A corporate and politic body constituting a non-capital stock public corporation is hereby created and shall be known as the Puerto Rico Maritime Shipping Authority, which shall be deemed a citizen of the Commonwealth of Puerto Rico. The Authority shall be an instrumentality attached to the Government Development Bank for Puerto Rico and its President shall be the President of the Bank, but shall have an existence and juridical personality separate and independent from the Bank and of any of its officials. The debts, obligations, contracts, bonds, notes, debentures, receipts, expenses, accounts, funds, enterprises and properties of the Authority, its officials, agents or employees, shall be deemed assets and liabilities of said public corporation exclusively, and not of the Commonwealth of Puerto Rico Government, the Bank or any office, bureau, department, commission, dependency, municipality, branch, agent, official or employee thereof.\nHistory —June 10, 1974, No. 62, Part 1, p. 239, § 4, renumbered as § 3 and amended on Sept. 27, 1994, No. 112, §§ 2, 11.
Puerto Rico Legal Code