(a) The Court of First Instance (Superior Part) shall have power to revoke or forfeit the certificate of incorporation of any corporation organized in accordance with the laws of the Commonwealth for abuse, misuse or nonuse of the state powers, privileges or franchises. The Secretary of Justice, on his/her own initiative or at the request of a party, shall act for this purpose by filing the appropriate complaint in the Court of First Instance (Superior Part).\n(b) The Court of First Instance (Superior Part) shall have the power to appoint receivers or take other measures to administer and liquidate the affairs of any corporation whose certificate of incorporation is revoked or forfeited by any court pursuant to the provisions of this subtitle, or otherwise. In addition, it shall have the power to enter such orders and decrees with respect thereto which are fair and equitable respecting the affairs and assets and the rights of the stockholders and creditors thereof.\n(c) No proceedings shall be instituted in accordance with this section for nonuse of the powers, privileges or franchises of the corporation during the first two (2) years following the incorporation of the proceedings shall be instituted in accordance with this section for nonuse of the powers, privileges or franchises of the corporation during the first two (2) years following the incorporation of the corporation.\nHistory —Dec. 16, 2009, No. 164, § 9.13.
Puerto Rico Legal Code