<SEC-DOCUMENT>0001030469-18-000007.txt : 20180130
<SEC-HEADER>0001030469-18-000007.hdr.sgml : 20180130
<ACCEPTANCE-DATETIME>20180130090948
ACCESSION NUMBER:		0001030469-18-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180130
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180130
DATE AS OF CHANGE:		20180130

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:		18557582

	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>ofg8K20180130.htm
<DESCRIPTION>FORM 8-K
<TEXT>

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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&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): January 24, 2018</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:10.0pt;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;"><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;"><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 cellpadding=0 cellspacing=0 border=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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:8.1pt;">
  <td valign=top width=31% style="height:8.1pt;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" lang=EN-US style="font-size:10.0pt;line-height:115%;">Commonwealth
  of Puerto Rico </font></p>
  </td>
 <td valign=bottom width=3% style="height:8.1pt;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" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=32% style="height:8.1pt;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" lang=EN-US style="font-size:10.0pt;line-height:115%;">001-12647
  </font></p>
  </td>
 <td valign=bottom width=3% style="height:8.1pt;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" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=31% style="height:8.1pt;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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US style="font-size:10.0pt;line-height:115%;">(State or other Jurisdiction of Incorporation)</font></i><font face="Times New Roman,serif" lang=EN-US 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" lang=EN-US 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" lang=EN-US style="font-size:10.0pt;line-height:115%;">(Commission File No.)</font></i><font face="Times New Roman,serif" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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" lang=EN-US style="font-size:10.0pt;line-height:115%;">(Address of Principal Executive Offices)</font></i><font face="Times New Roman,serif" lang=EN-US 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" lang=EN-US 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" lang=EN-US 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;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&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: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>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:100%;">
 <tr>
  <td colspan=2 width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=1% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 nowrap valign=top width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=1% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Written
  communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
  230.425)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=1% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 nowrap valign=top width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=1% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Soliciting
  material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
  240.14a-12)</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td width=9% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=2% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=89% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:26.2pt;">
  <td nowrap valign=top width=9% style="height:26.2pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=2% style="height:26.2pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="height:26.2pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Pre-commencement
  communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))</font></p>
  </td>
 </tr>
<tr style="height:12.4pt;">
  <td width=9% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=2% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td width=89% style="height:12.4pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;">
  <td nowrap valign=top width=9% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=2% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=89% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=9% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 <td width=89% style="border:none;">&nbsp;</td>
 </tr>
</table></div>




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<p style="margin-bottom:10.0pt;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:115%;">Item
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin-bottom:10.0pt;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%;">Effective
January 24, 2018, the Board of Directors (the &#8220;Board&#8221;) of OFG Bancorp (the
&#8220;Company&#8221;) amended and restated the Company&#8217;s Bylaws (the &#8220;Amended Bylaws&#8221;) to
adopt a form of majority voting for directors, account for the possibility of a
declassified Board, and make certain other changes.&nbsp;&nbsp;</font></p>

<p style="margin-bottom:10.0pt;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;The
Amended Bylaws provide that each director shall be elected by the vote of the
majority of the votes cast with respect to that director&#8217;s election at any duly
held meeting for the election of directors that is uncontested. For purposes of
the amendment, a majority of the votes cast means that the number of shares
voted &#8220;for&#8221; a nominee&#8217;s election must exceed the votes cast &#8220;against&#8221; such
nominee&#8217;s election.</font></p>

<p style="margin-bottom:10.0pt;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;If
a director nominee is not elected and the nominee is an incumbent director,
then the director shall promptly tender his or her resignation to the
Board.&nbsp;&nbsp;The Corporate Governance and Nominating Committee of the
Board (the &#8220;Committee&#8221;) will make a recommendation to the Board as to whether
to accept or reject the tendered resignation, or whether other action should be
taken.&nbsp;&nbsp;The Board will act on the tendered resignation, taking into
account the Committee&#8217;s recommendation and any other relevant factors, and
publicly disclose its decision regarding the tendered resignation and the
rationale behind the decision within 90 days from the date of the certification
of the election result.&nbsp;&nbsp;</font></p>

<p style="margin-bottom:10.0pt;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;If
a director&#8217;s resignation is accepted by the Board, or if a director nominee is
not elected and the nominee is not an incumbent director, then the Board may
fill the resulting vacancy or may decrease the size of the Board in accordance
with the applicable provisions of the Amended Bylaws.&nbsp;&nbsp;If a
director&#8217;s resignation is not accepted by the Board, then such director will
continue to serve until his or her successor is duly elected and qualified or
until his or her earlier resignation, removal from office or death.&#160; To such
end, resignations that do not specify when they are effective will be effective
at such time as may be determined by the Board at their discretion.</font></p>

<p style="margin-bottom:10.0pt;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;Prior
to the amendment, the Bylaws of the Company, as then in effect, provided that
directors were elected by a plurality of the votes cast in both contested and
uncontested elections.&#160; Also, resignations that did not specify when they are
effective were effective upon receipt by the Chairman of the Vice Chairman of
the Board. </font></p>

<p style="margin-bottom:10.0pt;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;The
Amended Bylaws provide that the Board will be divided into the number of
classes set forth in the Certificate of Incorporation and that, if the Board is
no longer divided into any classes, then all of the directors will be elected
annually for a term of office to expire at the next succeeding annual meeting
of stockholders and when their respective successors are elected and
qualified.&#160; Prior to the amendment, the Bylaws of the Company as then in effect
provided that the Board be divided into three classes as nearly equal in number
as possible and did not provide for the possibility of a Board that does not
have any classes.</font></p>

<p style="margin-bottom:10.0pt;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%;">The
Amended Bylaws also provide that, upon recommendation of the Committee, the Board
may nominate a director and such director may continue to serve after attaining
the age of seventy-one if, due to special or unique circumstances, it is in the
best interest of the company and its stockholders that the director continue to
be nominated for reelection to the Board.&#160; Previously, the Bylaws did not
provide any flexibility to permit directors to be nominated or to continue
serving as directors after attaining the age of seventy-one.</font></p>

<p style="margin-bottom:10.0pt;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%;">The
Amended Bylaws also provide that the Board has the authority to remove only the
Chief Executive Officer and the remuneration of senior executive officers is
fixed from time to time by the Compensation Committee of the Board.&#160;
Previously, the Bylaws provided that any officer may be removed by the Board
and that the remuneration of all officers was fixed by the Board.</font></p>

<p style="margin-bottom:10.0pt;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%;">The
Amended Bylaws also establish a new officer position of Senior Executive Vice
President. </font></p>

<p style="margin-bottom:10.0pt;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%;">This
description of the amendments adopted pursuant to the Amended Bylaws is
qualified in its entirety by reference to the text of the Amended Bylaws, which
is attached hereto as Exhibit 3.1 and incorporated herein by reference.</font></p>

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


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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:100%;">
 <tr>
  <td valign=bottom width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Exhibit
  No.</font></u></p>
  </td>
 <td width=50% style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:10.0pt;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:10.0pt;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%;">Description
  of Document</font></p>
  </td>
 </tr>
<tr>
  <td width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin-bottom:10.0pt;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:10.0pt;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%;">3.1</font></p>
  </td>
 <td width=50% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:10.0pt;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;</font></p>
  <p style="margin-bottom:10.0pt;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%;">Amended and restated Bylaws of the
  Company</font></p>
  </td>
 </tr>
</table></div>




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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>


</DIV>
<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SIGNATURES</font></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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:10.0pt;line-height:115%;">OFG
BANCORP</font></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:3.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-3.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:3.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-3.5in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Date: </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">January 30, 2018</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:10.0pt;line-height:normal;">&#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;&nbsp;&nbsp;</font></u></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>




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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ofg8K20180130EX31.htm
<DESCRIPTION>EXHIBIT 3.1
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3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">BY-LAWS OF</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">OFG BANCORP</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE I</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">STOCKHOLDERS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Place of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Annual Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Special Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Conduct of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Notice of Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">SECTION 6.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Fixing of Record
Date</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">.&#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></font></p>

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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 7.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Voting Lists</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 8.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Quorum; Manner of Acting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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; Except as provided in Section 4
of Article Eighth of the Certificate of Incorporation, each director shall be
elected by a majority of the votes cast with respect to the director at any
meeting for the election of directors at which a quorum is present, provided
that if the number of nominees exceeds the number of directors to be elected,
the 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&#8217;s Certificate of
Incorporation and Article I, Section 11 of these By-laws).&#160; For purposes of
this section, a &#8220;majority of the votes cast&#8221; means that the number of shares
voted for a director must exceed the number of votes cast against that
director.&#160; The Corporate Governance and Nominating Committee has established
procedures requiring that any director who is not elected offer to tender his
or her resignation to the Board. The Corporate Governance and Nominating
Committee will make a recommendation to the Board on whether to accept or
reject the resignation, or whether other action should be taken. The Board will
act on the Committee&#8217;s recommendation and publicly disclose its decision and
the rationale behind it within 90 days from the date of the certification of
the election results.&#160; If, for any cause, the Board of Directors shall not have
been elected at an annual meeting, they may be elected as soon thereafter as
convenient at a special meeting of the stockholders called for that purpose in
the manner provided in these Bylaws.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 9.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Proxies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 10.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Voting of Shares by Certain Holders</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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 </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;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" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 11.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Cumulative Voting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 12.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Inspector of Election</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 13.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Nominations for Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 14.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Proposals</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE II</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">BOARD OF DIRECTORS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">General Powers</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Classification and Term</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; The Board of
Directors shall be divided into the number of classes set forth in the
Certificate of Incorporation.&#160; If divided into three classes, 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 </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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</DIV>
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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;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" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">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; If divided into three classes, 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; If the directors are not divided into any classes, then all of the
directors will be elected annually for a term of office to expire at the next
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) , although the Corporate Governance and Nominating
Committee may recommend, and the Board may approve, the nomination of a
director after attaining the age of seventy one (71) if, due to special or
unique circumstances, it is in the best interest of the Company and its
stockholders that the director continue to be nominated for reelection to the
Board.&#160; Also, provided such director was not nominated, notwithstanding his
age, based on a determination that, due to special or unique circumstances, it
is in the best interest of the Company, 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Number of Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; All meetings of the Board of
Directors may be held in or outside Puerto Rico.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Special Meetings</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 6.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Notice</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 7.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Quorum</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 8.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Manner of Acting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 9.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Resignation</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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; </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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</DIV>
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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;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" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Unless otherwise specified therein, such
resignation shall take effect at such time as may be determined by the Board of
Directors at their discretion.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 10.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Vacancies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 11.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Removal of Directors</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; Directors may be
removed in the manner provided in the Corporation&#8217;s Certificate of
Incorporation.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 12.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Action by Directors Without a Meeting</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 13.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Action by Directors by Communications Equipment</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 14.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Compensation</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE III</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">EXECUTIVE AND OTHER COMMITTEES</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Appointment</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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.&#160;&#160; </font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Authority</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Minutes, Reports</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Appointment, Term of Office</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Quorum</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

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3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE IV</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">OFFICERS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Positions</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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
Senior Executive Vice President, 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Election and Term of Office</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Removal</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; The Chief Executive 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Vacancies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Remuneration</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; The remuneration of&#160; senior
executive officers shall be fixed from time to time by the Compensation
Committee of the Board of Directors.</font></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE V</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">CONTRACTS, LOANS, CHECKS AND DEPOSITS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Contracts</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Loans</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Checks, Drafts</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></font></p>


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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Deposits</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE VI</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">STOCK AND STOCK CERTIFICATES</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Transfer</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Stock Certificates</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Owner of Record, Attachment, Pledge</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Lost or Destroyed Stock Certificates</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Transfer Agent</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE VII</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">INDEMNIFICATION, ETC., OF DIRECTORS,</font></u></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">OFFICERS, EMPLOYEES AND AGENTS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Indemnification</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


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<p style="border:none;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" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Advancement of Expenses</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Other Rights and Remedies</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>


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<p align=right style="border:none;margin:0in;margin-bottom:.0001pt;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;tab-stops:center 3.25in right 6.5in;text-align:right;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Exhibit
3.1</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Insurance</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 5.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Modification</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE VIII</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">CORPORATE SEAL</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">ARTICLE IX</font></b></font></p>

<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><b><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">MISCELLANEOUS PROVISIONS</font></u></b></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 1.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Fiscal Year</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#160; The fiscal year of the
Corporation shall be from January 1 to December 31 of each year.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 2.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Dividends</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 3.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Conflict with Laws</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;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></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">SECTION 4.&#160; </font><u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Books and Records</font></u><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">.&#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></font></p>




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