P.R. Laws tit. 14, § 3601
No corporation shall pay dividends except as provided in this subtitle. The dividends may be paid in cash, with assets or in shares of corporate capital stock. If the dividend is to be paid in unissued shares of the capital stock, the board of directors shall, by resolution, direct that there be designated as capital in respect of such shares, an amount which shall not be less than the aggregate par value of the shares with par value being declared as dividends and, in the case of shares without par value being declared as dividends, such amount as shall be designated by the board of directors. If the shares have been distributed by a corporation pursuant to a stock split, rather than as payment of dividends payable in stock, such designation of capital is not necessary.
History —Dec. 16, 2009, No. 164, § 5.21.