P.R. Laws tit. 7, § 818
The Secretary of the Treasury shall make at least one examination each year of the operations and activities of the Labor Bank. The expenses incurred by the Secretary of the Treasury in this examination shall be reimbursed by the Labor Bank. Said examination shall cover the conditions and resources of the Bank, the manner of conducting and handling its affairs, the action of its directors, the investment of funds, the safety and soundness of its management, the securities given to insure performance of the obligations contracted, the compliance with the provisions of law affecting the operations of the Bank, as well as any other matter which the Secretary of the Treasury may deem pertinent to investigate. The Secretary of the Treasury shall have power to direct the Labor Bank to charge against its undistributed profits, its reserve fund or its capital account, any loan or part of a loan, assets or parts of assets which in his judgment constitutes a possible loss to the Bank, and may further direct the setting aside of any portion of its future profits which he may deem convenient, until said capital accounts and reserve funds are fully restored.
History —June 14, 1960, No. 86, p. 162, § 18.