P.R. Laws tit. 18, § 1523
The School will have, without it being understood as a limitation, the following functions and powers:
(a) To be the owner in fee simple, administer and coordinate the most efficient use of the facilities related to its purposes, presently used or being constructed, or those that are constructed or acquired in the future.
(b) To possess and use an official seal which it may alter at will and of which judicial notice shall be taken.
(c) To acquire the rights and assets, be they real estate or personal, through donation, bequest, purchase or other legal means and possess and dispose of the same pursuant to the applicable acts and in the manner indicated by its own regulations as long as it is necessary and convenient to realize its corporate ends and in the best interests of the School.
(d) To formulate and adopt regulations to govern its activities, as well as its internal operations.
(e) To adopt its own accounting system with the approval of the Board. The School’s accounts will be managed in such a manner that they can be segregated or separated by activities. The Comptroller of Puerto Rico or his/her representative, shall from time to time examine the accounts and books of the School.
(f) It may execute contracts and legalize all types of documents that would be necessary or convenient to the exercise of its powers.
(g) To accept donations or loans and enter into contracts, agreements and other transactions, with agencies of the Government of the United States of America and with the Government of the Commonwealth of Puerto Rico, its agencies, instrumentalities and municipalities and invest the product from any of said income, donations or loans for any valid purpose.
(h) It may collect for the services it renders and use said income for any valid purpose.
(i) Rent and dispose of whatever assets or any interest over the same in the form, manner and extension that the School determines.
(j) To perform all the acts necessary or convenient to put into effect the powers granted to it by this or any other act.
(k) To subsist in perpetuity, to sue and be sued as a juridical person.
(l) To receive funds from public and private sources and spend such funds for purposes that are consistent with the objectives of the School.
(m) Confer academic degrees to its students, validate courses completed in other academic institutions and degrees conferred thereby, and confer academic honors in the field of plastic arts and the teaching thereof, pursuant to the laws and regulations that govern said matter.
(n) Take money on loan, contract obligations and secure them with any property of the School, after the approval of the Government Development Bank, which shall act as its fiscal agent.
(o) Establish a trust and other juridical structures of a similar nature that contribute to safeguard and advance the interests of the School.
History —Aug. 22, 1990, No. 54, p. 213, § 3; June 22, 2002, No. 92, § 1.