P.R. Laws tit. 18, § 1614
Once the Government Development Bank for Puerto Rico subrogates itself in the mortgagee’s rights and has acquired the school and its facilities through the proper legal means, it may opt to transfer the cooperative school to the Department of Education, if the latter wants it; it being understood that said Department shall in such case be bound to acquire said school in the same way it acquires the other school facilities, which shall include, among other things, payment to the Government Development Bank for Puerto Rico of the unpaid balance of the secured loan plus any other related items; or it may sell the educational facilities, if the Department of Education is not interested in them, to another cooperative school under the same terms by which the cooperative school that failed was bound; or, as a third alternative, it may sell the educational facilities to any interested private entity.
History —June 7, 1973, No. 111, p. 456, § 14.