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PC 8

Para enmendar el Artículo 11.4 de la Ley 239 - 2004, según enmendada, conocida como “Ley General de Sociedades Cooperativas de Puerto Rico de 2004”, y el Artículo 5.03 de la Ley 255-2002, según enmendada, conocida como “Ley de Sociedades Cooperativas de Ahorro y Crédito de 2002”, para establecer que, en el caso de que en una primera convocatoria no se pueda lograr el quórum requerido y se emita una segunda convocatoria para la asamblea, la segunda convocatoria nunca será anterior a treinta (30) minutos más tarde de la primera convocatoria.

2025-2028 Session

Requires a minimum 30-minute gap between the first and second convocations when quorum isn't reached, standardizing notice timing for Puerto Rico cooperatives.

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Bill Summary · PC 8

PC 8 – Summary of Proposed Amendments to Quorum Convening Rules

Overview

PC 8 is a Puerto Rico bill introduced on January 2, 2025, that would amend two existing statutes governing cooperatives:
- Article 11.4 of Law 239-2004 (as amended) – the General Cooperative Societies Law of Puerto Rico, 2004
- Article 5.03 of Law 255-2002 (as amended) – the Savings and Credit Cooperatives Law of Puerto Rico, 2002

The core intent is to establish a minimum time gap between the first and any subsequent convening (second call) of a cooperative members’ assembly when the first call fails to reach quorum.

Purpose and Intent

  • Ensure a standardized procedural gap between the first and second convocations of a members’ assembly when quorum is not achieved on the first attempt.
  • Improve fairness and planning for member attendance by avoiding scheduling the second call too close to the first.

Key Provisions (What the Bill Would Change)

  • Amendments to:
    • Article 11.4 of Law 239-2004 (General Cooperative Societies Law, 2004)
    • Article 5.03 of Law 255-2002 (Savings and Credit Cooperatives Law, 2002)
  • New requirement: If the first assembly call does not meet the required quorum, the second convocational notice must be issued with a time interval of at least 30 minutes after the first call.
  • The 30-minute minimum applies to the second call’s timing relative to the first call; the actual quorum rules or voting procedures remain governed by existing law unless otherwise amended.

Affected Parties

  • Cooperative organizations governed by Law 239-2004 (General Cooperatives) and Law 255-2002 (Savings and Credit Cooperatives) in Puerto Rico.
  • Boards of directors and corporate secretaries responsible for scheduling meetings and issuing convocations.
  • Members of these cooperative organizations who attend assemblies.

Procedural and Timeline Aspects

  • Status: Referido a Comisión(es) (referred to appropriate committees)
  • Introduced: January 2, 2025
  • Legislative Actions:
    • January 16, 2025: Appears in Primera Lectura de la Cámara (First Reading)
    • January 16, 2025: Referido a Comisión(es)
    • January 2, 2025: Radicado (filed)
  • If enacted, the amendments would apply to future convocations once the law takes effect and would govern second-call timing in cases of initial quorum failure.

Potential Impacts and Considerations

  • Positive: Provides clarity and predictability for meeting scheduling, potentially reducing confusion about when a second call may be issued.
  • Administrative: May require updating bylaws, meeting notices, and internal scheduling practices to reflect the 30-minute minimum gap.
  • Compliance: Cooperative organizations would need to document and enforce the timing rule to avoid procedural challenges during assemblies.

Note

No specific effective date is provided in the summary; passage would introduce a statutory requirement that applies to subsequent convocations after enactment. Further legislative action would determine final language, implementation details, and effective date.

Compiled from official sources — confirm details with the bill’s official record.

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