P.R. Laws tit. 14, § 3590
When a stockholder fails to satisfy any payment installment or requirement with respect to his/her stock, duly demanded by the directors upon maturity of such obligation, the directors may collect the amount of such installment or payment demanded, or any balance thereof remaining unpaid, through a judicial proceeding against the delinquent stockholder or through a sale at public auction of such part of the shares of the delinquent stockholder as will pay the amounts due which had been assigned to such shares, as well as the interests and any incidental expenses. The shares sold in this manner shall be transferred to the buyer, who shall be entitled to the corresponding shares certificate.
The notice of the date and place of the sale and the amount owed per share shall be published in a newspaper of general circulation in the Commonwealth of Puerto Rico, at least one (1) week before the date of the sale, and the corporation shall send such notice to the delinquent stockholder at his/her last known mailing address at least twenty (20) days before the sale.
If there is no bidder to pay the amount due on the stock and if the amount is not collected through judicial proceedings in the Commonwealth of Puerto Rico within one (1) year of the commencement thereof, the corporation shall acquire title to such stock and the rights corresponding to the amount paid by the delinquent stockholder.
History —Dec. 16, 2009, No. 164, § 5.10.