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Any bank organized under the laws of Puerto Rico may, through a resolution of its Board of Directors, reduce its capital by repurchasing its shares, whether to retain or withdraw them, to any amount which is not less than that required by §§ 1 et seq. of this title to authorize the establishment of banks; but said reduction shall not be made until the Commissioner has been informed of the amount of the proposed reduction and his/her approval has been obtained. History —May 12, 1933, No. 55, p. 322, § 11; Aug. 28, 1997, No. 108, § 12.