P.R. Laws tit. 7, § 206
The Secretary of the Treasury of Puerto Rico is hereby authorized to examine and recommend any plan for the reopening, reorganization, or liquidation of a closed bank, and likewise to examine and recommend any plan by virtue of which a bank organized in accordance with the laws of Puerto Rico may take charge of the liquidation or realization of the assets, and the payment of the liabilities of a closed bank, whether or not it is under receivership; Provided, That for the purposes of §§ 206—209 of this title, a closed bank shall be understood to be every bank that has closed or closes its doors to the public and, on the expiration of three (3) months counting from the day of its closing, is not able to resume the ordinary course of its banking operations, or which, in the opinion of the Secretary of the Treasury of Puerto Rico, may not be in a condition to be able to resume such operations after the time hereinabove fixed has expired.
History —Apr. 18, 1933, No. 17, p. 218, § 1.