409a

(a) The Board of Directors shall provide, through a resolution to such effects, that its existing subsidiary corporations or those to be created, shall have the nature of private corporations for profit, which may also issue one or more classes of corporate capital stock. Said resolutions shall meet the applicable requirements of the Puerto Rico General Corporations Act of 1995 ('Corporations Act'), and shall have the effect of a certificate of incorporation under said sections.The Secretary of State is hereby empowered to register said resolutions in the Department of State of Puerto Rico.(b) The board of directors of any of the subsidiary corporations of the Authority may authorize the creation, or the acquisition of the capital stock of those subsidiary corporations it deems convenient, to carry out the purposes of this chapter and to loan, donate or otherwise transfer any of its properties to said subsidiary corporations. History —May 6, 1974, No. 25, Part 1, p. 136, added as § 9A on Nov. 27, 1990, No. 8, p. 1448; Sept. 12, 1996, No. 215, § 10; renumbered as § 8 and amended on June 24, 1998, No. 94, § 10.