(a) The Commonwealth of Puerto Rico and all public officials, municipal corporations, political subdivisions, and public entities; all banks, bankers, deposit banks, savings banks and institutions, investment companies, insurance companies and associations, and other persons engaged in the banking or insurance business; and all executors, administrators, guardians, cestui que trusts and other trustees, may lawfully invest any amortization funds, moneys or other funds owned by them or under their management, in any bonds or other obligations issued by a housing authority created by, or in conformity with, the Housing Authorities Act of Puerto Rico, §§ 31—55 of Title 17, or issued by any public housing authority or agency in the United States, when such bonds or other obligations are secured under promise of annual contributions to be paid by the Government of the United States or any agency thereof, and said bonds shall be fully negotiable in Puerto Rico; it being the purpose of this section to authorize any of the above-mentioned entities to use any funds owned by them or under their administration, including (but not limited to) amortization, insurance, investment, retirement, section to authorize any of the above-mentioned entities to use any funds owned by them or under their administration, including (but not limited to) amortization, insurance, investment, retirement, compensation, pension, and trust funds, and funds in deposit, for the purchase of any such bonds or any other obligations; Provided, however, That nothing contained in this section shall be understood to relieve any person, commercial concern, or corporation of any duty to make a reasonably careful selection of the titles.(b) The provisions of this section shall be applicable regardless of any restrictions on investments contained in other laws. History —May 9, 1947, No. 104, p. 242, §§ 1, 2.
Puerto Rico Legal Code