P.R. Laws tit. 7, § 461
The rights, powers and duties of stockholders of trust companies shall be as prescribed in the “General Corporation Law” and the “Banking Law of Puerto Rico”. The term “stockholder” as used in this section shall apply to:
(1) Such persons as appear by the books of the trust company to be stockholders.
(2) Every owner of stock legal or equitable although the same may be on the books in the name of another person; Provided, however, That such term shall not apply to a person holding stock as collateral security for the payment of debt and not appearing by the books of the trust company to be the owner and holder thereof in his own right, or to a person holding stock in a bona fide fiduciary capacity and not appearing by the books of the trust company to be the owner or holder thereof in his own right unless such fiduciary shall have invested the funds in his care in violation of law or of the terms in which said funds are held by him, in which case he shall be personally responsible as a stockholder.
History —Apr. 23, 1928, No. 40, p. 234, § 35, eff. 90 days after Apr. 23, 1928.