The insurance cooperatives shall devote part of their net surplus available in an equitable manner to social programs such as hospitals, shelters or assistance programs for abused women and children, the terminally ill, elderly homes or centers, educational institutions and cooperative development programs that are directed to the development and growth of marginalized communities and groups. This reserve shall be established for a fixed annual amount, which means it shall not be a cumulative amount.\nThe use and administration of the social reserve shall be regulated by the Board of Directors of the insurance cooperative.\nHistory —Ins. Code, added as § 34.150 on June 26, 1959, No. 84, p. 220, § 1; Nov. 12, 2007, No. 174, § 17, eff. 30 days after Nov. 12, 2007.
Puerto Rico Legal Code