Sec. 601. Application of Puerto Rico Oversight, Management, and Economic Stability Act
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On the applicable date described in subsection (b)— the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2101 et seq. ) shall no longer apply to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable; and the Financial Oversight and Management Board established by section 101(b)(1) of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2121(b)(1) ) shall be terminated; all duties and responsibilities assigned to the Financial Oversight and Management Board under that Act as of that date shall return to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable; and all funds, property, and assets of the Financial Oversight and Management Board as of that date shall be transferred to the State of Puerto Rico, the nation of Puerto Rico, or the Commonwealth of Puerto Rico, as applicable.
The applicable date described in this subsection is— the date on which the government of the nation of Puerto Rico takes office, as established under section 208(c) or 307(c); the date on which the Commonwealth of Puerto Rico is admitted as a State of the Union of the United States, as declared under a Presidential proclamation issued under section 402(b)(1); or the date of ratification by eligible voters of a compact agreement for the Commonwealth of Puerto Rico under section 502(a)(1).
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Sec. 601
Application of Puerto Rico Oversight, Management, and Economic Stability Act
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