491

If in consequence of an examination made or a report from an examiner, the Secretary of the Treasury of Puerto Rico should have reason to believe that a trust company is not in a sound financial condition to continue doing business, or that its affairs are conducted in such manner that the public or the persons or firms having funds or securities under its custody are in danger of being defrauded, he may, after hearing the trust company, recommend to the Secretary of Justice that he institute proper action or proceedings to the end that the trust company may be declared in a state of liquidation, or that it may be placed under receivership, as the Secretary of the Treasury of Puerto Rico may deem best, and the Secretary of Justice is hereby authorized and directed to act in accordance with the recommendations of the said Secretary of the Treasury of Puerto Rico. History —Apr. 23, 1928, No. 40, p. 234, § 27, eff. 90 days after Apr. 23, 1928.