P.R. Laws tit. 5, § 981x
(a) There are hereby transferred and turned over to the Company all the resources, assets, liabilities and reserves of the Cooperatives Bank on the date this act takes effect.
(b) All assets of the Cooperatives Bank shall pass to be property of the Company. All obligations of the Bank shall be assumed by the Company.
(c) The Company shall be the successor of the Cooperatives Bank for all purposes, including collection and payment of debts and obligations according to the terms thereof.
(d) The Cooperatives Bank shall transfer to the Company the capital contributed by the Commonwealth through legislative appropriations.
The Company may convey to the Administration all office equipment and rolling stock transferred to the Company from the Cooperatives Bank and which is not needed by the former.
History —June 21, 1966, No. 90, p. 288, § 25.