P.R. Laws tit. 7, § 757
Through the initiative of the Administrator of the Cooperative Development Administration in collaboration with the central bodies of the cooperative movement, eleven (11) or more persons residing in Puerto Rico and who are officials or directors of central bodies and second- and first-class cooperative organizations and members of the latter operating in Puerto Rico, may apply to the Secretary of the Treasury for authorization to establish this Bank by filing an application containing:
(a) The name and address of each one the incorporators and the number of shares of stock subscribed by them;
(b) the exact address of the place where the offices of the Bank will be located;
(c) the authorized capital stock to be had by the institution, and the number of shares into which it will be divided;
(d) the term of its existence, which may be perpetual, and
(e) any other information which the Secretary of the Treasury may deem it proper to require.
The Secretary of the Treasury shall verify with the Administrator of the Cooperative Development Administration the cooperative affiliation and moral solvency of the incorporators for the purpose of determining their legal capacity pursuant to the provisions of this chapter. Once the Secretary of the Treasury shall have approved the application for incorporation, the same shall be filed with the Department of State for the formal incorporation of the institution.
History —June 21, 1966, No. 88, p. 257, § 7.