Ley 115 del 2001
Resumen
Esta ley enmienda la Ley del Banco Cooperativo de Puerto Rico para fortalecer su condición financiera, aclarar deberes específicos, asuntos contributivos y la retención de documentos. Permite al Banco ofrecer cuentas de depósito en garantía, amplía las exenciones contributivas para el Banco, sus subsidiarias y valores emitidos, y establece requisitos para la publicación de estados financieros y la conservación de registros.
Contenido
(No. 115)
(Approved August 17, 2001)
AN ACT
To amend Sections 11, 16 and 20 and add a Section 30 to Act No. 88 of June 21, 1966, as amended, the Puerto Rico Cooperative Bank Act, in order to clarify specific duties, tax matters and the retention of documents and for other purposes.
STATEMENT OF MOTIVES
Our people have been witnesses to the fact that the Puerto Rico Cooperative Bank faced one of the worst financial crises in its history, which was overcome thanks to the efforts of the Cooperative Movement with the support of the Commonwealth of Puerto Rico. With these proposed amendments we intend to further strengthen the financial condition of the Bank so it may continue to offer the financial products and services it has introduced during the past years. These financial products and services have strengthened the capability of the Bank to meet the needs of the Savings and Credit Unions, while at the same time strengthening the financial situation of the Bank. This growth and strengthening is marked by the public interest to foster the development of the Cooperative Movement and thus stimulate economic activity throughout the whole of Puerto Rico.
BE IT ENACTED BY THE LEGISLATURE OF PUERTO RICO:
Section 1.-Section 11 of Act No. 88 of June 21, 1966, as amended, is hereby amended to add a subsection
(r) to read as follows: "Section 11.-Specific powers.
(r) Offer and maintain escrow accounts for all financial institutions, including Savings and Credit Unions, said accounts being allowable for other such financial institutions".
Section 2.- Section 16 of Act No. 88 of June 21, 1966, as amended, is hereby amended to read as follows: "Section 16.-Tax exemptions It is hereby declared that the Bank complies with a purpose which is consistent with the public policy of the Commonwealth of Puerto Rico in matters related to the cooperative movement. Therefore the Bank, its operational and financial subsidiaries and affiliates, as well as the revenues from all its activities or operations, all its assets, capital, reserves and surpluses shall be exempt from the payment of any type of taxation on income and property, excise taxes, licenses or any other tax levied or to be levied by the Commonwealth of Puerto Rico or any of its political subdivisions.
All shares and securities issued by the Bank and by any of its operational and financial subsidiaries and affiliates shall be exempt, both in their total value as well as in the dividends and interest paid pursuant to the latter, from the payment of any type of taxes on income and property, excise taxes, licenses or any other tax levied or to be levied by the Commonwealth of Puerto Rico or any of its political subdivisions.
Furthermore, the Bank and its operational and financial subsidiaries and affiliates shall be exempt from the payment of fees, excise taxes or Commonwealth or Municipal tariffs or duties, as well as from the payment
of fees for licenses, permits and registers, and from the payment of charges, fees, stamps and internal revenue vouchers relative to the issue of all types of public and private documents, from the payment of charges, fees, stamps and internal revenue vouchers relative to their registration in the Property Registry or any other public registry or government office and from the payment of charges, fees, stamps and internal revenue vouchers relative to certifications issued by said registries or by any other government office. The Bank and its operational and financial subsidiaries and affiliates shall be furthermore exempt from the payment of charges, fees, stamps and internal revenue vouchers, and excise taxes, tariffs and duties required by the Courts of Puerto Rico or by any agency, instrumentality or public corporation of the Commonwealth of Puerto Rico or any of its political subdivisions.
The obligations incurred by the Bank and its operational and financial subsidiaries and affiliates evidenced by instruments or securities, including but not limited to notes, capital obligations, commercial paper, bonds, certificates of deposit or other certificates, investment securities, promissory notes or any other evidence of debt or obligations, be they secured by collateral or not, and the interest or dividends paid on the same shall be exempt from the payment of any type of taxes on income and property, excise tax, licenses or any tax levied or to be levied by the Commonwealth of Puerto Rico or any of its political subdivisions.
The exemptions granted under this Section to the operational and financial subsidiaries and affiliates of the Bank, shall apply while said operational and financial subsidiaries and affiliates are subject to the control of the Bank".
Section 3.-Subsection
(b) of Section 20 of Act No. 88 of June 21, 1966, as amended, is hereby amended to read as follows:
"Section 20.-Reports, accounting system, unclaimed amounts; publication of notice.
(a) ...
(b) It shall be the duty of the Cooperative Bank to publish each year in a newspaper of general circulation in the area in which it is located, a statement of its financial condition which shall be submitted within the first one hundred and fifty (150) days from the close of the fiscal year. Should the Bank fail to publish said statement, it shall be penalized each time it fails to do so with an administrative fine of one hundred (100) dollars.
It shall be the duty of the Bank to maintain an accounting system that reflects the financial condition of the Bank and its relations, operations and transactions with natural or juridical third persons and government entities, and to keep and preserve those books, records and documents that reflect said relations, operations and transactions, which may be preserved by alternate means consisting of images or photographs of their contents, which shall be deemed as original for all purposes. Subject to the provisions of Act No. 143 of June 14, 1979, known as the "Mortgage and Property Registry Act of 1979", the Bank may destroy its original books, records or documents after their contents have been photographed. With the authorization and under the supervisions of the Commissioner of Financial Institutions, or under any other method provided by the Commissioner, the Bank may destroy or otherwise dispose of those books, records, documents and photographs after five (5) years from the date of the last entry in said books and records or from the date on which any obligation ceases to be collectable under the documents in its power.
Section 4.-A Section 30 is hereby added to Act No. 88 of June 21, 1966, as amended, to read as follows: "Section 30.-Should any provision of this Act were to be declared null or unconstitutional by a court with jurisdiction and competence, said declaration shall neither affect nor invalidate the remainder of this Act. The effect of said declaration of nullity or unconstitutionality shall be limited to the provision that has been thus declared null or unconstitutional".
Section 5.-This Act shall take effect immediately after its approval.