The Board of Directors of the Labor Bank shall set aside annually a sum equivalent to one half of one percent (0.5%) of the total of the loans outstanding and not duly secured or guaranteed by any government agency, to form what shall hereinafter be known as the uncollectible accounts reserve. The uncollectible accounts reserve shall at no time exceed twelve percent (12%) of the total of the loans outstanding in the Bank’s portfolio. History —June 14, 1960, No. 86, p. 162, § 17.
Puerto Rico Legal Code