P.R. Laws tit. 7, § 760
(a) At least one Regular General Assembly of Stockholders shall be held each year, and as many special assemblies as may be necessary in the opinion of the Board of Directors. The Board may call a Special Assembly at the request of the holders of at least one third (1 / 3) or more of the shares issued and outstanding.
(b) Notice of the General Assemblies shall be served on the stockholders, via registered mail with acknowledgement of receipt to the postal address that appears on the books of the Bank, at least thirty (30) days prior to the date on which the same are to be held.
(c) The bylaws shall determine the time of year for holding, and the form and manner of constituting, the regular and special general assemblies.
(d) Quorum for every general assembly of stockholders shall be more than fifty percent (50%) of the capital available at the time of the call. Matters not contained in the corresponding call shall not be considered in the special assemblies of stockholders.
(e) Resolutions shall only be made by a majority vote of the stockholders present. Directors shall be elected by the affirmative vote of a majority of the stockholders present.
History —June 21, 1966, No. 88, p. 257, § 10; Sept. 25, 1992, No. 79, § 5; Aug. 13, 1998, No. 238, § 2.