P.R. Laws tit. 7, § 363
In addition to the general powers conferred upon domestic corporations under the laws of Puerto Rico every trust company organized under the provisions of §§ 301—503 of this title shall, subject to the restrictions and limitations herein contained, have the following powers:
(1) To act as the fiscal or transfer agent of Puerto Rico, of the United States, of any state, municipality, body politic or corporation; and in such capacity to receive and disburse money, to transfer, register and countersign certificates of stock, bonds, or other evidences of indebtedness, and to act as attorney in fact or agent of any person or corporation, foreign or domestic, for any lawful purpose.
(2) To discount and negotiate promissory notes, drafts, bills of exchange and other evidence of debt; buy and sell exchange, coin and bullion; lend money on real or personal securities; and to receive deposits of moneys, securities or other personal property from any person or corporation upon such terms as the trust company shall prescribe; Provided, however, That any trust company which shall receive deposits or shall do a general banking business shall comply as to such banking business with the provisions of the “Banking Law of Puerto Rico” (§§ 1 et seq. of this title).
(3) To lease, hold, purchase and convey any and all real property necessary for or convenient in the transaction of its business, or which the purposes of the corporation may require, or which it shall anywhere acquire in settlement or partial settlement of debts due the corporation by any of its debtors, or to secure such debts, or through sales under any judgment, decree or mortgage held by it.
(4) To act as trustee under any mortgage or bonds issued by any municipality, body politic or corporation, foreign or domestic, and accept and execute any other municipal or corporate trust not prohibited by the laws of Puerto Rico.
(5) To accept trusts from and execute trusts for married women, in respect to their separate property, and to be their agent in the management of such property, or to transact any business in relation thereto.
(6) To accept under the order or appointment of any court of competent jurisdiction as guardian, receiver or trustee of the estate of any minor, and as depositary of any moneys paid into court, whether for the benefit of any such minor or other person, corporation or party, and in any other fiduciary capacity.
(7) To be appointed and to act under the order or appointment of any court of competent jurisdiction as trustee, guardian, receiver or committee of the estate of a lunatic, idiot, person of unsound mind or habitual drunkard, or as receiver or committee of the property or estate of any person in insolvency or bankruptcy proceedings; to be appointed and to accept the appointment of executor or of trustee under the last will and testament or administrator with or without the will annexed of the estate of any deceased person.
(8) To take, accept and execute any and all such legal trusts, duties, and powers in regard to the holding, management and disposition of any estate, real or personal, wherever located, and the rents and profits thereof, as may be granted or confined to it by any court of competent jurisdiction, or by any person, corporation, municipality or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty or power which it may so accept.
(9) To take, accept and execute any and all such trusts and powers of whatever nature or description as may be conferred upon or entrusted or committed to it by any person or persons, or any body politic, corporation, domestic or foreign, or other authority by grant, assignment, transfer, devise, bequest or otherwise, or which may be entrusted or committed or transferred to it or vested in it by order of any court of competent jurisdiction, and to receive, take, manage, hold and dispose of, according to the terms of such trust or power, any property or estate, real or personal, which may be the subject of any such trust or power.
(10) To purchase, invest in and sell stocks, bills of exchange, bonds and mortgages and other securities; and when moneys or securities for moneys are borrowed or received on deposit, or for investment, the bonds or obligations of the trust company may be given therefor, but it shall have no right to issue bills to circulate as money.
(11) To carry on the business of banking by discounting bills, notes and other evidences of debt, and by buying, selling and loaning upon promissory notes and other evidences of debt, banker’s acceptances, and foreign and Commonwealth bills of exchange; Provided, however, That if any trust company shall engage in the business of banking it shall be subject as to such business of banking to the provisions of the Banking Law of Puerto Rico.
(12) To accept for payment at a future date drafts drawn upon it by its customers and to issue letters of credit authorizing the holders thereof to draw drafts upon it or its correspondents at sight or on time not exceeding one year; Provided, That the total amount of such drafts so accepted or letters of credit so issued for any one person, firm or corporation shall not at any time exceed twenty percent (20%) of the capital and surplus of the accepting or issuing trust company.
(13) To receive money on deposit to be subject to check or to be repaid in such manner and on such terms, and with or without interest, as may be agreed upon by the depositor and the said trust company; Provided, however, That if any trust company shall receive money on deposit it shall comply with the provisions of the “Banking Law of Puerto Rico” as to such deposits.
(14) To receive, upon terms and conditions to be prescribed by the trust company, upon deposit for safe-keeping, bonds, mortgages, jewelry, plate, stocks, securities and valuable papers of any kind, and other personal property, for hire, and to let out receptacles for safe deposit of personal property, and generally to exercise the powers conferred on and to carry on the business of a safe-deposit company.
(15) To purchase and hold, for the purpose of becoming a member of a federal reserve bank, so much of the capital stock thereof as will qualify it for membership in such federal reserve bank; to become a member of such federal reserve bank, and to have and exercise all powers, not in conflict with the laws of Puerto Rico, which are conferred upon any such member by the Act of Congress entitled the “Federal Reserve Act,” approved December twenty-three, nineteen hundred and thirteen. Such trust company and its directors, officers and stockholders shall continue to be subject, however, to all liabilities and duties imposed upon them by any law of Puerto Rico and to all the provisions of §§ 301—503 of this title.
(16) To invest in the bonds and other obligations issued by the Student Loan Marketing Association; by any Federal Land Bank, Federal Intermediate Credit Bank, and Bank for Cooperatives, organized and authorized to do business in Puerto Rico pursuant to the acts of the Congress of the United States; and by any land bank organized under the laws of Puerto Rico.
(17) Generally to execute trust of every description not inconsistent with the laws of Puerto Rico or of the United States.
History —Apr. 23, 1928, No. 40, p. 234, § 11; June 13, 1974, No. 69, Part 1, p. 270, eff. July 1, 1974.