P.R. Laws tit. 23, § 639
All the functions, powers, and career personnel of the Office of the Inspector of Cooperatives are hereby transferred to the Public Corporation for the Supervision and Insurance of Cooperatives. The Office of the Inspector of Cooperatives, created by virtue of the now repealed Section 6 of Act No. 89 of June 21, 1966, as amended, except to the extent necessary for the transfer of its assets, is hereby terminated and abrogated, with no need for any further action or for the execution of any deed or of any assignment, endorsement or transfer document of any kind; all of the assets of any kind which belong to the entity thus terminated shall come into the possession and shall be understood as assigned and transferred to the Public Corporation for the Supervision and Insurance of Cooperatives, which may dispose of these pursuant to the law and the public policy.
So as to enable the Corporation to discharge the functions, authorities, and powers entrusted by this chapter, a transfer is hereby made of the existing budget balances of the Office of the Inspector of Cooperatives under the custody of the Department of the Treasury for the fiscal year in effect, as well as the funds available under other laws and special funds. The transfer of such special funds shall help maintain the programs of the Office of the Inspector of Cooperatives existing at the time of approval of this act. Debts, obligations, properties, and any other kind of assets or liabilities attributed to the funds thus transferred shall not be the responsibility of other agencies, public corporations, political subdivisions or other government entities of the Government of Puerto Rico. Such debts, obligations, properties, and any other kind of assets or liabilities shall be charged exclusively against the funds thus transferred. Any real property acquired by the Office of the Inspector of Cooperatives shall be transferred to the Puerto Rico Public Corporation for the Supervision and Insurance of Cooperatives. As for personal property, the Director of the General Services Office shall issue a sworn report on property within a term of thirty (30) days as of the approval of this act and remit, within the same term, a copy thereof to the Legislature and the Office of the Comptroller, without this constituting an exemption from compliance with any similar provision relative to the disclosure of reports on property of agencies or instrumentalities. Provided, further, That the Director of the General Services Office shall have a term of thirty (30) days as of the date of issue of the sworn report on property, to make the transfer of the personal property, and within such term, he/she shall report on the completion of such transfer to the Legislature and the Office of the Comptroller.
The fundamental principle of the public policy and the express intent of this chapter are for the changes contemplated herein not to have any adverse effect whatsoever on the Share and Deposit Insurance Fund managed by the Corporation. In seeking this end, it is hereby provided that the budget appropriation in effect for the current fiscal year for the Office of the Inspector of Cooperatives shall be maintained for the next three (3) fiscal years as a supplementary budget appropriation for the Corporation, to be distributed as follows:
(1) 100% for Fiscal Year 2008—2009.
(2) 75% for Fiscal Year 2009—2010.
(3) 50% for Fiscal Year 2010—2011.
(4) 25% for Fiscal Year 2011—2012.
The integration of career personnel and the assets of the Office of the Inspector of Cooperatives into the operations of the Corporation shall be specifically addressed in the new administrative organizational chart, which is required further below in this chapter. Furthermore, the career personnel of the Office of the Inspector of Cooperatives, even under the new administrative organizational chart provide for in this chapter, shall retain all the rights, obligations, benefits, terms, and status, including their seniority, which they had at the time of transfer and at the time of approval of this act within said body and under the law pursuant to such laws and regulations in effect within the entity with which they used to work, with respect to their employment in the Government service. Provided, That career employees thus transferred shall not be separated from their jobs nor shall they be subject to any layoff plans on account of the approval of this act. Likewise, if any career employees were beneficiaries of any pension, retirement or savings and loan fund system or systems, they shall retain the rights, privileges, obligations, and status within the pension, retirement or savings and loan fund system or systems as prescribed for the personnel of the Office of the Inspector of Cooperatives.
Any relocation of career personnel within the Corporation shall be made taking into consideration the functions discharged by each career employee at the former Office of the Inspector of Cooperatives.
All laws in which there is mention of or reference is made to the Office of the Inspector of Cooperatives or the Inspector of Cooperatives shall be understood as amended to the effect of being replaced with the Public Corporation for the Supervision and Insurance of Cooperatives.
History —Aug. 10, 2008, No. 247, § 15, eff. Feb. 1, 2009.