P.R. Laws tit. 28, § 362
Said bonds may be authorized by the Authority and they may be of such series; bear such date or dates; mature on such date or dates not later than forty (40) years after their respective dates; bear interest at such rate or rates not exceeding five percent (5%) per annum, payable semi-annually; may be of such denomination or denominations, and be in the form of coupon bonds or registered bonds; may have such registration or conversion privileges; may be executed in such form; may be payable in such form and in such place or places; be subject to such terms of redemption, with or without premium; may be declared or become due before the date of maturity; may provide for the reimbursement of mutilated, destroyed, stolen or lost bonds; may be authenticated in such form, after the conditions have been complied with, and contain such other terms and stipulations as may be deemed advisable. The bonds may be sold at public auction or in private, as the Authority may determine; Provided, That refunding bonds may be exchanged for outstanding bonds of the Authority, in accordance with such terms as the Authority may deem beneficial to the best interests thereof. Said bonds of the Authority shall be, and it shall be understood that they are at all times, negotiable instruments for all the purposes of the Uniform Negotiable Instruments Act in force in Puerto Rico, L.P.R.A. Title 19.
History —Apr. 12, 1941, No. 26, p. 388, § 45; May 15, 1950, No. 429, p. 1048, § 7, eff. July 1, 1950.