P.R. Laws tit. 7, § 156
It shall be the duty of every bank or foreign bank to publish annually in a newspaper of general circulation in the locality where it is established, a report of its financial condition within the term of one hundred and twenty (120) days from the closing of its books. Failure to publish said information shall make the bank subject to an administrative fine of one thousand dollars ($1,000) for each offense.
It shall be the duty of every bank or foreign bank to keep an accounting system which reflects the financial condition of the bank or foreign bank, and its relationship, operations and transactions with third persons, whether natural or juridical, and government entities, and to keep and maintain such books, records and documents which reflect said relationships, operations and transactions or photocopies of their contents which shall be deemed as originals for all purposes. Every bank or foreign bank may destroy such original books, records or documents after their contents have been photographed.
Every bank or foreign bank may destroy such books, records, documents and photographs with the authorization and under the supervision of the Commissioner or by any other method established by the Commissioner through an order to that effect, after a lapse of five (5) years from the date of the last entry made in such books or records or from the date on which any obligation may have ceased to be demandable under the documents in its possession; subject to the provisions of the §§ 2001 et seq. of Title 30; “Mortage Law”.
History —May 12, 1933, No. 55, p. 322, § 34; May 15, 1950, No. 430, p. 1056, § 12; June 21, 1962, No. 85; Aug. 28, 1997, No. 108, § 37.