P.R. Laws tit. 23, § 6346
(a) General rule.— The transfer of the grant conferred under this chapter, or of the stock, shares, property, or under any majority proprietary interest of an exempt business to another person who, in turn, shall continue to engage in the tourist activity to which the exempt business devoted itself previously in a manner substantially similar to that of the exempt business at the time of the transfer, shall require the previous approval of the Director. If such transfer is made without such previous approval, the grant shall be null at the time of the transfer. Notwithstanding the foregoing, the Director may approve any transfer made without his/her approval effective retroactively when, in his/her judgment, the circumstances of the case warrant such approval, taking into account the best interests of Puerto Rico and the tourism development purposes of this chapter. All transfer applications under this section must be approved or denied within sixty (60) days following the date of filing. Any transfer application that is neither approved nor denied within such period shall be deemed to be approved. The denial of a transfer application shall be made in writing and shall also state the reasons for such denial.
(b) Exceptions.— The following transfers shall be authorized without previous consent:
(1) The transfer of the property of a deceased person to his/her estate of the transfer by bequeathal or inheritance,
(2) The transfer of stock or shares of an exempt business when such transfer does not result either directly or indirectly in a change in the command or control of the exempt business,
(3) The pledge or mortgage executed in the regular course of business with the purpose of providing a surety for a bona fide debt. Any transfer of control, ownership, or interest by virtue of such contract shall be subject to the provisions of subsection (a) of this section.
(4) The transfer by operation of law, by an order of a bankruptcy court or judge to a trustee receiver. Any subsequent transfer to a third party other than the debtor or bankrupted person him/herself shall be subject to the provisions of subsection (a) of this section.
(c) Notice.— All transfers included in the exceptions of subsection (b) of this section shall be reported by the exempt business to the Director within thirty (30) days from the date the transfer was made.
History —July 10, 2010, No. 74, § 7.