No investment company organized or otherwise created under the laws of the Commonwealth of Puerto Rico, and no promoter or underwriter of such investment company, unless registered under § 665 of this title, shall directly or indirectly:(1) Offer for sale, sell, or deliver after sale, in the Commonwealth of Puerto Rico, any security or any interest in a security whose issuer is such investment company; or offer for sale, sell, or deliver after sale any such security or interest, when there is reason to believe that such security or interest will be offered for sale, sold or delivered in the Commonwealth of Puerto Rico;(2) control any investment company which does any of the acts enumerated in subsection (1);(3) engage in any business in the Commonwealth of Puerto Rico, or(4) control any company which is engaged in any business in the Commonwealth of Puerto Rico.The provisions of this section shall not apply to transactions of an investment company which are merely incidental to its dissolution. History —Oct. 19, 1954, No. 6, p. 220, § 4, eff. Jan. 1, 1955.
Puerto Rico Legal Code