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https://law.justia.com/codes/puerto-rico/title-six/chapter-5/105/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SIX - Nonprofit Associations (§§ 1 — 108)›Chapter 5 - Acquisition of Public Property (§§ 101 — 108)›§ 105 - Subdivision; expenses of acquiring entity | 2023 Laws of Puerto Rico › TITLE SIX - Nonprofit Associations (§§ 1 — 108) › Chapter 5 - Acquisition of Public Property (§§ 101 — 108) › § 105 - Subdivision; expenses of acquiring entity | The sale of the plots of land authorized by this chapter shall be made in accordance with the subdivision approved by the Planning Board, and the nonprofit entity that acquires the plot of land shall defray the required measuring and segregating expenses.
History —Aug. 12, 1988, No. 172, p. 792, § 5. |
https://law.justia.com/codes/puerto-rico/title-six/chapter-5/106/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SIX - Nonprofit Associations (§§ 1 — 108)›Chapter 5 - Acquisition of Public Property (§§ 101 — 108)›§ 106 - Recording; rights and fees; exemption | 2023 Laws of Puerto Rico › TITLE SIX - Nonprofit Associations (§§ 1 — 108) › Chapter 5 - Acquisition of Public Property (§§ 101 — 108) › § 106 - Recording; rights and fees; exemption | The original as well as the first certified copy of the deed to transfer the title to the properties that are granted under the provisions of this chapter shall be exempted from the payment of the rights or fees required by law, as well as its recording in the corresponding section of the Property Registry Office of Pu... |
https://law.justia.com/codes/puerto-rico/title-six/chapter-5/107/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SIX - Nonprofit Associations (§§ 1 — 108)›Chapter 5 - Acquisition of Public Property (§§ 101 — 108)›§ 107 - Regulations | 2023 Laws of Puerto Rico › TITLE SIX - Nonprofit Associations (§§ 1 — 108) › Chapter 5 - Acquisition of Public Property (§§ 101 — 108) › § 107 - Regulations | The agencies shall adopt regulations in which the eligibility criteria of the nonprofit entities and the proceedings or procedures to implement its provisions shall be established pursuant to § 102 of this title.
History —Aug. 12, 1988, No. 172, p. 792, § 7. |
https://law.justia.com/codes/puerto-rico/title-six/chapter-5/108/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SIX - Nonprofit Associations (§§ 1 — 108)›Chapter 5 - Acquisition of Public Property (§§ 101 — 108)›§ 108 - Annual report | 2023 Laws of Puerto Rico › TITLE SIX - Nonprofit Associations (§§ 1 — 108) › Chapter 5 - Acquisition of Public Property (§§ 101 — 108) › § 108 - Annual report | The agencies of the Government of Puerto Rico shall report annually to the Legislature of Puerto Rico which plots of land have been sold in accordance with the provisions of this chapter. They shall consign in said report, the nonprofit entity to which a plot of land is sold, the surface area and location of the land s... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-1/1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 1 - General Provisions and Definitions (§§ 1 — 4)›§ 1 - Short title; use of term “bank” | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 1 - General Provisions and Definitions (§§ 1 — 4) › § 1 - Short title; use of term “bank” | Sections 1 et seq. of this title shall be denominated as the “Banking Law” and shall be applicable to every presently organized corporation or any corporation to be organized in the future, to engage in the banking business in Puerto Rico; Provided, That the term “bank” in the definition of a business shall only be use... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-1/2/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 1 - General Provisions and Definitions (§§ 1 — 4)›§ 2 - Compliance with requirements | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 1 - General Provisions and Definitions (§§ 1 — 4) › § 2 - Compliance with requirements | For a bank to engage in the banking business in Puerto Rico, it must first comply with the requirements of §§ 1 et seq. of this title and engaging in such a business without having complied with them shall be penalized as provided hereinafter.
History —May 12, 1933, No. 55, p. 322, § 2; Aug. 28, 1997, No. 108, § 2. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-1/3/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 1 - General Provisions and Definitions (§§ 1 — 4)›§ 3 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 1 - General Provisions and Definitions (§§ 1 — 4) › § 3 - Definitions | The following shall be the definitions which for the purposes of §§ 1 et seq. of this title, shall be given to the terms stated below:
(a) Affiliate. — Shall mean any company which controls, or is controlled by, or is subject to control in common with another company.
(b) Supervising agency. — Shall mean any of the fol... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-1/4/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 1 - General Provisions and Definitions (§§ 1 — 4)›§ 4 - Secretary of State defined | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 1 - General Provisions and Definitions (§§ 1 — 4) › § 4 - Secretary of State defined | Whenever used in §§ 1 et seq. of this title, the terms “Secretary of State” and “Secretary of State of Puerto Rico” shall be understood to mean the Secretary of State of Puerto Rico or his representative or employee authorized by the Secretary of State to act for him, unless otherwise clearly specified in the context.
... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/31/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 31 - Incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 31 - Incorporation | One or more natural or juridical persons of sufficient legal capacity may organize a bank, but they must first apply in writing for a permit from the Commissioner.
Any application for a permit to organize a bank in Puerto Rico shall be accompanied by the amount of two thousand five hundred dollars ($2,500) or that amou... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/32/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 32 - Certificate of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 32 - Certificate of incorporation | Once the certificate of incorporation has been signed and sworn to before a notary as provided above, and the two (2) copies thereof have been presented to the Secretary of State, together with the permit granted by the Commissioner authorizing the organization of the bank, and after the Secretary of State has issued u... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/33/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 33 - Amendment of articles of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 33 - Amendment of articles of incorporation | Any bank organized under §§ 1 et seq. may amend its certificate of incorporation by changing its name, increasing or decreasing its authorized capital, changing the number and the par value of its common stock, reclassifying its preferred stock by changing its number, par value, denominations, relative preferences or r... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/34/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 34 - Restrictions on name of bank | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 34 - Restrictions on name of bank | No bank or foreign bank shall be established with the same name that is already in use by another institution, or so similar thereto as to give rise to confusion; but when a bank ceases conducting active business it may transfer or assign to another bank the right to use its name; Provided, That no bank shall use the n... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/35/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 35 - Capital stock and reserve fund required for organization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 35 - Capital stock and reserve fund required for organization | No bank shall be organized and established in Puerto Rico with a capital investment of less than five million dollars ($5,000,000) represented by common stock and a reserve fund of one million dollars ($1,000,000). The Commissioner shall require a larger amount of capital when he/she deems it convenient and beneficial ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/36/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 36 - Division of stock; transfer; rights of shareholders and creditors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 36 - Division of stock; transfer; rights of shareholders and creditors | The capital of every bank shall be divided into shares, as provided by the certificate of incorporation. Every bank may issue common and preferred stock, as provided in its certificate of incorporation and pursuant to the provisions of Act No. 144 of August 10, 1995, known as the “General Corporations Law of 1995”. The... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/36a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 36a - Issuing of capital liabilities | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 36a - Issuing of capital liabilities | A bank may issue capital liabilities with the approval of the Commissioner. Said capital liabilities shall be subordinated by law to the liabilities with depositors and other creditors of the issuer bank and shall not be issued for an expiration period of less than five (5) years. The Commissioner may suspend the payme... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/37/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 37 - Register of shares; stock certificates | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 37 - Register of shares; stock certificates | The shares of every bank shall be recorded in a registry of shares which shall be kept at a place designated through a resolution of the Board of Directors and in which all its successor transfers shall also be recorded.
The registry of bank shares may be maintained in the form of punch cards, magnetic tape, photograph... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/38/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 38 - Reduction of capital stock | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 38 - Reduction of capital stock | Any bank organized under the laws of Puerto Rico may, through a resolution of its Board of Directors, reduce its capital by repurchasing its shares, whether to retain or withdraw them, to any amount which is not less than that required by §§ 1 et seq. of this title to authorize the establishment of banks; but said redu... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-3/39/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 3 - Incorporation and Organization (§§ 31 — 39)›§ 39 - Changes in control | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 3 - Incorporation and Organization (§§ 31 — 39) › § 39 - Changes in control | (a) In the case of any transfer of outstanding capital voting stock of any bank organized under the provisions of §§ 1 et seq. of this title to any person or entity (or more than one, acting in common accord) that, once the transfer has been completed, said person or entity, directly or indirectly owns more than five p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/61/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 61 - Bylaws, adoption and amendment of | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 61 - Bylaws, adoption and amendment of | The initial or subsequent bylaws of the bank may be adopted, amended or repealed by the incorporator or incorporators, by the initial directors if they were named in the certificate of incorporation, or, if the bank has received no payment whatsoever for its shares, by the Board of Directors. After the bank has receive... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/62/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 62 - Directors and officers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 62 - Directors and officers | (a) The business and activities of the banks shall be under the authority of a board of directors elected by the stockholders at the annual general regular meeting. The number of directors shall be uneven and in no case shall it consist of less than three (3) and the majority of these shall be bona fide residents of Pu... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/62a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 62a - Power of bank to indemnity | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 62a - Power of bank to indemnity | (a) Any bank may indemnify any person who is, has been, or is at risk of becoming a party to any action, suit or procedure, be it imminent, pending or resolved, or civil, criminal, administrative or investigative (except for an action initiated by the bank or initiated to protect the interests of the bank), because the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/63/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 63 - Powers of officers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 63 - Powers of officers | The powers and duties of the Chairperson of the Board, of the President of the bank, of the Vice-presidents and other executive or administrative officials, shall be fixed and determined in the bylaws of the bank, which shall not contain any provision whatsoever which contravenes any legislation in force in Puerto Rico... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/64/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 64 - Prohibition on service as director, officer, agent or employee in more than one financial ins... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 64 - Prohibition on service as director, officer, agent or employee in more than one financial institution | No official, director, agent or employee of a bank organized under §§ 1 et seq. of this title may serve or discharge an office as official, director, agent or employee of another bank organized under §§ 1 et seq. of this title, or finance company, savings and loan association, trust company, companies engaged in granti... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/65/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 65 - Stockholders’ meetings; voting | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 65 - Stockholders’ meetings; voting | (a) Every bank shall hold at least one regular general meeting of stockholders each year, and any other special meeting that may be necessary in the opinion of the President, or the Board of Directors, or that is requested by the stockholders representing twenty percent (20%) of the outstanding voting stock.
(b) Notice... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-5/66/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66)›§ 66 - Annual balance | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 5 - Directors, Stockholders, and Meetings (§§ 61 — 66) › § 66 - Annual balance | Each year, on the date fixed by its bylaws, each bank shall prepare a general balance of its operations, which shall be submitted to a regular general meeting of the stockholders, together with a report thereon. The directors shall make all such explanations as may be asked for by the stockholders regarding the aforesa... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-7/91/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 7 - Merger or Consolidation (§§ 91 — 91a)›§ 91 - Merger or consolidation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 7 - Merger or Consolidation (§§ 91 — 91a) › § 91 - Merger or consolidation | (a) A domestic bank may merge or consolidate with one or more of the following entities:
(1) Another domestic bank;
(2) a foreign organized under the laws of the United States of America, or of any state or territory of the United States of America;
(3) a foreign bank organized under the laws of any other country, if a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-7/91a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 7 - Merger or Consolidation (§§ 91 — 91a)›§ 91a - Certificate of title to property and merger | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 7 - Merger or Consolidation (§§ 91 — 91a) › § 91a - Certificate of title to property and merger | (a) The provisions of § 91 of this title notwithstanding, in any case in which at least ninety percent (90%) of the outstanding shares of each class of shares of a corporation or corporations are held by a bank organized under the provisions of §§ 1 et seq.of this title, said corporation or corporations may merge with ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/111/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 111 - Powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 111 - Powers | In addition to the express general and incidental powers conferred upon Puerto Rican corporations by the laws of Puerto Rico, all banks and foreign banks shall also have the power to carry out the following activities, operations and services through their boards of directors, officials or authorized agents:
(a) Buy, s... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/111a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 111a - Applicable conditions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 111a - Applicable conditions | (1) No bank may conduct operations or activities or exercise powers under § 111 of this title, except for those incidental to and necessary as preliminary steps for its organization, until the same has been duly authorized by the Commissioner to start business operations.
(2) Provided there is no express prohibition by... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/112/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 112 - Legal reserve | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 112 - Legal reserve | Every bank or foreign bank shall always maintain a reserve which shall be called “legal reserve” which shall be established by the Commissioner through regulations, but in no case shall it exceed thirty percent (30%) of the total obligations of the bank or the foreign bank, payable on sight, except for the deposits of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/113/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 113 - Transactions restricted | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 113 - Transactions restricted | (a) Banks, or foreign banks, including their units and subsidiaries thereof, considered jointly for the purposes of this subsection, corporation:
(1) One (1) or more loans, or transactions that constitute in any way extensions of credit, totaling an amount greater than fifteen percent (15%) of the paid-in capital in co... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/114/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 114 - Checks, unlawful certification | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 114 - Checks, unlawful certification | It shall be unlawful for any director, official, agent or employee of any bank or foreign bank to certify any check drawn against said bank unless the person or company drawing the check has on deposit with the bank, at the time the check is certified, an amount not less than the amount specified in such a check. Any c... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/115/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 115 - Embezzlement and other offenses | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 115 - Embezzlement and other offenses | Any president, director, official, cashier, employee or agent of a bank or foreign bank who commits breach of trust, or who embezzles or willfully misapplies money, funds or credits of the bank, or securities existing therein; or who, without being duly authorized, issues or draws any certificate of deposit, draws any ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/116/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 116 - Penalty for receiving deposits when insolvent | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 116 - Penalty for receiving deposits when insolvent | Any director, official, agent or employee of any bank or foreign bank doing in business in Puerto Rico, who receives any deposit knowing that said bank or foreign bank is insolvent, shall be guilty of a felony and punished by a term of imprisonment of not less than one (1) nor more than five (5) years, or a fine of not... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/117/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 117 - Preferential transfers, penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 117 - Preferential transfers, penalties | All transfers of notes, bonds, bills of exchange or credits of any bank or foreign bank or deposits to the credit thereof, and all assignments of mortgages, surety on real property or of judgments or decrees its behalf and all deposits of money, gold and silver ingots, or any other thing of value for its use or for the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/118/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 118 - Loss of license, personal liability of directors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 118 - Loss of license, personal liability of directors | Should the directors of a bank or foreign bank knowingly violate or knowingly allow any official, agent or employee of the bank or foreign bank doing business in Puerto Rico, to violate the provisions of §§ 112—121 of this title, the license of the bank may be canceled at the request of the Commissioner, who can declar... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/119/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 119 - Unlawful fees and commissions, penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 119 - Unlawful fees and commissions, penalties | Any official, director, employee or agent of a bank or foreign bank who stipulates, receives, acquiesces or agrees to receive any fee, commission, gift or thing of value, from any person, firm or corporation, for obtaining or trying to obtain for said person, firm or corporation, or for any other person, firm or corpor... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-9/121/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 9 - Banking Transactions (§§ 111 — 121)›§ 121 - Discrediting banks; penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 9 - Banking Transactions (§§ 111 — 121) › § 121 - Discrediting banks; penalties | Any person or publication that knowingly and maliciously makes, circulates or transmits to another or to others, any statements, rumor or indication, whether written, printed or by word of mouth, which directly or by inference leads to the discredit of the financial condition, or affects the solvency or credit of any b... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/151/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 151 - Public policy statement and powers of the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 151 - Public policy statement and powers of the Commissioner | It is hereby declared that the public policy of the Government of Puerto Rico is the following:
(a) That the business of all banks and banking institutions organized under to the Laws of Puerto Rico, and of foreign banks operating in Puerto Rico, shall be examined and regulated by the Commissioner to insure the sound o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/152/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 152 - Affidavit of paid-in capital and reserve fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 152 - Affidavit of paid-in capital and reserve fund | No bank or foreign bank shall commence its business until its president or vice-president and manager have prepared and subscribed an affidavit stating that the full amount of its capital and reserve fund has been duly paid in cash. Said affidavit may be sworn to before any notary public or other official authorized to... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/153/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 153 - Protection through bonds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 153 - Protection through bonds | All the banks and foreign banks doing business in Puerto Rico shall provide themselves with protection and indemnity against burglary, embezzlement and other similar insurable losses. In case a bank or foreign bank refuses to comply with this requirement, the Commissioner shall make arrangements to provide said protect... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/154/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 154 - Reports—Duty to report | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 154 - Reports—Duty to report | Every bank or foreign bank doing business in Puerto Rico shall submit to the Commissioner the reports needed to perform the supervisory functions.
History —May 12, 1933, No. 55, p. 322, § 32; May 15, 1938, No. 199, p. 387, § 7; Sept. 7, 1961, No. 12, p. 353, § 1; Aug. 28, 1997, No. 108, § 35. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/155/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 155 - Reports—Penalties for failure to report and false reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 155 - Reports—Penalties for failure to report and false reports | Should any bank or foreign bank fail to render its reports within the term fixed by the Commissioner, said bank shall be penalized with an administrative fine of up to one thousand dollars ($1,000) for each day said reports are delayed.
Should any bank or foreign bank fail to render its reports on two consecutive occas... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/156/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 156 - Publication of annual reports; accounting system | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 156 - Publication of annual reports; accounting system | It shall be the duty of every bank or foreign bank to publish annually in a newspaper of general circulation in the locality where it is established, a report of its financial condition within the term of one hundred and twenty (120) days from the closing of its books. Failure to publish said information shall make the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/157/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 157 - Filing of annual reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 157 - Filing of annual reports | Every bank organized under §§ 1 et seq. of this title, now existing or hereafter organized, shall file in the Department of State annually and not later than April fifteenth, a report sworn to by the president or any other officer, or by any two (2) directors of the corporation, stating:
(1) The name of the bank;
(2) t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/158/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 158 - Unclaimed accounts, annual reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 158 - Unclaimed accounts, annual reports | Every bank or foreign bank shall be bound to electronically file an annual report as of June 30 with the Commissioner not later than August 10th, stating the amounts of over one dollar ($1) held by said institutions, and which have not been claimed by the depositor or the person entitled thereto during the five (5) yea... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/159/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 159 - Annual licenses; fees | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 159 - Annual licenses; fees | Any bank or foreign bank which is doing business in Puerto Rico at present, or that is established in Puerto Rico in the future, shall renew the license for its main place of business in Puerto Rico on or before January 10 of each year, and for each branch, including mobile units, through the payment of an annual fee o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-11/160/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160)›§ 160 - Unauthorized banks | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 11 - Examinations, Reports, and Licenses (§§ 151 — 160) › § 160 - Unauthorized banks | Should any corporation, as of the date of approval of this section, commence a banking business in Puerto Rico without having previously complied with the requirements contained herein, the Secretary of Justice, at the request of the Commissioner, shall institute the proper action in the Court of First Instance, Superi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-13/181/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 13 - Foreign Banks (§ 181)›§ 181 - Foreign banks doing business in Puerto Rico | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 13 - Foreign Banks (§ 181) › § 181 - Foreign banks doing business in Puerto Rico | Hereafter, any banking corporation or entity organized under the laws of the United States of America, its territories, a state of the Union, or any foreign country which operates a bank and does business at the place of its incorporation, may do business and establish offices in Puerto Rico, provided that before comme... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/201/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 201 - Receivership and liquidation because of unsound condition | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 201 - Receivership and liquidation because of unsound condition | If, as a result of an examination performed or a report rendered by an examiner, the Commissioner has evidence that a bank or a foreign bank is not in sound financial condition to continue doing business, or it is managed in such a manner that the public or the persons and entities having funds or securities in its cus... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/202/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 202 - Receivership and liquidation because of refusal to submit to inspection, violation of la... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 202 - Receivership and liquidation because of refusal to submit to inspection, violation of law or charter | Should a bank or foreign bank refuse to submit its books, papers and affairs for the inspection of a duly appointed examiner, or if it is found that its charter or any law relative thereto has been violated, the Commissioner shall proceed to decree the liquidation and dissolution of said bank and shall appoint a receiv... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/203/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 203 - Liquidation because of expiration of term, loss of capital or vote of stockholders | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 203 - Liquidation because of expiration of term, loss of capital or vote of stockholders | Banks organized under §§ 1 et seq. of this title shall be dissolved because of the expiration of the term fixed for their duration, or for having lost one hundred percent (100%) of their capital accounts, or by resolution of the holders of two thirds (2 / 3) of the stock entitled to vote on said matter, adopted at a me... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/204/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 204 - Emergencies | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 204 - Emergencies | (a) Whenever Puerto Rico is affected by earthquakes, hurricanes, plagues or other unpredictable phenomena causing a major breakdown in its economy with unfavorable effects on banking, or whenever there are periods of recession or depression which affect to a great extent the economic and monetary structure of the count... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/204a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 204a - General penalty | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 204a - General penalty | Any violation of the provisions of §§ 1 et seq. of this title or of the provisions contained in the rules and regulations promulgated thereunder, or the orders and resolutions issued by the Commissioner, for which no penalty is provided therein, shall constitute a misdemeanor punishable by a fine of not more than five ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/204b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 204b - Abbreviated title; use of the term “bank” | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 204b - Abbreviated title; use of the term “bank” | Any bank organized under the provisions of §§ 1 et seq. of this title and any foreign bank doing business in Puerto Rico under the provisions of §§ 1 et seq. of this title, before or after it has become effective, shall be governed by its provisions. Sections 1 et seq. of this title shall not impair, restrict or affect... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/205/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 205 - Committee to take charge of and administer bank in emergency | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 205 - Committee to take charge of and administer bank in emergency | Whenever in the opinion of the Governor of Puerto Rico, due to the excessive withdrawal of money or to other reasons not implying insolvency, any bank organized under the laws of Puerto Rico may be in imminent danger of being obliged to close its doors for lack of cash to meet the abnormal withdrawal of deposits, a Com... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/206/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 206 - Closed bank—Plan for reopening, reorganization, or liquidation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 206 - Closed bank—Plan for reopening, reorganization, or liquidation | The Secretary of the Treasury of Puerto Rico is hereby authorized to examine and recommend any plan for the reopening, reorganization, or liquidation of a closed bank, and likewise to examine and recommend any plan by virtue of which a bank organized in accordance with the laws of Puerto Rico may take charge of the liq... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/207/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 207 - Closed bank—Approval of plan | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 207 - Closed bank—Approval of plan | Said plan, when approved by such depositors and creditors of the closed bank the reopening, reorganization, liquidation, or realization of the assets, and the payment of the liabilities of which, is being considered, as represent not less than two-thirds (⅔) of the total amount of its credits and deposits after deducti... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/208/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 208 - Closed bank—Obligatory plan, except preferred creditors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 208 - Closed bank—Obligatory plan, except preferred creditors | After the said plan has been approved by the Secretary of the Treasury of Puerto Rico it shall be obligatory on all depositors and creditors of the said closed bank, except creditors having secured credits, trust funds, and preferred credits in general, for the payment of which there shall be stipulated in the said pla... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/209/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 209 - Closed bank—Retroactive effect | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 209 - Closed bank—Retroactive effect | All the provisions of §§ 206—209 of this title shall be applicable both to the banks that hereafter close their doors to the public as well as to those already closed when §§ 206—209 of this title take effect.
History —Apr. 18, 1933, No. 17, p. 218, § 4. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/210/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 210 - Borrowing by receiver or liquidator—Application to court | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 210 - Borrowing by receiver or liquidator—Application to court | When the receiver, either temporary or permanent, or the liquidator of a closed bank or of a bank in liquidation believes that the assets of the said bank are sufficient to pay, wholly or partly, the claims of the depositors and of the creditors, but if, at that particular time and due to the condition of business, or ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/211/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 211 - Borrowing by receiver or liquidator—Contents of application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 211 - Borrowing by receiver or liquidator—Contents of application | Said application shall contain a complete, detailed statement of the reasons on which he bases his application; the amount of the loan involved; the rate of interest to be paid thereon; the term; the kind of guaranty to be conveyed, pignorated, and/or mortgaged; the sum to be paid to the creditors and/or to the deposit... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/212/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 212 - Borrowing by receiver or liquidator—Notice to Secretary of Treasury | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 212 - Borrowing by receiver or liquidator—Notice to Secretary of Treasury | Before filing said application, he shall send a true and exact copy thereof to the Secretary of the Treasury of Puerto Rico who shall thereafter be notified of all proceedings concerning said application and be given an opportunity to be heard in regard thereto.
History —July 15, 1935, No. 12 p. 80, § 3. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/213/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 213 - Borrowing by receiver or liquidator—Publication of notice | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 213 - Borrowing by receiver or liquidator—Publication of notice | When the application has been filed, the court shall issue an order fixing the date for the hearing thereof, which date shall not be before the twenty (20) days following the date of the order, and a notice of said hearing shall be published at least twice a week in one or more newspapers of general circulation; Provid... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/214/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 214 - Borrowing by receiver or liquidator—Authority to borrow | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 214 - Borrowing by receiver or liquidator—Authority to borrow | After the hearing is held, the court may authorize the receiver or liquidator to borrow the sum of money mentioned in the application, or a lesser sum, and it may likewise authorize the conveyance, pignoration, and/or mortgaging of sufficient bank property to guarantee said loan; and to authorize the lender to foreclos... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-15/215/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215)›§ 215 - Emergency regulations to prevent black market transactions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 15 - Receivership and Liquidation; Emergency Provisions (§§ 201 — 215) › § 215 - Emergency regulations to prevent black market transactions | For the purposes of preventing black market dealings through credit or cash transactions, it is hereby provided that during any emergency period proclaimed by the President of the United States of America, any bank or foreign bank heretofore or hereafter established in Puerto Rico shall operate subject to the rules, re... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232 - Definitions | For purposes of §§ 232 et seq. of this title, the following terms are defined as set forth below:
(a) Bank Secrecy Act.— Means the Bank Secrecy Act, as amended, 31 U.S.C. §§ 5311 et seq. and 12 U.S.C. Sections 1818(s), 1829(b), and 1951-1959, or any law succeeding or amending it.
(b) Commissioner.— Means the Commission... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232a - Authority and duties of the Commissioner | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232a - Authority and duties of the Commissioner | (a) The Commissioner shall:
(1) Adopt, and may thereafter, from time to time, repeal, amend, or supplement rules and regulations in order to comply with the provisions of §§ 232 et seq. of this title;
(2) Collect fees for examinations and audits, receive monies and make disbursements according to its budget or as other... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232b - Interest rates and reserves | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232b - Interest rates and reserves | The Commissioner may not establish interest rates to be paid or charged by an international banking entity, nor require that deposit reserves be kept.
History —Aug. 11, 1989, No. 52, p. 178, § 4. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232c - Organization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232c - Organization | (a) An international banking entity may be:
(1) Any person, other than an individual, incorporated or organized under the laws of Puerto Rico, of the United States, or of any other country, or
(2) constituted as a unit of another person, other than an individual, incorporated or organized under the laws of Puerto Rico,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232d - Application for permit | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232d - Application for permit | (a) Any person may apply to the Commissioner for a permit to organize an international banking entity. The application shall be in writing, in the form specified by the regulations of the Commissioner and shall be accompanied by:
(1) The proposed articles of incorporation, partnership agreement or other written documen... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232e - License | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232e - License | (a) At his discretion, the Commissioner may issue to the applicants a license to operate an international banking entity upon receipt of:
(1) The certification by the Department of State referred to in § 232d of this title;
(2) the payment of five thousand dollars ($5,000) as an annual fee for the license to operate an... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232e-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232e-1 - License renewal | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232e-1 - License renewal | (a) Every license shall remain in effect until its expiration, which shall be on the anniversary date of the original license.
(b) Every license renewal application shall be submitted within thirty (30) days before the expiration date of each license. It shall contain:
(1) A description of any material change in the in... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232f - Amendments to articles of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232f - Amendments to articles of incorporation | (a) No amendment whatsoever shall be adopted to the articles of incorporation, partnership agreement or other written document establishing an international banking entity or to any certification executed in accordance with § 232c of this title, unless such amendment has been previously approved, in writing, by the Com... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232g/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232g - Unencumbered assets, capital, shares of capital stock | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232g - Unencumbered assets, capital, shares of capital stock | (a) Every international banking entity shall possess not less than three hundred thousand dollars ($300,000) of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Commissioner authorizes, when the type of business or powers that the international ban... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232h/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232h - Transfer of capital or control of an international banking entity | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232h - Transfer of capital or control of an international banking entity | (a) Except as provided in the regulations adopted by the Commissioner, no sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international banking entity may be initiated without the previous written authorization of the Commissioner, if b... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232i/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232i - No transfer of license | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232i - No transfer of license | No license issued in accordance with §§ 232 et seq. of this title may be sold, assigned, transferred, pledged, used as security, or otherwise encumbered.
History —Aug. 11, 1989, No. 52, p. 178, § 11. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232j/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232j - Permitted transactions; prohibited transactions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232j - Permitted transactions; prohibited transactions | (a) Upon receipt of a license to operate an international banking entity in accordance with § 232e of this title, an international banking entity may:
(1) Accept deposits from foreign persons in checking accounts as well as demand or fixed term deposits and interbank deposit of funds, or otherwise borrow money from int... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232j-1/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232j-1 - Responsibilities of the holders of a license to operate an international banking entity | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232j-1 - Responsibilities of the holders of a license to operate an international banking entity | Every holder of an international banking entity license shall:
(a) Adopt written business policies and procedures to ensure that the international banking entity complies with the applicable state and federal laws, including this Act, the Bank Secrecy Act, and the USA Patriot Act.
(b) Faithfully comply with the applica... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232k/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232k - Personnel | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232k - Personnel | (a) The international banking entity shall employ on a full-time basis a minimum of four (4) persons at its business office or offices in Puerto Rico.
Provided, That the Commissioner may authorize a lesser number of employees upon request of the interested party, for which authorization the Commissioner shall evaluate ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232l/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232l - Accounts and registers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232l - Accounts and registers | (a) The original of the account books and registers of the international banking entity shall be kept in its main business office in Puerto Rico and shall reflect such details and be kept in such a manner as may be required by the regulations of the Commissioner.
(b) Such account books and registers have to be segregat... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232m/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232m - Reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232m - Reports | Every international banking entity shall submit to the Commissioner all such reports as may be required by the regulations of the Commissioner, including an annual financial statement prepared by certified public accountants, licensed to practice in Puerto Rico, as well as interim financial statements.
History —Aug. 11... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232n/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232n - Revocation, suspension or surrender | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232n - Revocation, suspension or surrender | (a) The license issued under § 232e of this title shall be subject to revocation or suspension by the Commissioner, upon previous notice and hearing pursuant to the regulations provided in § 232s of this title if:
(1) An international banking entity or the person of which said international banking entity is a unit, co... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232o/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232o - Dissolution | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232o - Dissolution | (a) The Commissioner may appoint a receiver and order the dissolution of an international banking entity if the license of said international banking entity or of the person of which the international banking entity is a unit, is revoked or surrendered pursuant to § 232n of this title.
(b) The receiver appointed shall ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232p/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232p - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232p - Penalties | (a) If any director, official or individual acting in a similar capacity of an international banking entity or of a person of which the international banking entity is a unit, violates, or voluntarily or negligently permits any director officer, agent, or employee of the international banking entity or of the person of... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232q/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232q - Confidentiality | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232q - Confidentiality | (a) The information that the international banking entity provides to the Commissioner under the provisions of §§ 232 et seq. of this title and the regulations adopted thereunder by the Commissioner shall be kept confidential, except:
(1) When disclosure of such information is required by law or judicial order, or
(2) ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232r/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232r - Transitional provisions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232r - Transitional provisions | An international banking entity, to which a license was issued pursuant to § 10 of Act No. 16 of July 2, 1980, as amended, known as “International Banking Center Regulatory Act” herein repealed, shall be deemed on the effective date of this act as an international banking entity organized pursuant to §§ 232 et seq. of ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232s/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232s - Administrative hearings, adjudication proceedings and judicial review | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232s - Administrative hearings, adjudication proceedings and judicial review | All matters related to administrative hearings procedure, adjudicatory proceedings and judicial review shall be set forth by regulations to be promulgated by the Commissioner pursuant to the provisions of §§ 2101 et seq. of Title 3, known as “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”.
Hi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232t/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232t - Inapplicability of existing laws | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232t - Inapplicability of existing laws | The provisions of §§ 1 et seq. of this title, known as the “Banking Law”, nor the provisions of §§ 998 et seq. of Title 10, which fix the maximum interest rates or charges permitted on loans, nor § 4591 of Title 31, which fixes the interest rates in the absence of an agreement and the maximum interest rates that can be... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232u/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232u - Property tax exemption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232u - Property tax exemption | The real and personal property belonging to an international banking entity duly authorized under §§ 232 et seq. of this title, shall be exempt from the levying of property taxes.
History —Aug. 11, 1989, No. 52, p. 178, § 23. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232v/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232v - Municipal license tax exemption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232v - Municipal license tax exemption | The international banking entities duly authorized by §§ 232 et seq. of this title, shall be exempt from the payment of municipal license taxes levied by §§ 651 et seq. of Title 21, known as the “Municipal License Tax Act”.
History —Aug. 11, 1989, No. 52, p. 178, § 24. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232w/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232w - Income tax exemption | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232w - Income tax exemption | (a) Income derived by the international banking entities duly authorized by this chapter, from activities described in subsection (a) of § 232j of this title, shall not be included in the gross income of said entities and shall be exempt from the tax imposed by §§ 8006 et seq. of Title 13, known as the “Puerto Rico Int... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-16/232x/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 16 - International Banking Center (§§ 231 — 232x)›§ 232x - Effect of existing legislation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232x - Effect of existing legislation | (a) Insofar as the laws of Puerto Rico are not inconsistent with the provisions of §§ 232 et seq. of this title, the laws of Puerto Rico shall prevail.
(b) Insofar as the provisions of §§ 232 et seq. of this title are inconsistent with any other laws of Puerto Rico, the provisions of §§ 232 et seq. of this title shall ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251 - General definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251 - General definitions | For the purposes of this chapter, the following terms shall have the meaning set forth hereinbelow:
(1) Commissioner. — Means the Financial Institutions Commissioner.
(2) Depositary of public funds. — Means that financial institution which in accordance with the provisions of this chapter is authorized by the Secretary... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251a - Designation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251a - Designation | All government entities’ funds shall be deposited in financial institutions that can answer with sufficient collateral, made up of previously-selected securities pursuant to the regulations approved by the Secretary.
The financial institutions shall be previously designated by the Secretary as depositaries of public fu... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251b - Exclusion from the rule | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251b - Exclusion from the rule | The Secretary may exempt the Government Development Bank for Puerto Rico, the Economic Development Bank for Puerto Rico, and the Housing Financing Bank and Agency of Puerto Rico from compliance with § 251a of this title, due to the nature of these institutions, as well as the business they conduct.
History —Aug. 14, 19... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251c - Exemption from collateral guarantee | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251c - Exemption from collateral guarantee | In the case of a contract to finance authorities where the creation of special trust funds is needed, the Secretary may exempt such contract from the rule for general collaterals and accept a different form of collateral, or not require any, when there are circumstances that so merit it.
History —Aug. 14, 1991, No. 69,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251d/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251d - Deposits in foreign countries | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251d - Deposits in foreign countries | Deposits of public funds in a foreign country shall be made for the exercise of the duties of government entities in such country, and shall be limited to those amounts that are strictly necessary to cover the operating expenses of the entity in said country.
Deposits in a foreign country shall be made in financial ins... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251e/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251e - Conditions to be a depositary | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251e - Conditions to be a depositary | In order to be designated as depositary of public funds pursuant to the provisions of this chapter, every financial institution shall:
(1) Be organized under the laws of the Commonwealth of Puerto Rico; or
(2) be organized under the laws of the United States of America or any of its states, or those of a foreign countr... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251f/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART I - Banks (§§ 1 — 278)›Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c)›Subchapter I - General Provisions (§§ 251 — 251g)›§ 251f - Examination | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 17A - Regulation of Deposits of Public Funds (§§ 251 — 254c) › Subchapter I - General Provisions (§§ 251 — 251g) › § 251f - Examination | The Secretary or his/her authorized representative shall be empowered to perform periodic examinations of the depositaries of public funds, for the purposes of ensuring compliance with the provisions of this chapter and its regulations.
The Secretary is likewise empowered to establish a daily information system that wi... |
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