The Executive Branch filed a bill in the Senate seeking to create the Cabo Rojo Tourism Corporation, which will have private financial contributions and will allow the State to transfer assets and rights of the tourism project in Pedernales.
It will be organized as a corporation and will be attached to the Ministry of the Presidency. Its essential mission will be to develop and operate the service, hotel and commercial infrastructure of the Cabo Rojo Tourism Project.
According to the piece of legislation drafted by the Executive Branch, the promotion of the tourism project will be done through the construction, execution of projects, business, investment, commercialization and administration of the project.
Article seven of the legislative document establishes that the commercial corporation will be of mixed capital and emphasizes that the funds invested by the State will never be less than 51%, in order to “avoid” privatization.
In addition, the Cabo Rojo Tourism Corporation will have its own assets, legal status and will have the capacity to contract commercial and contractual debts, according to Diario Libre.
The proposal provides that the Dominican State will be able to transfer the assets and rights of the patrimony to contribute the capital stock required for the commercial corporation. In other words, in the event that the Government does not have sufficient resources to contribute its share, it will be able to use the patrimony of the tourism project being executed in Pedernales.
The same piece of legislation creates an administrative council for the referred commercial society. The team will be composed of an odd number, not less than three.
With the bill, in case it is approved, the commercial company will be obliged to submit to the Executive Power an annual report of all the activities it carries out. The report must include a balance sheet, an annual report of its activities, a statement of income and expenses and a statement of origin and application of funds.
Source: Arecoa
