P.R. Laws tit. 7, § 368
(a) No trust company shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the name of any other individual, partnership, unincorporated association or corporation, or under any title or designation that is not truly descriptive thereof.
(b) The stocks, bonds and other interest-bearing corporate securities purchased by a trust company shall be entered on its books at the actual cost thereof, and for the purpose of calculating the undivided profits applicable to the payment of dividends, such stocks and securities shall not be estimated at a valuation exceeding their present cost as determined by amortization, that is, by deducting from the cost of any such stock or security purchased for a sum in excess of the amount payable thereon at maturity, and charging to profit and loss, a sufficient sum to bring it to par at maturity, or adding to the cost of any such stock or security purchased at less than the amount payable thereon at maturity, and crediting to profit and loss, a sufficient sum to bring it to par at maturity; but nothing herein contained shall prevent a trust company from carrying such stocks, bonds and other interest-bearing corporate securities on its books at their market value.
(c) No trust company shall, except with the approval in writing of the Secretary of the Treasury of Puerto Rico, enter or at any time carry on its books the real estate and the building or buildings thereon, used by it as its place or places of business, at a valuation exceeding their actual cost to such trust company.
(d) Every trust company organized under the laws of Puerto Rico shall conform its method of keeping its books and records to such orders in respect thereto as shall be made and promulgated by the Secretary of the Treasury of Puerto Rico. Any trust company that refuses or neglects to obey such order or orders shall be subject to a penalty of one hundred dollars ($100) for each day it so refuses or neglects.
(e) Every trust company organized under the laws of Puerto Rico holding any funds or moneys paid into court shall keep a book or books in which it shall make an exact account thereof. Such book or books shall state the name of the court, the title of the case, the date of receipt, from whom received, the amount of money, if any, and a description of the securities or other property received, if any, and each addition of interest; also the date and description of each order for payment and the dates and amounts of payments thereunder and to whom paid; also an account of each change of investment, if any.
History —Apr. 23, 1928, No. 40, p. 234, § 16, eff. 90 days after Apr. 23, 1928.