P.R. Laws tit. 7, § 232h
(a) Except as provided in the regulations adopted by the Commissioner, no sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares, interest or participation in the capital of an international banking entity may be initiated without the previous written authorization of the Commissioner, if by way of such transaction, a person could acquire, directly or indirectly, control of ten percent (10%) or more of any class of stock, interest or participation in the capital of an international banking entity.
(b) Every sale, encumbrance, assignment, merger, barter, exchange or other transfer of shares of capital stock, interest or participation in the capital of an international banking entity, as set forth in subsection (a) of this section, shall be null “ab initio” if the written authorization of the Commissioner has not been obtained.
(c) The international banking entity shall notify the Commissioner, thirty (30) days in advance, the transfers referred to in subsection (a) of this section, the identity of the transferor and of the transferee and the nature of the transaction. The Commissioner may require such additional information as he deems necessary to determine if the transfer would be detrimental to the security or financial solvency of the international banking entity or if it would violate any law, rule or regulation governing the international banking entity, in which case the Commissioner may deny the authorization for such transaction; Provided, That any person to whom such authorization is denied shall have the right to request a hearing pursuant to the regulations provided in § 232s of this title.
History —Aug. 11, 1989, No. 52, p. 178, § 10.