P.R. Laws tit. 7, § 611f
It is hereby determined and declared that the purpose for which the Bank is created is to help the Commonwealth of Puerto Rico in the execution of its government responsibilities of promoting the development of the economy of Puerto Rico, which is the public purpose in all respects for the benefit of all the residents of the Commonwealth of Puerto Rico; and, therefore, that the Bank will not be required to pay any contributions or taxes on any assets acquired or to be acquired by the Bank, on its operations or activities, or on the revenues received from any of its operations or activities. In order to expedite the obtaining of funds by the Bank and so that it may comply with its stated purposes, all bonds, notes, mortgage obligations and other obligations of the Bank, and the revenues derived therefrom shall be exempted from the payment of income, property or estate taxes. Furthermore, the Bank shall be exempted from the payment of fees and duties required by the property registry and the “Notary Act”, as well as those required in the courts of Puerto Rico.
History —July 24, 1985, No. 22, p. 735, § 7.