2023 Laws of Puerto Rico › TITLE FIFTEEN - Sports and Parks (§§ 1 — 2020) › Subtitle 2 - Olympic Sports (§§ 1001 — 1175) › Chapter 105 - Permanent Fund for the Administration, Operation and Development of Assets Designated to Sports and Olympic Events (§§ 1151 — 1175) › § 1151 - Creation

A permanent and irrevocable nonprofit trust fund that shall be denominated as the “Permanent Fund for the Administration, Operation, and Development of Assets Destined for the Olympic Movement in Puerto Rico”, and which shall be known as the “Olympic Trust”, is hereby created for the continuous benefit of the people of Puerto Rico and it shall be capitalized and administered pursuant to the provisions of §§ 1151 et seq. of this title. No part of said trust fund shall benefit any private person whatsoever. The Olympic Trust shall have all the necessary and appropriate rights and powers to pursue its purposes as these are established in §§ 1151 et seq. of this title, including, but not limited to the following:
(a) Approve, amend, and repeal regulations for the administration of its affairs and business and those regulations and norms needed for the performance of its functions and duties.
(b) Adopt an official seal and alter the same at its convenience.
(c) Sue and be sued under its own name, prefer charges and be charged.
(d) Receive, administer, and comply with the conditions and requirements related to any gift, concession, loan, or donation of any property or money, including, but not limited to those originating from the Commonwealth and the United States Government or from any of their agencies or instrumentalities, as well as those from private sources.
(e) Negotiate or award contracts, leases, sub-leases, and all other instruments and agreements to any natural or juristic person, that are necessary or convenient to exercise the powers and functions conferred by §§ 1151 et seq. of this title.
(f) Borrow money on behalf of the trust for such sums of money and under the terms and conditions it deems necessary and convenient for the administration of the business and obligations of the fund, pursuant to the provisions of § 1151 of this title.
(g) File suit to protect or enforce any right conferred by a law, contract, or other agreement and, notwithstanding any other legal provision to the contrary, to exercise any action provided under any contract or agreement in the event of a breach of said contract or agreement.
(h) Appoint any officials, agents, and employees needed to properly achieve the ends and purposes for which it was created and to establish its powers, faculties, and duties, as well as the terms and working conditions established by §§ 1151 et seq. of this title.
(i) Procure financial loss insurance, from underwriters who meet the highest levels of solvency, of the kinds and in the amounts deemed necessary for the proper protection of the Olympic Trust, including, but not limited to fidelity bonds and civil liability insurance or an equivalent coverage for trustees, officials, agents, and employees. The procedures established in the Insurance Code of Puerto Rico shall be followed when contracting for insurance.
(j) Compensate third parties in behalf of the Olympic Trust and relieve any of its trustees, officials or agents from any legal liability incurred by them when fulfilling their duties and responsibilities, under the circumstances provided in § 1173 of this title.
(k) Organize, administer, and develop Olympic Trust operations, events, and activities that suit its best interests, undertakings, and purposes which led to its creation.
History —June 12, 1992, No. 12, § 1.