SEP/PR Sets New Rules For Changing The Corporate Structure Of Leased Port Terminals

The Division of Ports of the Presidency of the Republic (SEP/PR) published on March 5, 2015, Ordinance No 50, which sets out rules and procedures for the transfer of controlling stake and ownership for changing the corporate name of a concession contract or lease in an organized port.

According to the Ordinance, the requests for transfer of controlling stake or corporate ownership must be made at the National Agency of Waterway Transportation (Antaq), being such agency responsible for deciding the process.

The party interested in the transfer of controlling stake or ownership must undertake to comply with all the clauses of the contract in effect and demonstrate that it meets the requirements of technical capacity, financial fitness and good standing with legal, tax and labor matters necessary to take over the service.

On the other hand, the requests for change of corporate name must be...