303

For a corporation to engage in trust-company business in Puerto Rico, compliance with the requirements of §§ 301—503 of this title shall first be necessary; and engaging in such business without compliance therewith shall be punishable as hereinafter provided. Any trust company that is organized on or before the date of approval of this act and engaged in the banking business in Puerto Rico shall comply with the provisions of the 'Banking Law of Puerto Rico' (§§ 1 et seq. of this title) regarding such banking business. History —Apr. 23, 1928, No. 40, p. 234, § 3; June 26, 1980, No. 14, p. 900, § 1.