P.R. Laws tit. 28, § 277
The Authority shall have power to acquire landholdings in excess of five hundred (500) acres at private sales held by the receivers appointed by the courts of justice in quo warranto proceedings or any other proceedings at law for the violation of §§ 241 et seq. of this title or any other Commonwealth or federal statute limiting or prohibiting the holding, possession, dominion, management, or acquisition of land in excess of five hundred (500) acres; Provided, That in the said private sales held by the said receivers, the Authority shall have preferent right to acquire said lands with priority over the rights of other persons or entities. The said receivers shall be in duty bound to begin the sale of the land within a period of not more than six (6) months from the date the receivership was established. The Land Authority shall have preferent right to purchase said land for its just value within a period which shall not exceed five (5) years, during which no sale may be made of said land to any other person or entity. This period of five (5) years may be extended for another year by the court, at the request of the Authority. After this period or these periods, the Land Authority may attend the public sale held for the disposition of such land. The Authority shall have priority or preference to purchase said land at the auction sale in those cases where it offers a price equal to that offered by the highest bidder. And the edicts to be published giving notice of such sales shall so state.
History —Apr. 12, 1941, No. 26, p. 388, § 23; May 11, 1942, No. 197, p. 996, § 8.