465

Each director of a trust company, when appointed or elected, shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of the trust company, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to such trust company, and that he is the owner in good faith and in his own right, of the number of shares of stock required by §§ 301—503 of this title, subscribed by him or standing in his name on the books of the trust company and that the same is not hypothecated, or in any way pledged as security for any loan or debt, and, in case of re-election or re-appointment, that such stock was not hypothecated, or in any way pledged as security for any loan or debt during his previous term of office as a director of the said trust company. Such oath shall be subscribed by the director making it, and certified by an officer authorized to administer oaths, and immediately transmitted to the Secretary of the Treasury of Puerto Rico. History —Apr. 23, 1928, No. 40, p. 234, § 39, eff. 90 days after Apr. 23, 1928.