Societies which are now authorized to transact business in Puerto Rico may continue such business with no license required within the period of twelve months next succeeding the effective date of this act. The certificates of authority of such societies and all societies hereafter licensed, may thereafter be renewed annually, but in all cases to terminate on June 30 of each year. However, a license so issued shall continue in full force and effect until the new license be issued or specifically refused. For each such license of renewal the society shall pay the Commissioner of Insurance one hundred dollars. A duly certified copy or duplicate of such license shall be prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter.\nHistory —Ins. Code, added as § 36.240 on June 13, 1964, No. 55, p. 122.
Puerto Rico Legal Code