P.R. Laws tit. 10, § 691l
It shall be unlawful for any person to act as investment adviser of a registered investment company, except pursuant to a written contract, with such registered company or with an investment adviser of such registered company, which shall be approved by a majority of members of the board of directors (including a majority of members that are other than interested persons of the registered company or investment adviser) and that:
(a) Precisely describes all compensation to be paid thereunder.
(b) Shall continue in effect for a period of less than or equal to two (2) years from the date of its execution; provided, that such continuance is specifically approved annually by a majority of the board of directors and directors that are other than interested persons.
(c) Provides that the contract may be terminated at any time by a majority of the board of directors of such registered company within not more than sixty (60) days” written notice of such termination.
(d) Provides that the contract may not be alienated, transferred, or assigned to third parties.
History —July 30, 2013, No. 93, § 15, eff. 120 days after July 30, 2013.