P.R. Laws tit. 7, § 402
2019-02-20 00:00:00+00
Every trust company shall create a fund to be known as a surplus fund. Such surplus fund may be created or increased by contributions, by transfers from undivided profits, or from net earnings. Such surplus fund, up to twenty percent (20%) of the capital of the trust company, shall be used only for the payment of losses in excess of undivided profits.
History —Apr. 23, 1928, No. 40, p. 234, § 24, eff. 90 days after Apr. 23, 1928.