P.R. Laws tit. 27, § 437
(a) Organization of corporations.— The Executive Director is hereby authorized to carry out the organization of one or more private corporations under the laws of Puerto Rico or of a state of the United States and to transfer to them the shares of any subsidiary of the Authority or any of the assets of the Authority if, in the judgment of the Negotiating Committee, it is necessary or convenient to ensure the viability of the sale process.
(b) Inapplicability of the Uniform Administrative Procedures Act.— Sections 2101 et seq. of Title 3 shall not apply to the sale process or the acts authorized by this chapter, or to any other procedure or action carried out or required to comply with the purpose of this chapter.
(c) Exemption from the obligation to file reports.— To attain the objectives of this chapter, while the herein authorized process of sale is being carried out, the Authority is exempted from the obligation to render the reports provided in §§ 424 and 432(d) of this title including the reports that should have been rendered during the year 1997.
(d) Fiscal and tax responsibilities of the buyer.— The buyer shall be responsible for the payment of income taxes, excise taxes, municipal license taxes, real and property taxes, and any other fee or tariff levied pursuant to that which is provided in the body of laws of Puerto Rico.
(e) Statement of the buyer attesting that no public official, employee or former public official has received any commission or bonus on account of the sale.— The buyer shall submit to the Legislature and the Department of Justice of Puerto Rico a sworn statement attesting that no commission or bonus has been paid and that no direct or indirect financial benefit has been granted to any public official or employee nor to any former public official or employee participating in the process of the sale of the Authority authorized in this chapter while discharging his/her public service duties. This obligation shall be met upon submission of the Final Report by the Negotiating Committee to the Board and upon the authorization of the sale of the Authority by the Federal Communications Commission. Any person who fails to comply with this obligation shall incur a misdemeanor and, upon conviction thereof, shall be punished by imprisonment for a term of not less than ninety (90) days nor more than six (6) months or by a fine of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000), or both penalties at the discretion of the court.
(f) Statements from financial consultant and legal counsel firms and experts and advisers under contract.— Financial consultant and legal counsel firms or companies, experts, and any other advisers contracted by the Negotiating Committee to participate in the analysis, evaluation and negotiation process for the sale shall submit to the Legislature and the Department of Justice of Puerto Rico a sworn statement listing the names of all the persons who have been paid fees for their services or have received payments on any account, as a result of their functions in the process of the sale as authorized by this chapter.
This obligation shall be met upon submission of the Final Report by the Negotiating Committee to the Board and upon the authorization of the sale of the Authority by the Federal Communications Commission. Any person who fails to comply with this obligation shall incur a misdemeanor and, upon conviction thereof, shall be punished by imprisonment for a term of not less than ninety (90) days nor more than six (6) months or by a fine of not less than two thousand dollars ($2,000) nor more than five thousand dollars ($5,000), or both penalties at the discretion of the court.
(g) Requirements to be included in the contracts for consultants and advisers.— Any contract awarded by the Negotiating Committee, the Bank, the Authority, or the P.R.T.C., to contract the services of financial consultants, legal counsel, experts, and any other advisers, shall contain a clause expressly providing that said consultant, adviser or expert shall not, during the year following the expiration of his/her contract, hold any office nor contract any financial interest with the natural or juridical person chosen to purchase the assets of the Authority in connection with his/her business in Puerto Rico, and after the Legislature has approved the sale. Noncompliance with this contractual clause shall bring about the restoration of all fees earned through the granting of said contract.
History —Aug. 4, 1997, No. 54, § 8.