P.R. Laws tit. 24, § 3123
The powers of the Trust shall be exercised by a Board of Directors which shall be constituted by seven (7) members. Four (4) of the members of the Board of Directors shall be ex officio members: the Governor of the Commonwealth of Puerto Rico, the President of the Bank, the Director of the Office of Management and Budget, the Secretary of Justice and three (3) private citizens as representatives of the public interest. The Governor shall designate the Chairperson from among its members. At least two (2) of the private citizens must have experience in the fields of health and education. The representatives of the public interest shall be appointed by the Governor with the advice and consent of the Senate of Puerto Rico for a term of four (4) years and until their successors are designated. The representatives of the public interest shall observe the same standards of ethics required from those officials who hold similar offices and shall comply with the laws that apply to them.
The members of the Board of Directors shall not be entitled to [a] per diem or compensation whatsoever for their services as such.
The Governor of the Commonwealth of Puerto Rico may delegate his/her participation in the Board of Directors on a representative. The President of the Bank, the Director of the Office of Management and Budget as well as the Secretary of Justice may delegate their representation on the Board of Directors in exceptional or force majeure cases, which shall not exceed five (5) times a year.
History —July 30, 1999, No. 173, § 5; Dec. 28, 2000, No. 450, § 1; Jan. 4, 2002, No. 6, § 3.