P.R. Laws tit. 26, § 2927
(1) Subject to § 2814(5) of this title as to stock in insurers being formed, each stockholder who has paid in full for the shares to which he has subscribed, shall be entitled to have issued to him by the corporation a stock certificate or certificates representing such shares. The certificate shall be signed by the president or vice president and the secretary or treasurer of the insurer, and be authenticated by its corporate seal.
(2) Stock shall be transferable upon the books of the corporation in the manner provided in the bylaws. But no such transfer shall be made while the subscriber or stockholder is in default as to any payments then due thereon to the corporation, and an unrecorded transfer shall not relieve the subscriber of any such liability. If a stockholder is otherwise indebted to the corporation, the insurer may refuse transfer of his stock until the indebtedness is paid.
History —Ins. Code § 29.270.