P.R. Laws tit. 7, § 587
The Bank shall be and is hereby appointed and authorized to act as agent for the payment of interest and principal of bonds, notes or other evidences of indebtedness issued by any public service enterprise or authority owned or controlled by the Commonwealth Government heretofore created or hereinafter created, including but without limiting thereto, the Puerto Rico Electric Power Authority, Puerto Rico Ports Authority, Development Company of Puerto Rico, Puerto Rico Agricultural Development Company, Puerto Rico Aqueduct and Sewer Authority, Puerto Rico Land Authority, Puerto Rico Communications Authority (each of which is hereinafter sometimes referred to as a “unit”). No such unit shall select any other bank, trust company, individual or partnership or corporation to act as such paying agent, for such purposes, unless the Bank shall, by resolution of its Board of Directors, determine not to act as such paying agent, for such unit, in such instance. In the event that the Bank shall determine not to act as such paying agent, for such unit, in such instance, the selection of the paying agent or paying agents, in the event that the appointment of more than one is determined to be advisable, shall be at the election of the Bank and it shall further be within the discretion of the Bank, by resolution of its Board of Directors, to determine to act as co-paying agent for each unit in each instance.
History —May 15, 1945, No. 272, p. 952, §§ 7, 15.