P.R. Laws tit. 23, § 274
(a) A body corporate and politic is hereby created which shall constitute a public corporation and government instrumentality of the Commonwealth of Puerto Rico with the name of the “Puerto Rico Industrial Development Company”.
(b) The Company hereby created is and shall be a government instrumentality attached to the Department, as provided herein, but it is a public corporation having legal existence and personality separate and apart from that of the Government and of all officials thereof.
(c) The powers of the Company shall be exercised and its policy shall be determined by a Board of Directors, henceforth “the Board”, constituted by seven (7) members and composed of the Secretary who shall be its Chairperson, the President of the Government Development Bank for Puerto Rico, the Secretary of the Treasury, the President of the Planning Board and three members of the private sector to be appointed by the Governor of Puerto Rico with the advice and consent of the Senate. The term of office of the members of the private sector shall be of four (4) years. Any vacancy arising in said offices shall be filled by appointment of the Governor within a period of sixty (60) days from the date said vacancy occurs, and for the remainder of the term.
Four (4) members of the Board shall constitute quorum and all decisions shall be made by the majority of its members.
Those members of the Board who are officials of the Government of Puerto Rico shall not receive any compensation for their services. The remaining members shall be entitled to receive the per diems fixed by the Board from time to time, on the basis of the per diems paid to similar instrumentalities for each Board meeting they attend, as certified by the Secretary thereof. The Company shall reimburse the necessary expenses incurred in the exercise of their duties.
The debts, obligations, contracts, bonds, notes, due bills, receipts, expenditures, accounts, funds, concerns and property of the Company, its officials, agents or employees, shall be deemed to be those of said government controlled company and not those of the Commonwealth Government nor of any office, bureau, department, commission, dependency, municipality, branch, agent, official or employee thereof.
History —May 11, 1942, No. 188, p. 934, § 3, renumbered as § 4 and amended May 14, 1952, No. 456, p. 950, §§ 2, 15; June 18, 1958, No. 47, p. 82, § 2; Dec. 29, 1997, No. 203, § 3, eff. Jan. 1, 1998.