P.R. Laws tit. 7, § 232g
(a) Every international banking entity shall possess not less than three hundred thousand dollars ($300,000) of unencumbered assets or acceptable financial securities, or that lesser sum that, by request of the interested party, the Commissioner authorizes, when the type of business or powers that the international banking entity intends to exercise or other circumstances thus merit it, in the [judgment] of the Commissioner. The unencumbered assets shall be physically located in Puerto Rico and subject to the requirements regarding the same provided by the regulations of the Commissioner.
(b) The capital of, or assigned to an international banking entity may not be reduced without the prior written approval of the Commissioner.
(c) Without the prior written approval of the Commissioner, no international banking entity may issue:
(1) Additional shares of capital stock or other securities convertible into additional shares of capital stock, in the case of a corporation, or
(2) additional capital or other securities convertible into additional capital, in the case of a person other than a corporation.
(3) Notwithstanding the above, in the case of a corporation, it may issue additional shares of capital stock or other securities convertible into shares of capital stock, and in the case of a person other than a corporation, issue additional capital or other securities convertible into additional capital, without the prior written approval of the Commissioner, provided such additional shares or capital are issued directly to the shareholders of the international banking entity previously identified pursuant to subsection (b)(3) of § 232d of this title. In such event, the international banking entity shall notify the Commissioner of all the particulars of such issuance within the ten (10) business days following said date of the issue.
History —Aug. 11, 1989, No. 52, p. 178, § 9; Aug. 11, 1996, No. 121, § 4.