P.R. Laws tit. 10, § 347
Each warehouseman applying for a license to conduct a warehouse in accordance with §§ 341—371 of this title shall, as a condition to the granting thereof, execute and file with the Secretary of Agriculture a good and sufficient bond to the Commonwealth of Puerto Rico to secure the faithful performance of his obligation as a warehouseman under the law of the Commonwealth of Puerto Rico, as well as under the terms of §§ 341—371 of this title and regulations prescribed hereunder, and of such additional obligations as a warehouseman as may be assumed by him under contracts with the respective depositors of agricultural products in such warehouse. Said bond shall be in such form and amount, shall have such surety or sureties, subject to service of process in suits on the bond within the Commonwealth of Puerto Rico, and shall contain such other terms and conditions as the Secretary of Agriculture may prescribe to carry out the purpose of §§ 341—371 of this title; Provided, That said bond may be secured by a pledge, a mortgage, or it may be a personal bond with two (2) or more sureties, or secured by an insurance policy, or certificate of insurance, at the option of the warehouseman. Whenever the Secretary of Agriculture shall determine that a bond approved by him is, or for any cause has become, insufficient, he may require an additional bond or bonds to be given by the warehouseman concerned, conforming with the requirements of this section, and unless the same be given within the time fixed by a written demand therefor, the license of such warehouseman may be suspended or revoked.
History —June 20, 1925, No. 36, p. 220, § 6, eff. 90 days after June 20, 1925.