P.R. Laws tit. 21, § 4813
2019-02-20 00:00:00+00
The corporation may be dissolved by means of a resolution approved by the Board of Directors, after notification to the mayor and the President of the Municipal Legislature.
When the corporation ceases operations, the property ceded or transferred by the municipality shall revert to it, upon liquidation of any obligation acquired by the corporation with its own funds. If any funds remain after said liquidation of obligations, these shall be disbursed to the municipality.
History —Aug. 30, 1991, No. 81, § 17.012, renumbered as § 17.013 and amended on Apr. 13, 1995, No. 36, §§ 56, 57.