P.R. Laws tit. 23, § 284
(a) By authority of the Government of Puerto Rico, which is hereby granted, the Puerto Rico Industrial Development Company may issue and sell its own bonds from time to time and have them outstanding.
(b) The bonds may be authorized by resolution or resolutions of the Board, approved by any two (2) of the following officials: The President of the Government Development Bank for Puerto Rico, the Secretary of the Treasury, the Secretary and the President of the Planning Board; and may be of such series; bear such date or dates; mature at such a time or times not exceeding fifty (50) years from their respective dates; bear interest at such rate or rates that do not exceed the maximum rate permitted by law; be of such denomination or denominations, and in the form of bonds, either with coupons or registered; bear such registration or conversion privileges, shall be granted in such a manner; be payable through such means of payment and at such a place or places; be subject to the terms of redemption, with or without premiums; be declared as due or become due on a date prior to maturity; shall provide for the reimbursement of mutilated, destroyed, stolen or lost bonds; be authenticated upon compliance with such conditions; and contain such other terms and stipulations as provided by such resolution or resolutions. The bonds may be sold at public or private sale for a price or prices not less than ninety-five percent (95%) of their par value as determined by the Board. Refunding bonds may be exchanged for outstanding bonds of the Company under such terms that the Board may deem beneficial to the best interests of the Company. The form and text thereof notwithstanding, and in the absence of an express statement on the face thereof that the bonds are nonnegotiable, all bonds of the Company shall at all times be and be understood to be, negotiable instruments for all purposes.
(c) The bonds of the Company bearing the signatures of officers of the Company in office on the date of the signing thereof shall be valid and binding obligations, nowithstanding that before the delivery thereof and payment therefor any or all of the officers whose signatures or facsimile signatures appear thereon shall have ceased to be such officers of the Company. Any resolution authorizing the bonds may provide that any such bond may contain a recital that it is issued pursuant to §§ 271—291a of this title, and any bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of §§ 271—291a of this title.
(d) Pending the execution and delivery of definitive bonds, temporary or interim bonds, receipts or certificates may be issued in such form and with such provisions, as may be provided in such resolution or resolutions.
(e) Any resolution or resolutions authorizing any bonds or the trust contract securing said bonds may contain provisions, which shall be part of the contract with the bondholders:
(1) As to the disposition of the entire gross or net revenues and present or future income of the Company, including the pledging of all or any part thereof to secure payment of the bonds.
(2) As to the rates or prices to be charged for goods or services sold or loans made by the Company, and the application, use, and disposition of the amounts that may be raised by the collection of such rates and from other receipts of the Company.
(3) As to the setting aside of reserves for amortization funds, and the regulation and disposition thereof.
(4) As to limitations on the right of the Company to restrict and regulate the use of any property or part thereof.
(5) As to limitations on the purpose to which the proceeds of sale of any issue of bonds then or thereafter to be issued may be applied.
(6) As to limitations on the issuance of additional bonds.
(7) As to the procedure by which the terms of any resolution authorizing bonds, or any other contract with the bondholders, may be amended or abrogated, and the amount of the bonds the holders of which must consent thereto, and the manner in which such consent may be given.
(8) As to the amount and kind of insurance to be maintained on the undertakings of the Company, and the use and disposition of insurance moneys.
(9) Covenanting against pledging all or any part of the revenues, income or property of the Company to which its right then exists or the right to which may thereafter come into existence.
(10) As to events of default and terms and conditions upon which any or all of the bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived.
(11) As to the rights, liabilities, powers, and duties arising upon the breach by the Company of any of its covenants, conditions, or obligations, and as to the appointment of a receiver in case of non-performance by the Company.
(12) As to vesting in a trustee or trustees the right to enforce any covenants made to secure, to pay, or in relation to the bonds; as to the powers and duties of such trustee or trustees, and the limitation of liabilities thereof; and as to the terms and conditions upon which the holders of the bonds or any proportion or percentage of them may enforce any covenants made under §§ 271—291a of this title or duties imposed hereby.
(13) As to the manner of collecting the rates, fees, rentals, interest or other charges for the services, facilities, loans or commodities of undertakings of the Company.
(14) As to any other acts and things not inconsistent with §§ 271—291a of this title that may be necessary or convenient for the security of the bonds, or as may tend to make the bonds more marketable.
(f) Neither the members of the Board, nor the Secretary or any person issuing the bonds shall be personally liable therefor.
(g) The Company is authorized to purchase any outstanding bonds issued or assumed by it with any funds available therefor, at a price not more than the principal amount or the current redemption price thereof and the accrued interest.
History —May 11, 1942, No. 188, p. 934, § 14; Apr. 5, 1946, No. 285, p. 658, § 7; May 14, 1952, No. 456, p. 950, § 11; June 18, 1958, No. 47, p. 82, § 5; May 1, 1973, No. 15, p. 52; renumbered as § 13 and amended on Dec. 29, 1997, No. 203, § 11, eff. Jan. 1, 1998.