P.R. Laws tit. 23, § 5018
At the discretion of the Company, any bonds issued under the provisions of this chapter may be secured by a trust contract entered into by and between the Company and a corporate trustee, that may be a trust company or a bank with the authority of a trust company within or outside of the Commonwealth of Puerto Rico.
It shall be legal for any bank or trust company incorporated under the laws of the Commonwealth, the United States or any state of the United States acting as depositary of the proceeds of the bonds, income or other monies, to grant such surety bonds or provide as surety such securities as the Company may require. In addition to the above, the trust contract may contain all those provisions the Company may deem to be reasonable and proper for the security of the bondholders.
History —July 10, 1992, No. 20, § 19.