The Board shall designate one or more banks to serve as custodians of the money, securities and assets of the Permanent Fund.The custodian banks shall have to be:(a) Incorporated under the laws of the United States or of Puerto Rico.(b) Subject to the supervision and examination by the banking authorities of federal or Puerto Rican deposit institutions and those that have been designated by the Secretary of the Treasury as depositaries of public funds. History —July 1, 1997, No. 27, § 16.
Puerto Rico Legal Code