P.R. Laws tit. 23, § 626
For purposes of this chapter, the following terms shall have the meanings stated below:
(a) Cooperative Development Administration. — Means the government agency created by virtue of Act No. 89 of June 21, 1966, as amended.
(b) Cooperative. — Means any cooperative entity duly constituted and authorized to operate as such in Puerto Rico under the applicable laws, including their subsidiaries and affiliates. This term also includes subsidiaries, financial second-degree enterprises, and non-financial cooperative enterprises organized as Savings and Credit Unions under §§ 1361 et seq. of Title 7, known as the “Cooperative Savings and Credit Unions Act of 2002”, as well as any entity organized, incorporated or promoted by the Investment and Cooperative Development Fund (FIDECOOP).
(c) Insured cooperative. — Means the cooperative savings and credit unions covered under the share and deposit insurance provided by the Corporation.
(d) Cooperative savings and credit union. — Means any cooperative entity duly constituted and authorized to operate as such under §§ 1361 et seq. of Title 7, known as the “Cooperative Savings and Credit Unions Act of 2002”, or any successor law.
(e) Second-degree cooperative. — Means a cooperative whose members are other cooperatives. This includes the Cooperative Bank of Puerto Rico, created under §§ 751 et seq. of Title 7, and insurance cooperatives.
(f) Insurance cooperatives. — Means cooperative insurers organized and authorized under §§ 101 et seq. of Title 26, known as the “Puerto Rico Insurance Code”.
(g) Diverse cooperative. — Means any cooperative entity duly constituted and authorized to operate as such under §§ 4381 et seq. of Title 5, known as the “General Cooperative Associations Act of 2004”, or any successor law.
(h) Corporation or COSSEC. — Means the corporate entity operating under the name of Puerto Rico Public Corporation for the Supervision and Insurance of Cooperatives, created under §§ 1334 et seq. of Title 7.
(i) Investment and Cooperative Development Fund or FIDECOOP. — Means the nonprofit corporation incorporated by the Cooperative Development Administrator pursuant to the provisions of §§ 481 et seq. of this title.
(j) Cooperative Movement Institute. — Means the body that operates as an education center for people involved in the Puerto Rican Cooperative Movement and the general public, attached to the Social Science School of the University of Puerto Rico, Río Piedras Campus.
(k) Office of the Inspector of Cooperatives. — Means the government agency created by virtue of Act No. 89 of June 21, 1966, as amended.
History —Aug. 10, 2008, No. 247, § 3, eff. Feb. 1, 2009.