Esta ley crea el "Fondo Permanente de Becas para Estudiantes Universitarios Matriculados en un Programa de Bachillerato en el Campo del Cooperativismo". El fondo tiene como objetivo ayudar a sufragar los gastos de estudiantes admitidos y matriculados en programas de bachillerato en cooperativismo en Puerto Rico, con el fin de ampliar sus conocimientos a través de experiencias cooperativas en otras regiones. La ley establece los requisitos de elegibilidad para los estudiantes, los motivos de cancelación de la beca, las penalidades por incumplimiento y las fuentes de financiamiento del fondo. La Administración de Fomento Cooperativo de Puerto Rico administrará el fondo con la cooperación de una Junta Asesora.
(Approved September 16, 2004)
To create "The Permanent Scholarship Fund for University Students Enrolled in a Bachelor's Degree Program in the Field of Cooperativism."
A solid university education is a determining element for maximizing the use of the unexploited talents of our Puerto Rican youth. Talented students with exceptional academic aptitudes must be encouraged to continue cultivating their intellect.
If the Commonwealth of Puerto Rico is interested in being nourished by the skills and talents of our young, it must make sure that they are provided with the tools necessary for them to achieve a learning level of excellence. To reach this goal, the educational assistance and scholarship programs to be established are to play a major role.
The Proyecto Puertorriqueño para el Siglo 21, endorsed by the voters in the last elections includes the commitment of our Government with cooperative education. By providing economic assistance to those young people who aspire to serve the Cooperative Movement the permanence of cooperativism as an institution is guaranteed and its innovative and dynamic possibilities are fostered.
The social, economic and cultural progress of Puerto Rico is intimately related to the development of the aptitudes of our people. It is imperative that we invest efforts in our educational system so as to be able to develop the capabilities of the young people of Puerto Rico to the maximum. Only by doing so shall we make sure of giving our Island Puerto Rican leaders endowed with the cooperative principles needed to forge a better future.
Section 1.- Title This Act shall be known as "The Permanent Scholarship Fund for University Students Enrolled in a Bachelor's Degree Program in the Field of Cooperativism Act."
Section 2.- Creation and Purpose A special fund denominated "The Permanent Scholarship Fund for University Students Enrolled in a Bachelor's Degree Program in the Field of Cooperativism," is hereby created in the books of the Department of the Treasury. The resources accrued in this fund shall be used to help defray the expenses of those students admitted to and enrolled in a recognized Educational Program in Puerto Rico leading to a Bachelor's Degree in the field of Cooperativism, who are interested in broadening their knowledge through cooperative experiences in other regions.
Section 3.- Regulations The Puerto Rico Cooperative Development Administration shall administer the Educational Fund through the regulations, norms and conditions implemented with the cooperation of the Advisory Board.
(a) The Advisory Board shall be constituted by: (1) a representative of the Cooperative Development Administration;
(2) a representative of the Institute of Cooperativism of the University of Puerto Rico; (3) three representatives of the Cooperative Movement appointed by the Puerto Rico League of Cooperatives. (4) a representative of every higher education private institution that offers a program leading to a Bachelor's Degree in Cooperativism.
Section 4.- Eligibility Requirements The minimum requirements listed below, besides those to be set through regulations by the Cooperative Development Administration and the Advisory Board which must be met by aspirants in order to qualify are hereby established. The requirements to be established may not be discriminatory because of race, gender, color, religion, political affiliation or nationality.
(a) To have been accepted in an accredited university institution with a general grade index of not less that 2.50 or its equivalent.
(b) To have enrolled in some recognized undergraduate academic program at some university in Puerto Rico leading to a Bachelor's Degree with a major in Cooperativism. Priority shall be given to those students who commit themselves to working for the cooperative movement on the Island after finishing their university studies by matching each year under a scholarship with one year of service.
(c) To approve twelve (12) credit hours or their equivalent in a full time program per semester during their program of university studies maintaining an academic general grade index of not less that 2.50 or its equivalent.
(d) To sustain consecutive semester studies during each term of studies.
(e) To every semester send to the Advisory Board their grades, achievements and/or certificates obtained during the course of their university studies.
(f) To provide evidence of financial need to receive the assistance granted through this Act to be able to continue studies.
Section 5.-Motives for Cancellation
(a) To maintain an average of less than 2.50 or its equivalent.
(b) To have submitted false information in the documents for admission to the Program.
(c) Failure to finish their study program in the stipulated time.
(d) Irregular assistance or undisciplined conduct.
Section 6.-Penalties for Noncompliance
(a) The Advisory Board shall establish through regulations, the penalties for noncompliance with the provisions of this Act.
Section 7.-Economic Appropriations The Fund created through this Act shall be nourished by the following economic appropriations:
(a) Appropriations made yearly by the Legislature through Joint Resolutions or donations specifically intended for the Fund, for the developing and fostering cooperative education in Puerto Rico.
(b) Donations from enterprises, companies, groups, nonprofit institutions, societies, partnerships, private corporate entities, and private citizens as well as from Federal, Commonwealth and Municipal government entities
(c) The interest generated from investments chargeable to the monies of the Fund.
(d) $\quad $ 15,000.00$.
Section 8.- This Act shall take effect immediately after its approval.
I hereby certify to the Secretary of State that the following Act No. 340 (H.B. 1722) of the $7^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to create "The Permanent Scholarship Fund for University Students Enrolled in a Bachelor's Degree Program in the Field of Cooperativism", has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $23^{ ext {rd }}$ of November of 2005.
Francisco J. Domenech Director