P.R. Laws tit. 7, § 251d
2019-02-20 00:00:00+00
Deposits of public funds in a foreign country shall be made for the exercise of the duties of government entities in such country, and shall be limited to those amounts that are strictly necessary to cover the operating expenses of the entity in said country.
Deposits in a foreign country shall be made in financial institutions that do business in Puerto Rico, or in an exchange office or affiliate, when said financial institution does not have a branch office in the foreign country.
In the case of deposits in a foreign country, the Secretary shall require the financial institution that does business in Puerto Rico to provide additional collateral that is sufficient to back said deposits.
History —Aug. 14, 1991, No. 69, § 1.6.