(a) In addition to § 3656 of this title respecting the appointment of a trustee for any corporation, the Court of First Instance (Superior Part), upon petition of any stockholder, may appoint one (1) or more persons to be trustees of a close corporation and, if the corporation is insolvent, as receivers thereof, when:\n(1) Pursuant to § 3828 of this title, the business and affairs of the corporation are managed by the stockholders and such stockholders are in such disagreement that the business of the corporation is suffering or is threatened with irreparable injury, and any remedy to such deadlock provided in the certificate of incorporation, the bylaws, or any written agreement among the stockholders has failed, or\n(2) the petitioning stockholders have the right to dissolve the corporation pursuant to the provisions of the certificate of incorporation permitted by § 3831 of this title.\n(b) If the Court of First Instance (Superior Part) finds that it favors the best interests of the close corporation, then in lieu of appointing a trustee pursuant to § 3656 of this title, the court may appoint a provisional director, whose powers and legal status shall be as provided by Section e close corporation, then in lieu of appointing a trustee pursuant to § 3656 of this title, the court may appoint a provisional director, whose powers and legal status shall be as provided by Section 16.16 of this Act [sic]. Such appointment shall not preclude any subsequent order of the court providing the appointment of a trustee for such close corporation.\nHistory —Dec. 16, 2009, No. 164, § 14.15.
Puerto Rico Legal Code