P.R. Laws tit. 10, § 1460
2019-02-20 00:00:00+00
From the time an association is declared in liquidation the authority of the managing members to make new contracts and obligations shall cease, their powers being limited as liquidators to collecting the credits of the association, to extinguishing the obligations previously contracted as they fall due, and to the consummation of pending transactions.
History —Commerce Code, 1932, § 147.