The licenses issued prior to the approval of this act under §§ 1241 et seq. of this title, up to the date immediately prior to the date of approval of this act, shall continue in effect during the remainder of their term, and the provisions of said sections, mentioned above, shall continue to be applicable with regard to the funds created thereunder. Nevertheless, said funds shall have the option of requesting the conversion of said licenses under this chapter. The Commissioner shall establish through regulations the procedure, terms and conditions for said conversion. History —Oct. 6, 1987, No. 3, p. 840, added as § 23 on July 11, 1996, No. 70, § 22.
Puerto Rico Legal Code