P.R. Laws tit. 5, § 4622
The duties of the Board of Directors for the member-owners cooperative housing regime in addition to those established in this chapter shall be the following:
(a) Contract and supervise the administrator of the cooperative, whether a natural or juridical person, who shall carry out the functions, duties and responsibilities established by law, the regulation or those delegated to it by the cooperative through a contract. The administrator, whether a natural or juridical person, shall be certified as a qualified housing cooperative administrator by the Cooperative Development Administration or by a competent entity with authority to do so.
(b) Approve the annual income and expense budget, based upon, among others, the maintenance fees that apply to the member-owners according to the regular and necessary expenses for the best operations of the cooperative.
History —Sept. 1, 2004, No. 239, § 35A.32.