P.R. Laws tit. 7, § 553
It is hereby found and declared that the purpose for which the Bank is created is to aid the Commonwealth Government in the performance of its fiscal duties and more effectively to carry out its government responsibility to develop the economy of Puerto Rico, particularly with respect to its industrialization, and is a public purpose in all respects for the benefit of the Commonwealth of Puerto Rico, and that therefore the Bank shall not be required to pay any taxes or assessments on any of the property acquired or to be acquired by it, or on its operations or activities, or on the income derived from any of its operations or activities. In order to facilitate the procurement of funds by the Bank to enable it to carry out its said purpose, all bonds, notes, debentures or other obligations of the Bank and the income therefrom shall be exempt from any income tax. The debts or obligations of the Bank shall not be debts or obligations of the Commonwealth Government or of any of the municipalities or other political subdivisions of Puerto Rico and neither the Commonwealth Government nor any of such municipalities or other political subdivisions shall be responsible for the same.
From the fiscal year beginning July 1, 2000 and ending on June 30, 2001, the Bank may transfer every year to the General Fund of the Commonwealth of Puerto Rico up to ten percent (10%) of its audited net income or the amount of ten million dollars ($10,000,000), whichever is greater. Said contribution may be transferred on the first day of the fiscal year, that is on July 1 of each year. However, if the payment is made prior to the completion of the audited financial statements, the ten percent (10%) computation shall be revised once said audited financial statements are submitted, and if any difference is found, the corresponding adjustment shall be made.
History —Sept. 23, 1948, No. 17, p. 290, §§ 5, 22; Apr. 26, 1957, No. 3, p. 3, §§ 2, 3; June 16, 2002, No. 82, § 2.