P.R. Laws tit. 7, § 36
The capital of every bank shall be divided into shares, as provided by the certificate of incorporation. Every bank may issue common and preferred stock, as provided in its certificate of incorporation and pursuant to the provisions of Act No. 144 of August 10, 1995, known as the “General Corporations Law of 1995”. The common stock must be at par value. The bank stock shall be transferred in the bank’s account books in the form prescribed in the bank’s charter or in its certificate of incorporation. Any person who by virtue of said transfer becomes a bank stockholder shall, in proportion to his/her shares, succeed to the rights and liabilities of the prior stockholder; and no change shall be made in the certificate of incorporation by virtue of which the rights or guarantees of the existing creditors of the bank would be impaired.
History —May 12, 1933, No. 55, p. 322, § 9; May 12, 1936, No. 74, p. 374, § 2; June 3, 1948, No. 6, p. 16, § 1; May 15, 1950, No. 430, p. 1056, § 3; Aug. 28, 1997, No. 108, § 9.