P.R. Laws tit. 7, § 810
There shall be held at least one (1) regular general meeting of stockholders for the election of the Board of Directors, every two (2) years and as many special meetings as may be necessary in the opinion of the Board of Directors.
Notice of the general meetings shall be served through labor unions to stockholder at least thirty (30) days prior to the date on which the same are to be held, and, in addition, an advertisement of each meeting of shareholders shall be published twice a week during the four (4) consecutive weeks immediately preceding the date of the meeting, in two (2) newspapers of general circulation in Puerto Rico. If for any reason the election of directors should not take place on the date set therefor, another election may be held on any subsequent day with twenty- (20) day notice published in a newspaper of general circulation in Puerto Rico.
The bylaws shall determine the time of year for holding, and the form and manner of constituting the general regular meetings.
The meeting shall be held and legally constituted with whatever the number of attending shareholders. No matter not contained in a call may be considered at any special meeting, and a twenty- (20) day notice of each first call shall precede the day on which the meeting is to be held.
Resolutions shall be made only by a majority vote of the stockholders present at the meeting.
History —June 14, 1960, No. 86, p. 162, § 10; June 26, 1961, No. 115, p. 248, § 1; June 28, 1969, No. 117, p. 327, § 4.