P.R. Laws tit. 14, § 454
Notwithstanding any other provision of law, any corporation the principal business of which is that of making mortgage loans, deeds of trust or other instruments conveying or constituting liens upon real property or any interest therein, all the stock of which is subscribed and owned by the Government of the United States of America or by any corporation all of the stock of which is owned by the United States of America, shall be qualified and entitled to do business in this Commonwealth upon filing with the Secretary of State of Puerto Rico: (a) a certified copy of its charter or articles of incorporation, (b) a declaration signed and acknowledged by one of its officers to the effect that the capital stock of said corporation is owned as hereinabove provided, and (c) the designation of an agent for the service of processes who shall be constituted and appointed in accordance with § 38 of the Private Corporation Act of Puerto Rico, approved Mar. 9, 1911, as amended; and said corporation shall not be subject to the imposition of any fee by the Secretary of State of Puerto Rico or the Secretary of the Treasury, neither shall it be required to file an annual or other report in the office of the Secretary of the Treasury or the Department of State, and it shall be exempt from the payment of taxes levied in Puerto Rico or in any political subdivision thereof, except that any real property held by said corporation shall be taxable to the same extent as other real property.
History —Apr. 20, 1936, No. 36, p. 250, § 1.