P.R. Laws tit. 10, § 1204
Stock brokers shall reciprocally deliver to each other a signed memorandum of each transaction agreed upon, on the same day on which such transaction is made. They shall deliver another signed memorandum to their principals; and the latter shall deliver a signed memorandum to their brokers, in which the principals shall state their conformity with the terms and conditions of the transaction.
Memorandums of policies delivered by brokers to their principals, and those reciprocally delivered by brokers to each other, shall be evidence against the brokers signing them, in all cases of claims arising from such memorandums or policies.
To determine such net amount as may be claimable, the Board of Directors of the exchange shall issue a certification showing such difference in cash as may result against the principal, as said difference appears from the memorandum of the transaction.
The conformity of the principals after their signatures have been acknowledged at a hearing, shall entail execution, provided the certification stated in the preceding paragraph, issued by the Board of Directors of the exchange, is presented.
History —Commerce Code, 1932, § 70.