P.R. Laws tit. 18, § 1199
(a) To perform the functions authorized by §§ 1195—1201 of this title the Institute of Puerto Rican Culture Fund is hereby created.
(b) To this fund shall be credited the receipts derived from any operations carried out under such sections, and all funds appropriated, assigned, transferred, or donated to the Institute. The Fund shall be available for the payment of all expenses of the Institute hereunder and may be invested in debentures of the Commonwealth of Puerto Rico and its dependencies and public corporations, with the approval of the Secretary of the Treasury.
(c) The funds of the Institute of Puerto Rican Culture shall be deposited in recognized banking institutions located in the Commonwealth of Puerto Rico. The accounts shall be opened in the name of the Institute of Puerto Rican Culture. Disbursements shall be made according to the norms and regulations approved by the Board of Directors with the recommendation of the Executive Director.
(d) The Institute shall establish an accounting system with the approval of the Secretary of the Treasury for the adequate control and registration of all its operations. The Institute’s accounts shall be kept in such a way that they can be separated by activities or programs as the Executive Director of the Institute may determine.
(e) The Institute shall submit to the Legislature each year, through the Office of the Governor, its budget of expenses and the budget of expenses of each one of its programs, according to the provisions of §§ 101 et seq. of Title 23.
History —June 21, 1955, No. 89, p. 374, § 5; July 31, 1985, No. 5, p. 796, § 5.