The Commonwealth of Puerto Rico, its agencies and political subdivisions, including the municipalities and the Government of the Capital, are hereby authorized to grant and transfer to the Puerto Rico Industrial Development Company, at its request and upon reasonable terms and conditions, without requirement of public bid or other legal formalities in addition to the execution of the proper deed, any property or interest therein (including property already devoted to the public use) which the Company may deem necessary or advisable to effectuate its own purposes.Pursuant to the provisions of this section, the title to any property of the Commonwealth of Puerto Rico, including the title to any property hereafter acquired, may be transferred to the Puerto Rico Industrial Development Company by the official in charge of said property or having it under his jurisdiction.The Secretary of Transportation and Public Works shall transfer to the Puerto Rico Industrial Development Company, free from any cost whatsoever, such lands of the Commonwealth of Puerto Rico as, in the judgment of the Governor of Puerto Rico, said Company may need to carry out its ends and purposes.These provisions e from any cost whatsoever, such lands of the Commonwealth of Puerto Rico as, in the judgment of the Governor of Puerto Rico, said Company may need to carry out its ends and purposes.These provisions shall not be construed in the sense of authorizing the grant or transfer of property devoted by law to other purposes.The Secretary of Transportation and Public Works shall submit annually to the Legislature a list of properties granted and transferred to the Puerto Rico Industrial Development Company under the authorization herein contained, and the valuation of each property. History —Apr. 5, 1946, No. 280, p. 648, § 1; June 18, 1958, No. 42, p. 67, § 2.
Puerto Rico Legal Code