P.R. Laws tit. 23, § 5007
The Company shall have all the rights, powers and prerogatives to adequately implement the public policy established herein, including, without being limited to:
(a) Adopt its corporate seal.
(b) Sue and be sued.
(c) Hold acts and enter into agreements and contracts of all kinds, including those related to goods and services.
(ch) Acquire and dispose of title to any property.
(d) Acquire, build, improve, operate and maintain projects within the Cantera Peninsula, as well as any other assets related [to] said projects.
(e) Have officials and employees.
(f) Establish regulations for its organization and functioning.
(g) Obtain the services of state or municipal government employees, with the consent of said governments.
(h) Exclusively control its properties and activities and decide the nature of and need of all its expenses and the manner in which they shall be incurred, authorized and paid for.
(i) Set tariffs and fees to be charged for the use of goods in its possession.
(j) Create, through resolution, those subsidiaries which may be deemed convenient to discharge any of its functions in the manner provided below.
(k) Loan or donate money to its subsidiaries and purchase and sell or exchange shares, bonds or any other of their obligations.
(l) Loan money, secured by mortgage, under the terms it may deem convenient, to any developer which is incorporated to carry out development projects in the Cantera Peninsula.
(m) Borrow money for any of its corporate ends, including, without limitation, the purpose of consolidating, reconsolidating or buying, paying, or canceling any bonds, or other outstanding obligations issued or assumed by it, whose principal and interest is payable in whole or in part, from the revenues of the corporate entity.
(n) Provide financial aid of any kind, including incentives and subsidies, or technical assistance to carry out development projects in the Cantera Peninsula.
(ñ) Sell or discount, through public or private transactions, mortgages or other title deeds in its possession.
(o) Administer any of its projects in the manner determined, through regulation, by the Board of Directors. In that sense, the Company may, without excluding any other alternatives it may deem proper for the achievement of its objectives, provide any housing or commercial units for rent, placing them in trust, or lending them for use to any title.
(p) Coordinate the initiatives of Commonwealth or municipal agencies in the Cantera Peninsula.
(q) Act as the entity in charge of planning for the development of the land of the Cantera Peninsula according to the provisions of Law and regulations in effect.
(r) Enter, with prior permission of their owners, holders or representatives, any land, body of water [or] property, in order to take measurements, make borings or conduct studies for the purposes of this chapter. Should the owners or holders, or their representatives, refuse to grant their permission to enter the piece of land, body of water or property, for the stated purposes, any judge of the Court of First Instance shall issue an order authorizing that permission be granted, upon being presented with a sworn statement stating the intention of the Company to enter the piece of land, the body of water or the property described in the sworn statement, for the purposes indicated in this provision. In case no known owners, holders or representatives appear, the Company, through its officials or employees, may enter without any permission whatsoever.
(s) Perform any acts or do whatever is necessary or convenient to put into effect the powers conferred upon the Company by this chapter or by any other act of the Legislature of Puerto Rico. The company shall exercise public and essential government functions in relation to the integral development of the Cantera Peninsula and shall coordinate the efforts made by other government agencies pertaining to said development, by which the execution of the powers and faculties granted by this chapter shall at no time have the effect of investing the Company with the character of a private enterprise.
(t) Plan, design and build those buildings, works, structures, infrastructure and other such things that are necessary for the integral development of the Cantera Peninsula.
(u) Request, accept and obtain any funds, gifts or technical or financial assistance from the federal government, the Government of the Commonwealth, including its instrumentalities and political subdivisions, or from private sources, in order to carry out the purposes of the Company and achieve the ends provided in this chapter; sponsor projects originating under federal acts or programs, act as delegating or delegatory agency; and supervise the use of the funds thus acquired.
History —July 10, 1992, No. 20, § 8; Jan. 21, 2000, No. 41, § 1.