P.R. Laws tit. 7, § 1227q
(a) Personnel. — All personnel employed at the moment this act becomes effective in the Commercial Development Company and the Puerto Rico Exports Development Corporation, and their functions are hereby transferred to the Company pursuant to the provisions of this chapter.
(b) Property. —
(1) All assets of every type, including copyrights, agreements, liabilities, licenses and permits belonging to the Administration, in custody of the Department of the Treasury and the EDC by virtue of this chapter, are hereby transferred to the Company, without need to execute contracts, deeds, transfer documents nor endorsements or any kind of additional transfers, to become the property of, and shall be deemed as conveyed and transferred to the Commerce and Exports Corporation, which may freely dispose of them without any limitation.
(2) Free Trade Zone Number 61 of San Juan and the license under which it operates are hereby transferred to the Company to be managed by it.
(c) Property; other government entities. — The Commonwealth of Puerto Rico, its agencies and political subdivisions, including municipalities, are hereby authorized to cede and transfer to the Company, upon its request and under reasonable terms and conditions, without needing to hold a public auction or other legal formalities other than the granting of the corresponding deed, any property or interest in the same (including goods already devoted to public use), that the Company deems necessary or convenient to achieve its goals.
Pursuant to the provisions of this subsection, the deed to any property of the Commonwealth of Puerto Rico, including the title to any property to be acquired subsequently, may be transferred to the Company by the official in charge of said property or that has it under his/her jurisdiction.
The Secretary of the Department of Transportation and Public Works may transfer to the Company, free of any cost, the land belonging to the Commonwealth of Puerto Rico that, in the judgment of the Governor of Puerto Rico is needed by the Company to accomplish its ends and purposes.
The Secretary of the Department of Transportation and Public Works shall annually submit to the Legislature a list of the properties ceded and transferred to the Company by virtue of the authorization contained herein, and the appraisal of each property.
These provisions shall not be construed in the context of authorizing the ceding or transfer of property intended for other purposes by legislative provision.
History —Dec. 28, 2003, No. 323, §§ 20—22, eff. 90 days after Dec. 28, 2003.