The Corporation is created with the purpose of acting as receiver in the liquidation of the Savings and Loans Labor Bank of Puerto Rico, and to such effect shall exercise all the powers needed to carry out the purposes of this chapter, including but not being limited to the following:(a) Adopt the regulations needed for the management of its affairs and transactions and prescribe rules, regulations and standards with regard to the exercise of its functions and duties.(b) Promulgate and adopt an official seal and alter it at its convenience.(c) Maintain an office in the municipality of San Juan and in any other place it considers it is needed.(d) Sue and be sued under its own name.(e) Act as receiver, and, as such, carry out all the powers, duties and prerogatives granted to it to such effect by any applicable laws.(f) Borrow money.(g) Act as an agent of the Secretary of the Treasury in the liquidation of other assets given to him by the Secretary of the Treasury for such purpose.(h) Exercise the powers that have been conferred to it by law and perform any other action deemed necessary, convenient or desirable to carry out said powers. History —Mar. 16, 1979, No. 24, p. 50 § 3.
Puerto Rico Legal Code