(a) A body corporate and politic is hereby created constituting a public corporation and government instrumentality of the Commonwealth of Puerto Rico, with the name of the Puerto Rico Ports Authority. The Puerto Rico Ports Authority shall be the successor of the Puerto Rico Transportation Authority for all effects, including, but without it being understood as a limitation, the collection and payment of debts and obligations pursuant to the terms thereof.
(b) The Authority which is created hereby is and should be a government instrumentality and public corporation with a legal existence and personality separate and apart from those of the Government and any officials thereof. The debts, obligations, contracts, bonds, notes, debentures, receipts, expenditures, accounts, funds, undertakings and properties of the Authority, its officers, agents or employees, shall be deemed to be those of said government controlled corporation, and not those of the Commonwealth of Puerto Rico, or any office, bureau, department, commission, dependency, municipality, branch, agent, officials or employees thereof.
History
—May 7, 1942, No. 125, p. 710, § 3; May 14, 1952, No. 463, p. 976, § 2; Apr. 19, 1955, No. 17, p. 66; Aug. 17, 1989, No. 65, p. 270, § 2, eff. 90 days after Aug. 17, 1989.