P.R. Laws tit. 5, § 961
This Board shall administer the funds collected from the sale of agricultural products and animals of the Second Rural Units, high schools where courses in vocational agriculture are taught and other similar schools heretofore or hereafter established in the Commonwealth of Puerto Rico and any other receipts or donations received; shall determine the manner in which the loans and awards shall be granted to the members of the Future Farmers of America Association, Puerto Rico Chapter, and to other students enrolled in the Vocational Agriculture Program; Provided, That if in the judgment of the Board it should be convenient, the same may enter into contracts with banking or financial institutions for the granting of loans to said students secured by the Loan and Award Fund, for which the Board shall determine the amount of the reserve which shall serve as security to these loans; shall establish the terms as to time and solvency for the loans granted by it; shall appoint, chargeable to these Funds, the administrative personnel necessary to carry out its functions, which shall be included in the Exempt Service; shall propose to the Secretary of Education of Puerto Rico the name of the person who shall act as disbursing officer, which person shall meet the qualifications and give the securities demanded by the regulations promulgated by said Secretary; Provided, That up to thirty percent (30%) of the balance available as of June 30 of each fiscal year not expended for the purposes hereinbefore stated, shall be used thereafter for the purchase of fertilizers, seeds, animals, agricultural equipment, for expenses incurred in the Conventions of the Future Farmers of America, for traveling expenses of the employees and members of the Board in official functions, and may further be used to pay the expenses incurred in the school farms and high schools where courses in vocational agriculture are taught and in other similar schools heretofore or hereafter established in the Commonwealth of Puerto Rico, in the manner also prescribed by regulations of the Department of Education of Puerto Rico, in coordination with the Department of the Treasury.
History —Apr. 17, 1946, No. 341, p. 924, § 4; May 5, 1949, No. 185, p. 584, § 1; June 22, 1971, No. 57, p. 185; Nov. 30, 2006, No. 257, § 5.