P.R. Laws tit. 7, § 202
Should a bank or foreign bank refuse to submit its books, papers and affairs for the inspection of a duly appointed examiner, or if it is found that its charter or any law relative thereto has been violated, the Commissioner shall proceed to decree the liquidation and dissolution of said bank and shall appoint a receiver, that in the case of insured banks, may be the Federal Deposit Insurance Corporation, to conduct said liquidation and dissolution.
Once appointed, said receiver shall, under the direction of the Commissioner, take possession of the assets and liabilities, books (including the minutes), records, papers and files of every description belonging to said bank, and shall collect all pertinent loans, fees and claims of the bank and see to the payment of its obligations and debts and the necessary expenses of the receivership. He/she shall then proceed to liquidate the affairs of the bank as soon as possible, and to this end, may sell the personal and real property and other assets of the bank, subject to the orders and with the approval of the Commissioner; and said receiver shall continue to perform his/her duties as indicated until such a bank or foreign bank is finally liquidated; Provided, That at any time within the ten (10) days following the date on which the Commissioner has appointed said receiver, the bank may petition the Court of First Instance, San Juan Superior Part, to issue an order requiring the Commissioner to show cause as to why the court should not annul the appointment of the receiver made by him/her and enjoining him/her from continuing in possession of the bank. The Court of First Instance, San Juan Superior Part may, upon lawful cause, order the Commissioner to abstain from subsequent proceedings and to return the bank to its directors.
History —May 12, 1933, No. 55, p. 322, § 31; Sept. 7, 1961, No. 12, p. 353, § 1; Aug. 28, 1997, No. 108, § 34.