The Corporation may direct the dissolution of a cooperative when:(a) It is in danger of financial insolvency;(b) it is confirmed that the real value of the shares has dropped by more than five percent (5%) of their book value, after an economic study to such effect;(c) it fails to comply with the necessary requirements to avail itself of the shares and deposits insurance of the Corporation, and(d) it fails to pay the regular or special premiums to the Corporation, or deposit the capital contribution required by law.Before proceeding to decree the dissolution of a cooperative, it shall be required for the Corporation, through the affirmative vote of two-thirds (2 / 3) of its Board of Directors, to make an express determination that the cooperative has no possibility of being rehabilitated. History —Oct. 28, 2002, No. 255, § 8.10. The Corporation may direct the dissolution of a cooperative when:(a) It is in danger of financial insolvency;(b) it is confirmed that the real value of the shares has dropped by more than five percent (5%) of their book value, after an economic study to such effect;(c) it fails to comply with the necessary requirements to avail itself of the shares and deposits insurance of the Corporation, and(d) it fails to pay the regular or special premiums to the Corporation, or deposit the capital contribution required by law.Before proceeding to decree the dissolution of a cooperative, it shall be required for the Corporation, through the affirmative vote of two-thirds (2 / 3) of its Board of Directors, to make an express determination that the cooperative has no possibility of being rehabilitated. History —Oct. 28, 2002, No. 255, § 8.10.
Puerto Rico Legal Code