P.R. Laws tit. 7, § 205
Whenever in the opinion of the Governor of Puerto Rico, due to the excessive withdrawal of money or to other reasons not implying insolvency, any bank organized under the laws of Puerto Rico may be in imminent danger of being obliged to close its doors for lack of cash to meet the abnormal withdrawal of deposits, a Committee, which is hereby constituted, composed of the Governor of Puerto Rico, the Chairman of the Finance Committee of the Senate and the Chairman of the Finance Committee of the House of Representatives of Puerto Rico, is hereby authorized to direct the Secretary of the Treasury of Puerto Rico to take charge of such bank and to administer it on the basis of the restricted withdrawal of the deposits, or on any other basis that may be approved by said Committee, until said bank may be out of danger; Provided, That this provision shall not be applicable to any bank which, after having been examined by the Secretary of the Treasury of Puerto Rico and his report studied by the Committee, may be found to have lost three-fourths (¾) parts of its capital.
History —Mar. 21, 1933, No. 2, p. 184, § 1.