2023 Laws of Puerto Rico › TITLE TWENTY-SEVEN - Public Service (§§ 1 — 2641) › PART II - Communications (§§ 265 — 539) › Chapter 25A - Negotiation Process for the Sale of Assets (§§ 431 — 437) › § 431 - Definitions

The following terms shall have the meaning stated hereinbelow, unless another meaning clearly arises from the text:
(a) Stock.— Shall mean stock of any type (common or preferred) of any direct or indirect subsidiary of the Authority, of any corporation created pursuant to this chapter, or of any corporation that acquires the assets of the Authority.
(b) Authority.— Shall mean the Puerto Rico Telephone Authority, created by §§ 401 et seq. of this title.
(c) Bank.— Shall mean the Government Development Bank for Puerto Rico, created by §§ 551 et seq. of Title 7.
(d) Assets of the Authority.— Shall mean all or any of the assets, resources and rights of any nature, chattel, real property or mixed, tangible or intangible property of the Authority or of any of its direct or indirect subsidiaries, including the stock of any of said subsidiaries.
(e) Negotiating Committee.— Shall mean the Negotiating Committee for the Sale of the Assets of the Puerto Rico Telephone Authority established through a resolution of the Board, which shall be composed of three (3) members of the Board, the Executive Director and the President of the Bank. The President of the Bank shall be the Chairperson of the Negotiating Committee.
(f) Buyer.— Shall mean the person or persons (natural or juridical) that acquires or acquire all or some of the assets of the Authority.
(g) Executive Director.— Shall mean the Executive Director of the Authority.
(h) Employee.— Shall mean any person who, at the time of the sale is a union employee of the P.R.T.C., a regular managerial employee of the P.R.T.C. who has satisfactorily passed his/her probation period, or a confidential managerial employee of the P.R.T.C., but shall not include persons who render services to the P.R.T.C. by means of a contract through an employment agency.
(i) Union employee.— Shall mean any person who on the date of the sale is employed by the P.R.T.C. and is a member of an appropriate collective bargaining unit.
(j) Date of sale.— Shall mean the date on which the assets of the Authority are effectively transferred to the buyer.
(k) Infrastructure Development Fund.— Shall mean the fund created by law under this name, which shall be maintained and administered by the Authority for the Financing of the Infrastructure of Puerto Rico.
(l) Board.— Shall mean the Governing Board of the Authority.
(m) Person.— Shall mean any natural or juridical person, including any agency, instrumentality or public corporation, corporation, partnership, cooperative partnership, association of cooperatives, special employee-owned corporation or any combination of the above, created, organized or existing under the laws of the Commonwealth of Puerto Rico, of the United States of America or of any state or foreign country.
(n) Net proceeds of the sale.— Shall mean the total price paid for the assets of the Authority, less the sums used or set aside to pay the debt of the Authority as of the date of the sale, and the costs related to the payment of said debt, the expenses incurred by the Authority, the Bank and the Office of the President and Speaker of the Legislative Bodies, if it were necessary, related to the transaction of the sale, and those other sums that the Bank or the Authority use or set aside to settle any liability or contingency of the Authority related to said sale.
(o) P.R.T.C.— Shall mean the Puerto Rico Telephone Company and its subsidiaries.
(p) Retirement System.— Shall mean the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities created by §§ 761 et seq. of Title 3.
History —Aug. 4, 1997, No. 54, § 2.