P.R. Laws tit. 7, § 1081
(a) No licensee under the provisions of this chapter may initiate the sale, assignment, merger, conversion, exchange, or any other transfer of voting stock, interest, or shares in the capital of a licensee without the prior written authorization of the Commissioner if, by means of said transaction, a person could directly or indirectly acquire control of ten percent (10%) or more of any kind of stock, interest or shares in the voting capital.
(b) Any sale, assignment, merger, conversion, exchange, or any other transfer of voting stock, interest, or shares in the capital of a licensee as stated in subsection (a) of this section, shall be void, if the prior written authorization of the Commissioner is not obtained.
(c) The licensee shall notify the Commissioner thirty (30) days in advance of any proposed transaction referred to in subsection (a) of this section, the identity of the transferor and the acquirer, and the nature of the transaction, together with the payment of investigation fees referred to in § 1075 of this title. The Commissioner may require such additional information that he/she deems is needed to determine if the transaction could be harmful to the financial security or stability of the licensee, or would violate any law, rule or regulation which governs him/her, in which case the Commissioner may deny the authorization. Any person who has been denied authorization shall have the right to request a hearing pursuant to the provisions of §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act”, and to the regulations promulgated thereunder, referred to in § 1086 of this title.
History —Oct. 14, 1995, No. 214, § 12; renumbered as § 11 on Dec. 30, 2010, No. 248, § 10.