P.R. Laws tit. 23, § 6032
(a) When the Director authorizes the creation of a fund, the funds received by the fund shall be deposited in an escrow account in a financial institution approved by the Commissioner. The funds shall be kept in said escrow account and shall be disbursed to the exempted business pursuant to the mechanism provided in the regulations promulgated hereinunder when the necessary financing to complete the tourist industry project is closed. If by April 15th following the date of creation of the fund, the financing for the total construction of said tourist industry project has not been closed, and an extension to close said financing has not been obtained from the Director, the license issued to the fund shall be revoked and its dissolution shall proceed. As a part of the dissolution process, the investment, together with any gain obtained from the temporary investment in the fund, shall be returned to the shareholders.
(b) Temporary investment. — The funds in the escrow account may be temporarily invested in those investments designated by the Director. The gains obtained from said temporary investments shall benefit from the exemption granted by subsections (a) and (b) of § 6028 of this title and shall not be subject to the provisions of § 6028(c) of this title.
(c) Escrow account management expenses. — The escrow account management expenses shall be the responsibility of the Developer.
History —Sept. 10, 1993, No. 78, § 22; Jan. 8, 1994, No. 3, § 9.