P.R. Laws tit. 23, § 6021
(a) Operation and license. — Any trust, corporation or partnership interested in operating as a Fund must apply for and obtain a license from the Director, upon the payment of two thousand dollars ($2,000), and submit to him/her whatever information is required in the applicable regulations.
(b) Investments. — The purpose of operating a Fund shall be exclusively that of making an eligible investment. The total investment of a Fund in an eligible investment shall not exceed twenty percent (20%) of the total cost of the tourist industry project.
No duly authorized Fund may make any investment of authorized capital pursuant to the provisions of this chapter:
(1) If the exempted business in which it intends to make its eligible investment does not have an investment of capital of the investors or developers equivalent to at least twenty percent (20%) of the total cost of the tourist industry project, and
(2) without having previously obtained the endorsement and determination of eligibility of the eligible investment in which it intends to invest said capital, from the Director.
History —Sept. 10, 1993, No. 78, § 11; Jan. 8, 1994, No. 3, § 6.