P.R. Laws tit. 23, § 6015
(a) General rule. — The transfer of the concession obtained hereinunder, or of stock, shares or property, or under any majority proprietary interest of an exempted business to another person who will, in turn, continue to engage in the tourist-related activity to which the exempted business was formerly engaged in a manner substantially similar to that of the exempted business at the time of the transfer, shall require the prior approval of the Director. If the transfer is made without the prior approval, the concession shall be void at the time the transfer takes place. Notwithstanding the above, the Director may approve any transfer made without his/her approval retroactively when, in his/her judgment, the circumstances of the case merit said approval, taking into account the best interests of Puerto Rico and the tourist industry development purposes of this chapter. Any petition for transfer under this section must be approved or denied within the sixty (60) days following the filing thereof. Any petition for transfer that is not approved or denied within this period shall be deemed to have been approved. The denial of a petition for transfer shall be made in writing and shall also itemize the reasons for which the same is denied.
(b) Exceptions. — The following transfers shall be authorized without the need of prior consent:
(1) The transfer of the estate of a deceased to his/her heirs or the transfer by bequest or inheritance;
(2) the transfer of the stock or shares of an exempted business when said transfer does not result directly or indirectly in a change in the ownership or control of the exempted business;
(3) the bond or mortgage granted in the regular course of business with the purpose of securing a bona fide debt. Any transfer of control, title or interest by virtue of said contract shall be subject to the provisions of subsection (a) of this section;
(4) the transfer to a receiver by order of law, by order of a court or a bankruptcy court judge. Any subsequent transfer to a third party who is not the same debtor or former bankrupt person, shall be subject to the provisions of subsection (a) of this section.
(c) Notice. — Any transfer included in the exceptions of subsection (b) of this section shall be reported to the Director by the exempted business within thirty (30) days after the transfer is made.
History —Sept. 10, 1993, No. 78, § 7; Jan. 8, 1994, No. 3, § 4.