P.R. Laws tit. 7, § 768a
When the Commissioner of Financial Institutions determines there is evidence that any director or officer of the Cooperative Bank of Puerto Rico has violated this chapter, the rules and regulations promulgated hereunder or a final injunction, or has performed acts contrary to sound banking practices in connection with the Bank, or has participated in them, or has committed or participated in the commission of any act, omission or practice constituting a violation of his fiduciary duties as director or officer of the Bank, or the Commissioner of Financial Institutions determines that the Bank has sustained or will probably sustain a substantial financial loss or other injury on account of such violation or practice or failure to carry out his fiduciary responsibilities or that such violation or failure is one involving personal dishonesty on the part of the director or officer, the Commissioner of Financial Institutions may issue a written order suspending or removing him from his position in that Bank. The Commissioner is hereby empowered to appoint substitute directors for such term that in his judgment and discretion he may deem convenient to assure a sound and safe management of the business of the Bank.
History —June 21, 1966, No. 88, p. 257, added as § 18A on May 31, 1976, No. 94, p. 277, § 2; May 5, 1977, No. 16, p. 29; Sept. 25, 1992, No. 79, § 11.