Esta ley establece el "Premio Legislativo Jóvenes Empresarios de Puerto Rico", un reconocimiento anual a emprendedores menores de 30 años por su contribución al movimiento comercial, la creación de empleos y el desarrollo económico. La ley detalla los criterios de elegibilidad, el proceso de nominación y selección, la composición del comité evaluador y la naturaleza del premio.
(Approved December 25, 2002)
To establish an award denominated as the "Young Entrepreneurs of Puerto Rico Legislative Award," which shall be bestowed annually on an entrepreneur not over 30 years of age, whose contribution to the commercial movement, creation of jobs, and development of our economy, is outstanding; and for other purposes.
Our youth is a great and important sector of the population in Puerto Rico. Each day, they face great challenges in their efforts to get a job or to develop a small profitable enterprise. In the entrepreneurial aspect, our youth has a great potential to contribute to the development of our economy.
The economic recession in the United States and the recent closing of factories in Puerto Rico has had a negative impact on the quality of life of our fellow citizens. In order to attend this situation effectively, it is necessary to propose ideas and affirmative and creative action procedures.
Private enterprise, and universities, as well as the government, are promoting the development of the young entrepreneurial class. For some youths, achieving the development of a small profitable business requires an extraordinary personal and professional effort. The objectives pursued by them, generally require a great creative ability, tenacity in what they propose to do, a certain degree of tolerance of economic risks, vision and marketing know-how.
With some exceptions, the values they put into action are not recognized or are not given the credit they deserve. The Legislature deems that this worthy effort of our young entrepreneurs must be recognized and extolled.
This Act has the main purpose of establishing the "Young Entrepreneurs Legislative Award of Puerto Rico," as a stimulus, and recognition of this Legislature to the tenacity and perseverance of our new generations in the everyday life of Puerto Ricans.
Section 1.- This Act shall be known as the "Young Entrepreneurs of Puerto Rico Legislative Award Act."
Section 2.- An award denominated as the "Young Entrepreneurs of Puerto Rico Legislative Award," is hereby established by the Legislature of the Commonwealth of Puerto Rico to be granted annually to a businessperson or entrepreneur younger than thirty (30) years of age who is outstanding for his/her exceptional contribution to the diversification, expansion, or development of business, or manufacturing or services industry in Puerto Rico.
Section 3.- For the purposes of this Act, the term "enterprise" includes:
Section 4.- The award shall consist of a unique badge bearing the official seal and colors of the Commonwealth of Puerto Rico, and a quotation allusive to the leadership of the young entrepreneurs of the country engaged in the development of free enterprise.
The award-winner shall also be given an original document signed by the Chairperson of each Legislative Body, consigning the actions, achievements, and qualities of the young entrepreneur to whom the Award is granted. The Joint Committee for the Evaluation and Award shall determine the text and form of said document for each year that the award is granted.
The first Joint Committee constituted for the Evaluation and Adjudication of the Legislative Award to the Young Entrepreneurs of Puerto Rico, shall adopt the design, material, and the inscription on the special award to be granted pursuant to this Act. The design thus adopted shall be continue to be used subsequently every year that said award is granted.
Section 5.- The Joint Committee for the Evaluation and Award of the Young Entrepreneurs of Puerto Rico Legislative Award, is hereby established, which shall be composed of:
The Speaker and Vice-speaker of the House of Representatives and the President of the Senate of Puerto Rico; the Chairperson of the Standing Committees of each legislative body with jurisdiction on public policy and youth affairs; the Chairperson of the Standing Committees of each legislative body with jurisdiction on matters related to trade, industry and entrepreneurial development; and the Majority and Minority Leaders of each House.
The Chairperson of the Youth Committees of both legislative bodies shall co-preside the Joint Committee.
The Joint Committee of the Award shall adopt the rules needed for its internal operations. These rules shall provide sufficient standards to govern, among others, the minimum content of the form to nominate the candidates for the Award, the procedure for the consideration and evaluation of the nominations submitted to the consideration of the Committee and any other matter that it deems necessary to comply with its functions. Likewise, the Committee shall publish a notice in a newspaper of general circulation at least seven (7) months before the fourth Sunday of June of each year, stating the date that the Committee shall begin to receive nominations, and the deadline to submit them to the Joint Committee, and stating the times and place that the nomination forms may be obtained; which shall be held on the fourth Sunday of June of each year.
Section 6.- Any natural person or public or private entity may nominate any person deemed to deserve the Award, following the procedure established in the regulations of the Joint Committee established in Section 5 of this Act.
Eligible to receive the Award established by this Act shall be any person who: a. is engaged in business, manufacture or services industry and who is not older than thirty (30) years of age; b. has shown his/her support and respect for the generally recognized principles of business ethics; and c. has contributed exceptionally to the development of business or the manufacturing or service industry, and to the creation of jobs, through his/her enterprise.
The nominations of the candidates for the Award shall be submitted to the Joint Committee for the Evaluation and Adjudication of the Legislative
Award at least six (6) months before the celebration of Youth Day, indicated in Act No. 13 of April 18, 1974 as amended. All nominations for the Award shall include a summary of the performance and achievements of the nominated young entrepreneur and must be verifiable. Said nomination shall also meet, all the requirements and specifications determined in its regulations by the Joint Committee for the Evaluation and Adjudication of the Legislative Award.
The decision of the Joint Committee on the person whom, in their most objective judgment, is worthy of the Award instituted in this Act, shall be adopted with the vote of at least two-thirds (2/3) of the members thereof.
Section 7.- The Joint Committee for the Evaluation and Adjudication of the Award shall hold whatever meetings it deems convenient to achieve the purposes and objectives of this Act.
Section 8.- The Legislature shall provide the Joint Committee for the Evaluation and Adjudication of the Legislative Award mentioned herein, with the office space, equipment, materials and services needed to hold its meetings within the functional framework established in this Act.
Section 9.- The Chairpersons of the House of Representatives and the Senate of Puerto Rico shall jointly agree each year on the date, activity and ceremony to present the Legislative Award to the Young Entrepreneur of Puerto Rico.
In the event the entrepreneur should pass away before receiving the Award, it shall be given to a close relative.
Each Legislative Body shall be responsible for defraying the operating expenses of the Joint Committee and the organization of said activity for the presentation of the award as well as the cost thereof, in alternate years. Provided, that in the year 2003, said responsibility shall rest on the House of
Representatives, chargeable to the budget of the corresponding Legislative Body.
Section 10.- This Act shall take effect March 30, 2004.
I hereby certify to the Secretary of State that the following Act No. 299 (H.B. 1349) of the $4^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to establish an award denominated as the "Young Entrepreneurs of Puerto Rico Legislative Award," which shall be bestowed annually on an entrepreneur not over 30 years of age, whose contribution to the commercial movement, creation of jobs, and development of our economy, is outstanding; and for other purposes, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $23^{ ext {rd }}$ of November of 2004.
Elba Rosa Rodríguez-Fuentes Director