P.R. Laws tit. 7, § 232d
(a) Any person may apply to the Commissioner for a permit to organize an international banking entity. The application shall be in writing, in the form specified by the regulations of the Commissioner and shall be accompanied by:
(1) The proposed articles of incorporation, partnership agreement or other written document establishing the international banking entity or the certification required by § 232c of this title;
(2) a nonrefundable application fee of five thousand dollars ($5,000), and
(3) such other documents as may be specified or required by the regulations of the Commissioner.
(b) Every application shall include, in the form required by the regulations of the Commissioner:
(1) The identity and business history of the applicants;
(2) the city or town in Puerto Rico and the street and number or any other address where its principal place of business in Puerto Rico shall be maintained;
(3) the identity and business and credit history of any person who, directly or indirectly, possesses or controls or intends to possess or control ten percent (10%) or more in the capital of the proposed international banking entity;
(4) a statement of the assets and liabilities of any applicant and of any person who possesses or controls or intends to possess or control ten percent (10%) or more of the interest in the capital of the international banking entity, or of the person of which the proposed international banking entity shall be a unit, for each of the three (3) years preceding the application;
(5) the identity and background of all proposed directors, and officials or persons who intend to act in a similar capacity in the international banking entity, and
(6) such additional information as may be required by the regulations of the Commissioner.
(c) Upon receipt of the sworn application, all the required documents and the application fee, the Commissioner shall carry out all the necessary investigations of the applicants and of the application, including a review of:
(1) The financial solvency, credit, banking experience and business integrity of the applicants, their directors and officers, or persons who intend to act in a similar capacity in the proposed international banking entity;
(2) the adequacy of the capital available for the operations of the proposed international banking entity;
(3) the adequacy of the articles of incorporation, partnership agreement or other written document belonging to any applicant and, when appropriate, of the articles of incorporation, partnership agreement or other written document establishing the proposed international banking entity, and
(4) the impact that the proposed international banking entity shall have on the economy of Puerto Rico.
(d) The expenses incurred by the Commissioner for the above indicated investigation shall be defrayed by the applicants. The Commissioner shall claim said investigation expenses from the applicants.
(e) Should the Commissioner determine that the results of his investigation are favorable, he may, at his sole and exclusive discretion, and after payment of the investigation expenses as established in subsection (d) of this section, issue to the applicants a permit to organize an international banking entity, subject to such conditions as the Commissioner may establish.
(f) When the Commissioner issues a permit pursuant to the provisions of this section, the interested party shall file with the Department of State of Puerto Rico the articles of incorporation, partnership agreement or other written document establishing the proposed international banking entity, or those of the person of which the international banking entity shall be a unit, as well as the certification provided for in § 232c of this title in the case of a unit, and the permit issued by the Commissioner. The Department of State shall issue under its official seal, a certification of the filing of the stipulated documents.
History —Aug. 11, 1989, No. 52, p. 178, § 6; Aug. 11, 1996, No. 121, § 3.