P.R. Laws tit. 7, § 807
Five (5) or more natural persons residing in Puerto Rico, each and every one of them being accredited members of different central bodies of labor unions recognized in Puerto Rico, may request of the Secretary of the Treasury authorization to establish the Savings and Loans Labor Bank of Puerto Rico, by filing an application containing:
(a) The name and address of each of the incorporators; and the number of shares subscribed by them;
(b) the exact address of the place where the offices of the Labor Bank shall be located;
(c) the authorized capital stock to be had by the institution, and the number of shares into which it will be divided;
(d) the term of its existence, which may be perpetual, and
(e) any other information which the Secretary of the Treasury may deem it proper to require by regulations promulgated for implementing this chapter.
The Secretary of the Treasury shall verify with the Secretary of Labor and Human Resources the labor affiliation and moral solvency of the incorporators for the purpose of determining the legal capacity thereof pursuant to the provisions of this chapter. Once the Secretary of the Treasury has approved the application for incorporation, the same shall be filed with the Department of State for the formal incorporation of the institution.
History —June 14, 1960, No. 86, p. 162, § 7.