<SEC-DOCUMENT>0001030469-14-000022.txt : 20140623
<SEC-HEADER>0001030469-14-000022.hdr.sgml : 20140623
<ACCEPTANCE-DATETIME>20140603132131
ACCESSION NUMBER:		0001030469-14-000022
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140528
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
FILED AS OF DATE:		20140603
DATE AS OF CHANGE:		20140603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OFG BANCORP
		CENTRAL INDEX KEY:			0001030469
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660538893
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12647
		FILM NUMBER:		14886709

	BUSINESS ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918
		BUSINESS PHONE:		7877716800

	MAIL ADDRESS:	
		STREET 1:		254 MU?OZ RIVERA AVENUE
		CITY:			SAN JUAN
		STATE:			PR
		ZIP:			00918

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ORIENTAL FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19970110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ofg8kai20140528.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01//EN" "http://www.w3.org/TR/html4/strict.dtd">
<html>

<head>
<meta content="text/html; charset=utf-8" />




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">WASHINGTON,
DC 20549</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">____________________________</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">FORM
8-K</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">_________________________</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">CURRENT
REPORT<br>
Pursuant to Section&nbsp;13 or 15(d) of the<br>
Securities Exchange Act of 1934</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Date of
Report (Date of earliest event reported): May
28, 2014</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">OFG BANCORP</font></b></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(Exact
Name of Registrant as Specified in its Charter)</font></i></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>

<div align=center>

<table border=0 cellpadding=0 cellspacing=0 style="width:100%;">
 <tr>
  <td valign=bottom width=31% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=bottom width=32% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=31% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">Commonwealth
  of Puerto Rico </font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">001-12647 </font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">66-0538893</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=31% style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp; </font></p>
  </td>
 <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=32% style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp; </font></p>
  </td>
 <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=31% style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">(State
  or other Jurisdiction of Incorporation)</font></i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;"> &nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">(Commission
  File No.)</font></i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;"> &nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=31% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">(I.R.S.
  Employer<br>
  Identification No.)</font></i></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=bottom width=48% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=bottom width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=bottom width=48% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">Oriental
  Center, 15<sup>th</sup> Floor</font></p>
  </td>
 <td valign=bottom width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=bottom width=48% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">254 Mu&#241;oz
  Rivera Avenue</font></p>
  </td>
 <td valign=bottom width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=bottom width=48% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">San Juan,
  Puerto Rico</font></p>
  </td>
 <td valign=bottom width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">00918</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=48% style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp; </font></p>
  </td>
 <td width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=47% style="border:none;border-top:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=48% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">(Address
  of Principal Executive Offices)</font></i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;"> &nbsp;</font></p>
  </td>
 <td valign=bottom width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><i><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">(Zip
  Code)</font></i></p>
  </td>
 </tr>
<tr height=0>
  <td width=31% style="border:none;">&nbsp;</td>
 <td width=3% style="border:none;">&nbsp;</td>
 <td width=14% style="border:none;">&nbsp;</td>
 <td width=5% style="border:none;">&nbsp;</td>
 <td width=13% style="border:none;">&nbsp;</td>
 <td width=3% style="border:none;">&nbsp;</td>
 <td width=31% style="border:none;">&nbsp;</td>
 </tr>
</table>


</div>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Registrant&#8217;s telephone number,
including area code: (787)&nbsp;771-6800 </font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">___________________________________________________________________</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">(Former Name
or Former Address, if Changed Since Last Report) </font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">see </font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">General Instruction A.2. below):</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">[ ]&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></p>









<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item 5.03 Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective May 28, 2014, OFG
Bancorp (the &#8220;Company&#8221;) amended its Bylaws as described herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4 of Article I was
amended to establish that the Secretary or an Assistant Secretary shall act as
secretary of any stockholders&#8217; meeting and that in the absence of the Secretary
or Assistant Secretary the chairperson of the meeting may appoint a person to
act as secretary of the meeting.&#160; This section was further amended to provide
that the chairperson is responsible for conducting the proceedings of any such
meeting, determining the order of business, and prescribing the rules and
regulations necessary to:&#160; (i) conduct the meeting; (ii) maintain the order and
safety at the meeting; (iii) limit the time allotted for questions or comments;
(iv) restrict the entry to the meeting once it has begun; and (v) open and
close the voting polls.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6 of Article I was
amended to establish, in accordance with the Puerto Rico General Corporations
Act, as amended (the &#8220;Act&#8221;), that the record date cannot be prior to the date
on which the resolution fixing the record date is adopted by the Board of
Directors.&#160; It was further amended to provide, pursuant to the Act, that the
record date used to determine the stockholders entitled to vote at a meeting
shall not be more than 60 days nor less than 10 days before the date of the
meeting, and that the record date used to determine the payment of dividends
shall not be more than 60 days prior to the date for the payment of dividends.&#160;
Also, it was amended to establish that for any adjourned meeting the Board may
fix a new record date for determining the stockholders entitled to vote.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13 of Article I was
amended to establish that nominations for election to the Board of Directors
may be made at an annual meeting of stockholders only pursuant to the Company&#8217;s
notice of meeting. This section was further amended to change from 20 days to
30 days the period for delivery of written nominations to the Secretary of the
Company prior to the annual meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws already provide for
nominations by stockholders if any such nominations are submitted to the
Secretary of the Company at least 120 days prior to the anniversary date of the
mailing of proxy materials for last year&#8217;s annual meeting.&#160; Therefore, this
section was amended to establish that when an annual meeting is not going to be
held within 60 days before or after the anniversary date of the mailing of
proxy materials for last year&#8217;s annual meeting, the nomination by a stockholder
must be delivered no later than the 90<sup>th</sup> day prior to the date of
the annual meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws further provide that
any nominations by a stockholder must include the nominee&#8217;s qualifications for
service and evidence of his or her willingness to serve on the Board if
elected.&#160; This provision was expanded to require that the notice of any such
nomination by a stockholder include: (i) the name and address of the
stockholder who makes the nomination; (ii) a representation that the
stockholder is a holder of the Company&#8217;s shares of stock entitled to vote and
that it intends to appear in person or by proxy at the meeting; (iii) a
description of any understandings between the stockholder and the nominee; (iv)
any other information regarding the nominee that is required under the proxy
rules of the Securities and Exchange Commission; and (v) the written consent of
the nominee to serve as director if elected.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


<DIV bclFooter>





<p align=center style="margin:0in;margin-bottom:10.0pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">2</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
14 of Article I already provides that a stockholder may submit a proposal for
consideration at an annual meeting.&#160; To be timely, any such proposal must be
submitted to the Secretary of the Company at least 120 days prior to the
anniversary date of the mailing of proxy materials for last year&#8217;s annual
meeting.&#160; This provision was amended to require the delivery of advanced notice
for any such stockholder proposal in the same time period that is required for
stockholder nominations, as described above, when the annual meeting is not
going to be held within 60 days before or after the anniversary date of the mailing
of proxy materials for last year&#8217;s annual meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws already provide that
any stockholder proposal must include a brief description of the business
desired to be brought before the annual meeting, the name and address of the
stockholder proposing it, the class and number of shares beneficially owned by
the stockholder, and any material interest of the stockholder in such
business.&#160; Therefore, this provision was amended to also require that the
notice of any such proposal include a representation that the stockholder
intends to appear in person or by proxy at the annual meeting to bring up the
matter or proposal.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2 of Article II was
amended to require that the term of any director will end at the earliest of (i)
the annual meeting of stockholders following the date he or she turns 71 or
(ii) the end of the term for which he or she was elected.&#160; Previously, the
Bylaws required that the term of any director end when he or she attains the
age of 71.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12 of Article II was
amended to permit directors to provide their written consent in lieu of a
meeting by electronic transmission as permitted by the Act.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;"><font color=black face=Calibri,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing,
minor conforming changes were made to other provisions of the Company&#8217;s Bylaws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item 9.01 Financial Statements and Exhibits.</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Exhibits&nbsp;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=bottom width=50% style="border:none;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:40.5pt;"><u><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">Exhibit No.</font></u></p>
  </td>
 <td width=50% style="border:none;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:48.6pt;"><u><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">Description of Document</font></u></p>
  </td>
 </tr>
<tr>
  <td width=50% style="border:none;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">3(ii)</font></p>
  </td>
 <td width=50% style="border:none;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" style="font-size:11.0pt;line-height:115%;">Amended and restated Bylaws of the Company</font></p>
  </td>
 </tr>
</table></div>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>





<DIV bclFooter>





<p align=center style="margin:0in;margin-bottom:10.0pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">3</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SIGNATURES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the Company has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">OFG
BANCORP</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Date:</font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;"> June 3, 2014</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;</font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
/s/ Carlos O.
Souffront&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos
O. Souffront</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Counsel and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary
of the Board of Directors</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>




<DIV bclFooter>





<p align=center style="margin:0in;margin-bottom:10.0pt;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">4</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-9.01
<SEQUENCE>2
<FILENAME>ofg8kex90120140528.htm
<DESCRIPTION>EXHIBIT 9.01
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01//EN" "http://www.w3.org/TR/html4/strict.dtd">
<html>

<head>
<meta content="text/html; charset=utf-8" />




&nbsp;</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=right style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:150%;">Exhibit 9.01</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">BY-LAWS OF</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">OFG BANCORP</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE I</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">STOCKHOLDERS</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Place of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
All annual and special meetings of stockholders shall be held at the principal
office of the Corporation or at such other place as the Board of Directors may
determine.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Annual Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
A meeting of the stockholders of the Corporation for the election of directors
and for the transaction of any other business of the Corporation shall be held
annually after the end of the Corporation&#8217;s fiscal year at such date and time
as the Board of Directors may determine in accordance with applicable laws and
regulations. </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Special Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Special meetings of stockholders, for any purpose(s), may be called at any time
by the Chairman, the Vice Chairman, the President or by the Board of Directors,
and shall be called by the Chairman or the Vice Chairman of the Board, the
President or the Secretary upon the written request of the holders of not less
than twenty percent (20%) of the paid-in capital of the Corporation entitled to
vote at the meeting.&#160; The written request specified above shall state the
purpose(s) of the meeting and shall be delivered at the principal office of the
Corporation addressed to the Chairman or the Vice Chairman of the Board, the
President or the Secretary.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Conduct of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The Board of Directors shall designate, when present, the Chairman of the Board
or, if he or she is not present, the Vice Chairman of the Board, to preside at
any and all stockholders&#8217; meetings.&#160; The Secretary, or, in the absence of the
Secretary, an Assistant Secretary, shall act as secretary of the meeting, but
in the absence of the Secretary and any Assistant Secretary the chairperson of
the meeting may appoint any person to act as secretary of the meeting.&#160; The
chairperson shall conduct such proceedings as are customary in this kind of
meeting, procuring at all times order and impartiality in the debates.&#160; The
order of business at each such meeting shall be as determined by the
chairperson of the meeting.&#160; The chairperson shall have the right and authority
to prescribe such rules, regulations and procedures and to do all such acts and
things as are necessary or desirable for the proper conduct of the meeting, including,
without limitation, the establishment of procedures for the maintenance of
order and safety, limitations on the time allotted to questions or comments on
the affairs of the Corporation, restrictions on entry to such meeting after the
time prescribed for the commencement thereof, and the opening and closing of
the voting polls for each item on which a vote is to be taken.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Notice of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Notice of all meetings of stockholders shall be mailed to each stockholder of
the Corporation at least ten (10) days, but not more than sixty (60) days,
prior to the date for each such meeting.</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">SECTION 6. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">Fixing
of Record Date</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">.&#160; For the purpose of determining stockholders entitled to
notice of or to vote at any meeting of stockholders or any adjournment thereof,
or stockholders entitled to receive payment of any dividend, or in order to
make a determination of stockholders for any other proper purpose, the Board of
Directors shall fix in advance a date as the record date for any such
determination of stockholders.&#160; Such record date in any case shall not precede
the date upon which the resolution fixing the record date is adopted by the
Board of Directors and which record date: (i) in the case of determination of
stockholders entitled to vote at any meeting of stockholders shall not be more
than sixty (60) nor less than ten (10) days before the date of such meeting;
and (ii) in the case of the payment of dividends shall not be more than sixty
(60) days prior to the date for the payment of such dividends.&#160; When a
determination of stockholders entitled to vote at any meeting of stockholders
has been made as provided in this Section 6, such determination shall apply to
any adjournment thereof; provided, however, that the Board of Directors may fix
a new record date for determination of stockholders entitled to vote at the
adjourned meeting.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 7. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Voting Lists</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
At least ten (10) days before each meeting of the stockholders, the officer or
agent having charge of the stock transfer books for shares of the Corporation
shall make a complete list of the stockholders entitled to vote at such
meeting, or any adjournment thereof, arranged in alphabetical order, with the
address of and the number of shares held by each. This list of stockholders
shall be kept on file at the principal office of the Corporation and shall be
subject to inspection by any stockholder at any time during normal business
hours for a period of ten (10) days prior to such meeting.&#160; Such list shall
also be produced and kept open at the time and place of the meeting and shall
be subject to the inspection of any stockholder during the entire time of the
meeting.&#160; The original stock transfer book shall constitute prima facie
evidence of the stockholders entitled to examine such list or transfer books or
to vote at any meeting of stockholders.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 8.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Quorum; Manner of
Acting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; A majority of the outstanding shares of the Corporation entitled
to vote, represented in person or by proxy, shall constitute a quorum at a
meeting of stockholders.&#160; If less than a majority of the outstanding shares is
represented at a meeting, a majority of the shares so represented may adjourn
the meeting from time to time without further notice; provided that the date of
the adjourned meeting shall not be more than thirty (30) days after the date
for which the first meeting was called.&#160; At such adjourned meeting at which a
quorum shall be present or represented, any business may be transacted which
might have been at the meeting as originally notified.&#160; The stockholders present
at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal of enough stockholders to leave
less than a quorum.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Except as otherwise provided in
the Corporation&#8217;s Certificate of Incorporation or under applicable law, in all
matters other than the election of directors, the affirmative vote of the
majority of shares present in person or represented by proxy at the meeting and
entitled to vote on the subject matter shall be the act of the stockholders. &#160;Directors
shall be elected by a plurality of the votes of the shares present in person or
represented by proxy at the meeting and entitled to vote on the election of
directors (which number shall take into account the cumulation of votes as
provided in the Corporation s Certificate of Incorporation and Article I,
Section 11 of these By-laws).&#160; If, at any meeting of the stockholders, due to a
vacancy or vacancies or otherwise, directors of more than one class of the
Board of Directors are to be elected, each class of directors to be elected at
the meeting shall be elected in a separate election by a plurality vote.</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION&#160; 9.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Proxies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; At
all meetings of stockholders, a stockholder may vote by proxy executed in
writing by the stockholder or by its duly authorized attorney in fact.&#160; Proxies
solicited on behalf of the management shall be voted as directed by the
stockholder or, in the absence of such direction, as determined by a majority
of the Board of Directors.&#160; Proxies must be filed with the Secretary of the
Corporation.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION&#160; 10. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Voting of Shares
by Certain Holders</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Shares standing in the name of another corporation may
be voted by any officer, agent or proxy as the by-laws of such corporation may
prescribe, or, in the absence of such provision, as the board of directors of
such corporation may determine.&#160; Shares held by an administrator, executor,
guardian or conservator may be voted by it, either in person or by proxy,
without a transfer of such shares into its name.&#160; Shares standing in the name of
a trustee may be voted by it, either in person or by proxy, but no trustee
shall be entitled to vote shares held by it without a transfer of such shares
into its name.&#160; Shares standing in the name of a receiver may be voted by such
receiver, and shares held by or under the control of a receiver may be voted by
such receiver without the transfer thereof into its name if authority to do so
is contained in an appropriate order of the court or other public authority by
which such receiver was appointed.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">A stockholder whose shares are
pledged shall be entitled to vote such shares until the shares have been
transferred into the name of the pledgee, and thereafter the pledgee shall be
entitled to vote the shares so transferred.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 11.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Cumulative Voting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
At each annual meeting of stockholders in which more than one director is being
elected, every stockholder entitled to vote at such election shall have the
right to vote, in person or by proxy, the number of shares owned by the
stockholder for as many persons as there are directors to be elected and for
whose election the stockholder has a right to vote, or to cumulate the votes by
giving one candidate as many votes as the number of such directors to be
elected multiplied by the number of its shares shall equal, or by distributing
such votes on the same principle among any number of candidates.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 12.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Inspector of
Election</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; In advance of any meeting of stockholders, the Chairman of the
Board of Directors may appoint any person(s) other than nominees for office as
inspectors of election to act at such meeting or any adjournment thereof.&#160; Any
such appointment shall not be altered at the meeting.&#160; If the inspector(s) of
election is (are) not so appointed, the Chairman of the Board or, if he or she
is not present at the meeting, the Vice Chairman of the Board, may, and at the
request of not fewer than ten percent (10%) of the votes represented at the
meeting shall, make such appointment at the meeting.&#160; In case any person(s)
appointed as inspector(s) fail(s) to appear or fail(s) or refuse(s) to act, the
vacancy may be filled by appointment by the Chairman of the Board in advance of
the meeting or at the meeting, or, if he or she is not present at the meeting,
by the Vice Chairman of the Board.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The duties of such inspectors
shall include: determining the number of shares of stock and the voting power
of each share, the shares of stock represented at the meeting, the existence of
a quorum, the authenticity, validity and effect of proxies; receiving votes,
ballots or consents; hearing and determining all challenges and questions in
any way arising in connection with the right to vote; counting and tabulating
all votes or consents; determining the result; and such acts as may be proper
to conduct the election or vote with fairness to all stockholders.</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 13.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Nominations for
Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Nominations of persons for election to the Board of Directors
of the Corporation may be made at an annual meeting of stockholders pursuant to
the Corporation&#8217;s notice of meeting (or any supplement thereto) given by or at
the direction of the Board of Directors.&#160; The Corporate Governance and
Nominating Committee (the &#8220;Nominating Committee&#8221;) of the Board of Directors
shall recommend to the Board of Directors the selection of nominees for
election as directors.&#160; Except in the case of a nominee substituted as a result
of his or her death, incapacity or withdrawal, the Board of Directors, upon the
recommendation of the Nominating Committee, shall deliver written nominations
to the Secretary of the Corporation at least thirty (30) days prior to the date
of the annual meeting.&#160; No nominations for directors, except those made by the
Board of Directors upon the recommendation of the Nominating Committee, shall
be voted upon at the annual meeting unless other nominations by stockholders
are made in writing to the Secretary of the Corporation, as set forth below,
and delivered to, or mailed and received at, the principal executive offices of
the Corporation at least one hundred and twenty (120) days prior to the
anniversary date of the mailing of proxy materials by the Corporation in
connection with the immediately preceding annual meeting of stockholders of the
Corporation; provided, however, that in the event that the annual meeting is
not to be held within sixty (60) days before or after such anniversary date,
notice by the stockholder must be so delivered not later than the ninetieth (90<sup>th</sup>)
day prior to the date of such annual meeting.&#160; Ballots bearing the names of all
the persons nominated by the Board of Directors and by stockholders shall be
provided for use at the annual meeting.&#160; However, if the Board of Directors or
the Nominating Committee shall fail or refuse to act at least thirty (30) days
prior to the annual meeting, nominations for directors may be made at the
annual meeting by any stockholder entitled to vote and shall be voted upon.&#160; </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Any nomination by a stockholder
pursuant to this Section 13 shall set forth or include the following
information: (a) the name and address, as they appear on the Corporation&#8217;s
books, of the stockholder who intends to make the nomination; (b) a
representation that the stockholder is a holder of the Corporation&#8217;s shares of
stock entitled to vote (indicating the class and number of shares owned) and
intends to appear in person or by proxy at the meeting to make the nomination;
(c) a description of all arrangements or understandings among the stockholder
and each nominee and any other person or persons (naming such person or
persons) pursuant to which the nomination or nominations are to be made by the
stockholder; (d) such other information regarding each nominee proposed by such
stockholder as would be required to be included in a proxy statement filed
pursuant to the proxy rules of the Securities and Exchange Commission; and (e)
the written consent of each such nominee to serve as director of the
Corporation if elected.&#160; </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION&#160; 14.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Proposals</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
At an annual meeting of the stockholders, only such business shall be conducted
as shall have been properly brought before the meeting.&#160; To be properly brought
before an annual meeting, business must be (a) specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the Board
of Directors of the Corporation, or (b) otherwise properly brought before the
meeting by a stockholder.&#160; For business to be properly brought before an annual
meeting by a stockholder, the stockholder must have given timely notice thereof
in writing to the Secretary of the Corporation.&#160; To be timely a stockholder&#8217;s
notice must be delivered to, or mailed and received at, the principal executive
offices of the Corporation not later than one hundred twenty days (120) prior
to the anniversary date of the mailing of proxy materials by the Corporation in
connection with the immediately preceding annual meeting of stockholders of the
Corporation; provided, however, that in the event that the annual meeting is
not to be held within sixty (60) days before or after such anniversary date,
notice by the </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_5"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">stockholder must be so delivered not
later than the ninetieth (90<sup>th</sup>) day prior to the date of such annual
meeting.&#160; </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Any stockholder&#8217;s notice to the
Secretary shall set forth the following information as to each matter the
stockholder proposes to bring before the annual meeting: (a) a brief
description of the matter or proposal desired to be brought before the annual
meeting; (b) the name and address, as they appear on the Corporation&#8217;s books,
of the stockholder proposing such matter, (c) a representation that the
stockholder is a holder of the Corporation&#8217;s shares of stock entitled to vote
(indicating the class and number of shares owned) and intends to appear in
person or by proxy at the annual meeting to bring up the matter or proposal
specified in the notice; and (d) any material interest of the stockholder in
such matter or proposal.&#160; The chairperson of the annual meeting shall, if the
facts warrant, determine and declare to the meeting that business was not
properly brought before the meeting in accordance with the provisions of this
Section 14, and if he or she should so determine, he or she shall so declare to
the meeting and any such business not properly brought before the meeting shall
not be transacted.&#160; This provision is not a limitation on any applicable laws
and regulations.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE II</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">BOARD OF DIRECTORS</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">General Powers</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The business and affairs of the Corporation shall be under the direction of the
Board of Directors which shall annually elect a Chairman and a Vice Chairman
from among its members and shall designate, when present, the Chairman or, if
he or she is not present, the Vice Chairman to preside at its meetings.&#160; The
Chairman of the Board shall have such other duties as set forth in these
By-laws or as may from time to time be assigned by the Board of Directors.&#160; The
Vice Chairman of the Board shall assist the Chairman of the Board in the
performance of his or her duties and shall have such other duties as set forth
in these By-laws or as may from time to time be assigned by the Board of Directors
or the Chairman of the Board.&#160; </font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Classification and
Term</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; The Board of Directors shall be divided into three classes as nearly
equal in number as possible.&#160; The term of office of the initial directors shall
be as follows:&#160; the term of directors of the first class shall expire at the
first annual meeting of stockholders after the effective date of the
Corporation&#8217;s Certificate of Incorporation; the term of office of the directors
of the second class shall expire at the second annual meeting of stockholders
after the effective date of the Corporation&#8217;s Certificate of Incorporation; and
the term of office of the third class shall expire at the third annual meeting
of stockholders after the effective date of the Corporation&#8217;s Certificate of
Incorporation; and as to directors of each class, when their respective
successors are elected and qualified.&#160; At each annual meeting of stockholders,
directors elected to succeed those whose terms are expiring shall be elected
for a term of office to expire at the third succeeding annual meeting of
stockholders and when their respective successors are elected and qualified.&#160;
No director shall be elected, re-elected or nominated for election or
re-election, as the case may be, after attaining the age of seventy-one (71).&#160;
Also, the term of a director shall end at the earliest of (i) the annual
meeting of stockholders following the date such director attains the age of
seventy-one (71) or (ii) the end of the term for which he or she was elected to
the Board of Directors.</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_6"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Number of
Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; The Board of Directors shall consist of such number of
directors as established from time to time by a vote of a majority of the Board
of Directors, provided that no decrease in the number of directors shall have the
effect of shortening the term of any incumbent director.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4.&#160;&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
All meetings of the Board of Directors may be held in or outside Puerto Rico.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Special Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Special meetings of the Board of Directors may be called by or at the request
of the Chairman or the Vice Chairman of the Board, the President, or one-third
of the members of the Board.&#160; Such meetings shall be held at such place as the
person(s) calling the meeting shall designate.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 6. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Notice</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Written notice of any special meeting shall be given to each director at least
two (2) days prior thereto if delivered personally or by fax or electronic
mail, or at least five (5) days prior thereto if delivered by postal mail at
the address at which the director is most likely to be reached.&#160; Such notice
shall be deemed to be delivered when deposited in the U.S. postal mail so
addressed, with postage thereon prepaid if mailed or when delivered if sent by
fax or electronic mail.&#160; Any director may waive notice of any meeting by a
writing filed with the Secretary.&#160; The attendance of a director at a meeting
shall constitute a waiver of notice of such meeting, except where a director
attends a meeting for the express purpose of objecting to the transaction of
any business because the meeting is not lawfully called or convened.&#160; Neither
the business to be transacted at, nor the purpose of, any meeting of the Board
of Directors need be specified in the notice or waiver of notice of such
meeting.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 7.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Quorum</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; A
majority of the directors shall constitute a quorum for the transaction of
business at any meeting of the Board of Directors, but if less than such
majority is present at a meeting, a majority of the directors present may
adjourn the meeting from time to time.&#160; Notice of any adjourned meeting shall
be given in the same manner as prescribed by Section 6 of this Article II.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 8.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Manner of Acting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The act of the majority of the directors present at a meeting at which a quorum
is present shall be the act of the Board of Directors, unless a greater number
is prescribed by applicable laws or regulations or by these By-laws.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 9.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Resignation</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Any director may resign at any time by sending a written notice of such
resignation to the principal executive offices of the Corporation addressed to
the Chairman or the Vice Chairman of the Board.&#160; Unless otherwise specified
therein, such resignation shall take effect upon receipt thereof by the
Chairman or the Vice Chairman of the Board.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 10.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Vacancies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
All vacancies in the Board of Directors shall be filled in the manner provided
in the Corporation&#8217;s Certificate of Incorporation.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 11.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Removal of
Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Directors may be removed in the manner provided in the
Corporation&#8217;s Certificate of Incorporation.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 12.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Action by
Directors Without a Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Any action required or which may be taken at
a meeting of the Board of Directors, or of a committee thereof, may be taken
without a meeting if a all members of the Board of Directors or committee, as the
case may be, consent thereto in writing or by </font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_7"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">electronic
transmission, and the writing(s) or electronic transmission(s) are filed with
the minutes of proceedings of the Board of Directors or committee, as the case
may be.&#160; Such consent shall have the same effect as a unanimous vote.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 13.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Action by
Directors by Communications Equipment</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Any action required or which may be
taken at a meeting of the Board of Directors, or of a committee thereof, may be
taken by means of a conference telephone or similar communications equipment by
means of which all persons participating in the meeting can hear each other at
the same time.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 14.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Compensation</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The Board of Directors may fix, from time to time, a reasonable fee to be paid
to each director for his or her services in attending meetings of the Board of
Directors or of any committee thereof.&#160; The Board of Directors may also provide
that such compensation, as it deems reasonable, shall be paid to any or all of
its members for services rendered to the Corporation other than attendance at
meetings of the Board of Directors or its committees.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE III</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">EXECUTIVE AND OTHER COMMITTEES</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION&#160; 1. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Appointment</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The Board of Directors, by resolution adopted by a majority of the full Board,
may, from time to time appoint, any number of committees, composed of one (1)
or more directors as the Board may determine.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Authority</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
These committees shall and may exercise those powers that the Board of
Directors may so delegate and shall have the name or names that from time to
time the Board of Directors may determine by resolution.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Minutes, Reports</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Minutes shall be kept of all meetings of the committees.&#160; The minutes of each
meeting, together with such reports in writing as may be required to fully
explain any business or transaction, shall be submitted for information
purposes to the Board of Directors at the next regular meeting of the Board of
Directors.&#160; The Board of Directors shall record such action in the minutes of
such meeting.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Appointment, Term
of Office</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Members of the committees shall be appointed by the Board for
such term as the Board may determine, and all members of the committees shall
serve at the pleasure of the Board.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Quorum</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; A
majority of the members of any committee shall constitute a quorum.&#160; A majority
of the votes cast shall decide every question or matter submitted to a
committee.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE IV</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">OFFICERS</font></u></b></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_8"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Positions</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The officers of the Corporation shall be a President, one or more Vice
Presidents, a Secretary, an Assistant Secretary, and a Treasurer, each of whom
shall be elected by the Board of Directors.&#160; The Board of Directors may
designate one or more Vice Presidents as Executive Vice President or Senior
Vice President.&#160; The Board of Directors may also elect or authorize the
appointment of such other officers as the business of the Corporation may
require.&#160; The officers shall have such authority and perform such duties as the
Board of Directors may from time to time authorize or determine.&#160; In the
absence of action by the Board of Directors, the officers shall have such
powers and duties as generally pertain to their respective offices.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Election and Term
of Office</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; The officers of the Corporation shall be elected annually at
the first meeting of the Board of Directors held after the annual meeting of
the stockholders.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">If the election of officers is
not held at such meeting, such election shall be held as soon thereafter as
possible.&#160; Each officer shall hold office until a successor has been duly
elected and qualified or until the officer&#8217;s death, resignation or removal in
the manner hereinafter provided.&#160; Election or appointment of an officer,
employee or agent shall not of itself create contractual rights.&#160; The Board of
Directors may authorize the Corporation to enter into an employment contract
with any officer in accordance with regulations of the Board, but no such
contract shall impair the right of the Board of Directors to remove any officer
at any time in accordance with Section 3 of this Article IV.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Removal</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Any
officer may be removed by the Board of Directors whenever, in its judgment, the
best interests of the Corporation will be served thereby, but such removal,
other than for cause, shall be without prejudice to the contractual rights, if
any, of the person so removed.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Vacancies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; A
vacancy in any office because of death, resignation, removal, disqualification
or otherwise, may be filled by the Board of Directors for the unexpired portion
of the term.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Remuneration</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The remuneration of the officers shall be fixed from time to time by the Board
of Directors.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE V</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">CONTRACTS, LOANS, CHECKS AND
DEPOSITS</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Contracts</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; To
the extent permitted by applicable laws and regulations, and except as
otherwise prescribed by these By-laws with respect to stock certificates, the
Board of Directors may authorize any officer, employee or agent of the
Corporation to enter into any contract or execute and deliver any instrument in
the name and on behalf of the Corporation.&#160; Such authority may be general or
confined to specific instances.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Loans</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; No
loans shall be contracted on behalf of the Corporation and no evidence of
indebtedness shall be issued unless authorized by the Board of Directors.&#160; Such
authority may be general or confined to specific instances.</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_9"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Checks, Drafts</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
All checks, drafts or other orders for the payment of money, notes and other
evidences of indebtedness issued in the name of the Corporation shall be signed
by one or more officers, employees or agents of the Corporation in such manner
as shall from time to time be determined by the Board of Directors.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Deposits</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; All
funds of the Corporation not otherwise employed shall be deposited from time to
time to the credit of the Corporation in any one of its authorized depositories
as the Board of Directors selects.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE VI</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">STOCK AND STOCK CERTIFICATES</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Transfer</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Shares of stock shall be transferable on the books of the Corporation, and a
transfer book shall be kept in which all transfer of stock shall be recorded.&#160;
Every person becoming a stockholder by such transfer shall, in proportion to
its shares, succeed to all rights and liabilities of the prior holder of such
shares.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Stock Certificates</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
Stock certificates shall bear the signature of the Chairman or the Vice
Chairman of the Board, the President or any Vice President (which may be
engraved, printed or impressed), and shall be signed manually or by facsimile
process by the Secretary or an Assistant Secretary, or any other officer
appointed by the Board of Directors for that purpose, to be known as an
Authorized Officer, and the seal of the Corporation shall be engraved thereon.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Owner of Record,
Attachment, Pledge</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Shares of stock are transferable by all means
recognized by law, if there is no attachment levied against them under
competent authority, but as long as the transfer is not signed and recorded in
the transfer books the Corporation shall be entitled to consider as owner
thereof the party who appears as such in said books.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Lost or Destroyed
Stock Certificates</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; In the event any stock certificate shall be lost or
destroyed, the Board of Directors may order a new certificate to be issued in
its place upon receiving such proof of loss and such bond of indemnity
therefore as may be satisfactory to the Board. New certificates may be issued
without requiring any bond when in the judgment of the Board it is proper to do
so.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5. </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Transfer Agent</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The Board of Directors may designate any person, whether or not an officer of
the Corporation, as stock transfer agent or registrar of the Corporation with
respect to stock certificates or other securities issued by the Corporation.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE VII</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">INDEMNIFICATION, ETC., OF
DIRECTORS,</font></u></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">OFFICERS, EMPLOYEES AND AGENTS</font></u></b></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_10"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Indemnification</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">(a)&#160; The Corporation shall
indemnify, to the fullest extent authorized by the General Corporation Law of
the Commonwealth of Puerto Rico, any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the Corporation) by reason of the
fact that he or she is or was a director, officer, employee, or agent of the
Corporation, or is or was serving at the written request of the Corporation as
a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses (including
attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him or her in connection with such action, suit or
proceeding if he or she acted in good faith and in a matter he or she
reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his or her conduct was unlawful, provided that the
Corporation shall not be liable for any amounts which may be due to any person
in connection with a settlement of any action, suit or proceeding effected
without its prior written consent or any action, suit or proceeding initiated
by any person seeking indemnification hereunder without its prior written
consent.&#160; The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the person did not act in good
faith and in a manner which he or she reasonably believed to be in or not
opposed to the best interests of the Corporation and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his or her
conduct was unlawful.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">(b)&#160; The Corporation shall
indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of
the Corporation to procure a judgment in its favor by reason of the fact that
he or she is or was a director, officer, employee, or agent of the Corporation,
or is or was serving at the written request of the Corporation as a director,
officer, employee, or agent of another corporation, partnership, joint venture,
trust or other enterprise against expenses (including attorneys' fees) actually
and reasonably incurred by him or her in connection with the defense or
settlement of such action or suit if he or she acted in good faith and in a
manner he or she reasonably believed to be in or not opposed to the best
interests of the Corporation, except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable for negligence or misconduct in the performance of his or
her duty to the Corporation unless and only to the extent that the court in
which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of
the case, such person is fairly and reasonably entitled to indemnity for such
expense which such court shall deem proper.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">(c)&#160; To the extent that a
director, officer, employee, or agent of the Corporation has been successful on
the merits or otherwise in defense of any action, suit or proceeding referred
to in Section 1(a) or Section 1(b) of this Article VII, or in defense of any
claim, issue or matter therein, he or she shall be indemnified against expenses
(including attorneys&#8217; fees) actually and reasonably incurred by him or her in
connection therewith.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">(d)&#160; Any indemnification under
Section 1(a) or Section 1(b) of this Article VII (unless ordered by a court)
shall be made by the Corporation only as authorized in the specific case upon a
</font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_11"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he or she has
met the applicable standard of conduct set forth therein.&#160; Such determination
shall be made (a) by the Board of Directors by a majority vote of a quorum
consisting of directors who were not parties to such action, suit or
proceeding, or (b) if such a quorum is not obtainable, or, even if obtainable a
quorum of disinterested directors so directs, by independent legal counsel in a
written opinion, or (c) by the stockholders.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">(e)&#160; The Corporation shall not be
liable for any amounts which may be due to any person in connection with a
settlement of any action, suit or proceeding initiated by any person seeking
indemnification under this Article VII without its prior written consent.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Advancement of
Expenses</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; Reasonable expenses (including attorneys&#8217; fees) incurred in
defending a civil or criminal action, suit or proceeding described in Section 1
of this Article VII may be paid by the Corporation in advance of the final
disposition of such action, suit or proceeding as authorized by the Board of
Directors in the specific case upon receipt of an undertaking by or on behalf
of the director or officer to repay such amount unless it shall ultimately be
determined that he or she is entitled to be indemnified by the Corporation as
authorized in this Article VII.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Other Rights and
Remedies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; The indemnification and advancement of expenses provided by, or
granted pursuant to, this Article VII shall not be deemed exclusive of any
other rights to which those seeking indemnification or advancement of expenses
may be entitled under any statute, by-law, agreement, vote of stockholders or
disinterested directors or otherwise, both as to actions in their official
capacity and as to actions in another capacity while holding such office, and
shall continue as to a person who has ceased to be a director, officer,
employee, or agent and shall inure to the benefit of the heirs, executors and
administrators of such a person.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Insurance</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160; By
action of its Board of Directors, notwithstanding any interest of the directors
in the action, the Corporation may purchase and maintain insurance, in such
amounts as the Board of Directors deems appropriate, on behalf of any person
who is or was a director, officer, employee or agent of the Corporation, or is
or was serving at the written request of the Corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against any liability asserted against him or her
and incurred by him or her in any such capacity, or arising out of his or her
status as such, whether or not the Corporation would have the power or would be
required to indemnify him or her against such liability under the provisions of
this Article VII or of the General Corporation Law of the Commonwealth of
Puerto Rico, or of the laws of any state or political dependency of the United
States or foreign country as may be applicable.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 5.&#160;&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Modification</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The duties of the Corporation to indemnify and to advance expenses to a
director, officer, employee or agent provided in this Article VII shall be in
the nature of a contract between the Corporation and each such person, and no
amendment or repeal of any provision of this Article VII shall alter, to the
detriment of such person, the right of such person to the advance of expenses
or indemnification related to a claim based on an act or failure to act which
took place prior to such amendment or repeal.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_12"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 5%; PADDING-LEFT: 5%">

<DIV bclHeader>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE VIII</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">CORPORATE SEAL</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">The corporate seal of the
Corporation shall be in such form and bear such inscription as may be adopted
by resolution of the Board of Directors, or by usage of the officers on behalf
of the Corporation.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">ARTICLE IX</font></b></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">MISCELLANEOUS PROVISIONS</font></u></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Fiscal Year</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The fiscal year of the Corporation shall be from January 1 to December 31 of
each year.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Dividends</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The Board of Directors may from time to time declare, and the Corporation may
pay dividends in cash or in shares of the capital stock of the Corporation, in
the manner and upon the terms and conditions provided by applicable laws and
regulations.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">Conflict with Laws</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:115%;">.&#160;
The provisions of these By-laws in conflict with any applicable law shall be
superseded by any such law without affecting the validity of the remaining
provisions hereof.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Books and Records</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160;
The Corporation shall keep correct and complete books and records of account
and shall keep minutes and proceedings of its stockholders and Board of
Directors (including committees thereof).&#160; Any books, records and minutes may
be in written form or any other form capable of being converted to written form
within a reasonable time.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>




<DIV bclFooter>





<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div></BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
