P.R. Laws tit. 7, § 302
The term “trust company”, for the purposes of §§ 301—503 of this title, means a domestic corporation formed for the purpose of taking, accepting and executing such trusts as may lawfully be committed to it, acting as trustee in the cases prescribed by law, receiving deposits of money and other personal property, and issuing its obligations therefor, and lending money on real or personal securities.
The term “foreign trust company”, for the purposes of §§ 301—503 of this title means a corporation organized for the purpose of engaging in trust-company business, under the laws of another territory or state, or of the United States, or of a foreign country, whether or not operating a trust company at the place of its incorporation.
History —Apr. 23, 1928, No. 40, p. 234, § 2, eff. 90 days after Apr. 23, 1928.