2023 Laws of Puerto Rico › TITLE FIVE - Agriculture (§§ 1 — 4706) › Chapter 36 - Cooperative Development Company (§§ 981 — 981y) › § 981f - Powers

The Company shall have and may exercise the following general powers and attributes in addition to those elsewhere conferred by this chapter:
(a) To have perpetual existence.
(b) To adopt and use an official seal, which shall be judicially noticed.
(c) To prescribe, adopt, amend, and repeal rules and regulations governing the manner of conducting its business and exercising the powers conferred and performing the duties imposed upon it by law.
(d) To sue and be sued.
(e) To have exclusive control of its properties and activities.
(f) To determine the character of and need for all expenditures, and the manner in which they shall be incurred, allowed, and paid.
(g) To make and execute all instruments necessary or adequate to the exercise of its powers and the performance of its duties.
(h) To acquire in any lawful manner, and to hold, manage, lease, sell, or otherwise dispose of any property or interest therein, deemed by it necessary for the carrying out of its purposes.
(i) To appoint officers and employees, to vest them with powers and assign to them their duties, and to fix for them such compensation for their services as the Company may determine, without regard to the Personnel Act of the Commonwealth of Puerto Rico.
(j) To borrow money and issue bonds and any other type of obligation for its corporate purposes or for the purpose of funding, paying, or discharging any of its outstanding or assumed bonds or obligations; to secure payment of its bonds and other obligations by pledge or mortgage of, or other lien on, or any combination thereof, on all or any of its contracts, revenues, income or property. To facilitate the acquisition of funds by the Company; and that the Company may be able to fulfill its purposes, all the Company’s bonds, notes, mortgages, or other obligations, and the income deriving therefrom, and any profits deriving from the sale, resale, or exchange of such bonds, notes, mortgages, and other obligations, shall be exempt from the payment of any type of tax or impost of the Government of the Commonwealth of Puerto Rico or any political subdivision thereof.
(k) To do business, maintain offices, and acquire, hold, lease, and dispose of properties outside of the Commonwealth of Puerto Rico.
(l) To construct any facility necessary and convenient to cooperative development.
(m) To organize subsidiary of affiliated companies necessary or convenient to cooperative development.
(n) To invest in funds in organized cooperatives or for the organization of cooperatives.
(o) To secure loans and obligations contracted by any cooperative society, whenever necessary to and desirable for the purposes of the cooperative development of Puerto Rico.
(p) To provide assistance and incentives for promoting and fostering all kinds of economic activities of a cooperative nature or related to the development of cooperatives; Provided, That whenever such assistance and incentives derive from the Company’s resources, the same shall be granted under such terms and conditions as will facilitate the recovery of the funds devoted to these purposes.
(q) To carry out, directly or by contract, the promotion and publicity of the Company’s activities and programs.
(r) To delegate any of its functions and duties to subsidiaries created and controlled by it, whenever desirable for the purposes of the Company.
(s) To perform such other acts as may be desirable or necessary for the proper fulfillment of the public policy set forth in this chapter.
History —June 21, 1966, No. 90, p. 288, § 7.