No trust company or any officer or director thereof shall transact its usual business at any place other than its principal place of business, except that with the written approval of the Secretary of the Treasury of Puerto Rico a trust company may open and occupy a branch office or branch offices in one or more cities in Puerto Rico; provided, that the actual paid-in capital of such trust company shall exceed by the sum of one hundred thousand dollars ($100,000) the amount required by § 331, subsection (3) of this title, for each branch so opened. History —Apr. 23, 1928, No. 40, p. 234, § 17, eff. 90 days after Apr. 23, 1928.
Puerto Rico Legal Code