P.R. Laws tit. 7, § 805
The capital shall consist of four (4) types of common stocks: Class “A” shares, Class “B” shares, Class “C” shares, and Class “D” shares, which shall have the same par value, and preferred Class “E” shares. Class “A” shares shall be voting stock, and shall be held by natural persons who are accredited members of labor unions recognized in Puerto Rico or of teachers’ organizations and employees’ associations. Class “A” shares shall cease to be voting stock and to draw dividends when no longer held by natural persons who are accredited members of labor unions in Puerto Rico recognized in Puerto Rico or teachers’ and employees’ organizations.
Class “B” shares shall not be voting stock, and shall be held by labor unions recognized in Puerto Rico or teachers’ and employees’ organizations. Class “C” shares shall not be voting stock, and shall be held by the welfare, pension and retirement funds of the labor unions recognized in Puerto Rico or of teachers’ and employees’ organizations. No union may at any time hold more than fifteen percent (15%) of the totality of Class “B” shares issued. At no time shall there exist a proportion larger than three (3) Class “B” and “D” shares for each Class “A” share.
Common Class “D” shares shall be voting stock, and may be held by workers whether or not members of labor unions recognized in Puerto Rico. The total number of common Class “D” shareholders may at no time exceed ten percent (10%) of the total number of Class “A” shareholders. The issuance of these stocks shall be subject to a regulatory provision approved in a regular or special general assembly of the General Board of Stockholders of the bank.
Preferred Class “E” shares may be divided into series, and each series may have different characteristics including name, preferences or restrictions with respect to dividends and redemptions by decision of the Board of Directors.
History —June 14, 1960, No. 86, p. 162, § 5; June 26, 1961, No. 115, p. 248, § 1; June 28, 1969, No. 117, p. 327, § 1; July 1, 1975, No. 134, Part 1, p. 404, § 2.