P.R. Laws tit. 7, § 1227o
To allow the Company to perform its functions, powers and, duties conferred by this chapter, the existing balances of the budget of the Administration that are still in the custody of the Department of the Treasury and the Corporation for the Development of Exports for the current fiscal year, and other funds available pursuant to other laws and special funds are hereby transferred. The transfer of said special funds shall serve to maintain the incentive and training programs, among others, existing at the time of the approval of this act.
The debts, obligations, properties and any other type of assets and liabilities attributed to the transferred funds shall not be the responsibility of the Department nor of other agencies, public corporations, political subdivisions or other government entities of the Commonwealth of Puerto Rico. Those debts, obligations, properties or other types of assets or liabilities shall be charged exclusively against the transferred funds.
A transition term of six (6) years for the Company to become self-sustaining is provided expressly. During this period, the company shall submit its petition to the Management and Budget Office for the Legislature to approve the funds for the operation, incentives and services of the Company. For subsequent fiscal years, the Legislature of Puerto Rico, in the exercise of its powers, may assign additional funds to maintain the incentives and services programs offered to the entrepreneurs and merchants. With regard to this item assigned by the Legislature, the Company shall submit to the Management and Budget Office or to the Department of the Treasury any reports required by them with regard to the use of the funds appropriated by virtue of this chapter, or any other funds received through other legislative appropriations.
The Company shall also submit to the Legislature and the Governor of the Commonwealth of Puerto Rico, on any other occasion that it is so required, official reports on all activities defrayed with the funds authorized pursuant to this section.
The Company shall keep a separate accounting for all obligations to be defrayed chargeable to the budget item appropriated in compliance with what is provided herein.
History —Dec. 28, 2003, No. 323, § 18, eff. 90 days after Dec. 28, 2003.