P.R. Laws tit. 21, § 1096d
The Corporation shall have and may exercise the following powers and rights, besides those conferred in other sections of this chapter:
(a) To have perpetual existence.
(b) To sue, be sued and defend itself before all courts with jurisdiction over the Corporation.
(c) To adopt, use and alter its corporate seal at will.
(d) To acquire through donations, purchase or in any other manner, retain, receive, lease, sublet, administer, manage, maintain, operate, improve and use any license, franchise or real, personal or mixed tangible or intangible property or any interest in these, with the prior approval of the Planning Board unless the latter, by justified petition of the Corporation exempts, through a resolution, the same from presenting before the Board those transactions that in its judgment are meritorious in benefit of the public interest.
(e) To sell, transfer, lease, sublet, assign, grant rights of fee simple ownership and surface rights or of any other type or to otherwise dispose of or transfer any of its real, personal or mixed tangible or intangible property or any interest or rights in the latter, in the form, manner and to the degree that the Corporation may determine, including but not limited to procedures for soliciting qualifications or soliciting proposals or competitive negotiations, subject to the restrictions provided in this chapter.
(f) To enter into and grant contracts, agreements and other instruments with public or private entities, including but not limited to sales contracts, leases, joint enterprises and partnerships, to achieve the purposes of this chapter or that are necessary and convenient in the exercise of any of its powers.
(g) To draft, adopt, amend and repeal rules and regulations to govern its activities, as well as its internal operations, and to exercise and discharge the powers and duties it has been granted and imposed by law.
(h) To take and grant loans, as well as to guarantee, through bond or letter of credit, loans and other obligations incurred by public or private entities, for the purpose of financing or subsidizing the cost of urban renewal, reconstruction or revitalization projects and any of its corporate purposes and to fulfill said purposes.
(i) To pledge, mortgage and in any other manner encumber or cede any of its real, personal or mixed tangible or intangible property and its present or future revenues or receipts, including but not limited to any right the Corporation may have under any contract or shares in a partnership or stock in a corporation.
(j) To procure insurance with such covers, including, but not limited to insurance policies that cover the prompt payment in full of the principal and the interest on the obligations of the Corporation, in those amounts and with those insurance companies which the Corporation may determine to be necessary or desirable for its purposes.
(k) To invest its monies according to the regulations promulgated by the Government Development Bank for Puerto Rico for government entities, pursuant to §§ 1261–1263 of Title 7, or any subsequent law.
(l) To acquire, own and dispose of stock and certifications entitled to acquire stock, shares (preferred or not) in corporations, partnerships, societies and joint enterprises and any other securities issued by any corporate entity organized under the laws of the Commonwealth of Puerto Rico or authorized to conduct business in the Commonwealth of Puerto Rico or partnerships, societies or joint enterprises organized in the Commonwealth of Puerto Rico or the United States devoted to projects related to the revitalization of urban centers in the Commonwealth of Puerto Rico; and to exercise all and every power and right related to the same, all this pursuant to the purposes of this chapter.
(m) To appoint and employ all officers, agents, employees or managers required for the performance of its duties and fix and determine their qualifications, duties and remuneration and retain and employ other agents or consultants, including but not limited to architects, city planners, economists, auditors, engineers, attorneys and private consultants, through contracts or in any other manner, so that they may render or provide professional or technical advi[c]e.
(n) To appoint and employ an Executive Director, who shall be the chief executive officer of the Corporation, and who shall receive the remuneration determined by the Board and serve pursuant to the will and discretion of the Board.
(o) To acquire through purchase, option to purchase, public bidding, purchase in installments, cession, donation, exchange or in any other manner, under the terms and in the manner the Corporation may consider suitable, or by exercising the right of expropriation, with the prior approval of the Planning Board, unless the latter, by justified petition of the Corporation or the Department exempts the same from presenting before the Board those transactions that in its judgment are meritorious in benefit of the public interest regarding those parcels of land or rights over lands, public or private, easements and other rights as deemed necessary or suitable for achieving its purposes. Any real or personal property and all rights the Corporation may deem necessary to acquire to achieve its purposes, shall be hereby declared to be of public benefit and the same may be expropriated by the Corporation, pursuant to the provisions of § 1096e of this title, without the previous need for issuing a public benefit statement, as provided by § 2902 of Title 32, part of the General Expropriation Act of March 12, 1903, as amended, or any subsequent law.
(p) To accept and receive donations or subsidies from any agency to help the Corporation achieve its purposes. To accept and receive assistance or contributions from any monetary source or as property, services, labor, or other valuables that shall be retained, used and applied only for the specific purposes for which said concessions and contributions are made.
(q) To fix, charge, alter and collect, rent, fees, prices and other charges that any tenant, lessee, concessionaire, user, exhibitor, franchise holder or seller must pay to the Corporation for the use of any of its properties and/or goods and services to be provided by the Corporation with relation to said uses.
(r) To impose conditions and restrictions on transfers of and encumbrances on properties or any right over the same, or define the qualifications of persons entitled to acquire the properties or any right to the same by any means. The properties or rights on the same, whose ownership has been in this manner transferred, shall be encumbered by those restrictions imposed by the Corporation, as the Corporation may deem necessary.
(s) To enter into and execute contracts with third parties in relation to the fulfillment and implementation of any of its powers, rights and responsibilities.
(t) To exercise full ownership and intervention over all its properties and activities, including the power to determine the use and investment of its funds according to the applicable legislation, the nature and need for all expenses and the manner in which these are to be incurred, authorized and paid through the establishment of an expeditious regulatory procedure for these purposes that would guarantee the legitimate use of the public funds.
(u) To take any action and do everything necessary or convenient to promote the purposes and the general welfare of the Corporation, and to implement the powers and rights granted to the same and the duties imposed by this chapter or any other act.
History —Aug. 11, 2004, No. 209, § 2.02.