P.R. Laws tit. 7, § 3089
(a) Except as provided in the regulations of the Commissioner, no sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international financial institution may be initiated without the previous written authorization of the Commissioner, if by way of such transaction, a person could acquire, directly or indirectly, control of ten percent (10%) or more of any class of stock, interest, or participation in the capital of an international financial institution.
(b) Every merger, sale, encumbrance, assignment, barter, exchange, or other transfer of shares of capital stock, interest or participation in the capital of an international financial institution, as provided in subsection (a) of this section, shall be null ab initio if the written authorization of the Commissioner has not been obtained; the Commissioner may impose sanctions to the parties if he/she deems it appropriate.
(c) The international financial institution shall notify the Commissioner, within thirty (30) days in advance, of the transfers referred to in subsection (a) of this section, the identity of the transferor and of the transferee, and the nature of the transaction. The Commissioner may require such additional information as he/she deems necessary to determine whether the transfer would be detrimental to the security or financial solvency of the international financial institution or whether it would violate any law, rule, or regulation applicable to international financial institutions, in which case, the Commissioner may deny the authorization for such transaction; any person to whom such authorization is denied shall have the right to request a hearing pursuant to the regulations provided in § 3099 of this title.
History —Sept. 25, 2012, No. 273, § 10.