P.R. Laws tit. 7, § 611d
(a) The business of the Bank and its subsidiaries shall be administered and its corporate powers shall be exercised by a Board of Directors, which shall be composed of nine (9) members. The President of the Government Bank, who is hereby designated as the Chairman of the Board of Directors of the Economic Development Bank for Puerto Rico, the Secretary of Economic Development and Commerce, or one of the directors or chiefs of the components of the Department of Economic Development and Commerce appointed by the Secretary, the Executive Director of the Tourist Company, the Economic Development Administrator and the Secretary of Agriculture shall be ex-officio members of the Board while they hold office. The remaining four (4) members shall represent the private sector and shall be appointed by the Governor of Puerto Rico with the advice and consent of the Senate. One of the members that shall represent the private sector shall be a person identified actively with [the] agricultural sector; another one shall be identified actively with the commercial sector, and the other, with the manufacturing sector. The initial appointments of the members of the Board of Directors representing the private sector shall be of two (2) for a term of two (2) years, and two (2) members for a term of three (3) years. Thereafter, as the term[s] of the directors of the private sector expire, the Governor of Puerto Rico shall appoint the succeeding director for the term of three (3) years. Any vacancy arising among the members who represent the private sector shall be covered by a new appointment for the remainder of the term of the person who causes it. In such cases, the Governor shall fill the vacancy within the term of sixty (60) [days], after it occurs. A majority of the directors in office shall constitute quorum of the Board of Directors, for all purposes. The Board of Directors shall establish, through regulations, the sum to be paid for the reimbursement of expenses of the members of the private sector for each day of attendance to the meetings of the Board of Directors.
(b) The Board of Directors shall adopt through regulations the norms to grant loans, securities and investments granted thereby, and shall establish the norms for the administration of the Bank. The meetings to be held periodically by the Board shall include within its agenda the consideration of matters related to the administration of the Bank.
(c) The Board of Directors, with the affirmative vote of the majority of the entire Board, may adopt, amend, change, repeal or make additions to the Bank’s regulations that are not in conflict with what is provided herein or with the law, establishing all that is needed to carry out the Bank’s business, the regulation of its affairs, the organization, government and meetings of the Board of Directors, the waiver of meetings, the designation of the committees of the Board of Directors and the powers of said committees, the number, titles, requirements, terms, election or appointment, dismissals and duties of the officials, the design of the Bank’s seal, and the preparation and presentation of annual reports and other reports to the Legislature.
(d) From the resulting net income at the close of each year of operations, the sum which the Board of Directors deems necessary or pertinent shall be added to the Bank’s reserve account, and the balance of said income may be covered over, in whole or in part, to the Bank’s surplus account, or be kept in an unallocated revenue account, as may be determined by the Board of Directors. From time to time the Board of Directors may, at its discretion, make transfers from the reserve account to the surplus account, from the surplus account to the reserve account, and from the surplus account to the Bank’s capital account.
History —July 24, 1985, No. 22, p. 735, § 5; May 3, 1986, No. 17, p. 37, § 4; Aug. 16, 1989, No. 63, p. 263, § 4; Dec. 6, 1989, No. 13, p. 263, § 2; July 30, 1991, No. 36 § 1; Aug. 12, 1994, No. 67, § 2; Dec. 24, 1995, No. 246, § 1.