P.R. Laws tit. 7, § 201
If, as a result of an examination performed or a report rendered by an examiner, the Commissioner has evidence that a bank or a foreign bank is not in sound financial condition to continue doing business, or it is managed in such a manner that the public or the persons and entities having funds or securities in its custody are in danger of being defrauded, the Commissioner shall take over the management and administration of the bank, shall promptly appoint a receiver, that in the case of insured banks may be the Federal Deposit Insurance Corporation, and shall immediately report the details of and the grounds for his/her actions to the Governor of Puerto Rico. The receiver thus appointed shall manage the bank according to the provisions of §§ 1 et seq. of this title and the regulations promulgated thereunder.
Said receivership shall end with the total liquidation of the bank, if necessary, or when the operations thereof, as certified by the receiver, permit, in the judgment of the Commissioner, that the management of the bank be returned to its executives and officials, duly elected and appointed, under such circumstances as the Commissioner may stipulate. The Commissioner may fix a reasonable compensation for the services of the receiver and his/her employees. The determination of the Commissioner to take over the administration and management of a bank or to appoint a receiver may be reviewed by the Court of First Instance, San Juan Superior Part, by a petition filed within the term often (10) days from the date of the determination.
History —May 12, 1933, No. 55, p. 322, § 30; Sept. 7, 1961, No. 12, p. 353, § 1; Aug. 28, 1997, No. 108, § 33.