P.R. Laws tit. 7, § 232c
(a) An international banking entity may be:
(1) Any person, other than an individual, incorporated or organized under the laws of Puerto Rico, of the United States, or of any other country, or
(2) constituted as a unit of another person, other than an individual, incorporated or organized under the laws of Puerto Rico, of the United States, or of any other country.
(b) The articles of incorporation, the partnership agreement or any other written document establishing an international banking entity shall specify:
(1) The name by which it is to be known.
(2) The street, number and town where its principal place of business shall be established in Puerto Rico.
(3)
(A) In the case of a corporation, the amount of its authorized capital stock, which shall not be less than five million dollars ($5,000,000) and of which at least two hundred and fifty thousand dollars ($250,000) shall be fully paid at the time the license is issued in accordance with the provisions of § 232e of this title; Provided, That the Commissioner may authorize a lesser authorized and/or paid-in capital, by request of the interested party, when the type of business or powers that the international banking entity intends to exercise or other circumstances thus merit it, in the criterion of the Commissioner; the number of shares into which it shall be divided and the par value of each share. If the shares are to be issued in series, the date of issue of each series, as well as the manner and term in which payment thereof shall be made.
(B) In the case of a person other than an individual or a corporation, the amount of the proposed capital, which shall not be less than five million dollars ($5,000,000) and of which at least two hundred and fifty thousand dollars ($250,000) shall have been fully paid at the time the license is issued in accordance to the provisions of § 232e of this title; Provided, That the Commissioner may authorize a lesser proposed and/or paid-in capital, by request of the interested party, when the type of business or powers that the international banking entity intends to exercise or other circumstances thus merit it, in the criterion of the Commissioner; the name and address of its partners and other owners.
(4) The term of its existence, which in the case of a corporation, may be perpetual.
(5) The purposes for which it is organized, including a specific limitation of its operations to carry out only those services authorized in § 232j of this title.
(6) Any other provisions which may be convenient for the proper operation of the business. Such provisions shall not be in conflict with other laws of Puerto Rico.
(7) Any other provisions required by the regulations of the Commissioner.
(c) An international banking entity that intends to operate as a unit shall provide a certification executed by the person of which it is a unit and in the form prescribed by the regulations of the Commissioner, which shall specify:
(1) The name by which the unit shall be known.
(2) The street, number, and town where its principal place of business in Puerto Rico shall be established.
(3) The amount of the authorized or proposed paid-in capital of the person of whom the international banking entity is to be a unit, whose capital shall not be less than five million dollars ($5,000,000), of which at least two hundred and fifty thousand dollars ($250,000) shall have been fully paid at the time the license is issued; Provided, That the Commissioner may authorize a lesser authorized, proposed, and/or paid-in capital, by petition of the interested party, when the type of business or powers that the international banking entity intends to exercise or other circumstances thus merit it, in the criterion of the Commissioner.
(4) The purposes for which the unit is organized, including a specific limitation of its operations to carry out only those services authorized in § 232j of this title, and
(5) such other provisions as may be required by the regulations of the Commissioner.
History —Aug. 11, 1989, No. 52, p. 178, § 5; Aug. 11, 1996, No. 121, § 2.