P.R. Laws tit. 7, § 802
The purpose of the Savings and Loans Labor Bank of Puerto Rico is to promote the welfare of the Puerto Rican workers by encouraging regular and systematic saving on their part, and the utilization of such savings, in addition to other resources the institution may avail itself of, for:
(a) Meeting the legitimate credit needs of the workers, and
(b) facilitating the creation of new employment sources and the expansion and improvement of those already existing, for which reason its public end is in all respects for the benefit of the people of Puerto Rico.
In the attainment of this purpose the Labor Bank shall lend particular attention to the following activities:
(a) Develop and establish mechanisms or systems that will encourage and facilitate regular savings on the part of workers-preferably through the purchase of stock of the Labor Bank-and on the part of other moderate-income persons.
(b) Facilitate the depositing in the bank of the financial resources accumulated by labor unions, in order that the same may be utilized for directly benefiting the workers themselves.
(c) Help meet the legitimate personal and mortgage credit needs of the workers and other moderate-income persons.
(d) Help finance housing, educational, cultural, and other kinds of programs that may be developed by the labor unions for the benefit of their members.
(e) Contribute toward the expansion of employment opportunities and the increasing of the workers’ income through the granting of credit, particularly intermediate and long-term credit, to productive undertakings operating in Puerto Rico.
(f) Develop, on its own account or in collaboration with other entities, educational programs aimed at encouraging among workers the sound and farseeing management of their finances.
History —June 14, 1960, No. 86, p. 162, § 2; June 26, 1961, No. 115, p. 248, § 1.