P.R. Laws tit. 7, § 1365m
The Board shall designate a credit committee, composed of not less than three (3) regular members and two (2) alternate members, who shall perform the functions of those who hold office in every case of temporary absence. The members of the credit committee shall be designated for a term of not more than one (1) year each, and shall hold office until their successors are appointed, and may be redesignated to their positions. Whatever vacancies that arise among the members of the credit committee shall be filled by the Board for their uncompleted term.
The Board may also designate credit officials, on whom they may delegate the power to evaluate the requests for loans and authorize them up to the maximum limits set by the Board. Said officials shall inform the credit committee of all applications denied by them, for its pertinent action, and shall render a written report to the credit committee with the frequency established by the Board, but not less that once (1) a month, on the loans they authorize and deny.
History —Oct. 28, 2002, No. 255, § 5.14.