This Regulation is composed of 7 articles. Articles 1 and 2 deal with terms and definitions. Article 3 specifies competencies and duties of the Board of Commissioners in contracting with Developing Entity of the zone and the right to stipulate provisions in the contract. Article 4 defines the following obligations of the Developing Entity: (a) to commence the work in the zone; (b) to implement the development according a plan approved by the Board of Commissioners; (c) to take into account the zoning of lands and buildings approved by the Board; (d) to not sell any property except for purposes provided for in Law No. 44; (e) to not lease any property in whole or in part except for purposes of establishing investment projects; (f) to promote the zone in coordination and collaboration with the Board and Relevant Entities; and (g) to comply with the enacted legislation in the zone. Article 5 entrusts the Devoloping Entity with the following acts: (a) to lay down plans for the development of the Zone; (b) to borrow from domestic and foreign sources to finance investments in the Zone; (c) to contract with experts, consultants, contractors and sub-contractors to implement the development; (d) to own and sell any real property in the Zone; and (e) to conduct any economic activity in the Zone. Article 6 defines measures and arrangements to be taken by the Board for monitoring the Developing Entity in the Zone. Article 7 entrusts the Board to issue all instructions and directives necessary for the implementation of this Regulation.

Descriptors (Sea): access right; authorization/permit; coastal zone management; concession; EEZ-Exclusive Economic Zone; inspection; institution; management/conservation; policy/planning; zoning

FAOLEX No: LEX-FAOC062833