P.R. Laws tit. 5, § 981w
There are hereby transferred to the Company the funds and obligations held by the Cooperative Development Administration under Joint Resolution No. 83 of June 15, 1962, Joint Resolution No. 88 of June 19, 1964, Act No. 44 of June 5, 1963, Joint Resolution No. 40 of April 22, 1964, Joint Resolution No. 102 of June 26, 1963, Joint Resolution No. 58 of May 21, 1964, and Joint Resolution No. 22 of May 13, 1965. The funds so transferred shall be used in the development of the Company’s programs and the amounts recovered shall be covered into the general funds of the Company for use in the general development of its programs.
The contracts executed by the Administration and the cooperatives, involving funds appropriated by the aforesaid laws, shall continue in force with the Company created by this chapter. The powers vested by said laws in the Administration are hereby fully transferred to the Company. The Administrator is hereby empowered to transfer to the Company the sums, personnel, operating funds, equipment, vehicles, machinery, inventory, and other facilities assigned by said laws to the Administration for use as provided by the standards and the first paragraph of this section. The funds for incentives provided in Act No. 44 of June of 1963, Joint Resolution No. 40 of April of 1964 and Joint Resolution No. 22 of May of 1965, shall be withheld by the Administration in its Education, Promotion and Research Revolving Fund.
The personnel transferred to the Company under this section shall continue to have all rights, privileges, duties and status with respect to any pension, retirement, insurance or savings and loan fund system with which they may be affiliated at the time of the transfer.
History —June 21, 1966, No. 90, p. 288, § 24.