P.R. Laws tit. 23, § 3055
The Authority shall have all the powers that are necessary or convenient to carry out and fulfill the purposes and provisions of this chapter, including, but not to be understood as a limitation, the following powers:
(a) To have perpetual existence as a corporation;
(b) to adopt, amend and repeal bylaws and rules in connection with the performance of its functions and duties;
(c) to adopt an official seal and alter the same at its will;
(d) to maintain offices at such place or places as it may determine;
(e) to sue and be sued in its own name; implead and be impleaded;
(f) to receive, administer and comply with the conditions and requirements concerning any gift, grant or donation of any property or money;
(g) to have complete control and supervision of all property, of any type, whether personal, real, mixed, tangible or intangible, including, but not limited to, the faculty to determine the nature and necessity of all its expenses and the manner in which the same may be incurred, allowed and paid, notwithstanding any provision of law for the regulation of public funds;
(h) to enter and execute agreements, leases, contracts and other instruments necessary or pertinent to the exercise of the powers and functions of the Authority under this chapter with any person, firm, corporation, federal agency or with any government or political entity and with any of its subdivisions, agencies or instrumentalities;
(i) to execute contracts or other agreements with any natural or juridical person who is a citizen of the United States for the administration of the operations of the Authority or for advisory or consulting services with respect to such operations;
(j) to acquire any property or interest therein, in any lawful manner, including, but not limited to, the acquisition through purchase; whether by agreement, lease, bequest, devise or gift, and to own, maintain, use and operate such property or interest therein;
(k) to acquire, maintain, use, distribute, supply, exchange, sell, rent and otherwise dispose of, any equipment, supplies, goods and any other personal and real property deemed proper and necessary, incidental or convenient by the Authority, with respect to the exercise of its faculties and functions;
(l) to acquire, construct, reconstruct, improve, expand, preserve and operate any of its equipment, supplies and personal or real property;
(m) to appoint such officers, officials, agents and employees, and to confer upon them such powers and duties and to pay them such compensation for their services as determined by the President of the Bank;
(n) to borrow money for any of its corporate purposes and to issue bonds in evidence of said indebtness, and to secure the payment of such bonds and the interest thereon through pledge or lien of all or part of its income;
(o) to issue bonds for the purpose of financing, refinancing, purchase or redemption of any of its outstanding bonds;
(p) to sell, lease or otherwise dispose of any chattels or real property of the Authority or any interest thereon which, in the judgement of the Authority, is no longer needed to carry out the purposes of this chapter;
(q) to perform all acts and things necessary or convenient to exercise the powers conferred by this chapter or any other act of the Legislature of Puerto Rico. The Authority shall not have the power to pledge the credit of the Commonwealth of Puerto Rico;
(r) to enter into any lands, bodies of water or premises, after notice to the owner or occupants thereof, in order to make examinations, soundings or surveys;
(s) to acquire, hold and dispose of shares of stock, membership fee, contracts, bonds or other interest in any corporation or other entities and to exercise all the powers and right in connection therewith;
(t) to assume the payment of any outstanding debts, bonds or obligations in connection with the acquisition by the Authority or an undertakings, property, corporate stock, rights and interest;
(u) to perform all acts and things necessary or desirable to carry out the powers granted to it by this chapter or by any other act of the Legislature of Puerto Rico; Provided, however, That the Authority shall have no power to pledge the credit of the Commonwealth of Puerto Rico except as provided in § 3067 of this title;
(v) to study the desirability, convenience and necessity of extending the maritime operation services to the Ponce and Mayagüez ports and other areas of Puerto Rico, and
(w) to make negotiations, upon recommendation of the Governor, for the sale, for selling and entering into agreements or contracts, for the sale of the Maritime Shipping Authority, such negotiations and sales being subject to the approval of the Legislature.
History —June 10, 1974, No. 62, Part 1, p. 239, § 5; June 7, 1977, No. 53, p. 116; renumbered as § 7 and amended on Sept. 27, 1994, No. 112, §§ 4, 11.