In order to be designated as depositary of public funds pursuant to the provisions of this chapter, every financial institution shall:(1) Be organized under the laws of the Commonwealth of Puerto Rico; or(2) be organized under the laws of the United States of America or any of its states, or those of a foreign country, and must be registered or licensed to do business in Puerto Rico;(3) actually do business in Puerto Rico;(4) execute a deposit and rendering of collateral contract with the Secretary, and(5) comply with the requirements related to the economic condition that are established by regulations. History —Aug. 14, 1991, No. 69, § 1.7.
Puerto Rico Legal Code