P.R. Laws tit. 28, § 91g
(a) Wholly possessed.— The Corporation is hereby authorized to create by resolution such subsidiary corporations wholly possessed as it may deem desirable in order to develop any project assigned to it as provided hereinbefore and to carry out, through said development, the provisions of this chapter. Said wholly-possessed subsidiary corporations shall be public corporations and shall have such powers and duties vested in the Corporation by the provisions of this chapter as may be assigned to them by the Board. The Board shall appoint the members of the Board of Directors of any of said subsidiary corporations; Provided, That at least a simple majority of the members of each one of said Board of Directors shall be appointed from among the seven members of the Board. All the rights, privileges and immunities conferred to the Corporation under this chapter are hereby conferred to said wholly-possessed subsidiary corporations for carrying out the powers and duties assigned to them.
(b) Partially possessed.— The Corporation is hereby authorized to create by resolution subsidiary capital corporations with power to issue capital stock; Provided, That the Corporation shall at all times possess and control at least fifty-one percent (51%) of the outstanding and issued capital stock of said subsidiary capital corporations. Subsidiary capital corporations shall only have such powers and duties conferred to the Corporation as may be delegated and assigned to them by resolution of the Board. The Board shall appoint at least a majority of the members of the Board of Directors of any of such subsidiary capital corporations and none of said subsidiaries shall take any action requiring approval of its Board of Directors unless a majority of the members of its Board of Directors appointed by the Corporation are present.
History —July 2, 1975, No. 145, p. 433, § 8.