reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1001 - Who are merchants

The following are merchants for the purposes of this code:
(1) Those who, having legal capacity to engage in business, regularly devote themselves thereto, in their own name.
(2) Commercial or industrial companies, corporations and associations organized in accordance with this Code or with special laws, and corporations and companies organized abroad, also for commercial and industrial purposes, and duly authorized to do business in Puerto Rico.
—Commerce Code, 1932, § 1.
History
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1002 - Provisions governing commercial transactions; commercial transactions defined

Commercial transactions, be they consummated by merchants or not, whether they are specified in this Code or not shall be governed by the provisions contained in the same; in the absence of such provisions, by the commercial customs generally observed in each place; and in the absence of both, by those of the common law.
Commercial transactions shall be considered those enumerated in this Code and any others of a similar character.
—Commerce Code, 1932, § 2.
History
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1003 - Signs in commercial establishments, what to express; presumption of regular engagement in commerce

Before starting business, individual merchants and industrials, and partnerships shall place outside of their establishments and branches, signs in Spanish and English with the given name and surnames and domicile of the merchant or industrial, or of the partnerships and its managing partner or partners, as the case may be. The letters on such signs shall be not less than six inches high and one inch wide.
The legal presumption of habitual engagement in commerce shall exist from the time the person or partnership intending to engage therein, advertises by means of said signs, or by circulars, or in the newspapers, or otherwise, an establishment the object of which is some mercantile or industrial pursuit.
History —Commerce Code, 1932, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1004 - Who may engage in commerce

Persons possessing the following qualifications have legal capacity to engage regularly in commerce:
(1) Those who have reached the age of twenty-one years.
(2) Those who freely dispose of their own property.
Those minors registered in the Mercantile Registry may also engage in commerce.
History —Commerce Code, 1932, § 4; July 12, 1979, No. 103, p. 245, § 1; Aug. 12, 2000, No. 175, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1005 - Continuation of parents’ business

Minors and incapacitated persons may continue, through their guardians, the commerce in which their parents or persons from whom the right is derived may have been engaged. If the guardians do not have legal capacity to trade, or have some incompatibility, they shall be under the obligation to appoint one or more factors who possess the legal qualifications, and who shall take their places in the business.
History —Commerce Code, 1932, § 5; July 12, 1979, No. 103, p. 245, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1007 - Persons forbidden to engage in commerce

The following cannot engage in commerce nor exercise any direct administrative or economic representation in commercial or industrial companies:
(1) Persons sentenced to civil interdiction, until they have served their sentence or have been amnestied or pardoned.
(2) Persons who have been declared bankrupts, until they have obtained their discharge, or have been authorized, by virtue of an agreement accepted at a general meeting of creditors and approved by the judicial authority, to continue at the head of their establishments, the discharge being considered in such cases as limited to the provisions of the agreement.
(3) Those who on account of laws or special provisions can not trade.
History —Commerce Code, 1932, § 7.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 51 - Merchants and Commercial Transactions (§§ 1001 — 1008) › § 1008 - Laws governing commerce by foreign corporations and companies

Corporations, partnerships and companies organized abroad may engage in commerce in Puerto Rico subject to the laws of their own country as regards their contracting capacity, but subject to the provisions of this Code and of all other laws in force in the Commonwealth in all matters concerning the creation of their establishments in the Commonwealth, their commercial transactions, and the jurisdiction of the corresponding courts of the Commonwealth.
History —Commerce Code, 1932, § 9.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1031 - Mercantile registry; books and entries therein

A Mercantile Registry is hereby established in each Registry of Property in Puerto Rico, which Merchatile Registry shall be in charge of the respective Registrars of Property. Each Mercantile Registry shall comprise the towns of the territorial jurisdiction assigned to the respective Registry of Property.
In former judicial district of San Juan the Mercantile Registry shall be annexed to Section 2 of the Registry of Property.
The mercantile register shall consist of two independent books in which shall be recorded:
(1) All individual merchants.
(2) Partnerships or companies organized in accordance with the provisions of this Code.
Whenever it is desired to register in the newly created Mercantile Registries any extension, modification, power, assignment or dissolution of any mercantile association already registered in the previous registers, the entry in effect shall be transferred to the new register upon a certified statement officially issued by the proper Registrar on request of a party in interest.
All individual merchants and all the aforesaid partnerships or companies shall register in the Mercantile Registry to which the municipality of their domicile pertains.
History —Commerce Code, 1932, § 10.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1032 - When registration is optional or compulsory

Registration in the Mercantile Registry shall be optional for individual merchants and compulsory for minors between 18 and 21 years of age, and for partnerships or companies organized in accordance with this Code.
Registration of minors shall be made through a petition authenticated by an officer of the Mercantile Registry, and shall be free of charge.
History —Commerce Code, 1932, § 11; Aug. 12, 2000, No. 175, § 3.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1033 - Effects of registry as to merchants not registered

A merchant who is not registered cannot request the record of any document in the mercantile registry nor take advantage of its legal effects.
History —Commerce Code, 1932, § 12.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1034 - Form of keeping books

Registrars shall keep the books necessary for the records, stamped and folioed and with a memorandum on the first folio, signed by the District Judge, stating the number of folios each book contains.
Where there are several District Judges, any one of them may sign the memorandum.
History —Commerce Code, 1932, § 13.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1035 - Order of registration of merchants

The registrar shall enter in chronological order in the registry and general index all the merchants and associations which have their names registered, giving each sheet the proper correlative number.
History —Commerce Code, 1932, § 14.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1036 - Data to be included in the registration form

The registration of each business owner or company shall state:
(1) Name or trade name.
(2) Type of business or operations engaged in.
(3) Date or expected date of commencement of business.
(4) Domicile, specifying the branches established, without prejudice to the registration of said branches in the register of the district in which they are domiciled.
(5) The deeds of constitution of business partnerships, whatever their object or denomination may be; and any instrument modifying, rescinding or dissolving such partnerships.
(6) The general powers-of-attorney and revocation thereof, if any, given to managers, factors, dependents and any other agents.
(7) Prenuptial agreements.
(8) Issues of securities and obligations of individual merchants or commercial or industrial partnerships, and issues of stock of active partners, stating the series and number of the titles of each issue, its amortization interest, the total amount of the issue, and such property, works, rights or mortgages, if any, that may be affected upon their payment.
Foreign, mercantile or industrial companies, whether joint or limited, wishing to establish or create branches in Puerto Rico, shall file and record in the register, in addition to the documents required by the laws of Puerto Rico, a certificate issued by the United States consul, that they are constituted and authorized pursuant to the laws of the respective country. In cases of mercantile or industrial partnerships constituted in any of the states of the United States, such certificate shall be issued by the Secretary of State of said state.
History —Commerce Code, 1932, § 15; July 17, 1998, No. 129, § 2.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1037 - Instruments necessary for registration

As a general rule, the record shall be made by virtue of notarial copies of the instruments filed by the interested party.
Registration of obligations or documents to order and to bearer, not involving any mortgage on real property shall be made by virtue of a certified copy of the minutes containing the resolution adopted by those making the issue, and showing the conditions, requisites, and securities of said issue.
When such security consists of a mortgage on real property, the corresponding deed shall be filed in the Mercantile Registry, for record, after it has been recorded in the Registry of Property.
History —Commerce Code, 1932, § 16.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1038 - Effect of instruments of association not recorded

Instruments constituting associations not recorded shall be binding between the members who execute the same; but they shall not prejudice third persons, who, however, may make use thereof in so far as advantageous.
History —Commerce Code, 1932, § 17.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1039 - Registration of increase or reduction of capital

There shall also be entered in the registry all resolutions or acts which produce an increase or decrease in the capital of commercial associations, no matter what may be their denomination, and those which modify or alter the conditions of the recorded instruments.
The omission of this requisite shall produce the effects mentioned in the § 1038 of this title.
History —Commerce Code, 1932, § 18.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1040 - Date of recordation affecting third parties

Recorded instruments shall be legally effective to the detriment of third persons only from the date of their record, not being invalidated by any previous or subsequent unrecorded instruments.
History —Commerce Code, 1932, § 19.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1043 - Effect of powers of attorney not recorded

Powers of attorney which are not recorded shall be effective between the principal and the attorney in fact; but they cannot be made use of to the prejudice of a third person, who, however, may base his claim on the same in so far as may be favorable to him.
History —Commerce Code, 1932, § 22.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1044 - Publicity of mercantile registry

The Mercantile Register shall be public. The Registrar shall furnish to those who apply therefore such information relative to the matter entered on the record of each merchant or partnership, as may be desired. Likewise, he shall issue literal certified copies of the whole or part of the aforesaid record to such persons as may make written application therefor.
History —Commerce Code, 1932, § 23.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1045 - Quotations of property, etc., to be in possession of registrar

The Mercantile Registrar shall have under his charge, where there is an exchange, copies of the daily quotations of the properties negotiated and the exchanges fixed therein.
The copies shall serve as original instruments in all cases of investigation and verification of exchanges and quotations on determined dates.
History —Commerce Code, 1932, § 24.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 53 - Mercantile Registry (§§ 1031 — 1046) › § 1046 - Collection of fees in mercantile registry; duties of Secretary of Justice as regards to mercantile registry

The Registrar of Property shall have charge of the collection of fees for such services as he may render in connection with the Mercantile Registry, subject to the provisions of this section. For keeping the mercantile register, said Registrars of Property shall receive no compensation additional to their salaries as such Registrars. The Mercantile Registry shall be under the jurisdiction of the Department of Justice, and the Secretary of Justice shall furnish each Registry with the necessary books and supplies.
The following fees shall be charged in the Mercantile Registry:
(1) For the first registration of a merchant or partnership, or of an issue of securities of any kind, the following fees shall be charged: For every thousand dollars ($1,000) or fraction of a thousand dollars ($1,000) of capital or of the amount of an issue, up to and including the sum of ten thousand dollars ($10,000), one dollar ($1.00); and for every thousand dollars ($1,000) or fraction of a thousand dollars ($1,000) in excess of ten thousand dollars ($10,000), fifty cents ($0.50).
(2) For each entry changing any item of the original record, one-tenth of the fee prescribed in subsection (1).
(3) For canceling the first record, one-fifth of the fee prescribed in subsection (1).
(4) For recording powers-of-attorney or substitutions or renewals of the same, one-tenth of the fee prescribed in subsection (1).
(5) For any entry not included in the foregoing subsections, two dollars ($2.00).
(6) For each annotation made in the books, fifty cents ($0.50).
(7) For transferring a record from one register to another, one dollar ($1.00).
Sums collected shall be paid in internal revenue stamps which shall be affixed at the side of, or underneath, the note made by the Registrar at the foot of each document. Said stamps shall be canceled by the Registrar. The Registrar shall prepare monthly statements in triplicate and under oath, showing the number and denomination of stamps canceled in connection with the Mercantile Register; the reason for which they were paid; the name of the person or partnership in whose favor the record was made; the date of payment; the name of the person making such payment, and the number of the schedule under which collection was made. One of the said statements shall be forwarded to the Secretary of the Treasury, the Registrar to retain the other copies for the files of his office.
History —Commerce Code, 1932, § 25.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1071 - Books to be kept by merchants; exemption; minute books to be kept by companies

Merchants shall necessarily keep:
(1) An inventory book.
(2) A daybook.
(3) A ledger.
Dealers on a small scale whose volume of business does not exceed one thousand dollars ($1,000) a year, and peddlers, are exempt, however, from the compulsory keeping of books.
Commercial partnerships shall also keep a minute book when there are more than one managing partner. All resolutions of the managers referring to the progress and transactions of the firm shall be entered in said book.
History —Commerce Code, 1932, § 26.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1072 - Other books

Any other books which may be considered advisable, according to the system of bookkeeping adopted, may also be kept.
Such books shall not be subject to the provisions of § 1074 of this title; but any which may be considered proper may be legalized.
History —Commerce Code, 1932, § 27.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1073 - By whom to be kept

Merchants may keep their books in person or have them kept by a person whom they authorize for the purpose.
If the merchant does not personally keep his books, it shall be presumed that authority has been granted the person who does keep them, unless there is proof to the contrary.
History —Commerce Code, 1932, § 28.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1074 - Authentication of books

Merchants shall present the books referred to in § 1071 of this title, bound, covered and the pages numbered, to the district judge or to the justice of the peace of the locality where they have their commercial establishment, in order that he may make on the first page of each one a signed memorandum of the number of pages contained in the book.
The district judges and justices of the peace shall use a uniform seal to be furnished by the Office of Court Administration, impression of which shall be stamped on every page of each of the books of the merchants to which this section refers.
That in each book so signed and stamped there shall be affixed and cancelled an internal revenue stamp of one dollar ($1.00) by the respective district judge or justice of the peace writing the initials of his name and the date of cancellation thereon, the said internal revenue stamp to be paid for by the interest party.
History —Commerce Code, 1932, § 29.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1075 - Book of inventories and balances

The book of inventories and balances shall begin with the inventory which must be made by the merchant at the time of commencing business, and shall contain:
(1) An exact statement of the money, securities, credits, notes payable, real or personal property, merchandise, and goods of all kinds appraised at their true value, and which constitute his assets.
(2) A true statement of the debts and all kinds of pending obligations, should there be any, and which form his liabilities.
(3) He shall fix, if proper, the exact difference between his assets and liabilities, which will be the capital with which to begin business.
Merchants shall, moreover, take annually and enter in the same book the general balances of their business, with the details mentioned in this section, and in accordance with the entries in the daybook, without any reservation or omission whatsoever, over their signatures and under their liability.
History —Commence Code, 1932, § 30.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1076 - Daybook; entries in

The first entry in the daybook shall consist of the result of the inventory mentioned in the foregoing section, divided into one or several consecutive accounts, according to the system of bookkeeping adopted.
There shall thereafter follow day by day, all their transactions, each entry stating the credit and debit of the respective accounts.
When the transactions are numerous, no matter of what importance they may be, or when they take place outside of the domicile, those referring to each account which have taken place on one day may be included in the same entry, but observing in the statement of the same, when they are detailed, the same order in which they occurred.
There shall be entered in the same manner, on the date on which they are taken from deposit, the amounts which the merchant uses for his domestic expenses, which shall be placed in a special account to be opened in the ledger for this purpose.
History —Commerce Code, 1932, § 31.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1077 - Ledger; entries in

The accounts referring to each object or person in particular shall, moreover, be opened with a credit and debit in the ledger, and the entries referring to these accounts in the daybook shall be transferred to the former in strict order of dates.
History —Commerce Code, 1932, § 32.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1078 - Minute books; entries in

In the minute book to be kept by each partnership having more than one managing partner, there shall be entered verbatim all such resolutions as may be adopted at meetings of managing partners or administrators, the date of each resolution to be stated, as well as the names of those present at such meeting; the vote cast, and all such other matters as may lead to an exact knowledge of the decisions arrived at. Said entry shall be authenticated by the signature of those present.
History —Commerce Code, 1932, § 33.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1079 - Copies of letters, telegrams, etc

Merchants may also keep a letter and telegram copybook in which they shall copy by mechanical means, in the order of dates, and including the subscribing clause and signature, all letters written by them in connection with their business, and such telegrams as they may transmit. In default of such copybook, merchants shall carefully preserve correct and authentic carbon copies of all letters written or telegrams forwarded by them relative to their business.
History —Commerce Code, 1932, § 34.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1080 - Files of records

Merchants shall carefully keep in bundles and in proper order the letters and telegraphic messages relating to their transactions which they may receive.
History —Commerce Code, 1932, § 35.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1081 - Form of keeping books

Merchants, besides complying with and fulfilling the conditions and formalities prescribed in §§ 1071—1087 of this title, must keep their books in a clear manner in order of dates, without leaving blank spaces, interlineations, erasures, or blots, and without showing traces of having been altered by substituting or tearing out folios, or in any other manner whatsoever.
History —Commerce Code, 1932, § 36.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1082 - Correction of errors and omissions

Merchants shall correct the errors or omissions which may occur in making entries in the books immediately thereafter, as soon as they notice them, clearly explaining in what they consisted and writing the phrase as it should have appeared.
Should some time have elapsed since the error was committed or since the occurrence of the omission, they shall make the proper entry of correction, adding at the margin of the incorrect entry a memorandum calling attention to the correction.
History —Commerce Code, 1932, § 37.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1083 - Official inquiry as to bookkeeping of merchants

No official inquiry shall be instituted by any judge, court, or authority to ascertain whether or not merchants keep their books according to the provisions of this Code, nor shall any general investigation or examination of accounts be made at the offices or business places of merchants, except when such investigation or examination is expressly authorized by law.
History —Commerce Code, 1932, § 38.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1084 - When examination of books and papers forbidden

Neither can the general communication, delivery, or inspection of the books, correspondence, and other documents of merchants be decreed at the instance of a party, except in cases of liquidation, universal heirship, or bankruptcy.
History —Commerce Code, 1932, § 39.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1085 - When exhibition of books and papers may be ordered

With the exception of the cases stated in § 1084 of this title, the exhibition of the books and documents of merchants may be decreed only at the instance of a party, or officially, when the person to whom they belong has any interest or liability in the matter in which such exhibition is proper.
The inspection shall be made at the office of the merchant or elsewhere, as the court may determine, and in his presence, or in the presence of such person as he may commission to witness the same, and such inspection shall be limited exclusively to points concerning the matter in question, said points being the only ones that may be verified.
History —Commerce Code, 1932, § 40.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1086 - Rules governing weight of evidence of books

In order to graduate the weight of evidence of books of merchants, the following rules shall be observed:
(1) Books of merchants shall be evidence against themselves, no proof to the contrary being admitted; but the opponent can not accept the entries which are favorable to him and reject those which prejudice him; but, having admitted this means of evidence, he shall abide by the result which they may show in their entirety, taking into equal consideration all the entries relating to the matter in litigation.
(2) If the entries of the books exhibited by two merchants should not conform, and those of one of them have been kept with all the formalities mentioned in §§ 1071—1087 of this title and those of the other contain any defects or lack the requisites prescribed by this Code, the entries of the books correctly kept shall be admitted against those of the defective ones, unless the contrary is demonstrated by means of other proofs legally admissible.
(3) If one of the merchants should not present his books or should state that he does not possess any, those of his adversary, kept with all the legal formalities, shall be evidence against him, unless it is proven that the lack of said books is caused by force majeure, and always reserving the evidence against the entries exhibited, by the other means legally admissible in suits.
(4) If the books of the merchants possess all the legal requirements and are contradictory, the judge or court shall determine by the rest of the evidence, classifying it according to the general legal rules.
History —Commerce Code, 1932, § 41.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 55 - Commercial Books and Bookkeeping (§§ 1071 — 1087) › § 1087 - Retention of books and papers by heirs and successors of merchants

Merchants and their heirs or successors shall preserve the books, telegrams and correspondence of their business in general for the entire period which it may continue in existence, and until five years after the liquidation of all their commercial transactions and business.
Documents which specially relate to certain acts or transactions may be rendered useless or destroyed after the time of the limitation of the actions which could be brought by virtue thereof has elapsed, unless some question referring to the same directly or indirectly is pending, in which case they must be kept until the conclusion thereof.
History —Commerce Code, 1932, § 42.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1111 - Definition

Public establishments where merchants and intermediary agents usually assemble to transact or carry out the business deals stated in §§ 1111—1116 of this title, shall be called commercial exchanges.
History —Commerce Code, 1932, § 43.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1112 - Who may establish

None but corporations organized exclusively for the purpose in accordance with the law of private corporations may establish commercial exchanges.
History —Commerce Code, 1932, § 44.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1113 - How to be governed

Commercial exchanges shall be governed by the provisions of this Code.
History —Commerce Code, 1932, § 45.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1114 - Contracts on exchange, subjects of transaction on

The following shall be the subject matter of contracts on exchange:
(1) Public securities.
(2) Industrial and commercial securities issued by private parties or by legally constituted partnerships or enterprises.
(3) Bills of exchange, drafts, promissory notes, and other commercial securities.
(4) The sale of precious metals, either coined or in bullion.
(5) Merchandise of all kinds, and warehouse receipts.
(6) Insurance on commercial chattels against land and sea risks.
(7) Freight and transportation, bills of lading, and waybills.
(8) Other transactions similar to those stated in the foregoing the dealing in which on exchange is not prohibited by law.
History —Commerce Code, 1932, § 46.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1115 - Public securities defined

The following shall be included in the designation of public securities:
(1) Those which, by means of an issue, represent credits against The Commonwealth of Puerto Rico or the municipalities, or against the United States or any state or territory or political subdivision thereof, and the dealing in which on exchange is not prohibited by law.
(2) Those issued by foreign nations or by any political subdivision thereof. Before foreign securities are quoted, however, they must first have been quoted on exchange in the country where they are issued.
History —Commerce Code, 1932, § 47.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter I - Commercial Exchanges (§§ 1111 — 1116) › § 1116 - Commercial exchanges, internal government and policing

The regulations of the corporations shall state the days and hours at which meetings of exchange are to be held, and all such matters as relate to their internal government and policing, which matters, on each exchange, shall be in charge of the Board of Directors of such corporation.
History —Commerce Code, 1932, § 48.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1131 - Who may make

Any person, whether or not a merchant, may contract deals in public securities or in industrial or commercial securities, without the intervention of an exchange broker; but such contracts shall have no more value than arises from their form and than is given them by common law.
History —Commerce Code, 1932, § 49.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1132 - Execution

Transactions which take place on exchange shall be complied with under the conditions and in the manner and form agreed upon by the contracting parties, and can be either for cash or on time, definite or optional, with or without brokerage, stating at the time of announcing the same the conditions which may have been stipulated in each transaction.
All these transactions shall constitute demandable obligations and may be made the basis of actions before courts.
History —Commerce Code, 1932, § 50.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1133 - Consummation of cash transactions

Transactions for cash made on exchange must be consummated on the same day of their execution, or at the utmost, in the time intervening until the next meeting of the exchange.
The seller shall be under the obligation to deliver, without further delay, the instruments or securities sold and the purchaser to receive them, satisfying their price immediately.
Transactions on time and conditional ones shall be consummated in the same manner at the time agreed upon.
History —Commerce Code, 1932, § 51.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1134 - Delay or refusal to comply with contract

If transactions are made through an exchange broker who withholds the name of his principal, or among brokers under the same condition, and the selling or purchasing broker delay fulfillment of the agreement, the party prejudiced by the delay may choose at the next meeting of the exchange between the abandonment of the contract, the fact being reported to the Board of Directors, and the fulfillment of the contract.
In the latter case, the contract shall be closed with the intervention of one of the members of the Board of Directors, by purchasing or selling the public securities agreed upon, for account and risk of the delinquent broker, without prejudice to his action against his principal.
In transactions concerning industrial or commercial securities, metals, or merchandise, a party delaying fulfillment of a contract or refusing to fulfill the same, shall be compelled to fulfill it by means of such action as may arise under the provisions of this Code.
History —Commerce Code, 1932, § 52.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1135 - Memorandum

A quotable transaction having been agreed upon, the exchange broker intervening therein shall make a signed memorandum thereof and shall immediately deliver such memorandum to the announcer, who, after publicly reading it aloud, shall transmit it to the Board of Directors.
History —Commerce Code, 1932, § 53.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1136 - Announcement

Transactions involving public securities, when made through brokers, shall be announced viva voce immediately after they are agreed upon, without prejudice to the transmission of the proper memorandum to the Board of Directors.
Other transactions shall be announced in the quotation bulletin with a statement of the maximum and minimum purchase prices of merchandise, transportation and freightage, of the rate of discount, and of the rate of exchange on drafts and loans.
History —Commerce Code, 1932, § 54.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter II - Transactions on Exchange (§§ 1131 — 1137) › § 1137 - Meetings of Board of Directors

The Board of Directors shall meet after exchange hours, and in view of such transactions in public securities as may be shown by the memorandum delivered by brokers, as well as of the reports of sales and other transactions intervened in by said brokers, it shall spread the list of quotations in the minutes and forward a certified copy of such list to the Mercantile Registry.
History —Commerce Code, 1932, § 55.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1151 - Who may establish other places for transactions

Corporations which fulfill the conditions mentioned in § 1112 of this title, may establish produce exchanges.
History —Commerce Code, 1932, § 56.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1152 - Sale contracts at fairs

Sale and resale contracts executed at fairs may be for cash or on time; the former must be complied with on the same day of their execution, or, at the utmost, within the following twenty-four hours.
After this time has elapsed without either of the contracting parties having demanded its compliance, they shall be considered null, and the deposits or earnest money which may have been delivered shall be forfeited to the person who received the same.
History —Commerce Code, 1932, § 57.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1153 - Decision of questions arising at fairs

Such questions as may arise at fairs over contracts executed thereat, shall be decided in accordance with the provisions of this Code, at a hearing before the district judge of the town where such fair is held, provided the value of the thing in litigation does not exceed five hundred dollars ($500).
History —Commerce Code, 1932, § 58.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1154 - Purchases from warehouses or shops

The purchase of merchandise at warehouses or in stores open to the public shall cause prescription of right in favor of the purchaser as regards the merchandise acquired. The right of the owner of the merchandise sold to bring such civil or criminal actions as may be proper against the person unduly selling said merchandise, is hereby reserved in proper cases.
History —Commerce Code, 1932, § 59.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1155 - Sale price not recoverable

The money in which the payment of merchandise bought for cash is effected, in shops or public establishments, shall not be recoverable.
History —Commerce Code, 1932, § 60.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 57 - Places and Buildings for Commercial Transactions (§§ 1111 — 1156) › Subchapter III - Other Public Places for Transactions—Fairs, Markets, and Shops (§§ 1151 — 1156) › § 1156 - When sales presumed for cash

Purchases and sales which take place in establishments shall always be presumed to be made for cash unless there is proof to the contrary.
History —Commerce Code, 1932, § 61.
2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 2 - Commerce Code (§§ 1001 — 1950) › PART I - Merchants and Commerce in General (§§ 1001 — 1243) › Chapter 59 - Commercial Agents and Their Respective Obligations (§§ 1181 — 1243) › Subchapter I - Provisions Common to Commercial Agents (§§ 1181 — 1185) › § 1181 - Commercial agents, who considered as

The following, as commercial agents, shall be subject to commercial laws:
(1) Exchange and stock brokers.
(2) Commercial brokers.
(3) Ship broker-interpreters.
History —Commerce Code, 1932, § 62.