P.R. Laws tit. 7, § 432
Every trust company shall make written report of its condition on the last day of each month, in such form as may be prescribed by the Secretary of the Treasury of Puerto Rico, to whom such report shall be transmitted within the first ten (10) days of the next succeeding month, Sundays and legal holidays not included. Such reports shall be subscribed by the president or managing officer of such trust company, verified by his oath stating that the same is true and correct in all respects. If any trust company shall fail to make such report within the time herein prescribed, such delinquent trust company shall be subject to an administrative fine of five dollars ($5.00) for each day that such report is delayed. If any trust company shall fail to make a report for two (2) consecutive months, the Secretary of Justice on request of the Secretary of the Treasury of Puerto Rico, shall institute an action in the proper court, and if the court shall find that the charges made are true it shall decree the dissolution and liquidation of such trust company. If any director, officer or employee of any trust company shall knowingly make or cause to be made false entry in such monthly report, with the intention of damaging or defrauding the trust company or any company, person or corporation, or of deceiving any officer of the trust company, or any examiner or the Secretary of the Treasury of Puerto Rico, such director, officer or employee shall be deemed guilty of a felony and upon conviction thereof shall be punished by imprisonment for a term of not less than one nor more than five years.
History —Apr. 23, 1928, No. 40, p. 234, § 29, eff. 90 days after Apr. 23, 1928.