reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248g - Quality Control Center—Charge for services

The Center is hereby empowered to charge for services rendered to any government organization, including agencies, departments and public corporations or, when deemed pertinent, it may render such services free of charge.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 8, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248h - Quality Control Center—Use of distinctives prohibited

It is hereby declared illegal, the use of the distinctives created under subsection (c) of § 248b of this title without due authorization of the Center.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 9, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248i - Quality Control Center—Use of distinctives, penalties

Any natural or juridical person using these distinctives, without due authorization of the Center, shall be guilty of a misdemeanor and upon conviction, punished by a fine of not less than one hundred dollars ($100) or more than five hundred dollars ($500) for the first violation, and for subsequent violations, by a fine of not less than five hundred dollars ($500) or more than one thousand dollars ($1,000). Should any natural or juridical person insist in the use of such distinctives, without being authorized, the Director of the Center shall notify the Secretary of Justice, who shall proceed with the adequate legal measures to stop the unlawful use of the distinctives.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 10, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248j - Quality Control Center—Board of Appeals

The Economic Development Administrator is hereby empowered to create a Board of Appeals, to take cognizance of those cases where a quality distinctive is denied, or cancelled after awarded, to a specific product. The Board of Appeals shall prepare its own bylaws which shall be approved by the Economic Development Administrator.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 11, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248k - Quality Control Center—Reports to Governor and Legislature

The Director of the Center, through the Economic Development Administrator, shall render the Governor of Puerto Rico and the Legislature a report on the work performed by the unit each fiscal year, and an evaluation of such work in terms of the objectives of the program. The Governor shall have this report within one hundred twenty (120) days on and from the close of the corresponding fiscal year.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 12, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248l - Quality Control Center—Appropriations

The sum of two hundred thousand dollars ($ 200,000) is hereby appropriated to the Center from unencumbered funds in the Commonwealth Treasury to enforce the purposes of §§ 248—248m of this title. The funds necessary for subsequent fiscal years shall be set aside in the General Budget of Expenditures of the Economic Development Administration.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 13, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248m - Quality Control Center—Transfer of funds and functions

All those funds available by virtue of Joint Resolution No. 38 of May 25, 1973, which are in possession of the Director of the Puerto Rico Quality Control Program of the Economic Development Administration on the date this act takes effect shall be transferred to the Center. The Administrative Unit created by virtue of said resolution is hereby expressly abolished, all its functions being transferred to the Puerto Rico Quality Control Center.
History —Aug. 9, 1974, No. 22, Part 2, p. 660, § 14, retroactive to July 1, 1974.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248n - Promotion of Puerto Rican industries—Deputy Administrator; creation of office

The office of Deputy Administrator for the Promotion of Puerto Rican Industries, in the Economic Development Administration of the Commonwealth of Puerto Rico, is hereby created. The Deputy Administrator for the Promotion of Puerto Rican Industries shall be appointed by the Governor, by recommendation of the Economic Development Administrator, who shall determine his compensation, subject to the Governor’s approval.
History —July 16, 1985, No. 6, p. 621, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248o - Promotion of Puerto Rican industries—Definition

For the purposes of §§ 248n-248t of this title, the term “Puerto Rican industry” shall be interpreted as any industry which operates, or that proposes to operate with a substantial investment of capital, as determined by regulation, generated or funded by Puerto Ricans, or bona fide residents of Puerto Rico.
History —July 16, 1985, No. 6, p. 621, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248p - Promotion of Puerto Rican industries—Functions of Deputy Administrator

The Deputy Administrator for the Promotion of Puerto Rican Industries shall attend exclusively, and with priority, to everything related to the complexities, development and promotion of Puerto Rican industry, in coordination and with the approval of the Administrator of the Economic Development Administration. He shall manage his work by placing special emphasis on attaining goals and developing effective courses of action in the following areas, among others:
(1) Develop Puerto Rican Industries that generate new sources of employment.
(2) Stimulate demand for local consumption, and for exportation of Puerto Rican industry products.
(3) Increase production and diversify Puerto Rican industry products.
(4) Sophisticate the marketing systems.
(5) Broaden and facilitate financing opportunities.
(6) Effectively publicize the services offered to Puerto Rican industries by the Administration.
(7) Effectively promote products manufactured by Puerto Rican industries.
History —July 16, 1985, No. 6, p. 621, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248q - Promotion of Puerto Rican industries—Extensive study of pertinent areas

As soon as the Deputy Administrator is appointed, the Economic Development Administrator shall require him to carry out an extensive study of the present status, deficiencies, needs, and achievements in the areas introduced in § 248p of this title, and any others that the Administrator, and/or Deputy Administrator deem that should be studied to assist in promoting the development of Puerto Rican Industry. During the course of the study, he must take into consideration the opinions and recommendations of all sectors of the industrial community.
History —July 16, 1985, No. 6, p. 621, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248r - Promotion of Puerto Rican industries—Conclusions after specific recommendations

As soon as study is finished, the Deputy Administrator must prepare a report on his conclusions and specific short- or long-term recommendations to insure the achievement of success in the fields studied. The Administrator of the Economic Development Administration, in coordination and with the participation of the Office of the Management and Budget of the Commonwealth of Puerto Rico, must restructure the present administrative and operational composition of the Department of Puerto Rican Industries, pursuant to the study and report on recommendations, and with the advice of the Deputy Administrator.
History —July 16, 1985, No. 6, p. 621, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248s - Promotion of Puerto Rican industries—Appearance before legislature

After six (6) months from the effective date of this act have elapsed, the Administrator of the Economic Development Administration, together with the Deputy Administrator, shall appear before the Legislature to present and explain:
(1) The study performed and its findings with regard to each of the priority areas mentioned in § 248p of this title, and any others that were included.
(2) The administrative and operational restructuring and any other measures, or activities provided to achieve the most effective promotion of the development of Puerto Rican industry, pursuant to the Report on Conclusions, and recommendations of the short and long-term plans.
History —July 16, 1985, No. 6, p. 621, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 21 - Economic Development Administration (§§ 231-241 — 248t) › § 248t - Promotion of Puerto Rican industries—Annual report to governor

The Economic Development Administrator shall inform the Governor, annually, of the achievements, activities, and other matters he may deem proper, with regard to the implementation of §§ 248n-248u of this title.
History —July 16, 1985, No. 6, p. 621, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262 - Tax exemptions—Property

All real and chattel property, including land, buildings, equipment, accessories, vehicles, and any property currently owned or to be acquired in the future by any community economic development entity or its subsidiaries sponsored by Titles II and VII of the Federal Economic Opportunities Act, and by special employee-owned corporations or their subsidiaries for the development of their goals and purposes is hereby exempted from the payment of Commonwealth or municipal property taxes.
History —Apr. 20, 1979, No. 37, p. 90, § 1; Sept. 11, 1979, No. 5, p. 996; Aug. 29, 1990, No. 74, p. 415, § 6, eff. 30 days after Aug. 29, 1990.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262a - Tax exemptions—Income or gross income

The income or gross income received by said entities or their subsidiaries as a result of their operations are hereby exempted from the payment of any type of taxes or any other duties.
History —Apr. 20, 1979, No. 37, p. 90, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262b - Tax exemptions—Machinery, equipment, apparatus, accessories and vehicles

Any machinery, equipment, devices, accessories and vehicles acquired, purchased or imported by special employee-owned entities and corporations or their subsidiaries mentioned above for the development of their goals and purposes, is hereby exempted from the payment of excise taxes, duties and any other type of import or sales tax.
History —Apr. 20, 1979, No. 37, p. 90, § 3; Aug. 29, 1990, No. 74, p. 415, § 6, eff. 30 days after Aug. 29, 1990.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262c - Tax exemptions—Interest

Interest earned from obligations or bonds issued by any community economic development entity and its subsidiaries sponsored by Titles II and VII of the Federal Economic Opportunities Act and by special employee-owned corporations and their subsidiaries, for the development of their goals and purposes shall not be included in the income or gross income and shall be tax exempt. In the case of obligations and bonds issued by the special employee-owned corporations, the tax exemption shall be granted for each obligation or bond for a term of not more than fifteen (15) years.
Interest earned on obligations or bonds issued by the special employee-owned corporations whose payment of principal and interest is guaranteed by obligations or bonds of corporations or partnerships that, in turn, have been acquired by the special employee-owned corporation shall also be excluded from gross income and tax exempt, as long as:
(1) The net income resulting from the difference in price, payment coupon, or interest rate of the issued obligations or bonds or from the acquired obligations or bonds is used by the special employee-owned corporations or their subsidiaries for:
(a) The phases of development and construction of the facilities in which they operate or shall operate on land whose use has been ceded or leased by the state or by any nonprofit institution duly acknowledged by the Department of the Treasury, and
(b) the expenses pertaining to the issuing of the obligations or bonds.
(2) There is a contractual obligation setting forth that at the termination of the leasing contract or when the special employee-owned corporation ceases operations in said land, it shall transfer the proprietorship of said infrastructure to the Commonwealth of Puerto Rico or to a charity or educational organization duly acknowledged by the Secretary of the Treasury.
(3) The Secretary of the Treasury approves the issuing of the obligations or bonds of the special employee-owned corporation and the amount of said issuing.
This exemption shall be granted for each obligation or bond for a term of not more than fifteen (15) years.
History —Apr. 20, 1979, No. 37, p. 90, § 4; Sept. 11, 1979, No. 5, p. 996; June 26, 1992, No. 15, § 14; Aug. 28, 2003, No. 223, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262c-1 - Tax exemptions—Excise taxes and other municipal taxes

Special employee-owned corporations are hereby exempted from the payment of excise taxes and other muncipal taxes imposed by any municipal ordinance.
History —Apr. 20, 1979, No. 37, p. 90, added as § 5 on June 26, 1992, No. 15, § 14, eff. 30 days after June 26, 1992.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22B - Economic Development Entities (§§ 262 — 262d) › § 262d - Tax exemptions—Subsidiaries defined

For the purposes of §§ 262 et seq. of this title, subsidiaries shall be those whose total voting shares belong to the community economic development entity and to the subsidiaries of the special employee-owned corporations as authorized in Section 1509 of Act No. 3 of January 9, 1956.
History —Apr. 20, 1979, No. 37, § 5; Aug. 29, 1990, No. 74, p. 415, § 6; renumbered as § 6 on June 26, 1992, No. 15, § 14, eff. 30 days after June 26, 1992.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263 - Title

This chapter shall be known as the “Puerto Rico Fund for Securing Loans to Eligible Businesses Act”.
History —July 9, 1985, No. 97, p. 313, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263a - Definitions

The following phrases and terms shall have the meaning indicated below, except when another meaning is clearly derived from their context:
(a) Fund.— Puerto Rico Fund for Securing Loans to Eligible Businesses.
(b) Company.— The Commercial Development Company of Puerto Rico.
(c) Regulations.— The regulations authorized by this chapter.
(d) Secured creditor.— The commercial banks, associations, credit unions, or any financial institution to whom payment of the principal and interest of a loan granted to an eligible business has been secured.
(e) Eligible business.— Any individual enterprise, association or domestic corporation, constituted or incorporated by persons who have resided in Puerto Rico, which has been acquired or capitalized by a sum no greater than five hundred thousand dollars ($500,000). Provided, That the sales volume during the last annual period of operations of those enterprises established for one (1) year or more shall not exceed five million dollars ($5,000,000).
(f) Collateral.— Any capital asset that has a determinable economic value, including personal and real property, joint and several guarantees, and any commitment to compensate or indemnify the secured loan, including, but not limited to, allocation of life insurance, accounts receivable, and inventory.
(g) Administrator of the Fund.— The Executive Director of the Commercial Development Company of Puerto Rico.
(h) Letter of commitment.— A written commitment from the Fund attached to the Commercial Development Company, to secure payment of the principal and interest on loans granted by a secured creditor to eligible businesses, up to the limits established by this chapter.
(i) Secondary market.— The market where financial institutions that have obligations secured by the Fund may sell or grant credits secured by the Fund to third persons and/or institutions.
(j) The Bank.— Government Development Bank for Puerto Rico.
(k) Securities Committee.— Shall administer the affairs of the Fund; it shall be composed of the President of the Government Development Bank, the President and the Executive Director of the Commercial Development Company of Puerto Rico, or their authorized representatives.
History —July 9, 1985, No. 97, p. 313, § 2; July 23, 1987, No. 6, p. 609.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263b - Creation

(a) A Fund for Securing Loans to Eligible Businesses in Puerto Rico is hereby created, attached to the Commercial Development Company of Puerto Rico, which shall have as its primary purpose the promotion of the development of Puerto Rico’s economy, by making financing available to eligible businesses and enterprises by securing loans for diverse uses.
(b) The debts, obligations, contracts, notes, receipts, expenses, accounts, funds, enterprises and properties of the Fund shall be its sole responsibility, and not that of the Commercial Development Company or of the Commonwealth of Puerto Rico, its agencies, instrumentalities and other public corporations.
History —July 9, 1985, No. 97, p. 313, § 3.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263c - Faculties and powers

The Fund shall have and exercise all the powers and faculties listed as follows:
(a) To sue and be sued.
(b) To secure the payment of the principal and interest on loans granted for the purposes and under the terms of this chapter, as provided hereinafter.
(c) To acquire in any legal manner, including but not limited to, the acquisition through purchase, bequest, legacy, donation, legislative appropriations, or transfers of capital, any type of assets, or funds, in order to carry out the purposes of this chapter, and specifically, those assets or funds which it must acquire in exchange for the payment of the securities offered under this chapter, or through the foreclosure of mortgages assumed by virtue of said securities.
(d) To invest in obligations secured by the United States or the Commonwealth of Puerto Rico, and in bank certificates of deposit, in addition to administering its resources and funds.
(e) To sell, lease, transfer, or in any way dispose of property acquired as a result of the enforcement of this chapter.
(f) To borrow money and contract debts, when said obligations are incurred in order to comply with the purposes for which the Fund is created, under such terms and conditions that its Securities Committee may from time to time determine.
(g) To exercise all those corporate powers granted to corporations pursuant to the laws of Puerto Rico, and exercise them within and without Puerto Rico, to the same extent, and manner, as a natural person would be able to.
(h) To establish all those measures that may be necessary and convenient to develop a secondary market for loans secured by the Fund.
(i) To appoint all its officers, agents and employees, and grant them all the powers, faculties, responsibilities and authority it deems proper, impose their duties, fix and pay them the remuneration it determines, subject to the policy, regulations and procedures approved by the Securities Committee. The appointing of officials, agents and employees shall be done taking into consideration the preservation of existing jobs. The disposal of all personnel matters of the Fund shall be executed without being subject to Act No. 5 of October 14, 1975, known as the “Puerto Rico Public Service Personnel Act”.
(j) To exercise all those powers incidental to, or that could be necessary and convenient, to achieve the purposes of this chapter.
History —July 9, 1985, No. 97, p. 313, § 4.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263d - Administration

(a) The business of the Fund shall be administered, and its corporate powers exercised by a Securities Committee, that shall be composed of the Administrator of the Fund, the President of the Commercial Development Company, the President of the Government Development Bank, or their authorized representatives.
(b) Secure payment of up to eighty percent (80%) of the principal and interest of loans granted by financial institutions to eligible businesses, for the purposes and under the technicalities addressed by this chapter.
(c) The Executive Director of the Commercial Development Company shall be the Administrator of the Fund and shall have those duties and responsibilities assigned to him by the Securities Committee.
(d) In addition to administering its resources and funds, to invest in direct obligations or those secured by the United States or the Commonwealth of Puerto Rico, or by any of its political subdivisions, agencies, instrumentalities and public corporations, and in certificates of deposit, or bank acceptances, issued by banks organized under the laws of the Commonwealth of Puerto Rico, the United States, or the states of the American Union, provided that the funds are secured to the satisfaction of the Government Development Bank for Puerto Rico.
(e) The Administrator of the Fund shall render periodic reports to the Securities Committee related to expenses incurred during his tenure and the income obtained in its operations.
History —July 9, 1985, No. 97, p. 313, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263e - Purposes of loans; limits of security

(a) The Fund may secure up to eighty percent (80%) of the principal and interest on loans granted by financial institutions to eligible businesses, for the acquisition of personal and/or real property, and/or working capital needed for its operations. The purposes and limits of securities shall be established by regulations to such effect which shall have to be unanimously approved by the members of the Securities Committee.
History —July 9, 1985, No. 97, p. 313, § 6.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263f - Regulations

Within ninety (90) days after approval of this act, the Fund, through the President and Executive Director of the Company, and the President of the Bank, shall adopt regulations that shall govern the securing of the principal and interest of loans granted under the terms of this chapter, including, but without being limited to the following criteria:
(1) Eligibility requirements, processing, conditions to obtain security for financing and all the provisions deemed pertinent to the implementation of the powers and purposes granted to the Fund by this chapter.
(2) Pertinent provisions which would ensure that the secured loan will be used by the eligible business, solely for the purposes established by this chapter.
(3) Provisions which establish that only property, or assets on first and second mortgages on personal property, shall be accepted as security; and that property or assets on which there are other liens, other than said mortgages which could encumber the collection of the secured debt, will not be accepted; if those other liens referred to exist, they shall be subject to subordination.
History —July 9, 1985, No. 97, p. 313, § 7.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263g - Viability study; letter of commitment

(a) The Fund shall carry out an economic financial viability study in each case, which will ensure that all the loans have a reasonable probability of payment, and collateral consisting of personal or real property, or a combination of both signatures or joint and several guarantees, or other acceptable collateral, or a combination of any of those mentioned. These loans shall be secured subject to the conditions established by this chapter, and the regulations approved pursuant to it.
History —July 9, 1985, No. 97, p. 313, § 8.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263h - Authorization to incur obligations

The Fund is hereby authorized to borrow money from the Government Development Bank or any other financial institution, up to a maximum of five million dollars ($5,000,000) at an interest rate that does not exceed the maximum legal rate. The Legislature shall appropriate to the Fund annually, from funds of the Treasury of Puerto Rico, the amounts necessary to cover the payment of principal and interest of the obligations authorized herein and incurred, to comply with the purpose of this chapter. Provided, That, upon making payment of securities granted, the Fund shall first use for such payment the accumulated income obtained from the fees for issuing of the security. If the accumulated income is insufficient, the Company shall transfer to the Fund those amounts necessary to cover such a deficiency from its accumulated surplus. If, at the moment, the Company does not have sufficient accumulated surplus available to cover such a deficiency, then, the Fund may incur the obligation authorized herein and require the Director of the Office of the Management and Budget of the Commonwealth of Puerto Rico, through certification, to include the amount necessary for the payment of principal and interest of said obligation up to the maximum amount authorized herein, in the general expense budget for the next fiscal year.
History —July 9, 1985, No. 97, p. 313, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263i - Reports

(a) Every eligible business benefited by the provisions of this chapter must file an annual report before the Fund, through the securing creditor who granted the loan, specifying its financial situation and the manner in which the funds received under the loan security program established by this chapter are being used or have been used. The Fund may take whatever measures it deems necessary, including the imposition of surcharges and suspension of benefits, in order to obtain faithful compliance of this obligation. The securing creditor shall be responsible for obtaining said report from the client and remitting it to the Fund.
(b) The Executive Director of the Fund shall render an annual report on the operations of the Fund to the Legislature of Puerto Rico, and to the Governor of Puerto Rico at the beginning of each regular session.
This report shall include:
(1) A statement audited by professionally recognized external auditors, selected by the Securities Committee.
(2) A report of the transactions carried out from the creation of the Fund, or from the date of its last report.
History —July 9, 1985, No. 97, p. 313, § 10.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263j - Security of deposits of public funds

(a) The interest derived by the securing creditor on loans secured pursuant to this chapter, up to eighty percent (80%), may be used by the securing creditor to secure deposits of public funds of the Commonwealth of Puerto Rico.
History —July 9, 1985, No. 97, p. 313, § 11.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263k - Fees

The Fund shall fix the fees it should receive for the issuing of its securities, which shall not be less than one percent (1%) of the principal of each security, or the percent it deems necessary to cover administrative expenses in full or in part, pursuant to regulations to such effect.
History —July 9, 1985, No. 97, p. 313, § 12.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 22C - Puerto Rico Fund for Securing Loans to Eligible Businesses (§§ 263 — 263l) › § 263l - Books and records

The Executive Director of the Fund shall keep the moneys, assets and obligations of the Fund completely separate, and shall keep its books and records separated, and they shall be audited annually by an independent firm of accountants of acceptable professional reputation, designated by the Securities Committee.
History —July 9, 1985, No. 97, p. 313, § 13.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 271 - Short title

Sections 271—291a of this title may be cited as the “Puerto Rico Industrial Development Act”.
History —May 11, 1942, No. 188, p. 934, § 1; Apr. 5, 1946, No. 285, p. 658, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 272 - Definitions

The following terms, whenever used or referred to in §§ 271—291a of this title, shall have the following meanings, except where the context clearly indicates otherwise:
(a) Company.— Shall mean the Puerto Rico Industrial Development Company created by §§ 271—291a of this title.
(b) Bonds.— Means bonds, notes or other evidences of indebtedness or obligations.
(c) Department.— Shall mean the Department of Economic Development and Commerce created by virtue of Reorganization Plan No. 4 of June 22, 1994, App. X of Title 3.
(d) Secretary of the Department.— Shall mean the Secretary of Economic Development and Commerce.
(e) Words used in the singular number include the plural number and vice versa, and words referring to persons include firms, partnerships of all kinds and corporations.
History —May 11, 1942, No. 188, p. 934, § 2; Apr. 5, 1946, No. 285, p. 658, § 3; May 14, 1952, No. 456, p. 950, § 1; June 18, 1958, No. 47, p. 82, § 1; Dec. 29, 1997, No. 203, § 1, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 273 - Legislative purpose

It is the intention of the Legislature that the activities of the Company to which the subsequent sections refer will benefit the inhabitants of Puerto Rico by discovering and developing the human and economic resources of the Commonwealth to the fullest possible extent as part of the New Economic Development Model for the general benefit of the People of Puerto Rico, which the latter, with regard to its industrial aspect, puts into practice through the Company. The Company may, at its discretion, collect fees for studies and services rendered to private entities and persons interested in such studies and services for the purposes of §§ 271—291a of this title.
History —May 11, 1942, No. 188, p. 934, § 6(b); Apr. 5, 1946, No. 285, p. 658, § 4; renumbered as § 3 and amended May 14, 1952, No. 456, p. 950, §§ 5, 15; Dec. 29, 1997, No. 203, § 2, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 274 - Creation and composition

(a) A body corporate and politic is hereby created which shall constitute a public corporation and government instrumentality of the Commonwealth of Puerto Rico with the name of the “Puerto Rico Industrial Development Company”.
(b) The Company hereby created is and shall be a government instrumentality attached to the Department, as provided herein, but it is a public corporation having legal existence and personality separate and apart from that of the Government and of all officials thereof.
(c) The powers of the Company shall be exercised and its policy shall be determined by a Board of Directors, henceforth “the Board”, constituted by seven (7) members and composed of the Secretary who shall be its Chairperson, the President of the Government Development Bank for Puerto Rico, the Secretary of the Treasury, the President of the Planning Board and three members of the private sector to be appointed by the Governor of Puerto Rico with the advice and consent of the Senate. The term of office of the members of the private sector shall be of four (4) years. Any vacancy arising in said offices shall be filled by appointment of the Governor within a period of sixty (60) days from the date said vacancy occurs, and for the remainder of the term.
Four (4) members of the Board shall constitute quorum and all decisions shall be made by the majority of its members.
Those members of the Board who are officials of the Government of Puerto Rico shall not receive any compensation for their services. The remaining members shall be entitled to receive the per diems fixed by the Board from time to time, on the basis of the per diems paid to similar instrumentalities for each Board meeting they attend, as certified by the Secretary thereof. The Company shall reimburse the necessary expenses incurred in the exercise of their duties.
The debts, obligations, contracts, bonds, notes, due bills, receipts, expenditures, accounts, funds, concerns and property of the Company, its officials, agents or employees, shall be deemed to be those of said government controlled company and not those of the Commonwealth Government nor of any office, bureau, department, commission, dependency, municipality, branch, agent, official or employee thereof.
History —May 11, 1942, No. 188, p. 934, § 3, renumbered as § 4 and amended May 14, 1952, No. 456, p. 950, §§ 2, 15; June 18, 1958, No. 47, p. 82, § 2; Dec. 29, 1997, No. 203, § 3, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 275 - Industrial promotion

The Company is authorized and empowered to promote, persuade and induce private capital to initiate and maintain in operation, and otherwise promote the establishment and functioning of, all kinds of commercial, cooperative or mining operations, and industrial operations related with the utilization, processing and manufacture, through the use, among others, of the following materials: silica sands, clays, fibers of all kinds; agricultural, animal, forestry, mining, fisheries and chemistry products, and any by-product, derivative and wastes thereof, and finished and semi-finished products.
Whenever it may be deemed convenient by the Company, and subject to the applicable provisions of § 276 of this title, it may initiate one or more of such operations on its own initiative or associated with other private or government entities, or through participation in any adequate manner, or through the investment of Company funds in enterprises owned by others, or the investment of funds belonging to others in enterprises owned by the Company in whatever manners currently used or which may hereafter be used for the investment of funds in such operations. For these purposes, the Company may provide the facilities, financing and service which in its judgment are justified in each of such cases.
History —May 11, 1942, No. 188, p. 934, § 8; Apr. 5, 1946, No. 285, p. 658, § 5; renumbered as § 5 and amended May 14, 1952, No. 456, p. 950, §§ 6, 15; Feb. 23, 1954, No. 1, p. 104, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 276 - Promotion of investment of capital; investment by company in private enterprises; priority to residents

In addition to the other powers conferred herein, the Company is hereby authorized to promote and carry out those activities that shall tend to encourage investments in the manufacture and services sectors and in other enterprises, enable commercial exchange, foster the use in industrial enterprises of capital owned by residents of Puerto Rico, and prevent the evils of large-scale absentee ownership of capital and to that end, but without limitation thereto, it may impose requirements with regard to loans, permit that the owners of private capital to acquire any type and quantity of stock or other securities in the corporations it organizes, and shall acquire any kind and quantity of stock or other securities in corporations engaged in industrial or commercial enterprises initiated with private capital, whether of residents or nonresidents, under such terms, conditions and stipulations which the Company may prescribe; and it may, provided that all other factors being equal, grant preference and priority to residents for the investment of money in stock and in granting loans, and conduct any other transactions it deems proper.
History —May 11, 1942, No. 188, p. 934, § 9; Apr. 5, 1946, No. 285, p. 658, § 6; renumbered as § 6 on May 14, 1952, No. 456, p. 950, § 15; June 20, 1955, No. 80, p. 298; Dec. 29, 1997, No. 203, § 4, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 277 - Loans

In addition to the other powers herein granted, the Company is hereby authorized and empowered to make loans to any person, firm, corporation, or other organization when the amount of such loans is to be used to further the government purpose of developing the economy of Puerto Rico and especially its industrialization.
In making such loans, preference and priority shall be given, where other factors are equal, to enterprises governed by cooperative, governmental or other nonprofit organizations, or to enterprises which give the greatest return in terms of human welfare in Puerto Rico. The interest rate, maturity, and other terms of loans made by the Company and the character and value of the security to be required for granting them, shall be determined and fixed by the Company. No loan shall be made unless from business experience and the facts and circumstances of each case, the Company can reasonably predict that the enterprise which is to receive the loan will be able to repay the same, and that the said loan will be repaid.
History —May 11, 1942, No. 188, p. 934, § 7; June 22, 1957, No. 86, p. 420.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 280 - Officers

(a) The Executive Director of the Company shall be appointed by the Governor with the advice and consent of the Senate. The Executive Director shall hold office at the will of the Board of Directors and his/her remuneration shall be as determined by it. Subject to the control of the Board, the Executive Director shall be in charge of the activities of the Company and shall have those powers that are provided by the regulations of the Company.
(b) The other officers of the Company shall be appointed and their powers determined in accordance with the bylaws of the Company.
History —May 11, 1942, No. 188, p. 934, § 5, renumbered as § 10 and amended on May 14, 1952, No. 456, p. 950, §§ 4 and 15; renumbered as § 9 and amended on Dec. 29, 1997, No. 203, § 7; June 7, 1999, No. 123, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 282 - Bylaws

The regulations of the Company shall provide for the internal affairs of the latter and the duties and responsibilities of its officials. The regulations shall be approved, and shall be subject to be amended by the Board. No regulations or amendments thereto shall be effective until they have been duly recorded in the official book of minutes of the Company, after having been approved through a resolution of the Board. No regulation shall be inconsistent with the provisions of §§ 271-291a of this title.
History —May 11, 1942, No. 188, p. 934, added as § 12 May 14, 1952, No. 456, p. 950, § 12; renumbered as § 11 and amended on Dec. 29, 1997, No. 203, § 9, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 283 - Moneys and accounts

All the moneys of the Company shall be deposited in depositories qualified for funds of the Commonwealth Government, but they shall be kept in a separate account or accounts in the name of the Company. Disbursements shall be made by the latter pursuant to the regulations and budgets approved by the Company.
The Secretary of the Treasury, in consultation with the Company, shall establish the accounting system required for the adequate statistical controls and records of all expenses and income belonging to or managed and controlled by the Company. The Secretary shall also require that the accounts of the Company be kept in such a way that they may be segregated, insofar as may be advisable, in relation to the various types of activities of the Company. The Controller, or his/her representative, shall examine, from time to time, but not less than once a year, the accounts and books of the Company, including its loans, income, disbursements, contracts, leases, accrued funds, investments and any other matters related to its financial situation, and shall render a report thereof to the Governor, to the Board and to the Legislature of Puerto Rico.
History —May 11, 1942, No. 188, p. 934, § 12, renumbered as § 13 and amended on May 14, 1952, No. 456, p. 950, §§ 10, 15; renumbered as § 12 and amended on Dec. 29, 1997, No. 203, § 10, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 285 - Commonwealth and its subdivisions not liable on bonds

The bonds and other obligations issued by the Company shall not be a debt of the Commonwealth of Puerto Rico or any of its municipalities or other political subdivisions, and neither the Commonwealth of Puerto Rico nor any such municipalities or other political subdivisions shall be liable thereon, nor shall such bonds or other obligations be payable out of any funds other than those of the Company.
History —May 11, 1942, No. 188, p. 934, § 16, renumbered as § 15 on May 14, 1952, No. 456, p. 950, § 15; renumbered as § 14 on Dec. 29, 1997, No. 203, § 12, eff. Jan. 1, 1998.
2023 Laws of Puerto Rico › TITLE TWENTY-THREE - Public Planning and Development (§§ 1 — 11273) › PART II - Economic Development (§§ 231-241 — 695i) › Chapter 23 - Puerto Rico Industrial Development Company (§§ 271 — 303) › § 286 - Bonds legal investments for fiduciaries and security for public deposits

The bonds of the Company shall be lawful investment, and may be accepted as security, for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the Government of Puerto Rico or any officer or officers thereof.
History —May 11, 1942, No. 188, p. 934, § 17, renumbered as § 16 on May 14, 1952, No. 456, p. 950, § 15; renumbered as § 15 on Dec. 29, 1997, No. 203, § 12, eff. Jan. 1, 1998.