P.R. Laws tit. 23, § 625
The Government of Puerto Rico reiterates its recognition of the cooperative model as essential in the business setting for the attainment of a sustainable and well-balanced social and economic development centered in human beings and their communities.
In order to empower such recognition, it is the public policy, the mandate, and the express intent of the Legislature to:
(a) Have the State proactively incorporate the cooperative model in its initiatives and efforts to seek the economic development of the Island.
(b) Promote an increasingly active role of the Cooperative Movement, so as to reduce dependency on government interventions, with the aim to eventually have the Cooperative Movement itself assume full control over its development.
(c) Have the organizational, human, and economic resources of the Government of Puerto Rico and the Cooperative Movement become integrated by strategically redistributing their functions and responsibilities, with the purpose of reinforcing the Cooperative Movement’s philosophy, increasing the economic and social activity generated under the cooperative model, and maximizing measurable results.
(d) Develop and promote the self-growth of the Cooperative Movement and the interconnection of the various sectors such as business, industry, transportation, agriculture, consumer, savings and credit, and insurance, and others offered under such model.
(e) Develop an efficient and competitive entrepreneurial vision to better serve its members and their communities.
(f) Have the adoption of measurable growth and development parameters.
(g) Seek, pursuant to the Sixth Cooperative Principle (Cooperation among Cooperatives), the concurrence of purpose of first- and second-degree cooperatives to advance the public policy of Cooperative Movement furtherance at cooperative base level.
(h) See to the financial strength and integrity of the Cooperative Movement of Puerto Rico by seeking the fair, equitable, and effective supervision and oversight of Cooperatives in order to:
(1) Propitiate the Movement’s solvency, solidity and competitiveness worldwide;
(2) propitiate the socioeconomic development of Puerto Rico, and
(3) propitiate an expeditious, modern, and flexible financial public policy that assures balance and equitability among the interests of depositors, members, and the development of the Cooperative Movement.
(i) Preserve the financial integrity and the actuarial sufficiency of the share and deposit insurance fund provided by the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico.
History —Aug. 10, 2008, No. 247, § 2, eff. Feb. 1, 2009.