P.R. Laws tit. 7, § 435
On or before the fifteenth (15th) day of the month of May or November succeeding any examination made pursuant to the requirements of § 434 of this title, a report in writing thereof, sworn to by the directors making the same, shall be made to the board of directors of such trust company and placed on file in said trust company, and a duplicate thereof filed in the Department of the Treasury of Puerto Rico. Such report shall particularly contain a statement of the assets and liabilities of the trust company examined, as shown by the books, together with such deductions from the assets and the addition of such liabilities, direct, indirect, contingent or otherwise, as such directors or committee, after such examination, may find necessary in order to determine the true condition of the trust company. It shall also contain a statement showing, in detail, every known liability to such trust company direct, indirect, contingent or otherwise, of every officer or director thereof and of every corporation in which any such officer or director owns to the amount of twenty-five percent (25%) of the total outstanding stock, or of which any such officer or director is also an officer or director. It shall also contain a statement, in detail, of loans, if any, which in their opinion are doubtful or worthless, together with their reasons for so regarding them; also a statement of loans made on collateral security which in their opinion are insufficiently secured, giving in each case the amount of the loan, the name and market value of the collateral, if it has any market value, and, if not, a statement of this fact, and its actual value as nearly as possible. Such report shall also contain a statement of overdrafts, of the names and amounts of such as they consider doubtful or worthless, and a full statement of such other matter as would affect the solvency or soundness of the institution. If the directors of any trust company shall fail to make, or to cause to be made, or to file such report of examination in the manner and within the time specified, such trust company shall forfeit to the Commonwealth of Puerto Rico one hundred dollars ($100) for every day such report shall be delayed.
History —Apr. 23, 1928, No. 40, p. 234, § 32, eff. 90 days after Apr. 23, 1928.