the prior approval of the Corporation, and according to the procedure established by regulations or by administrative determination. When one or more cooperatives merge, one of them shall grant its name, assets, and other properties and rights to the other cooperative, which shall be the one that shall continue to exist as a recognized juridical entity. When two or more cooperatives merge, they shall form a new cooperative entity different from the existing ones.No voluntary merger or consolidation transaction, sale of assets and/or liabilities, nor any other similar transaction or agreement with institutions that are not cooperatives, shall be allowed. History —Oct. 28, 2002, No. 255, § 7.02.
Puerto Rico Legal Code