P.R. Laws tit. 10, § 692
It shall be unlawful for any registered investment company to file with the Commissioner any financial statement audited by a certified public accountant, unless:
(a) Such accountant has been selected at a meeting of the board of directors held within ninety (90) days after the beginning of the fiscal year by the vote of a majority of the members of the Board, including a majority of those who are not interested persons of such registered investment company or such accountant.
(b) Such selection is ratified at the next annual meeting of holders of voting securities, if such meeting be held.
(c) The contract of such accountant has been conditioned upon the right of the company by vote of a majority of the voting securities at any meeting called for the purpose to terminate such contract forthwith without any penalty. The vacancy so occurring may be filled temporarily by a vote of a majority of the members of the Board, including a majority of those who are not interested persons of such registered company or such accountant, subject to ratification by a majority vote of the security holders of the registered investment company at the next annual meeting of security holders of such registered investment company.
(d) Such certificate or report of such accountant shall be addressed both to the board of directors of such registered company and to the security holders thereof.
History —July 30, 2013, No. 93, § 30; Nov. 27, 2013, No. 137, § 12.