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 formalized with the SEP/PR which, in case of approval will take all the measures for its due formalization, through annotation of the contract in force.

The requests for amendment must be supported with the documentation listed in the referred ordinance.

The transfer of controlling stake, ownership or change of corporate name referred to in this ordinance will not modify the terms and conditions set forth in the concession contract or lease currently in force.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.