P.R. Laws tit. 21, § 6723
The dissolution and liquidation of an association shall be conducted pursuant to the provisions of Act No. 144 of August 10, 1995, known as the “General Corporations Law of 1995”, and any surplus existing after the liquidation shall be transferred to the municipality to be used exclusively by the latter for works and improvements in the area which had been set aside for the tourism improvement district. Provided, That in the event a tourism improvement district includes real property located in more than one municipality, any surplus funds after the liquidation shall be distributed among the municipalities where the real property of the district is located. Each municipality shall receive said funds in an amount proportionate to the contribution of the owners of the real property located in the district included in its municipality, from the total collected in the district.
In the event that any real or personal property belonging to the association remains after the dissolution and liquidation of the latter, said property shall be transferred to the municipality where it is located.
History —Aug. 8, 1998, No. 207, § 6.003, eff. 60 days after Aug. 8, 1998.