P.R. Laws tit. 5, § 1019
(a) The Insurance Fund shall be administered by a Governing Board and Executive Committee, as hereinafter provided. The actions of the Governing Board and the Executive Committee pursuant to this Compact shall be deemed the actions of the Insurance Fund.
(b) Each member of the Governing Board is entitled to one vote on the Board. Action by the Governing Board is not binding, unless taken in a meeting at which a majority of the total number of votes on the Governing Board is cast in favor of the action. Governing Board action shall be taken only at a meeting at which a majority of the members are present.
(c) The Insurance Fund shall have a seal that may be employed as an official symbol and may be affixed to documents and used as the Governing Board may provide.
(d) The Governing Board shall elect annually, from among its members, a chairperson, a vice chairperson, a secretary and a treasurer. The Chairperson may not succeed himself or herself. The Governing Board may appoint an Executive Director and fix the duties of the Executive Director and compensation, if any. The Executive Director shall serve at the pleasure of the Governing Board. The Governing Board shall provide for the bonding of any officers and employees of the Insurance Fund, as it finds appropriate.
(e) Irrespective of the civil service, personnel or other merit system laws of any party states, the Executive Director, or if there is no executive director, the chairperson, pursuant to procedures as the bylaws may provide, shall appoint, remove or discharge such personnel as necessary for the performance of the functions of the Insurance Fund, and shall fix the duties and compensation of such personnel. The Governing Board shall provide personnel policies and programs of the Insurance Fund.
(f) The Insurance Fund may borrow, accept or contract for the services of personnel from any state or any other governmental agency, any person, firm, association, or corporation.
(g) The Insurance Fund may accept, for any of its purposes and functions under this Compact, any donations, grants of money, equipment, supplies, materials, services, or otherwise, from any state of the United States, any other governmental agency, from any person, firm, association, or corporation, and may receive, use and dispose of the same. Any donation, gift, or grant accepted by the Governing Board pursuant to this paragraph or services borrowed pursuant to subsection (f) of this section shall be reported in the annual report of the Insurance Fund. The report must include the nature, amount and conditions, if any, of the donation, gift grant, or services borrowed and the identity of the donor or lender.
(h) The Governing Board shall adopt bylaws for the operations of the Insurance Fund and may amend or rescind the bylaws. The Insurance Fund shall publish its bylaws in convenient form and shall file a copy, thereof and a copy of any amendment with the appropriate agency or officer in each of the party states.
(i) The Insurance Fund shall submit to the Governor and the Legislature of each party state an annual report which covers its activities for the preceding year. The Insurance Fund may submit such additional reports as it deems desirable.
(j) In addition to the powers and duties specifically authorized and imposed, the Insurance Fund may do such other things as necessary and incidental to the conduct of its affairs pursuant to this Compact.
History —Jan. 20, 2010, No. 10, § 4.