url stringlengths 42 388 | state stringclasses 50
values | path stringlengths 83 10.4k | title stringlengths 34 2.24k | content stringlengths 0 2.39M |
|---|---|---|---|---|
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-i/251g/ | 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)›§ 251g - Custody of collaterals | 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) › § 251g - Custody of collaterals | The Secretary shall be the depositary and custodian of the collaterals that secure the deposits of public funds. However, he may contract said custody with financial institutions pursuant to the requirements established by regulations, including the type of security that it shall require.
Notwithstanding the above, a f... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-ii/252/ | 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 II - Collaterals (§§ 252 — 252c)›§ 252 - Collateral guarantees—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 II - Collaterals (§§ 252 — 252c) › § 252 - Collateral guarantees—Definitions | For the purposes of this subchapter and of the other applicable provisions of this chapter, the following terms shall have the meaning set forth hereinbelow:
(1) Compensation corporation. — Means a corporation registered as a compensation agency under federal securities laws, or a corporation:
(a) In which at least nin... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-ii/252a/ | 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 II - Collaterals (§§ 252 — 252c)›§ 252a - Collateral guarantees—Form | 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 II - Collaterals (§§ 252 — 252c) › § 252a - Collateral guarantees—Form | The Secretary may accept as collateral to secure public funds under the provisions of this chapter, securities evidenced by certificates, securities not evidenced by certificates, and securities in which the ownership thereof is kept in electronic systems. The Secretary shall be empowered to establish preferences in th... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-ii/252b/ | 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 II - Collaterals (§§ 252 — 252c)›§ 252b - Collateral guarantees—Pledge; constitution | 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 II - Collaterals (§§ 252 — 252c) › § 252b - Collateral guarantees—Pledge; constitution | A financial institution designated as depositary of public funds shall have constituted an effective and valid pledge against third parties in favor of the Secretary, on any collateral that secures public funds, when it has complied with the provisions of §§ 5001 and 5002 of Title 31 and this section.
For these purpose... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-ii/252c/ | 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 II - Collaterals (§§ 252 — 252c)›§ 252c - Collateral guarantees—Exception from pledge requireme... | 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 II - Collaterals (§§ 252 — 252c) › § 252c - Collateral guarantees—Exception from pledge requirements | The requirements of §§ 5021—5023 of Title 31 shall not apply to establish a pledge in favor of the Secretary.
History —Aug. 14, 1991, No. 69, § 2.4. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iii/253/ | 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 III - Interests on Deposits (§§ 253 — 253b)›§ 253 - Interest—Type; agreement | 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 III - Interests on Deposits (§§ 253 — 253b) › § 253 - Interest—Type; agreement | The Secretary shall require payment of interest on all deposits of public funds. The annual payment of interest on deposits of public funds in current or savings accounts or accounts of any other nature, shall be made at the interest rate agreed upon by the Secretary and the depositary institution thereof.
The Secretar... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iii/253a/ | 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 III - Interests on Deposits (§§ 253 — 253b)›§ 253a - Interest—Obligation to pay | 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 III - Interests on Deposits (§§ 253 — 253b) › § 253a - Interest—Obligation to pay | Every financial institution designated as depositary of public funds shall be bound to accrue interest on all deposits, pursuant to what is provided in § 253 of this title and the terms of the contract signed by the Secretary to such purposes.
History —Aug. 14, 1991, No. 69, § 3.2. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iii/253b/ | 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 III - Interests on Deposits (§§ 253 — 253b)›§ 253b - Interest—Judicial branch, special provisio... | 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 III - Interests on Deposits (§§ 253 — 253b) › § 253b - Interest—Judicial branch, special provision | The Judicial Branch, through the Chief Justice of the Supreme Court, or the Courts Administrative Director, if delegated by him, may sign agreements with any bank designated as depositary of public funds to agree on the interest that it shall receive for the funds deposited in bank accounts, which may exceed the intere... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iv/254/ | 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 IV - Final Provisions (§§ 254 — 254c)›§ 254 - Administrative sanctions | 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 IV - Final Provisions (§§ 254 — 254c) › § 254 - Administrative sanctions | In addition to any other administrative action in order, any financial institution or person who violates the provisions of this chapter or its regulations, shall be sanctioned by an administrative fine which shall not be less than five hundred dollars ($500), nor more than one thousand dollars ($1,000).
If a like viol... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iv/254a/ | 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 IV - Final Provisions (§§ 254 — 254c)›§ 254a - Evaluation | 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 IV - Final Provisions (§§ 254 — 254c) › § 254a - Evaluation | The Secretary may request the Commissioner to examine the financial institutions to be designated or which have been designated as depositaries of public funds, to determine the condition of its finances or to ensure compliance with the provisions of this chapter and its regulations. When the examination is performed o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iv/254b/ | 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 IV - Final Provisions (§§ 254 — 254c)›§ 254b - Construction | 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 IV - Final Provisions (§§ 254 — 254c) › § 254b - Construction | This chapter shall be construed liberally in order to attain the greatest effectiveness of its purposes. Substantial compliance of its various provisions shall be sufficient to validate a lien in behalf of the Secretary of the Treasury of Puerto Rico and give jurisdiction to the courts of Puerto Rico in order to make i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-17a/subchapter-iv/254c/ | 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 IV - Final Provisions (§§ 254 — 254c)›§ 254c - Regulations | 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 IV - Final Provisions (§§ 254 — 254c) › § 254c - Regulations | The Secretary shall adopt the regulations needed to implement the provisions of this chapter.
The provisions of the regulations promulgated under Act No. 7 of August 17, 1933 as amended, Act No. 318 of May 13, 1949 as amended, and Act No. 58 of April 17, 1952 as amended, shall continue in effect until amended or repeal... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/261/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 261 - Creation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 261 - Creation | In order to guarantee sufficient safe and hygienic dwellings in Puerto Rico, to develop the construction and housing industries and the resulting additional employment opportunities for the citizens of the Commonwealth of Puerto Rico, and to facilitate housing programs financed or sponsored by the Puerto Rico Housing B... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/262/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 262 - Mortgage Security Insurance Regulation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 262 - Mortgage Security Insurance Regulation | The Puerto Rico Housing Secretary, who hereafter shall be known as the Secretary, shall adopt a Mortgage Security Insurance Regulation providing for the establishment and maintenance of those actuarial reserves deemed by him necessary and adequate to insure the solvency of the Insured Mortgages Reserve Fund created her... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/263/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 263 - Payment in debenture bonds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 263 - Payment in debenture bonds | In those cases in which the Agency must discharge its liability assumed as Mortgage Insurer, it shall make the corresponding payment in debenture bonds, or in cash, from the moneys deposited in the Insured Mortgages Reserve Fund or in a merger of both to be determined by the Secretary.
History —June 25, 1965, No. 87, p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/264/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 264 - Issuance of debenture bonds | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 264 - Issuance of debenture bonds | All debenture bonds issued by the Agency in accordance with the provisions of this chapter shall be secured by the moneys deposited in the account of the Insured Mortgages Reserve Fund. Said debenture bonds shall bear such date, fall due on such date or dates, be redeemable before maturity with or without premium, draw... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/265/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 265 - Award in payment | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 265 - Award in payment | In case of default by the mortgagor, the mortgagee shall promptly notify the Agency in writing. Upon receiving such notice the Agency shall determine the course of action to be followed by the mortgagee. When deemed practicable, and for a provisional period after the default or menace of default by the mortgagor, the A... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/268/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 268 - Sale of foreclosed property | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 268 - Sale of foreclosed property | In case the proceeds of the sale of a foreclosed property exceed the liability covered by the Agency through payment of the insurance, said excess shall be covered by the Agency into the account of the Insured Mortgages Reserve Fund.
History —June 25, 1965, No. 87, p. 216, § 8; July 23, 1974, No. 215, Part 2, p. 123, §... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/270/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 270 - Guarantee by Commonwealth | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 270 - Guarantee by Commonwealth | The Commonwealth of Puerto Rico guarantees the payment of the principal of and interest on debenture bonds issued by the Agency for the purposes authorized by this chapter in an aggregate principal amount which shall not exceed seventy five million dollars ($75,000,000). The debenture bonds covered by this guaranty sha... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/271/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 271 - Guarantee by Commonwealth—Provisional loan insurance program | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 271 - Guarantee by Commonwealth—Provisional loan insurance program | In addition to and as a guarantee separate from that established in § 270 of this title, the Commonwealth of Puerto Rico shall warrant the payment of the unpaid balance of the principal and interest on the mortgage loans or provisional financing secured by the Agency under the provisions of §§ 261—265, 268, and 270—271... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/271a/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 271a - Guarantee by Commonwealth—Special reserve fund to guarantee program | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 271a - Guarantee by Commonwealth—Special reserve fund to guarantee program | The Agency shall establish a special reserve fund to guarantee the provisional loan insurance program authorized under § 271 of this title, and the Commonwealth hereby pledges to appropriate such funds as may be necessary to cover any net loss[es], if any, as a result of operations and obligations incurred under the ab... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/271b/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 271b - Bonds, authorization | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 271b - Bonds, authorization | The Agency is hereby authorized to issue bonds from time to time for the purposes established in § 271 of this title, up to the maximum amount of ninety million dollars ($90,000,000), plus the capitalization of interest for a maximum term of one (1) year and the costs of said bond issue. Said bonds shall have a maximum... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/271c/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 271c - Plan to minimize losses | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 271c - Plan to minimize losses | In the case of loans whose unpaid balances and interest must be paid by the Agency through a bond issue or by using the Reserve Fund, the Agency must adopt a plan of action directed towards minimizing the incurred losses. Among other things, it shall ensure that inadmissible claims due to violations of regulations are ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/271d/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 271d - Quarterly reports | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 271d - Quarterly reports | After the effective date of this act and no later than the fifteen (15) days after the end of each quarter, the Agency shall submit a quarterly report to the Governor of Puerto Rico, to the Office of Management and Budget and to the Legislature on each loan paid by means of the unsecured bond issue authorized by §§ 271... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-19/272/ | 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 19 - Insured Mortgages Reserve Fund (§§ 261 — 272)›§ 272 - Exemption from payment and cancellation of internal revenue stamps | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 19 - Insured Mortgages Reserve Fund (§§ 261 — 272) › § 272 - Exemption from payment and cancellation of internal revenue stamps | The mortgage modification deeds executed to modify the terms of any mortgage insured under the mortgage insurance established by virtue of this chapter, so as to temper the same with the terms established by the Agency through regulations, shall be exempted from the payment and cancellation of internal revenue stamps a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-20/275/ | 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 20 - Statement of Interest Paid (§§ 275 — 278)›§ 275 - Statement | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 20 - Statement of Interest Paid (§§ 275 — 278) › § 275 - Statement | All loan, banking and credit institutions, as well as all commercial entities that sell merchandise on the installment plan and charge interest therefor, and whose gross volume of sales exceeds one hundred thousand dollars ($100,000), shall send each client a statement of the amount of interest he has paid during the p... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-20/276/ | 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 20 - Statement of Interest Paid (§§ 275 — 278)›§ 276 - Complaints | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 20 - Statement of Interest Paid (§§ 275 — 278) › § 276 - Complaints | The client of a loan, banking or credit institution or a commercial entity which sells merchandise on the installment plan and charges interest therefor, whose gross volume of sales exceeds one hundred thousand dollars ($100,000), who does not receive a statement of interest paid, within the term established in § 275 o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-20/277/ | 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 20 - Statement of Interest Paid (§§ 275 — 278)›§ 277 - Administrative fines | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 20 - Statement of Interest Paid (§§ 275 — 278) › § 277 - Administrative fines | The Department of Consumer Affairs may impose administrative fines on the institutions that violate this chapter or the regulations thereunder, pursuant to the provisions of § 341q of Title 3.
History —July 13, 1978, No. 39, p. 501, § 3. |
https://law.justia.com/codes/puerto-rico/title-seven/part-i/chapter-20/278/ | 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 20 - Statement of Interest Paid (§§ 275 — 278)›§ 278 - Petition for reconsideration | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 20 - Statement of Interest Paid (§§ 275 — 278) › § 278 - Petition for reconsideration | Any loan, banking or credit institution, or commercial entity which sells merchandise on the installment plan, bound by the provisions of this chapter, which is adversely affected by a decision of the Secretary, may file a petition for reconsideration, and prosecute an appeal for review, pursuant to §§ 341o and 341p of... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-31/301/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 31 - General Provisions and Definitions (§§ 301 — 305)›§ 301 - Short title; application | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 31 - General Provisions and Definitions (§§ 301 — 305) › § 301 - Short title; application | Sections 301—503 of this title shall be known as the “Trust Company Law” and shall be applicable to all corporations heretofore or hereafter organized for the purpose of engaging in trust-company business in Puerto Rico.
History —Apr. 23, 1928, No. 40, p. 234, § 1, eff. 90 days after Apr. 23, 1928. |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-31/302/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 31 - General Provisions and Definitions (§§ 301 — 305)›§ 302 - Definitions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 31 - General Provisions and Definitions (§§ 301 — 305) › § 302 - Definitions | The term “trust company”, for the purposes of §§ 301—503 of this title, means a domestic corporation formed for the purpose of taking, accepting and executing such trusts as may lawfully be committed to it, acting as trustee in the cases prescribed by law, receiving deposits of money and other personal property, and is... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-31/303/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 31 - General Provisions and Definitions (§§ 301 — 305)›§ 303 - Compliance with requirements; banking business | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 31 - General Provisions and Definitions (§§ 301 — 305) › § 303 - Compliance with requirements; banking business | For a corporation to engage in trust-company business in Puerto Rico, compliance with the requirements of §§ 301—503 of this title shall first be necessary; and engaging in such business without compliance therewith shall be punishable as hereinafter provided. Any trust company that is organized on or before the date o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-31/304/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 31 - General Provisions and Definitions (§§ 301 — 305)›§ 304 - Name of company; use of word “trust” | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 31 - General Provisions and Definitions (§§ 301 — 305) › § 304 - Name of company; use of word “trust” | The name of every trust company formed under §§ 301—503 of this title shall contain the word “trust”, in either Spanish or English, but shall not be that of any other existing corporation of Puerto Rico without the specific consent of such existing corporation; Provided, however, That if such trust company shall be inc... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-31/305/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 31 - General Provisions and Definitions (§§ 301 — 305)›§ 305 - Powers denied companies other than trust companies; exceptions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 31 - General Provisions and Definitions (§§ 301 — 305) › § 305 - Powers denied companies other than trust companies; exceptions | No corporation other than a trust company organized under the laws of Puerto Rico shall have or exercise in Puerto Rico the power to receive deposits of money, securities or other personal property from any person or corporation in trust, or have or exercise in Puerto Rico any of the powers specified in subsections (1)... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-33/331/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 33 - Incorporation and Organization (§§ 331 — 333)›§ 331 - Organization; application and articles of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 33 - Incorporation and Organization (§§ 331 — 333) › § 331 - Organization; application and articles of incorporation | Seven (7) or more persons enjoying full civil rights may organize a trust company, but first, they must request permission in writing from the Secretary of the Treasury and also remit a certified check drawn to the order of the Secretary for the amount of seven hundred and fifty dollars ($750), to cover the cost of the... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-33/332/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 33 - Incorporation and Organization (§§ 331 — 333)›§ 332 - Filing of articles; certificate of incorporation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 33 - Incorporation and Organization (§§ 331 — 333) › § 332 - Filing of articles; certificate of incorporation | Upon subscribing and acknowledging the articles of incorporation as hereinbefore provided and upon submitting the two copies of the same to the Secretary of State of Puerto Rico, and payment of the proper filing fees, and upon the issuance by the Secretary of State of Puerto Rico, and under his seal, of his certificate... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-33/333/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 33 - Incorporation and Organization (§§ 331 — 333)›§ 333 - Commencement of business | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 33 - Incorporation and Organization (§§ 331 — 333) › § 333 - Commencement of business | From the moment the corporate existence of the trust company begins, as provided in § 332 of this title, it shall have the power to elect officers and transact such other business related to its organization. But such trust company shall transact no other business until:
(1) All of its capital stock shall have been ful... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/361/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 361 - Legal reserve | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 361 - Legal reserve | Every trust company shall, until an order of the Supreme Court of Puerto Rico is obtained declaring the business of the trust company settled and closed, maintain as deposit with the Secretary of the Treasury of Puerto Rico, interest-bearing bonds of the Government of the Commonwealth of Puerto Rico or of a political s... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/362/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 362 - Legal reserve—For deposits | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 362 - Legal reserve—For deposits | Every trust company receiving deposits of money subject to check or payable on demand shall at all times comply with the provisions of the “Banking Law of Puerto Rico” (§§ 1 et seq. of this title) as to legal reserve.
History —Apr. 23, 1928, No. 40, p. 234, § 10, eff. 90 days after Apr. 23, 1928. |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/363/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 363 - General powers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 363 - General powers | In addition to the general powers conferred upon domestic corporations under the laws of Puerto Rico every trust company organized under the provisions of §§ 301—503 of this title shall, subject to the restrictions and limitations herein contained, have the following powers:
(1) To act as the fiscal or transfer agent o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/364/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 364 - Contracts, limitations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 364 - Contracts, limitations | No trust company shall have any right or power to make any contract, or to accept or execute any trust whatever, which it would not be lawful for any individual to make, accept or execute.
History —Apr. 23, 1928, No. 40, p. 234, § 12, eff. 90 days after Apr. 23, 1928. |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/365/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 365 - Possession of real property | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 365 - Possession of real property | All real property purchased by any trust company or acquired by it in settlement of debts due it, shall be conveyed to it directly by name and the conveyance recorded in the office of the proper recording officer of the place in which such real property is located. Every parcel of real estate purchased or acquired by a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/366/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 366 - Limitations on loans | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 366 - Limitations on loans | A trust company subject to the provisions of §§ 301—503 of this title:
(1) Shall not directly or indirectly lend to any individual, partnership, unincorporated association, corporation or body politic, an amount which, including therein any extension of credit to such individual, partnership, unincorporated association... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/367/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 367 - Designated depositaries of money | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 367 - Designated depositaries of money | No trust company shall receive funds and moneys paid or brought into a court of Puerto Rico except it be designated by the Secretary of the Treasury of Puerto Rico a depositary of moneys paid into court. Nothing in this section contained shall, however, be deemed to preclude the deposit, in any trust company organized ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/368/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 368 - Book entries, prescribed method | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 368 - Book entries, prescribed method | (a) No trust company shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the name of any other individual, partnership, unincorporated association or corporation, or under any title or designation that is not truly descriptive thereof.
(b) The... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/369/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 369 - Branch offices | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 369 - Branch offices | No trust company or any officer or director thereof shall transact its usual business at any place other than its principal place of business, except that with the written approval of the Secretary of the Treasury of Puerto Rico a trust company may open and occupy a branch office or branch offices in one or more cities... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/370/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 370 - Representative capacity | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 370 - Representative capacity | A trust company shall have the power to act as fully as a natural person is now authorized to act by existing laws as executor under a will, administrator, temporary administrator, tutor, guardian, guardian ad litem, committee of the person of a lunatic and trustee or receiver in insolvency or bankruptcy proceedings. T... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/371/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 371 - Deposits by or for minors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 371 - Deposits by or for minors | When any deposit shall be made by or in the name of any minor, the same shall be held for the exclusive right or benefit of such minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with the interest thereon, to the person in whose name the deposit shall have been... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/372/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 372 - Interpleader of other claimants in actions on deposits | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 372 - Interpleader of other claimants in actions on deposits | In all actions against any trust company to recover moneys on deposit therewith if there be any person or persons, not parties to the action, who claim the same fund, the court in which the action is pending, may, on the petition of such trust company, and upon eight (8) days’ notice to the plaintiff and such claimants... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/373/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 373 - Legal interest allowed | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 373 - Legal interest allowed | A trust company may take, receive, reserve and charge on every loan and deposit made, or upon any note, bill of exchange or other evidence of debt, interest at such rate, as shall not be in violation of law; and such interest may be taken in advance, reckoning the days for which the note, bills or evidence of debt has ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-35/374/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 35 - Powers and Limitations (§§ 361 — 374)›§ 374 - Penalties | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 35 - Powers and Limitations (§§ 361 — 374) › § 374 - Penalties | Every trust company, its officers, directors or employees shall be subject to the same penalties provided for banks, their officials, directors and employees in the act entitled the “Banking Law”, §§ 1 et seq. of this title, in its amendments as to:
(a) Usury;
(b) falsely certifying checks;
(c) embezzlement, misappropr... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-37/401/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403)›§ 401 - Determination of earnings | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403) › § 401 - Determination of earnings | (a) To determine the amount of gross earnings of a trust company for a dividend period the following items may be included:
(1) All earnings actually received during such period, less interest accrued and unpaid included in the last previous calculation of earnings.
(2) Interest accrued and unpaid upon debts owing to i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-37/402/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403)›§ 402 - Surplus fund | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403) › § 402 - Surplus fund | Every trust company shall create a fund to be known as a surplus fund. Such surplus fund may be created or increased by contributions, by transfers from undivided profits, or from net earnings. Such surplus fund, up to twenty percent (20%) of the capital of the trust company, shall be used only for the payment of losse... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-37/403/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403)›§ 403 - Dividends | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 37 - Earnings and Surplus Fund (§§ 401 — 403) › § 403 - Dividends | When the net earnings of a trust company have been determined at the close of a dividend period as provided in § 401 of this title, if its surplus fund does not equal twenty percent (20%) of the trust company’s capital, one-tenth (1/10) of such net earnings shall be credited to the surplus fund or so much thereof, less... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/431/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 431 - Annual examination, report issued | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 431 - Annual examination, report issued | Every trust company shall be subject to examination, inspection and supervision by the Secretary of the Treasury of Puerto Rico who, either personally, or by some competent person or persons to be appointed by him to be known as examiners or investigators, shall visit and examine every such trust company at least once ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/432/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 432 - Monthly report; liquidation for failure to make | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 432 - Monthly report; liquidation for failure to make | Every trust company shall make written report of its condition on the last day of each month, in such form as may be prescribed by the Secretary of the Treasury of Puerto Rico, to whom such report shall be transmitted within the first ten (10) days of the next succeeding month, Sundays and legal holidays not included. ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/433/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 433 - Publication of annual statement | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 433 - Publication of annual statement | Every trust company shall publish every year in a newspaper of general circulation in the locality where it is established, a report of its financial condition, and any such trust company failing to make such publication shall be subject to a fine of one hundred dollars ($100) for each offense so committed.
History —Ap... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/434/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 434 - Examination of financial status by directors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 434 - Examination of financial status by directors | It shall be the duty of the board of directors of each trust company during the months of March and April and during the months of September or October in every year to examine, or to cause a committee of at least three of its members to examine fully the books, papers and affairs of the trust company, and the loans an... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/435/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 435 - Reports of examinations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 435 - Reports of examinations | On or before the fifteenth (15th) day of the month of May or November succeeding any examination made pursuant to the requirements of § 434 of this title, a report in writing thereof, sworn to by the directors making the same, shall be made to the board of directors of such trust company and placed on file in said trus... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/436/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 436 - Report of unclaimed deposits, dividends, or interest | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 436 - Report of unclaimed deposits, dividends, or interest | On or before the tenth day of September of each year, every trust company shall make a written report to the Secretary of the Treasury of Puerto Rico, verified by the oath of the president or vice-president and any other principal officer of the trust company, which shall contain a true and correct statement of all dep... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-39/437/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 39 - Examinations and Reports (§§ 431 — 437)›§ 437 - Records kept six years | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 39 - Examinations and Reports (§§ 431 — 437) › § 437 - Records kept six years | Every trust company shall preserve all its records of final entry, including cards under the card system, and deposit tickets, for a period of at least six (6) years from the date of making the same or from the date of the last entry thereon.
History —Apr. 23, 1928, No. 40, p. 234, § 34, eff. 90 days after Apr. 23, 192... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/461/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 461 - Rights, powers, and duties of stockholders | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 461 - Rights, powers, and duties of stockholders | The rights, powers and duties of stockholders of trust companies shall be as prescribed in the “General Corporation Law” and the “Banking Law of Puerto Rico”. The term “stockholder” as used in this section shall apply to:
(1) Such persons as appear by the books of the trust company to be stockholders.
(2) Every owner o... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/462/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 462 - Directors, requirements, term | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 462 - Directors, requirements, term | The affairs of every trust company shall be managed and its corporate powers exercised by a board of directors of such number, not less than seven (7) nor more than twenty (20), as shall from time to time be prescribed in its bylaws. Not less than a majority of the total number of such directors and of each of the thre... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/463/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 463 - Election of directors; stockholders’ meetings | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 463 - Election of directors; stockholders’ meetings | At or before the expiration of the term of the directors of the first class, and annually thereafter, a number of directors shall be elected by the stockholders equal to the number of directors whose terms will then expire, who shall hold their offices for three (3) years, or until their successors are elected, and at ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/464/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 464 - Directors shall be stockholders | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 464 - Directors shall be stockholders | Every director of a trust company shall be a stockholder of the trust company owning in his own right at least one (1) share of its capital stock; and every person elected to be a director who, after such election, shall hypothecate, pledge, or cease to be the owner in his own right of the amount of stock aforesaid, sh... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/465/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 465 - Directors’ oath | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 465 - Directors’ oath | Each director of a trust company, when appointed or elected, shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of the trust company, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to such trust... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/466/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 466 - Election of interim directors | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 466 - Election of interim directors | In case of failure to elect any director on the day named, the directors whose terms of office do not that year expire may proceed to elect a number of directors equal to the number in the class whose term that year expires or such number as may have failed of re-election. The persons so elected, together with the dire... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/467/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 467 - Election of officers | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 467 - Election of officers | Within fifteen (15) days after the date on which the annual meeting of stockholders is held its directors shall, after their due qualification, hold a meeting at which they shall elect a president from their own number, a vice-president, and such other officers as are required by the bylaws to be elected annually.
Hist... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-41/468/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468)›§ 468 - Directors’ meetings | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 41 - Directors, Stockholders, and Meetings (§§ 461 — 468) › § 468 - Directors’ meetings | The directors of every trust company shall hold a regular meeting at least once in each month. If the number of directors necessary to constitute a quorum is not prescribed in the certificate of incorporation or organization certificate, or in the bylaws, and no provision is made therein for determining the same, the d... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-43/491/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 43 - Dissolution and Liquidation (§§ 491 — 494)›§ 491 - Liquidation or receivership because of unsound condition | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 43 - Dissolution and Liquidation (§§ 491 — 494) › § 491 - Liquidation or receivership because of unsound condition | If in consequence of an examination made or a report from an examiner, the Secretary of the Treasury of Puerto Rico should have reason to believe that a trust company is not in a sound financial condition to continue doing business, or that its affairs are conducted in such manner that the public or the persons or firm... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-43/492/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 43 - Dissolution and Liquidation (§§ 491 — 494)›§ 492 - Liquidation because of refusal to submit to inspection, violation of law or charter, or inso... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 43 - Dissolution and Liquidation (§§ 491 — 494) › § 492 - Liquidation because of refusal to submit to inspection, violation of law or charter, or insolvency | If any trust company shall refuse to submit its books, papers and affairs to the inspection of any duly appointed examiner, or if it shall be found to have violated its charter or any law governing it, or if it is found to be insolvent, the Secretary of the Treasury of Puerto Rico shall report the fact to the Secretary... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-43/493/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 43 - Dissolution and Liquidation (§§ 491 — 494)›§ 493 - Voluntary dissolution | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 43 - Dissolution and Liquidation (§§ 491 — 494) › § 493 - Voluntary dissolution | Whenever any trust company shall determine by its board of directors, with the consent of three-fourths (¾) of its stockholders in interest, to discontinue its business and settle its affairs, it shall be lawful for such board of directors to file with the Secretary of the Treasury of Puerto Rico a certificate in writi... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-43/494/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 43 - Dissolution and Liquidation (§§ 491 — 494)›§ 494 - Reasons for dissolution; procedure for liquidation | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 43 - Dissolution and Liquidation (§§ 491 — 494) › § 494 - Reasons for dissolution; procedure for liquidation | Trust companies shall be dissolved:
(a) Because of the expiration of the term fixed for their duration.
(b) Because the total capital of the corporation has been lost.
(c) Because of a voluntary declaration of bankruptcy.
(d) By resolution of its board of directors with the consent of three-fourths (¾) of its stockhold... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-45/501/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 45 - Miscellaneous Provisions (§§ 501 — 503)›§ 501 - Prohibition against engaging in banking transactions | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 45 - Miscellaneous Provisions (§§ 501 — 503) › § 501 - Prohibition against engaging in banking transactions | The trust companies organized after the date of approval of this act shall not engage in banking transactions covered by §§ 1 et seq. of this title.
History —Apr. 23, 1928, No. 40, p. 234, added as § 45 on June 26, 1980, No. 14, p. 900, § 8. |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-45/502/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 45 - Miscellaneous Provisions (§§ 501 — 503)›§ 502 - Change in control | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 45 - Miscellaneous Provisions (§§ 501 — 503) › § 502 - Change in control | (a) In the case of any transfer of capital voting stock issued and outstanding from any trust company organized under the provisions of §§ 301—503 of this title, to any person or entity (or more than one acting in common accord) in which, once the transfer has been made, the acquirer directly or indirectly holds more t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-ii/chapter-45/503/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART II - Trust Companies (§§ 301 — 503)›Chapter 45 - Miscellaneous Provisions (§§ 501 — 503)›§ 503 - Rules and regulations | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART II - Trust Companies (§§ 301 — 503) › Chapter 45 - Miscellaneous Provisions (§§ 501 — 503) › § 503 - Rules and regulations | The Secretary of the Treasury shall promulgate the rules and regulations needed for the compliance with §§ 301—503 of this title and to insure the proper functioning of the trust companies in Puerto Rico, as well as for the protection of the public in general.
History —Apr. 23, 1928, No. 40, p. 234, added as § 47 on Ju... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/551/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 551 - Creation and purp... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 551 - Creation and purpose | To aid the Commonwealth Government in the performance of its fiscal duties and more effectively to carry out its governmental responsibility to develop the economy of Puerto Rico, particularly with respect to its industrialization, there is hereby created a corporation as a governmental instrumentality of the Commonwea... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/552/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 552 - Charter | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 552 - Charter | The Charter of “the BANK” shall be as follows:
First:— The existence of the Bank shall be perpetual.
Second:— The principal office of the Bank shall be at San Juan, Puerto Rico.
Third:— The purposes for which the Bank is formed and the business or objects to be carried on and promoted by it are as follows:
(A) To act a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/553/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 553 - Public purpose; t... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 553 - Public purpose; tax exemption; contribution to the General Fund | It is hereby found and declared that the purpose for which the Bank is created is to aid the Commonwealth Government in the performance of its fiscal duties and more effectively to carry out its government responsibility to develop the economy of Puerto Rico, particularly with respect to its industrialization, and is a... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/554/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 554 - Legal reserve | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 554 - Legal reserve | The Bank shall maintain a reserve of not less than twenty percent (20%) of its liabilities on accounts of deposits on demand. No less than fifty percent (50%) of such reserves consist on cash or investment instruments with maturities not exceeding ninety (90) days. For the avoidance of doubt, any funds of municipalitie... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/555/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 555 - Effect of endorse... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 555 - Effect of endorsement | The endorsement by any bank or trust company, organized under or subject to the “Banking Law”, §§ 1 et seq. of this title, of any draft, note, bill of exchange or acceptance discounted or pledged by it to the Bank shall constitute a waiver of demand, notice and protest by such bank or trust company as to its own endors... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/556/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 556 - Quarterly report ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 556 - Quarterly report of loans | The Bank shall make and submit to the Commissioner of Financial Institutions a written report of its conditions as of the last day of each fiscal quarter, in such manner as the Commissioner of Financial Institutions of Puerto Rico may prescribe. Such report shall show the total amount of outstanding loans to directors,... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/557/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 557 - Annual report; pu... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 557 - Annual report; publication | The Bank shall file in the Department of State of Puerto Rico, annually, within ninety (90) days after the close of its fiscal year, a report sworn to by an officer or by any two (2) directors of the Bank, stating:
(1) The name of the Bank;
(2) the location, town or city, street and number, if there is a number, of its... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/558/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 558 - Examination and s... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 558 - Examination and supervision | The Bank shall be subject to examination and supervision by the Commissioner of Financial Institutions Rico, in accordance with the terms of the Banking Law, §§ 1 et seq. of this title, applicable to banks organized under or subject to the provisions thereof. The Commissioner of Financial Institutions may change the Ba... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/559/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 559 - Appointment of an... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 559 - Appointment of and powers of a receiver | (a) The Board of Directors of the Bank or the Secretary of the Treasury of Puerto Rico shall have the power to recommend to the Governor the appointment of a receiver for the Bank if the Board of Directors of the Bank or the Secretary of the Treasury of Puerto Rico determines that: (1) the Bank’s assets are less than i... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/559a/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 559a - Priority of expe... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 559a - Priority of expenses and unsecured claims in a receivership | (a) Unsecured claims against the Bank, or the receiver for the Bank under this chapter, that are proven to the satisfaction of the receiver, shall have priority in the following order:
(1) Administrative expenses of the receiver.
(2) Wages, salaries, or commissions, including vacation, severance, and sick leave pay, or... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/559b/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 559b - Provisions relat... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 559b - Provisions relating to contracts entered into before appointme... | (a) Except as otherwise provided by this section, the receiver may enforce any contract or agreement entered into by the Bank notwithstanding any provision of a contract providing for termination, default, acceleration, or exercise of rights upon, or by reason of, insolvency or the appointment of a receiver to the exte... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/559c/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 559c - Power to organiz... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 559c - Power to organize and operate a bridge bank | (a) When a receiver has been appointed for the Bank, the Secretary of the Treasury of Puerto Rico shall have the power, in his/her discretion, to organize and charter a temporary bank to be referred to as a bridge bank to assist the receiver in fulfilling its powers and duties. Such bank shall be organized and chartere... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/560/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 560 - Misfeasance of di... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 560 - Misfeasance of directors | If any director of the Bank shall violate or knowingly or negligently permit any of the officers, agents or employees of the Bank to violate any laws or any of the provisions of the Charter of the Bank, the matter shall be reported to the Governor by the Secretary of the Treasury of Puerto Rico. Upon receiving such rep... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/561/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 561 - Certification of ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 561 - Certification of checks, penalty for fraud | Neither the Bank nor any officer, agent or employee thereof shall certify any check drawn upon it unless the drawer of such check has on deposit with the Bank at the time such check is certified an amount not less than the amount of such check. Any check so certified by a duly authorized officer, agent or employee of t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/562/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 562 - Preferential tran... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 562 - Preferential transfers ineffective | All transfers of notes, bonds, bills of exchange or credits of the Bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property, or of judgments or decrees in favor of the Bank, and all deposits of money, gold and silver bars, or other thing of value and all payments of money t... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/563/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 563 - Accepting deposit... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 563 - Accepting deposits after insolvency | The members of the Board of Directors, officers, and employees of the Bank shall be indemnified by the Bank and shall not have any personal civil liability to any entity for actions taken or not taken in good faith in their capacity and authority, absent clear and convincing proof of gross negligence comprising reckles... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/564/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 564 - Embezzlement and ... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 564 - Embezzlement and other offenses | Every director, officer, employee or agent of the Bank who embezzles, abstracts or willfully misapplies any moneys, funds, credits or securities of the Bank, or who, without being duly authorized, issues or draws any certificate of deposit, draws any order or bill of exchange, makes any acceptance, assigns any note, bo... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/565/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 565 - False rumors of i... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 565 - False rumors of insolvency | Any person or publication that knowingly and maliciously makes, circulates or transmits to another, or to others, any statement, rumor or suggestion, whether written, printed, or by word of mouth, which directly or by inference discredits the financial condition of the Bank or any of its branches, or which affects its ... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/566/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 566 - Banking Law not a... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 566 - Banking Law not applicable | In view of the inclusion in §§ 551—568 of this title of all necessary and pertinent provisions similar to provisions contained in the “Banking Law”, §§ 1 et seq. of this title, none of the provisions of the “Banking Law”, §§ 1 et seq. of this title, shall apply to the Bank, its directors, officers, employees, or agents... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/567/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 567 - Obligations or co... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 567 - Obligations or commitments not impaired | No amendment to §§ 551—568 of this title or to any other law of Puerto Rico shall impair any obligation or commitment of the Bank.
History —Sept. 23, 1948, No. 17, p. 290, §§ 19, 22; Apr. 26, 1957, No. 3, p. 3, § 3. |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/568/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 568 - English version o... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 568 - English version of text prevails | It is hereby declared that the official text of §§ 551—568 of this title is the English version thereof and if in the interpretation and application of §§ 551—568 of this title any conflict arises as between the Spanish and English texts thereof, the latter shall prevail over the former.
History —Sept. 23, 1948, No. 17... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-i/569/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter I - General Provisions (§§ 551 — 569)›§ 569 - Investment of fun... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter I - General Provisions (§§ 551 — 569) › § 569 - Investment of funds by government agencies in certificates of i... | (a) As of the effective date of this act, except as provided in subsections (c) and (d) of this Section, the Government Development Bank for Puerto Rico may require any agency, department, public corporation, instrumentality, board, commission, authority, and political subdivision of the Commonwealth of Puerto Rico (he... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/581/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 581 - Fiscal Agent to the government, its ... | (A) The Government Development Bank for Puerto Rico (hereinafter called the “Bank”) shall be and it is hereby authorized to act as fiscal agent of the Commonwealth Government, its agencies and municipalities and of the Secretary of the Treasury of Puerto Rico for the purpose of registering, authenticating or countersig... |
https://law.justia.com/codes/puerto-rico/title-seven/part-iii/chapter-61/subchapter-ii/582/ | PR | Justia›US Law›US Codes and Statutes›Laws of Puerto Rico›2023 Laws of Puerto Rico›TITLE SEVEN - Banking (§§ 1 — 3116)›PART III - Other Financial Institutions (§§ 551 — 1390)›Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i)›Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595... | 2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61 - Government Development Bank for Puerto Rico (§§ 551 — 607i) › Subchapter II - Development Bank as Agent for the Government (§§ 581 — 595) › § 582 - Paying or co-paying agent | The Bank shall be and is hereby authorized to act as paying or co-paying agent, with or on behalf of the Secretary of the Treasury of Puerto Rico for the payment of interest and principal of bonds, notes or other evidences of indebtedness issued by the Commonwealth Government and its agencies, and by the Secretary of t... |
Subsets and Splits
Unemployment Word Count by State
Calculates the total word count of documents related to unemployment in each state, revealing insights into the volume of unemployment-related content by location.
CO Title 8 Word Count
Calculates the total number of words in the content of entries related to 'Title 8' in Colorado, providing insight into the volume of text data available for that specific category and state.