P.R. Laws tit. 7, § 232o
(a) The Commissioner may appoint a receiver and order the dissolution of an international banking entity if the license of said international banking entity or of the person of which the international banking entity is a unit, is revoked or surrendered pursuant to § 232n of this title.
(b) The receiver appointed shall be a person of recognized moral qualities, with vast experience in the field of banking or finance, and his performance with the international banking entity shall be secured by an adequate bond, to be paid by the international banking entity itself.
(c) The receiver shall manage the international banking entity in accordance with the provisions of §§ 232 et seq. of this title and shall:
(1) Take possession of the assets and liabilities, books, records, documents and files which belong to the international banking entity;
(2) collect all loans, charges and fees owed to the international banking entity;
(3) pay all obligations and debts of the international banking entity, after having paid the necessary costs of the receivership, and
(4) supervise the dissolution and liquidation of the international banking entity.
History —Aug. 11, 1989, No. 52, p. 178, § 17.