Esta ley enmienda la Ley Núm. 312 de 13 de mayo de 1949 para autorizar al Inspector de Cooperativas a utilizar los ingresos del Fondo de Auditoría de Cooperativas para cubrir gastos operacionales no cubiertos por fondos generales, siempre que se mantengan recursos líquidos equivalentes a una décima parte de los gastos presupuestados anuales a cargo de dicho Fondo al 30 de junio de cada año.
(Approved June 15, 2003)
To amend Section 5 of Act No. 312 of May 13, 1949, as amended, to authorize the Inspector of Cooperatives to use the income of the Cooperative Auditing Fund Act to defray operational expenses that are not covered by General Funds, provided that as of June 30 of each year, liquid resources equivalent to one tenth of the total budgeted expenses for the year to be charged against said Fund are maintained in same.
Act No. 312 of May 13, 1949, as amended, created a revolving fund in the Office of the Inspector of Cooperatives of Puerto Rico designated as the "Cooperative Auditing Fund." This Fund receives the monies collected from cooperatives for services rendered by virtue of the dispositions set forth in Section 36.12 of Act No. 50 of August 4, 1994, as amended, and the consigned funds of dissolved cooperatives, as set forth in Section 31.6 of the same Act.
Act No. 312 sets forth that the Inspector of Cooperatives shall ensure that by June 30 of each year, liquid assets equivalent to one hundred fifty (150) percent of the total budgeted expenses are maintained. Since June 30, 1997, the Office of the Inspector has not been able to maintain in the Fund a balance equivalent to one and one half times one hundred fifty (150) percent of the total budgeted expenses. This situation is due to the fact that during said term, said Office has used the monies deposited into said Fund to defray
some operational expenses of the Agency, pursuant to the budget recommended by the Management and Budget Office. Specifically, there was a year in which the Fund was empty.
This situation makes it necessary to amend referenced Act No. 312 to harmonize same with the operational and fiscal practices of the Agency in such a manner as to avoid incurring in legal violations by not maintaining the liquid assets required in said Fund at the real percentage that as of June 30 of each year, the Agency might be able to maintain, according to its budgetary situation.
Section 1.- To amend Section 5 of Act No. 312 of May 13, 1949, as amended, to authorize the Inspector of Cooperatives to use the income of the Cooperative Auditing Fund Act to defray operational expenses that are not covered by General Funds, provided that as of June 30 of each year, liquid resources equivalent to one tenth of the total budgeted expenses for the year to be charged against said Fund are maintained in same.
Section 2.- Section 5 of Act No. 312 of May 13, 1949, as amended, is hereby amended to read as follows: "There is hereby created a revolving fund which shall be known as the "Cooperative Auditing Fund," which shall be nourished from the appropriation provided in Section 4 of this Act, from the sums collected from cooperatives for services rendered in accordance with the provisions hereof, and from those monies whose source is authorized by any other legislation.
The Inspector of Cooperatives is hereby authorized, subject to the approval of the Management and Budget Office, to dispose of one hundred (100) percent of the income of the Fund, for personnel, rental, equipment,
transportation and supplies that, on his judgment are necessary to comply with the purposes and functions of the Office.
The Inspector of Cooperatives shall see that as of June 30 of each year, liquid resources equivalent to at least ten (10) percent of the total budgeted expenses to be charged against said Fund."
Section 3.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 138 (H.B. 1747) of the $5^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 5 of Act No. 312 of May 13, 1949, as amended, to authorize the Inspector of Cooperatives to use the income of the Cooperative Auditing Fund Act to defray operational expenses that are not covered by General Funds, provided that as of June 30 of each year, liquid resources equivalent to one tenth of the total budgeted expenses for the year to be charged against said Fund are maintained in same, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $15^{ ext {th }}$ of March of 2004.
Elba Rosa Rodríguez-Fuentes Director