P.R. Laws tit. 7, § 765
2019-02-20 00:00:00+00
The Bank shall annually cover not less than ten percent (10%) of its net income into a fund which shall be known as Reserve Fund. Contributions to said fund shall continue until it becomes equal to the aggregate amount of the Bank’s paid-in capital. The balance of the net income of the year shall be posted upon the surplus account. The board of directors shall be empowered to set the criteria to govern the distribution of the funds in the surplus account.
At no time during its life may the Bank withdraw or permit the withdrawal, either in the form of dividends or otherwise, of any portion of its capital or of the Reserve Fund, except as provided in § 755 of this title.
History —June 21, 1966, No. 88, p. 257, § 15.