P.R. Laws tit. 21, § 4808
The special corporations shall have the following powers, in addition to those conferred by their certificate of incorporation and the applicable laws in effect in the Commonwealth of Puerto Rico:
(a) Make donations, without limits as to value or capital, provided the payment of their administrative obligations or financial obligations are not jeopardized. No special corporation for municipal development shall donate public funds or municipal property that have been donated, delegated or transferred to it by a municipality or by any public agency for any of the purposes provided in this subtitle, to another municipality, corporation, public or private dependency, unless there is a prior authorization of the municipality that cedes or transfers the same.
(b) Merge or consolidate with another non-profit corporation created under this subtitle or §§ 3501 et seq. of Title 14, after due notice to the mayor and the approval of the legislature.
In the case of a merger or consolidation of special corporations constituted in different municipalities, the prior approval of the corresponding mayors and municipal legislatures shall be required. The special corporation resulting from a merger or consolidation shall comply with the requirements of this subtitle and with the regulations adopted by the Commissioner of Municipal Affairs to this end.
(c) Promote projects and activities for the exclusive benefit of the municipality, even if they fall outside its territorial limits.
(d) Issue any type of obligation for corporate ends.
(e) Offer as collateral the revenue from any enterprise or project as well as any property obtained or built, or the amount of the income resulting from the operation of any business or facility; including in the sum to be secured such principal, interest, insurance, premiums, reserves and maintenance and services expenses, and other inherent expenses generated by the establishment and issuing of financial obligations.
(f) Accept donation or assignment of municipal assets or funds, from any public agency and from the federal government, subject to the provisions of this subtitle, and any other donations or assignments from any private, natural or juridical person.
History —Aug. 30, 1991, No. 81, § 17.008; Apr. 13, 1995, No. 36, § 55.