P.R. Laws tit. 23, § 6025
(a) Effectiveness of license. — The licenses or authorization issued by the Director shall be effective for the period determined by the Director.
However, the licenses may be renewed for an additional period, subject to the conditions that the Director establishes by regulations. In any case of license renewal, the Director shall conduct a prior evaluation of the operation and functioning of each Fund that requests said renewal.
(b) Charges for the issuing of stock or shares of a Fund. — In addition to the rights established in subsection (b) of § 875 of Title 10, part of the “Puerto Rico Uniform Securities Act”, each Fund shall pay the Commissioner for each authorization for the issue of securities of a Fund, an amount equal to one-half of one percent (½ %) of the total amount derived from the sale of securities of a Fund for which the authorization is granted. The Commissioner shall establish by regulations the procedure for the collection of such fees. The Commissioner shall transfer to the Puerto Rico Tourism Company, from time to time, one-half (½) of the total moneys collected for this purpose.
(c) Limitation in the value of the shares of the Fund. — The Commissioner shall authorize the issue of securities by the Funds, provided that the total global value of these does not exceed two hundred million dollars ($200,000,000) per calendar year. However, if in a specific calendar year the Commissioner does not authorize the issuing of securities of a Fund for a global total of two hundred million dollars ($200,000,000), the existing balance that equals the difference between two hundred million dollars ($200,000,000) and the total value of the stock or shares authorized in said calendar year, may be used by the Commissioner in the following calendar year to authorize issues of securities of a Fund, in excess of two hundred million dollars ($200,000,000).
(d) Audits or inspections of the Funds. — To determine the accuracy of any information submitted in the reports filed by the Fund, or with the purpose of ascertaining that the Fund is making the investments for which it was authorized, the Commissioner may, through any of his/her officials or employees, conduct annual audits or inspections and examine any books, papers or documents pertaining to the information that shall be included in the reports, or related to the operations of the Fund in general. The Commissioner shall charge a fee for each annual audit and the same shall not exceed two dollars ($2) for each ten thousand dollars ($10,000) of the Fund’s assets. The amount of the fee to be charged for this purpose shall be determined by the Commissioner through regulations to such effects. Likewise, the Tourism Company shall conduct tests, investigations and audits of the Funds from time to time, to ascertain that they are making the investments for which they were authorized in the eligibility determination issued to such effects, and to determine the accuracy of any report filed, or transaction made thereby.
History —Sept. 10, 1993, No. 78, § 15; Jan. 8, 1994, No. 3, § 7; Sept. 27, 1994, No. 114, § 5.