P.R. Laws tit. 18, § 1477
The monies of the Fund shall be under the custody of the Secretary of the Treasury in a manner separate and distinct from any other funds and monies of the Institute of Puerto Rican Culture, and without being subject to a specific fiscal year.
The resources of the Fund shall be administered pursuant to the regulations provided by the Administrative Council with the prior approval of the Secretary of the Treasury. Notwithstanding the provisions of § 1476 of this title, the Council may enter into agreements with other government entities or contract services with persons and private entities to delegate to these persons or entities the functions of the Administrative Council related to the administration of the loans of the Fund. Notwithstanding the foregoing, the power to authorize loans, as well as the responsibility for approving the regulations that shall govern the administration thereof shall not be delegated. The Council shall not invest more than fifteen percent (15%) of the total resources of the Fund in administrative expenses.
The resources of the Fund shall be destined exclusively to attend to the needs related to the application of this chapter and shall originate from:
(a) Annual appropriations by the Legislature for the development and financing of the cultural endeavor that are destined to the Fund.
(b) Donations from industries, groups, nonprofit institutions, partnerships and corporate entities from the private sector, private citizens, as well as federal and Commonwealth and municipal government entities.
(c) Interest accrued on account of investments charged to the Fund’s monies.
(d) Transfers of real and personal property authorized by the Governor through an Executive Order.
The Governor may transfer to the Fund, through an executive order, any personal or real property that he deems necessary and convenient for the development of any of its activities by the Fund, pursuant to this chapter.
In any case in which, according to this section, the Commonwealth of Puerto Rico must transfer a specific real property to the Fund, said transfer shall be by virtue of a certificate issued by the Secretary of Transportation and Public Works, in behalf and in representation of the Commonwealth of Puerto Rico, in which there shall appear a description of the real property and note of its inscription in the Property Register. The Property Registrars shall take notice of said certification for the purpose of registering the title deed in favor of the transferee.
History —July 20, 1988, No. 115, p. 482, § 8; May 2, 1990, No. 8, p. 63; May 7, 2004, No. 109, § 1.