P.R. Laws tit. 7, § 118
Should the directors of a bank or foreign bank knowingly violate or knowingly allow any official, agent or employee of the bank or foreign bank doing business in Puerto Rico, to violate the provisions of §§ 112—121 of this title, the license of the bank may be canceled at the request of the Commissioner, who can declare the bank in liquidation. Such violation shall, however, be determined and decided by the Superior Part of the Court of First Instance of the place where the main office of said bank is located, in a suit brought for that purpose by the Secretary of Justice at the request and in the name of the Commissioner, before the corporation has been declared dissolved. And in the event of such violation, every director who has participated in or agreed to it shall be held liable in his/her personal and individual capacity for all damages which the bank, its stockholders or any other person may have sustained as a result of such violation.
History —May 12, 1933, No. 55, p. 322, § 22; Aug. 28, 1997, No. 108, § 23.