P.R. Laws tit. 7, § 468
The directors of every trust company shall hold a regular meeting at least once in each month. If the number of directors necessary to constitute a quorum is not prescribed in the certificate of incorporation or organization certificate, or in the bylaws, and no provision is made therein for determining the same, the directors may fix such number, which shall not be less than one-third (⅓) of all the directors and in no case less than five (5), with the same effect as if such number were prescribed in the certificate of incorporation or organization certificate. The board of directors shall by resolution duly recorded in the minutes, designate an officer or officers whose duty it shall be to prepare and submit to each director at each regular meeting of the board, or to an executive committee of the board consisting of not less than five members thereof, a written statement of all the purchases and sales of securities, and of every discount, loan or other advance, including overdrafts and renewals made since the last regular meeting of the board, describing the collateral to such indebtedness as of the date of meeting at which such statement is submitted; but such officer or officers may omit from such statements, discounts, loans or advances including overdrafts and renewals of less than one thousand dollars ($1,000) excepting as hereinafter provided. Such statement shall also contain a list giving the aggregate of loans, discounts and advances including overdrafts to each individual partnership, unincorporated association, corporation or person whose liability to the trust company has been increased one thousand dollars ($1,000) or more since the last regular meeting of the board, together with a description of the collateral to such indebtedness held by the trust company at the date of the meeting at which such statement is submitted. A copy of such statement, together with a list of the directors present at such meeting, verified by the affidavit of the officer or officers charged with the duty of preparing and submitting such statement shall be filed with the records of the trust company within one day after such meeting, and be presumptive evidence of the matters therein contained.
History —Apr. 23, 1928, No. 40, p. 234, § 42, eff. 90 days after Apr. 23, 1928.