P.R. Laws tit. 13, § 10607
(a) General rule. — The transfer of the credit obtained under this chapter, or of the shares, interest, property or any majority proprietary interest, that constitutes a change of control of the petitioner to another person, shall require the prior approval of the Secretary of Housing with the endorsement of the Secretary of the Treasury. If the transfer is made without [such] prior approval, the credit shall be null at the time the transfer occurs. Notwithstanding the above, the Secretary of Housing may approve any transfer made without his/her approval retroactively, when, in his/her judgment, the circumstances of the case merit the approval, taking into account the best interests of the Commonwealth of Puerto Rico and the purposes for the development of infrastructure of this chapter. Every application for a transfer under this section must be approved or denied within the sixty (60) days following its filing. Any application for transfer that is not approved or denied within this term shall be deemed to be approved. The denial of an application for transfer must be done in writing, and shall also itemize the grounds for which it is denied.
(b) Exceptions. — The following transfers shall be authorized without the need of the prior consent of the Secretary of Housing:
(1) The transfer of the assets of a decedent to his/her estate or the transfer by legacy or inheritance.
(2) The transfer of the shares or stock of a petitioner when the transfer does not directly or indirectly result in a change of control of the petitioner.
(3) The pledge or mortgage granted in the regular course of business with the purpose of providing collateral of a bona fide debt. Any transfer of control, title or interest by virtue of this contract shall be subject to the provisions of subsection (a) of this section.
(4) The transfer by legal action, by order of a court or a bankruptcy judge to a trustee. Any subsequent transfer to a third party who is not the same debtor or former bankrupt, shall be subject to the provisions of subsection (a) of this section.
(5) The transfer of the tax credit from the combine to its members or the legatees or heirs of the latter.
(c) Notification. — Every transfer included in the exceptions of subsection (b) of this section, shall be reported to the Secretary of Housing and the Secretary of the Treasury by the petitioner within thirty (30) days from its conclusion.
History —Aug. 10, 2001, No. 98, § 9; Aug. 6, 2008, No. 171, § 6.