P.R. Laws tit. 7, § 61
The initial or subsequent bylaws of the bank may be adopted, amended or repealed by the incorporator or incorporators, by the initial directors if they were named in the certificate of incorporation, or, if the bank has received no payment whatsoever for its shares, by the Board of Directors. After the bank has received payment for any shares, it is the stockholders who shall have the power to adopt, alter or repeal the bylaws. The power to amend the bylaws may be conferred upon the board of directors in the certificate of incorporation. The fact that said power is conferred upon the board of directors shall not deprive or limit the stockholders from having the power to adopt, amend, or repeal the bylaws.
History —May 12, 1933, No. 55, p. 322, § 23; May 12, 1936, No. 74, p. 374, § 8; May 15, 1938, No. 199, p. 387, § 5; Aug. 28, 1997, No. 108, § 24.