P.R. Laws tit. 18, § 1161a
The Corporation shall have, without being limited to, the following duties and powers:
(a) To have title in dominium plenum, administ[er] and coordinate the most efficient use of the physical facilities related to its corporate purpose presently in use, under construction or to be constructed in the near future.
(b) To coordinate the activities and make the use of its structures available to all the government agencies whose purposes and functions are related in one way or another with the Corporation’s functions, such as the Puerto Rico Conservatory of Music, the Musical Arts and Stagecraft Corporation, the Puerto Rico Symphony Orchestra, the University of Puerto Rico and the Department of Education, and to other private organizations devoted to the performing arts, including recognized professional soloists.
(c) To draw up and adopt such regulations that may be required to carry out the functions and duties described herein.
(d) To subsist in perpetuity, to sue and be sued as a juridical person.
(e) To hold and use a corporate seal which it may alter at will and of which judicial notice shall be taken.
(f) To acquire rights and properties, both personal and real, by donation, legacy, purchase or other legal means; and to hold and dispose of them, according to law, in the manner established in its own regulations for as long as it is necessary and convenient to fulfill its corporate goals and in the best interest of the Corporation.
(g) To establish and adopt regulations to govern its activities as well as its internal operation.
(h) To have absolute control of its properties and activities, including its funds. Adopt its own accounting system with the approval of the Board of Directors of the Institute of Puerto Rican Culture. The Corporation shall keep its accounts in such a way that each activity may be segregated or separated.
The Comptroller of Puerto Rico or his representative shall examine the Corporation’s accounts and books from time to time.
To enter into contracts and execute any kind of documents that may be necessary and convenient in the exercise of its powers.
(i) To administer its own personnel system and appoint all its officials, agents and employees who shall be public employees entitled to become members of the Puerto Rico Government Employees Association, avail themselves of the benefits of the Retirement System of the Government of Puerto Rico and assign to them the duties deemed pertinent, as well as to [set] their remuneration subject to the regulations established by the Board of Directors of the Institute of Puerto Rican Culture. The Corporation shall be an Individual Administrator, as defined in Act No. 5 of October 14, 1975, known as the “Public Service Personnel Act of Puerto Rico”, and in the personnel regulations adopted thereunder. The Board of Directors of the Institute of Puerto Rican Culture shall adopt for the Corporation a personnel system, compensation and classification plans and the rules and regulations deemed necessary to comply with said plans and systems.
(j) Accept donations or loans and enter into contracts, leases, agreements and other transactions with federal agencies and with the Commonwealth of Puerto Rico, its agencies, instrumentalities and municipalities, and to invest the proceeds of any such donations or loans for any legal corporate purpose.
(k) To lease and dispose of any of its properties or any interest thereon, in the form, manner and to the extent determined by the Corporation.
(l) To perform all acts necessary or convenient to carry out the powers granted to it by §§ 1161—1161f of this title or by any other statute.
(m) To receive funds from public and private sources and to spend such funds for purposes consistent with the Corporation’s objectives.
(n) With the approval of the Government Development Bank which shall act as its fiscal agent, to borrow money and issue bonds and secure them with any property of the Corporation including the Fine Arts Center.
History —May 12, 1980, No. 43, p. 112, § 2; July 31, 1985, No. 1, p. 773, § 3, retroactive to July 1, 1985.