If any director of the Bank shall violate or knowingly or negligently permit any of the officers, agents or employees of the Bank to violate any laws or any of the provisions of the Charter of the Bank, the matter shall be reported to the Governor by the Secretary of the Treasury of Puerto Rico. Upon receiving such report the Governor shall call a meeting of the Council of Secretaries and shall submit to it the report with his recommendations. The Council of Secretaries shall give the director under charge the opportunity to be heard and thereafter it may remove such director and take whatever additional action it may deem necessary. History —Sept. 23, 1948, No. 17, p. 290, §§ 12, 22; Apr. 26, 1957, No. 3, p. 3, § 3.
Puerto Rico Legal Code