P.R. Laws tit. 10, § 1414
Stock certificates shall always show the amount of capital paid in on their face value, or that they are fully paid for.
While said shares are not wholly paid for, their first subscriber or holder, his assignee, and each person succeeding the latter, if said shares are transferred, shall be severally liable, at the option of the managers of the partnership, for the unpaid balance. No agreement whatever may be made waiving said liability, so determined.
An action to enforce said liability having been instituted against any of the persons enumerated in the preceding paragraph, no new action shall be undertaken against another of the holders or assignees of said shares, except on evidence of the insolvency of the person first or previously proceeded against.
History —Commerce Code, 1932, § 131.