P.R. Laws tit. 2, § 673a
The Trust shall have all such rights and powers as necessary and appropriate to meet its purposes, as defined in this subchapter, including, but not limited to the following:
(a) To approve, amend, and repeal regulations for the management of business affairs and any such regulations and norms as necessary for the discharge of its functions and duties.
(b) To adopt an official seal and alter the same at its convenience.
(c) To sue and be sued under its own name, to file complaints or to be complained against.
(d) To receive, manage, and comply with conditions and requirements pertaining to any royalty, grant, loan, or donation of any property or money, including, but without it being construed as a limitation, those originating from the Commonwealth of Puerto Rico and the Government of the United States of America, or any agency or instrumentality thereof, or from private sources.
(e) To negotiate and award contracts, leases, subleases, and any other instruments and agreements with any natural or juridical person as necessary or convenient to discharge the powers and functions conferred under this subchapter.
(f) To take money on loan on behalf of the Trust for any such sums and under such terms and conditions as deemed necessary and convenient for the management of the business and obligations of the fund, pursuant to the provisions of this subchapter.
(g) To institute any judicial action to protect or enforce any right conferred under a law, contract, or other agreement.
(h) To appoint any such officials, agents, and employees as necessary to adequately meet the ends and purposes for which it was created, and to fix their powers, authorities, and duties, as well as the terms and conditions of employment established in this subchapter.
(i) To procure from insurers that meet the highest solvency standards any such insurance against financial losses of the kinds and for the amounts as deemed necessary for the Trust’s adequate protection, including, without it being construed as a limitation, fidelity bonds and civil liability insurance for trustees, officers, agents, and employees, or a similar coverage. In entering into insurance contracts, the procedures established under the Puerto Rico Insurance Code shall be followed.
(j) To indemnify third parties on behalf of the Trust and hold any of its trustees, officers or agents harmless for any legal responsibility incurred by them in the discharge of their duties and responsibilities.
(k) To organize, manage, and develop the operations, events, and activities of the Trust, so as to serve its best interests and businesses, as well as the purposes that brought about its creation.
(l) To establish a Permanent Fund to be replenished by any recurring contributions made to the Trust, as well as donations, leases, sales, and others.
History —Mar. 30, 2011, No. 40, § 3.2, eff. July 1, 2011.