P.R. Laws tit. 18, § 913f
The Educational Foundation shall also have the following powers in addition to those recognized by the laws of Puerto Rico for corporations:
(a) Seek and receive funds for the purposes of this chapter.
(b) Make loans on behalf of the Educational Foundation regarding those sums, terms and conditions it deems necessary and convenient to comply with the purposes of this chapter.
(c) Select the beneficiaries in accordance with the eligibility requirements established in this chapter and in the regulations of the Foundation.
(d) Appoint an Executive Director and [set] his/her salary and responsibilities.
(e) Prepare, approve, amend and repeal regulations in the exercise of its powers and duties.
(f) Approve a corporate seal and alter the same at its convenience.
(g) Sue and be sued on its own behalf.
(h) Negotiate and grant professional and consultation contracts; acquire, transfer goods and services; lease; sublease and grant all those other instruments and agreements with any natural or juridical person necessary or convenient to exercise the powers and functions conferred by this chapter.
(i) Appoint those officials, agents and employees necessary for the adequate compliance with the aims and purposes for which it has been created and fix their powers, faculties and duties.
(j) Administer, adjudicate and redeem the funds and property of the Educational Foundation in accordance with the purposes of this chapter.
(k) Prepare the document to request financial aid and register and process the applications it receives.
History —July 19, 1995, No. 80, § 7, renumbered as § 9 on Mar. 14, 1996, No. 13, § 4.