P.R. Laws tit. 23, § 483
It is hereby resolved and stated that the purpose for which the Fund is created and for which it shall exercise its powers, is the strengthening of the cooperative movement, the promotion of economic development, as well as the general welfare, such public purposes being for the benefit of the People of Puerto Rico, and that the exercise of the powers conferred by this chapter constitute compliance of functions of the highest public interest. Therefore:
(a) The Fund, its subsidiaries and/or affiliates, as well as the revenues from all its activities or operations, all its assets, its capital, its reserves and surplus, and those of its subsidiaries and/or affiliates, and the income, dividends, interest paid on account of said stocks and bonds, shall be exempted from all kinds of taxes on income, property, excises licenses and any other taxes imposed or henceforth imposed by the Commonwealth of Puerto Rico or any political subdivision thereof.
(b) Furthermore, the Fund, and its subsidiaries and/or affiliates, shall be exempt from the payment of duties, excise taxes, or state or municipal duties, including the payment of charges for licenses, patents, permits, and registrations; the payment of commissions, fees, internal revenue stamps and/or vouchers, related to the issuing of all kinds of public and private documents; the payment of fees, patents, internal revenue stamps and/or vouchers related to the registration of the same in the Property Registry or any other public registry or government office; and the payment of fees, patents, internal revenue stamps and/or vouchers related to issuing of certificates by said registries or any other government office. The Fund and its subsidiaries and/or affiliates shall also be exempted from the payment of fees, patents, internal revenue stamps, excise taxes, or duties required by the courts of Puerto Rico or by any other agency, instrumentality, public corporation of the Commonwealth of Puerto Rico or any political subdivision thereof.
(c) The Fund and any securities, instruments, certificates, stocks, shares or other evidence of investment participation issued by said Fund shall be exempted from the application of the provisions of §§ 851 et seq. of Title 10, known as the “Puerto Rico Uniform Securities Act”, of §§ 661 et seq. of Title 10, known as the “Investment Companies of Puerto Rico Act”, and of §§ 1071 et seq. of Title 7, known as the “Financial Intermediation Act”.
History —Aug. 18, 2002, No. 198, § 5.