Esta ley enmienda la Ley General de Asociaciones Cooperativas de Puerto Rico para establecer un mecanismo de segunda convocatoria en las asambleas, permitiendo que se realicen incluso si no se alcanza el quórum requerido inicialmente. En la segunda convocatoria, los miembros o delegados presentes constituirán el quórum.
(Approved September 3, 2003)
To amend Section 11.4 of Act No. 50 of August 4, 1994, known as the "General Cooperative Associations Act of Puerto Rico," in order to establish a second convocation mechanism to allow the holding of assemblies when the required quorum cannot be met by the group of members or delegates present.
The annual assemblies of cooperatives are the main instrument for the participation of their members. In them, matters that affect the course of the cooperative and the action policies that guide the directing bodies are discussed. In spite of the vital importance of the assemblies in the life and activities of cooperatives, there are times that their activity is affected because work cannot be executed for lack of a quorum.
When the Act that governs the savings and loans cooperatives was amended, a provision was included that allows said cooperatives to continue the work of the assembly after issuing a second convocation. This provision has allowed savings and loan cooperatives to expedite the work of their assemblies, eliminating the expense of convoking assemblies for subsequent dates, as had been previously established in this Act.
If this mechanism has shown to be of benefit to savings and loan cooperatives, it is fitting for the remaining cooperative societies to also receive this benefit.
Section 1.- Section 11.4 of Act No. 50 of August 4, 1994, is hereby amended to revoke the present text to read as follows: "Section 11.4.- In the event the required quorum is not achieved by an initial convocation, a second convocation shall be issued for the assembly at which the members or delegates present shall constitute quorum. The second convocation never shall be prior to one hour after the issuing of the first convocation, provided that the first and second convocation have been expressly stated in the written notifications remitted to the members or delegates, as appropriate, expressly stating that in the second convocation those present shall constitute quorum."
Section 2.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 263 (H.B. 3729) of the $5^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to amend Section 11.4 of Act No. 50 of August 4, 1994, known as the "General Cooperative Associations Act of Puerto Rico," in order to establish a second convocation mechanism to allow the holding of assemblies when the required quorum cannot be met by the group of members or delegates present, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $30^{ ext {th }}$ of September of 2004.
Elba Rosa Rodríguez-Fuentes Director