Upon receipt of the loan security application, the Government Development Bank for Puerto Rico is empowered to give, provided the feasibility survey of the cooperative school so justifies, a commitment to secure, under the terms and conditions of §§ 1601—1614 of this title, so that the cooperative school may negotiate the financing of its project. This commitment shall be in effect for two (2) years and may be extended for two (2) years more. If the financing has not been closed and legalized at the end of this extension, a new application for security shall be filed.\nHistory —June 7, 1973, No. 111, p. 456, § 4.
Puerto Rico Legal Code