P.R. Laws tit. 23, § 594a
The board shall [sic] of directors shall have the following powers in order to comply with the duties and responsibilities defined in this chapter:
(a) To adopt, alter and use a corporate seal.
(b) To adopt, amend and repeal regulations governing its affairs and activities, and to prescribe rules, regulations and norms necessary to comply with its functions and duties, pursuant to §§ 2101 et seq. of Title 3, known as the “Commonwealth of Puerto Rico Uniform Administrative Procedures Act”.
(c) To see to [it] that the moneys appropriated to the fund be used for the purposes provided in this chapter. To such effects, the board shall prepare and promulgate the regulations necessary for administering and granting said resources; Provided, also, That the board of directors may not use or encumber the resources of the funds for administrative expenses.
(d) [Repealed. Act Aug. 28, 2002, No. 205, § 2, eff. Aug. 28, 2002.]
(e) To create an advisory body through regulations in order to expedite the duties of the board.
(f) To act as the governing body of the fund, with exclusive powers to authorize financing and other repayable benefits to be granted by the board itself; to adopt bylaws for its administration and operation, as well as the standards to be observed for the administration of the fund and for granting such appropriations and other repayable benefits. The board of directors shall also fix through regulations all matters pertaining to the mechanisms for recovering all items disbursed from the fund.
History —Aug. 17, 2001, No. 121, § 3.02; Aug. 28, 2002, No. 205, § 2.