P.R. Laws tit. 10, § 691m
2019-02-20 00:00:00+00
It shall be unlawful for any principal underwriter for a registered open-end company to sell or deliver after selling any security of which such company is the issuer, except pursuant to a written contract with such company, which:
(a) Shall continue in effect for a period of less than or equal to two (2) years from the date of its execution, provided that such continuance is specifically approved annually by a majority of the board of directors or directors that are other than interested persons.
(b) Provides that the contract may not be alienated, transferred, or assigned to third parties.
History —July 30, 2013, No. 93, § 16, eff. 120 days after July 30, 2013.