35

No bank shall be organized and established in Puerto Rico with a capital investment of less than five million dollars ($5,000,000) represented by common stock and a reserve fund of one million dollars ($1,000,000). The Commissioner shall require a larger amount of capital when he/she deems it convenient and beneficial for the best public interest. If banks are organized with a larger amount of capital than the minimum prescribed herein, the reserve fund thus required shall amount to at least twenty percent (20%) of the capital. The capital, as well as the reserve fund shall be paid in cash and both payments shall be certified to the Commissioner before the bank is authorized to begin operations. History —May 12, 1933, No. 55, p. 322, § 8; May 12, 1936, No. 74, p. 374, § 1; May 15, 1950, No. 430, p. 1056, § 2; Mar. 7, 1951, No. 11, p. 24, § 1; Sept. 7, 1961, No. 12, p. 353, § 1; July 23, 1974, No. 165, Part 1, p. 767, § 3; Aug. 28, 1997, No. 108, § 8.