P.R. Laws tit. 7, § 558
The Bank shall be subject to examination and supervision by the Commissioner of Financial Institutions Rico, in accordance with the terms of the Banking Law, §§ 1 et seq. of this title, applicable to banks organized under or subject to the provisions thereof. The Commissioner of Financial Institutions may change the Bank a nominal sum that shall never exceed twenty-five thousand dollars ($25,000) to cover the actual expenses incurred in the process of such examination; Provided, That such action is necessary due to budgetary problems on the part of the Office of the Commissioner of Financial Institutions.
The Commissioner of Financial Institutions shall issue to the Bank a certificate setting forth the result of such examination, which certificate shall be presented to the Board of Directors at its next regular or special meeting.
The Bank shall also be subject to an annual examination and audit by certified public accountants of national reputation selected by the Board of Directors of the Bank.
History —Sept. 23, 1948, No. 17, p. 290, §§ 10, 22; Apr. 26, 1957, No. 3, p. 3, § 3; Aug. 9, 1998, No. 215, § 11.