P.R. Laws tit. 7, § 232e
(a) At his discretion, the Commissioner may issue to the applicants a license to operate an international banking entity upon receipt of:
(1) The certification by the Department of State referred to in § 232d of this title;
(2) the payment of five thousand dollars ($5,000) as an annual fee for the license to operate an international banking entity. This license fee shall be paid annually within fifteen (15) days following each anniversary date of the issuance of the original license;
(3) a certified copy of the articles of incorporation, partnership agreement or other written document establishing the international banking entity or the certification of the person of which the international banking entity shall be a unit;
(4) a copy of the bylaws or internal governing agreements adopted by the Board of Directors or similar governing body of the international banking entity, which shall be certified by its Secretary or an individual acting in a similar capacity, before a notary public;
(5) evidence, in the form required by the regulations of the Commissioner, that the capital of the international banking entity has been subscribed to, issued and paid-in, to the extent and under such conditions as the Commissioner may establish at his sole discretion;
(6) a statement, in the form required by the regulations of the Commissioner and authenticated before a notary public, by the Secretary of the Board of Directors or the person acting in a similar capacity for the international banking entity, or for the person of which the international banking entity shall be a unit, to the effect that the international banking entity has complied with the provisions of §§ 232 et seq. of this title and of the regulations of the Commissioner and that it is ready to commence operations; Provided, That a license shall not be issued if the Commissioner believes, or has reason to believe, that the applicants have violated the provisions of §§ 232 et seq. of this title or of the regulations of the Commissioner; Provided, further, That any person to whom a license has been denied, may request a hearing pursuant to the regulations provided in § 232s of this title.
(b) No international banking entity shall commence operations unless it has been previously issued a license in accordance with the provisions of §§ 232 et seq. of this title.
History —Aug. 11, 1989, No. 52, p. 178, § 7.