P.R. Laws tit. 7, § 333
From the moment the corporate existence of the trust company begins, as provided in § 332 of this title, it shall have the power to elect officers and transact such other business related to its organization. But such trust company shall transact no other business until:
(1) All of its capital stock shall have been fully paid in cash and affidavit stating that it has been so paid, subscribed and sworn to by its two principal officers, shall have been filed in the Department of State of Puerto Rico and a certified copy thereof filed in the office of the Secretary of the Treasury of Puerto Rico.
(2) It shall have filed in the Department of State a list of its stockholders, verified by two of its principal officers, giving the name, residence, post office address and number of shares of stock held by each stockholder.
(3) It shall have made the deposit required by § 361 of this title with the Secretary of the Treasury of Puerto Rico.
(4) The Secretary of State of Puerto Rico shall have duly issued to it the certificate specified in § 332 of this title.
(5) It has obtained a license issued by the Secretary of the Treasury through the payment of five hundred dollars ($500) for each office to be established in the Commonwealth of Puerto Rico. All licenses shall become effective by paying a fee of five hundred dollars ($500) for each office that is in operation no later than January 10 of each year, unless said license is suspended or revoked by the Secretary of the Treasury or waived by the concessionaire.
History —Apr. 23, 1928, No. 40, p. 234, § 8; June 26, 1980, No. 14, p. 900, § 3.