P.R. Laws tit. 15, § 1158
2019-02-20 00:00:00+00
The Board of Trustees may, through the vote of seven (7) members, remove any trustee from the Board for just cause. Said removal and the cause for the same shall be entered into a public record. The following shall be deemed to be just cause:
(1) Violation of the provisions of §§ 1151 et seq. of this title or its regulations thereof regarding the full discharge of his/her fiduciary duties.
(2) Actions or omissions contrary to the best interests of the Trust or to the financial solvency thereof.
(3) Gross negligence in the performance of his/her functions.
History —June 12, 1992, No. 12, § 8.