2023 Laws of Puerto Rico › TITLE TWENTY-SEVEN - Public Service (§§ 1 — 2641) › PART II - Communications (§§ 265 — 539) › Chapter 25 - Telephone Authority (§§ 401 — 425) › § 407 - General powers

The Authority shall enjoy all the powers that are necessary or convenient to carry out and execute the purposes and provisions of this chapter, including, but without limiting the general terms of the preceding, the power to:
(a) Exist as a corporation, until the Authority has sold or transferred the stock of all its subsidiaries and all its other assets and paid all its debts and obligations, at which time it shall cease to exist.
(b) Adopt, amend and repeal regulations to govern its affairs and business and to prescribe rules, regulations and norms regarding its compliance with its functions and duties.
(c) Adopt an official seal and alter the same at will.
(d) Keep offices in the place or places it determines.
(e) To sue and be sued on its behalf, to [accuse] and [be accused] against.
(f) Receive, administer and meet the conditions and requirements regarding any gift, concession or donation of any property or moneys.
(g) Have complete control and supervision of all its assets, of any type, whether real or personal property, tangible or intangible, or of any company whose total common stock issued and outstanding, except eligible paper, are owned by the Authority pursuant to the provisions of this chapter including, but without being limited to, the power to determine the nature and the need of all of its expenses and the manner they may be incurred, allowed and paid, without taking into consideration any provision of law that regulates the spending of public funds.
(h) Make and enter into agreements, leases, contracts and other instruments that are necessary or pertinent in the exercise of the powers and duties of the Authority under this chapter with any person, firm, corporation, federal agency and with the Commonwealth of Puerto Rico and any of its subdivisions, agencies or political instrumentalities.
(i) Enter into contracts with any person, firm or corporation for the administration of, or consulting or advisory services with regard to the Authority.
(j) Appoint a Secretary and those other officials, agents and employees and confer upon them those powers and duties and pay such compensation for their services that the Board of Directors shall determine.
(k) Borrow money for any of its corporate purposes.
(l) Sell or otherwise dispose of any real, personal or mixed property of the Authority or any interest in the same.
(m) Acquire, possess and dispose of stock, assets, contracts, bonds or other interest in any corporation or other entities and exercise all those powers and rights related to them, including all the rights and powers conferred, by law or agreement, to the stockholders of said corporation or entity and shall have absolute discretion to exercise its right to vote on any shares, as well as to dispose of, transfer or sell the same from time to time; Provided, however, That any dividend, distribution, proceeds of the sale, or any other income received by the Authority with respect to said stock shall be applied as provided in the Joint Resolution that authorizes the purchase-sale of the stock of P.R.T.C.
(n) Perform all those acts and things that are necessary or convenient to carry out the powers conferred by this chapter or any other act of the Legislature of Puerto Rico; Provided, however, That the Authority shall not be empowered to encumber the credit of the Commonwealth of Puerto Rico.
History —May 6, 1974, No. 25, Part 1, p. 136, § 7; Apr. 5, 1977, No. 7, p. 17; June 8, 1978, No. 2, p. 373; Jan. 21, 1987, No. 7, p. 934, § 2; Sept. 12, 1996, No. 215, § 6; renumbered as § 6 and amended on June 24, 1998, No. 94, § 7.