(a) A corporate and political body is hereby created which shall constitute an instrumentality of the Commonwealth of Puerto Rico, which shall be known as the 'Puerto Rico Development Bank', hereinafter denominated as 'the Bank', which has as its purpose the promotion of the development of the private sector of the economy of Puerto Rico, making available to any person, firm, corporation, partnership, financial institution, cooperative or other private profit or non-profit organizations devoted to manufacture, commerce, agriculture, tourism and other service enterprises, such as, but without it being construed as a limitation, those institutions devoted to education or health care, whose economic activity has the effect (directly or indirectly) of replacing imports, without this being construed as a limitation, direct loans, loan collateral and funds to invest in said enterprises, giving preference to small- and medium-sized Puerto Rican entrepreneurs, as defined by the regulations of the Board of Directors of the Bank.(b) The Bank shall have its own legal personality and existence apart from the Commonwealth of Puerto Rico and any of its agencies, instrumentalities or public s of the Board of Directors of the Bank.(b) The Bank shall have its own legal personality and existence apart from the Commonwealth of Puerto Rico and any of its agencies, instrumentalities or public corporations.(c) The debts, obligations, contracts, notes, receipts, expenses, accounts, funds, enterprises and properties of the Bank shall be its sole responsibility and not the responsibility of the Commonwealth of Puerto Rico, its agencies, instrumentalities and public corporations.(d) The Bank shall have perpetual existence.(e) The Bank’s main office shall be in San Juan, Puerto Rico. History —July 24, 1985, No. 22, p. 735, § 2; May 3, 1986, No. 17, p. 37, § 3; June 29, 1996, No. 61, § 1; Dec. 28, 2001, No. 189, § 1.
Puerto Rico Legal Code