P.R. Laws tit. 26, § 2805
The articles of incorporation of an insurer shall state:
(1) The name of the corporation: if a mutual the [word] “mutual” or its derivatives, in Spanish or English, shall be a part of the name.
(2) The name of the city or town in which will be located the corporation’s principal place of business, which place must be in Puerto Rico.
(3) The duration of its existence, which may be perpetual.
(4) The kinds of insurance the corporation is formed to transact, according to the definitions thereof in this title, and without regard to the fact that the corporation may initially be authorized to transact but one of such kinds.
(5) If a stock corporation, its authorized capital, the classes and number of shares into which divided, the par value of each such share, which par value shall not be less than five dollars ($5), and the respective rights of each such class.
(6) If a mutual insurer, the maximum contingent liability of its policyholders for payment of losses and expenses incurred under its policies.
(7) The manner in which the powers of the corporation shall be exercised, the number of directors, which shall not be less than five, and designating from among the incorporators the members of the initial board of directors for a stated term of office of not less than two months or more than one year.
(8) Other provisions not inconsistent with law as may be deemed proper by the incorporators.
(9) The names and addresses of the incorporators.
History —Ins. Code § 28.050; June 13, 1966, No. 28, p. 149, § 1.