P.R. Laws tit. 7, § 588
The Bank shall be and is hereby authorized and appointed to act as agent for any unit for the purpose of registering, authenticating or countersigning, the bonds, notes or other evidences of indebtedness of any such unit, on such terms as may be agreed upon by and between the Bank and such unit. No such unit shall select any other bank, trust company, individual, corporation, association or partnership, to act as such fiscal agent for such purposes, unless the Bank shall, by resolution of its Board of Directors, determine not to act as such fiscal agent for such unit, in such instance. In the event that the Bank shall determine not to act as such fiscal agent for such unit, in such instance, the selection of the fiscal agent or fiscal agents, in the event that the appointment of more than one is determined to be advisable, shall be at the election of the Bank, and it shall further be within the discretion of the Bank, by resolution of its Board of Directors, to act as co-fiscal agent, for each unit, in each instance.
History —May 15, 1945, No. 272, p. 952, §§ 8, 15.