P.R. Laws tit. 23, § 693e-1
The transfer of a tax exemption grant or of the stock, property or other proprietary interest in an exempted business to another natural or juridical person who, in turn, will continue to carry out the operations of the exempted business in a manner substantially similar to those carried out by the exempted business at the moment the transfer occurs, must be previously approved by the Governor. If it is carried out without previous approval, the exemption grant shall be void as of the date the transfer occurred. The preceding notwithstanding, the Governor may approve any transfer carried out without his approval retroactively when, in his judgment, the circumstances of the case merit it, taking into account the best interest of the Commonwealth of Puerto Rico and the purposes of this chapter and the recommendations of the Director of the Puerto Rico Tourism Company and the Secretary of the Treasury.
History —June 2, 1983, No. 52, p. 94, added as § 7 on May 31, 1988, No. 35, p. 132, § 6.