P.R. Laws tit. 10, § 2512
(a) Any transaction whose outcome is a change in the person who operates the business shall be subject to authorization by the Commissioner after an evaluation of the application to that effect, which shall be considered as if it were a new application for a license. In such case the new applicant shall comply with the requirements established by law.
The concessionaire shall give notice to the Commissioner within the term of thirty (30) days, of any transaction whose outcome is a change in the control of twenty percent (20%) or more of any class of stock, interest or share in the capital of the concessionaire.
(b) Any sale, assignment, merger, barter, exchange, or other transfer of voting capital stock, interest, or shares in the capital of a concessionaire as stated in subsection (a) of this section, that has been carried out without the prior written authorization of the Commissioner, shall be null and void.
(c) The concessionaire shall notify the Commissioner thirty (30) days in advance, of any proposal for transactions referred to in subsection (a) of this section, the identity of both the transferor and the acquirer and the nature of the transaction, accompanied by the payment of the inspection fees referred to in § 2505 of this title.
(d) The Commissioner may require such additional information as he/she deems pertinent to determine whether the transaction would jeopardize the financial safety or soundness of the concessionaire or whether it would violate any applicable law, rule or regulation, in which case the Commissioner may deny the authorization. Any person to whom authorization is denied shall be entitled to request a hearing pursuant to §§ 2101 et seq. of Title 3, the “Uniform Administrative Procedures Act” and the Regulations promulgated thereunder, referred to in § 2517 of this title.
(e) Upon receiving notice of a proposed transaction that would bring about the control or transfer of control, it shall be the duty of the Commissioner to conduct the investigation he/she deems necessary in terms of the reputation, experience, and financial accounts of the buyer or of the assignor, in the following cases:
(1) If the reputation, experience, and financial accountability in question justify the belief that the business will be administered soundly, legally and fairly within the purposes of this chapter, and
(2) if the proposed transfer shall be necessary and convenient for the community in which the business is to operate and will not affect the public interest.
(f) The Commissioner may issue the corresponding authorization within a term of sixty (60) days starting from the date in which he/she receives all the documents related to the transfer of control when the outcome of such investigations is, in his/her judgment, satisfactory.
History —Aug. 11, 1996, No. 119, § 13, renumbered as § 12 and amended on Aug. 12, 1997, No. 73, § 1, eff. 30 days after Aug. 12, 1997.