P.R. Laws tit. 7, § 769
If as a result of the examination made of the Bank the Commissioner of Financial Institutions obtains evidence that the Bank is not in sound economic condition to continue its business, or that it is being managed in such manner that its depositors are in jeopardy of being defrauded, the Commissioner of Financial Institutions shall assume the direction and management of the Bank and shall promptly appoint a receiver, which may be the Federal Deposit Insurance Corporation. The receiver thus appointed shall manage the Bank according to the provisions of this chapter and the applicable regulations.
Said receivership shall terminate with the total liquidation of the Bank, if it were necessary, or when the operations thereof, as certified by the receiver, will allow, in the judgment of the Commissioner of Financial Institutions, the return of the Bank’s management to its officials and officers, duly elected and appointed under such circumstances as the Commissioner of Financial Institutions may stipulate. The Commissioner of Financial Institutions may fix a reasonable compensation for the services of the receiver and his employees. The determination of the Commissioner of Financial Institutions to appoint a receiver shall be reviewable by the Court of First Instance. The decision of the court shall be binding, and, once entered, the said court shall forfeit all jurisdiction over the case. In addition to the above, the Commissioner of Financial Institutions may opt not to decree the receivership and, instead, proceed according to the provisions on the substitution of directors of § 768a of this title, without prejudice to his option for the receivership at any moment.
History —June 21, 1966, No. 88, p. 257, § 19; May 5, 1977, No. 16, p. 29; Sept. 25, 1992, No. 79, § 12.