P.R. Laws tit. 5, § 3056
(a) Each sector or group of sectors shall create a fund to promote the development of the production and marketing of its products. This fund shall be used to foster the development of the industry, by promoting the production, sale, marketing, manufacture and consumption of the products related to said enterprise, as well as any other efforts needed for its development.
(b) Said funds shall be nourished with the contributions of components of the sector or groups of sectors. The amount of the contributions shall be determined by the Administrative Board, after consulting said components. It shall also be nourished by any other financial source made available to each fund by its components.
(c) The Administrative Board of each regulated industry shall act as the Administrative Board of the fund created for said industry.
(d) When the situation of the sector or groups of sectors and the financial condition of the fund so warrant, the Board shall request the Regulating Officer to adjust the amount of the contribution for each sector. Should the Regulating Officer deem that it is necessary to adjust the contribution, he/she shall hold public hearings for such purposes and announce in a newspaper of general circulation, the date on which these shall be held not less than ten (10) days prior to the date chosen, pursuant to the procedure established by this chapter, and he/she must have the authorization of the Development Fund Administrative Board for such action.
(e) All moneys of the fund shall be deposited in those banking institutions determined by the Board, but recognized as depositaries for the funds of the Government of Puerto Rico, which shall be kept in an account or accounts registered to the name of the fund. Collections and disbursements shall be made pursuant to the regulations adopted by the Administrative Board. Disbursements shall not be pre-audited by the Secretary of the Treasury.
In administering the development fund of each organized sector, the administrative board or board of directors thereof may exercise all the powers conferred by law to private corporations, as any natural or juridical person. The Board may appoint and hire the personnel needed to meet the purposes of this chapter without being subject to any personnel and human resources laws that apply to the public sector, and may procure goods and services without being subject to the laws that apply to said transactions in the government sector, but in carrying out such duties, it shall abide by the standard business practices of the private sector.
History —Sept. 18, 1996, No. 238, § 7; Aug. 5, 2011, No. 169, § 2.