P.R. Laws tit. 7, § 111a
(1) No bank may conduct operations or activities or exercise powers under § 111 of this title, except for those incidental to and necessary as preliminary steps for its organization, until the same has been duly authorized by the Commissioner to start business operations.
(2) Provided there is no express prohibition by law or regulations, any bank may conduct any of the activities authorized in subsections (a)—(k) of § 111 of this title, both inclusive, and subsections (n), (o), and (p) of § 111 of this title, whether directly in their own departments or through their branches or divisions.
(3) Subject to the prior approval of and to the conditions established by the Commissioner for such an approval, any bank may conduct any of the activities authorized in this section through a bank subsidiary, provided the exercise of said activity conducted through the proposed bank subsidiary is not expressly prohibited by law or regulations.
(4) Any parent company of a bank authorized under this chapter to operate in Puerto Rico and any subsidiary company of said parent company that conducts any of the activities authorized in this section in Puerto Rico, shall provide, as required by the Commissioner, any or all of the following types of information:
(a) Any information required by the Commissioner regarding any of its activities in Puerto Rico.
(b) Any information directly or indirectly related to the solvency or financial stability of the bank conducting business in Puerto Rico.
History —May 12, 1933, No. 55, p. 322, added as § 14(b) and amended on Nov. 21, 2007, No. 169, § 1.