P.R. Laws tit. 7, § 493
Whenever any trust company shall determine by its board of directors, with the consent of three-fourths (¾) of its stockholders in interest, to discontinue its business and settle its affairs, it shall be lawful for such board of directors to file with the Secretary of the Treasury of Puerto Rico a certificate in writing signed and acknowledged by such stockholders, expressing said consent, and likewise the certificate of said board of directors under the corporate seal, setting forth such intention, and that they thereby surrender to the Commonwealth of Puerto Rico their corporate privileges and powers; and thereupon said corporation shall be deemed and taken to be dissolved, except for the purpose of distributing its assets, and otherwise settling its affairs, but such trust company shall, nevertheless, be continued a body corporate for the term of three (3) years after the time of such surrender for the purpose of prosecuting and defending suits by or against it and closing its concerns, but not for any other business or purpose whatsoever; and the said board of directors shall act as trustees for that purpose, subject to the orders of a court of competent jurisdiction on application of any creditor or stockholder and to removal or any action by such court.
History —Apr. 23, 1928, No. 40, p. 234, § 43, eff. 90 days after Apr. 23, 1928.