P.R. Laws tit. 7, § 2011
(a) When the Commissioner has sufficient grounds to believe that any member of the board of directors or officials of a financial institution supervised by the Office of the Commissioner has committed a violation or is violating any law related to said entity, or has managed the affairs of said business inadequately, the Commissioner shall bring charges against said member of the board of directors or official, to appear before him or his authorized representative within a stated term, in a procedure established by the Commissioner by regulations, to show cause as to why he should not be removed.
(b) A copy of the charges proffered shall be sent by certified mail with return receipt requested to each member of the board of directors of the financial institution involved.
(c) If the Commissioner should determine, after granting the member of the board of directors or official a reasonable opportunity to be heard, that this member has violated any law related to said financial institution, or has managed the affairs of said institution inadequately, he may direct that said member of the board of directors or official be removed from office.
(d) The Commissioner shall send copy of the order for removal to the person involved, and another copy to the entity of which he is a member of the board or an official, to be submitted immediately to said entity’s Executive Committee or Board of Directors. In that case, said member of the board of directors or official shall cease to be a member of the board of directors, or an official of said financial institution immediately after notice of the Commissioner’s order is received.
(e) The order and the findings of fact and conclusions of law on which it is grounded shall not be made public nor shall they be revealed to anyone, except the member of the board of directors or official involved and the directors of the banking institution concerned, except in regard to proceedings motivated by a violation of this section or a judicial review brought as provided in § 2015 of this title.
(f) No member of the board of directors or official who has been removed from office as provided in this section may subsequently participate in any way in the administration of any financial institution, unless he has the Commissioner’s prior authorization.
History —Oct. 11, 1985, No. 4, p. 857, § 11.