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same municipality by resolution duly adopted at a regular or special meeting of the said board of directors; but such removal shall not be made until a copy of said resolution, duly signed by the president and secretary, under the corporate seal, shall have been filed in the office of the Executive Secretary of Porto Rico, and the fees required by law shall have been paid.

RESTRICTIONS OF NAME OF BANK.

Section 7.-That no bank or foreign bank shall be established under the same name as that already used by any other institution, or so nearly similar thereto as to lead to confusion, but when a bank ceases doing active business it may transfer or assign to another bank the right to use its name; Provided, That no bank shall use the name of any bank which has ceased to do business unless it previously incorporates under such name or changes its own in accordance with the provisions of this Act; Provided, further, That if the assignment is made to a foreign banking corporation the said foreign banking corporation shall not use the said corporate name without having first filed its certificate of incorporation and without having complied with the other provisions of this Act; And provided, further, That the fact of such transfer shall be published daily for a period of at least three consecutive weeks in two newspapers of general circulation in Porto Rico.

AMOUNT AND PAYMENT OF CAPITAL.

Section 8.-That the minimum amount of capital with which a bank may be established in Porto Rico shall be ten thousand (10,000) dollars.

The capital of a bank shall be represented by shares of equal denomination, which may be issued in one or several series, and it shall be the duty of the stockholders to determine, at a general meeting, the time and manner of their release; Provided, That no bank shall begin business under this Act until at least three thousand (3,000) dollars of its capital stock shall have been paid in in cash; And provided, further, That if the capital stock is more than one hundred thousand (100,000) dollars, at least twenty-five (25) per cent of the authorized capital stock shall have been paid in in cash before the bank commences business.

No bank shall make a new issue of stock until all stock previously issued shall have been released.

adoptada en sesión ordinaria o extraordinaria de la referida junta de directores, pero no se efectuará dicho traslado hasta que se haya archivado en la oficina del Secretario Ejecutivo de Puerto Rico una copia de dicha resolución debidamente firmada por el presidente y secretario, bajo el sello de la corporación, y se hayan pagado los derechos que la ley requiere.

RESTRICCIÓN DE LA DENOMINACIÓN QUE ADOPTEN LOS BANCOS.

Sección 7.-Ningún banco o banco extranjero podrá establecerse con el mismo nombre que tenga ya en uso otra institución, o tan parecido a él que pudiera dar lugar a confusiones; pero al cesar un banco en sus negocios activos podrá traspasar o ceder a otro banco el derecho de usar su nombre; Disponiéndose, que ningún banco usará el nombre de banco alguno que haya cesado de hacer negocios sin que antes se incorpore bajo dicho nombre o cambie el suyo de acuerdo con las disposiciones de esta Ley; Disponiéndose, además, que si la cesión se hace a una corporación bancaria extranjera dicha corporación no usará dicho nombre sin antes haber archivado su certificado de incorporación y haber cumplido las otras disposiciones de esta Ley; Y disponiéndose, además, que el hecho de haber tenido lugar tal transferencia se publicará diariamente, por un período de por lo menos tres semanas consecutivas, en dos periódicos de general circulación en Puerto Rico.

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CUANTÍA Y PAGO DEL CAPITAL.

Sección 8. El capital mínimo con que podrá establecerse un banco en Puerto Rico será de diez mil (10,000) dólares.

El capital de los bancos estará representado en acciones de la misma cuantía, que podrán emitirse en una o varias series correspondiendo a los accionistas acordar, en junta general, la forma y fecha de su liberación; Disponiéndose, que ningún banco empezará a hacer negocios de acuerdo con esta Ley, hasta que por lo menos tres mil (3,000) dólares de su capital haya ingresado en efectivo; Y disponiéndose, además, que si el capital es de más de cien mil (100,000) dólares, por lo menos veinte y cinco (25) por ciento del capital autorizado deberá haberse ingresado en efectivo antes de que el banco empiece a hacer negocios.

Los bancos no podrán hacer una nueva emisión de acciones mientras no estén totalmente liberadas las acciones emitidas anteriormente.

REGISTER OF SHARES.

Section 9. That all shares shall be recorded in a book which shall be kept for that purpose by each bank at its main office, in which book entry shall also be made of all subsequent transfers thereof.

A statement shall be made on each certificate of stock showing the par value of each share, and the amount paid thereon; Provided, That this section shall not apply to foreign banks.

REDUCTION OF CAPITAL STOCK.

Section 10. That by vote of shareholders owning two-thirds of its stock, any bank organized under the laws of Porto Rico may reduce its paid-in capital to any sum not below the amount required by this Law to authorize the establishment of banks; but no such reduction shall be made until the amount of the proposed reduction has been reported to the Treasurer of Porto Rico and his approval obtained.

RELEASE OF STOCK.

Section 11. That in the event that the interests of a bank require a prompt release of its shares, the board of directors may resolve to call for such immediate payment of an assessment on the stock. as may be necessary and shall report the fact to the stockholders at their next general meeting, whether regular or special.

LIABILITY OF STOCKHOLDERS.

Section 12.-Stockholders can not excuse themselves from paying all or part of the par value of their shares upon call. Upon failure to make such payment the bank may choose between collecting, through judicial proceedings, the amount due, with accrued interest from the date on which payment should have been made, or the sale of their shares at public sale.

The liability of stockholders for the par value of their shares shall subsist, though they may transfer them to other parties, until said shares shall have been fully released.

GENERAL POWERS.

Section 13.-That in addition to the general powers conferred upon domestic corporations under the laws of Porto Rico, every bank, through its board of directors, officers or authorized agents, shall have power to

REGISTRO DE ACCIONES.

Sección 9.-Las acciones deberán inscribirse en un libro que llevará al efecto, todo banco en su oficina principal y en el cual se anotarán también sus sucesivas transferencias.

En todo título de acciones se anotará siempre el valor nominal de cada acción y la cantidad pagada a cuenta de la misma; Disponiéndose, que esta sección no será aplicable a los bancos extranjeros.

REDUCCIÓN DEL CAPITAL EN ACCIONES.

Sección 10.-Todo banco organizado de acuerdo con las leyes de Puerto Rico, mediante el voto de accionistas que tuvieren las dos terceras partes de las acciones del mismo, podrá reducir su capital realizado a cualquier cantidad no menor de la que por esta Ley se requiere para autorizar el establecimiento de bancos; pero no se hará tal reducción hasta que se haya dado cuenta al Tesorero de Puerto Rico de la cantidad de la reducción propuesta y se haya obtenido su aprobación.

LIBERACIÓN DE ACCIONES.

Sección 11.-En caso de que los intereses de un banco exigieren la pronta liberación de sus acciones, los directores podrán acordar el cobro inmediato de los dividendos pasivos que fueren necesarios, dando cuenta a los accionistas en la próxima junta general, ordinaria o extraordinaria.

RESPONSABILIDAD DE LOS ACCIONISTAS.

Sección 12.-Los accionistas no podrán excusarse de pagar cuando se les pida, el todo o parte del valor nominal de sus acciones, y si no verificaren dicho pago, podrá optar el banco entre el cobro por la vía judicial de la cantidad adeudada, con los intereses devengados desde la fecha en que debió hacerse el pago, o la venta de sus acciones en pública subasta.

La responsabilidad de los accionistas por el importe a la par de sus acciones subsistirá, aunque las traspasen a otras personas, mientras dichas acciones no estuvieren totalmente liberadas.

FACULTADES GENERALES.

Sección 13.-Además de las facultades generales que reconocen a las corporaciones del país las leyes de Puerto Rico tendrán los bancos la de llevar a cabo por medio de sus juntas directivas, oficiales o agentes autorizados, las siguientes operaciones:

(a) Purchase, sell, discount and negotiate bills of exchange, drafts, promissory notes and other negotiable paper; make loans for a specified term to natural or artificial persons, on personal, collateral, or mortgage security or secured by goods in warehouse or standing crops; and contract loans and advances with the Insular Government, municipal corporations or other dependencies of the Insular Government.

(b) Receive deposits and keep accounts current, with or without interest.

(c) Buy and sell exchange and deal in gold and silver.

(d) Receive securities on deposit and make collections and payments for account of others.

(e) Raise funds on its own surety or on that of other banks, partnerships or individuals, or on securities belonging to such bank, or otherwise negotiate such securities when advisable.

(f) Buy bonds of other financial, agricultural, railroad, public utilities or industrial companies, and dispose of such bonds whenever it shall be deemed advisable to do so. A bank may also take charge of the liquidation of the business of partnerships or companies of any kind.

(g) Buy interest-bearing bonds and obligations of the Government of the United States, States or municipalities of the United States, or of the Insular Government, or of the municipalities of the Island of Porto Rico, the interest on which is not in arrears, and sell the same whenever it shall be deemed advisable.

(h) Issue mortgage bonds or obligations secured by real property or mortgages owned by such bank.

(i) Acquire and hold real property for the following purposes, and for no others:

First. Such as shall be necessary for its accommodation in the transaction of its business, and for offices for hire in the same build

ing;

Second. Such as may be necessary for residences of its employees;

Third. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings;

Fourth. Such as it may acquire by virtue of judgments, decrees, or mortgages in favor of the bank, or as it may purchase to secure debts due to it. But no bank shall retain possession of any real property acquired under this and the preceding paragraphs for a longer period than five years; Provided, That after the lapse of said

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