P.R. Laws tit. 15, § 901
A nonprofit, irrevocable and permanent public trust fund, is hereby created for the continuous benefit of professional boxers who have ended their careers after not less than five (5) years in the practice of said profession and need orientation and training to effectively face financial and legal problems, as well as disability problems as defined in local and federal statutes that protect the rights of disabled persons, which may affect them adversely. It shall be designated as the “Special Permanent Fund for Ex-boxers” and shall be known as the “Boxers’ Trust”, which shall be capitalized and administered pursuant to the provisions of this chapter. No part of the Trust herein created shall result in benefits to any private person who is not a professional ex-boxer eligible thereto. The Trust shall have all the rights and powers necessary and appropriate to accomplish its purposes and functions according to the provisions established in this chapter, including, but not limited to, the following powers:
(a) To approve, amend and repeal the necessary and pertinent regulations for carrying out its duties and responsibilities, as well as for the administration of the matters pertaining to the Permanent Special Fund and all matters pertaining to professional ex-boxers’ orientation and training programs.
(b) To adopt an official seal and to alter it as necessary and convenient.
(c) To sue and be sued in its own name and to complain and be the object of complaints.
(d) To receive, administer and comply with the conditions and requirements related to any royalties, concessions or donations of any personal or real property, or monies, including, without it being understood as a limitation, to those originating from the Government of Puerto Rico, municipal governments, the United States Government, private sources or any government agency or instrumentality. Provided, That all real property accepted by the Trust shall be immediately registered with the office of the corresponding officer or registrar corresponding to the location of said real property.
(e) To carry out its fiduciary powers over any personal or real property, security, or any property donated by public or private foreign entities, for a benefit of eligible ex-boxers, and to comply with any other duties entrusted thereto which are not prohibited by the laws of Puerto Rico, and which are in accordance with the provisions of this chapter.
(f) To negotiate and execute contracts and any other instruments and agreements with any natural or juridical persons as may be necessary and convenient to fulfill its functions and exercise its faculties and powers conferred by this chapter.
(g) To file any legal action to protect or enforce any right conferred by any law, contract or agreement, notwithstanding any provision of law to the contrary, and to exercise any action provided for when there is any breach under any contract or agreement, pursuant to the provisions of such a contract or agreement.
(h) To accept and comply with the conditions of a designation issued by any court with competent jurisdiction to carry out fiduciary duties, such as tutor, judicial administrator or person in charge of the estates of ex-boxers who have lost control of their mental faculties. To such effects, it shall not be required for the Trust to deposit any bond or guarantee, unless otherwise ordered by the court or demanded by the officer that makes such designation.
History —Aug. 26, 2005, No. 90, § 1.