P.R. Laws tit. 23, § 280
(a) The Executive Director of the Company shall be appointed by the Governor with the advice and consent of the Senate. The Executive Director shall hold office at the will of the Board of Directors and his/her remuneration shall be as determined by it. Subject to the control of the Board, the Executive Director shall be in charge of the activities of the Company and shall have those powers that are provided by the regulations of the Company.
(b) The other officers of the Company shall be appointed and their powers determined in accordance with the bylaws of the Company.
History —May 11, 1942, No. 188, p. 934, § 5, renumbered as § 10 and amended on May 14, 1952, No. 456, p. 950, §§ 4 and 15; renumbered as § 9 and amended on Dec. 29, 1997, No. 203, § 7; June 7, 1999, No. 123, § 1.