P.R. Laws tit. 23, § 640
The Public Cooperative Savings and Credit Oversight and Insurance Corporation is hereby attached to the Cooperative Development Commission. The Corporation shall operate under the provisions of §§ 1334 et seq. of Title 7; Provided, That all functions and authorities of the Corporation, including those described in subsection (d)(11)(B) of § 1334b of Title 7, which involve the formulation and adoption of norms or rulemaking or public policymaking shall be exercised within the context of the public policy made by the Governing Board of the Commission and subject to compliance with the provisions of this chapter.
Likewise, the budget of the Corporation shall be submitted to the Governing Board of the Commission for its evaluation and approval within the broadest context of the public policy formulated by such Board; Provided, That no determination of the Corporation or of the Governing Board may be made so as to impair the integrity and actuarial sufficiency of the fund that backs the share and deposit insurance provided by the COSSEC.
In service of the broadening of the functions and the jurisdiction of the Corporation, the Executive President of the Corporation is hereby ordered to draft and present a new administrative organizational chart that takes the following public policy objectives into consideration:
(a) Recognizing the differences between supervising financial and non-financial cooperative enterprises.
(b) Implementing preventative, technical-support, and managerial mechanisms to strengthen the operations and competitiveness of all cooperative entities.
(c) Recognizing the need for the Corporation to advance and support the development and expansion efforts of the Cooperative Movement, underlain by the foundations of economic and moral solvency.
(d) Discharging the function of overseeing and inspecting in an effective and economical manner conducive to institutional betterment.
The new administrative organizational chart shall be designed and submitted for the consideration of the Board of Directors of the Corporation with a copy to the Governing Board of the Commission within a term not greater than 120 days as of the approval of this act. The Board of Directors of the Corporation shall consider and approve the new administrative organizational chart thus proposed with any modifications as it may deem pertinent, providing expressly for the implementation process. Prior to its implementation, the new administrative organizational chart shall require the express approval of the Governing Board of the Commission.
History —Aug. 10, 2008, No. 247, § 16, eff. Feb. 1, 2009.