P.R. Laws tit. 14, § 452
(a) It shall be the duty of the Secretary of the Treasury of Puerto Rico to examine periodically the condition and financial standing of every bank, insurance, surety or building and loan company, and of every quasi-public corporation doing business in Puerto Rico; and the officers and agents of every such bank, company or corporation shall, at their own expense, facilitate said examination and cause their books, moneys and securities to be opened or shown for inspection whenever the Secretary of the Treasury shall require. The Secretary of the Treasury shall have power to examine, under oath, the officers or agents of any such bank, corporation or company relative to the business of such company and to administer to such officers or agents an oath for such purpose.
(b) Whenever any surety, insurance or building and loan company, bank or quasi-public corporation doing business in Puerto Rico shall refuse to comply with any of the foregoing provisions, or whenever the Secretary of the Treasury shall be of the opinion that the assets of such bank, company or corporation are insufficient to justify its continuance in business, or that its condition is unsound, said Secretary of the Treasury shall forthwith revoke the license granted said company and shall cause a notification thereof to be published in such newspapers of the Commonwealth as he may deem advisable; and such company, its officers and agents shall be, after such notice, required to discontinue the transaction of new business or the renewal of any bond, policy, certificate or similar obligation previously issued. And every such bank, company or corporation violating the provisions of this section shall be subject to all the pains and penalties imposed for the violation of § 451 of this title: Provided, That before the revocation of such license the Secretary of the Treasury shall immediately lay the facts in the case, with his recommendation thereon, before the Governor, and the Governor upon recommendation of the Secretary of State and the Secretary of Justice shall take such action thereon as he deems desirable, and shall, when deemed proper, refer the matter to the Secretary of Justice of Puerto Rico to take action in the way of winding up the affairs of the corporation or the bank and the protection of its credit; and no publication of any revocation shall be had until the Governor has acted thereon as herein provided.
History —Political Code, 1902, § 354; Mar. 10, 1904, p. 167, § 42.