P.R. Laws tit. 14, § 3591
The shares of a corporation shall be represented by certificates; Provided, however, That the board of directors of the corporation may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Such resolution shall not apply to shares represented by certificates until the certificate is surrendered to the corporation. Every stockholder represented by certificates shall be entitled to have a certificate signed by, or in the name of the corporation, by the chair or vice chair of the board of directors or by the president or vice president and by the treasurer or assistant treasurer, or the secretary or assistant secretary of such corporation representing the number of shares registered in certificate form. Each and every one of the signatures on the certificate may be facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature appears on the certificate shall have ceased in his/her duties as such before the aforesaid certificate is issued, the corporation may issue such certificate with the same effect as if such officer, transfer agent or registrar held his/her office on the date of issuance.
No corporation shall issue certificates of shares to the bearer.
History —Dec. 16, 2009, No. 164, § 5.11.