P.R. Laws tit. 21, § 6628
Every association must comply with the following norms and provisions:
(a) Maintain a strict accounting system regarding the funds received, their uses and surplus, according to generally accepted public accounting practices.
(b) Deposit the moneys in a bank account within the term provided by the Company through regulations.
(c) Designate an official who will be responsible for receiving, accounting, and disbursing moneys, as well for saving all receipts and related documents needed to prepare and justify the financial reports that must be submitted to the general assembly.
(d) Make disbursements only by check, for the payment of purchase orders, invoices, payrolls, services or other necessary expenses directly related to the activities of the association, except in those cases in which something else is required by law, or for those matters authorized by the Company through regulations.
(e) No checks shall be issued to the bearer, nor shall cash payments chargeable to the funds of the association be made.
(f) Keep minutes of the general assemblies and the meetings of the Board of Directors, specifically stating, among other things, the decisions or resolutions approved regarding the use and disposition of the funds of the association.
(g) Conserve up to date and safely filed checks, invoices, purchase and service orders, payrolls, records, minutes and any other documents related to the funds of the association for the term established in the bylaws of the association, which shall not be less than five (5) years.
In the case of those associations constituted for a definite term, and in every case of their dissolution, the documents related to the funds of the association, such as disbursements, vouchers and any other such documents of a fiscal nature or related to the use of the same, shall be delivered to the municipality or municipalities with jurisdiction for their preservation and custody not later than thirty (30) days following the date that the term of existence of the association concluded or the dissolution of the association in question is decreed. In the case of a tourism improvement district located in more than one municipality, said documents shall be delivered to the municipality containing the largest portion of the district and a copy of said documents shall be delivered to the remaining municipalities.
The Company shall provide, through regulations, any other rules it deems are needed for the management of the funds of the associations taking into consideration the provisions of this section.
History —Aug. 8, 1998, No. 207, § 2.008, eff. 60 days after Aug. 8, 1998.