P.R. Laws tit. 7, § 852
A public corporation and a government instrumentality denominated “Corporation for the Administration of the Receivership of the Savings and Loans Labor Bank of Puerto Rico”, which shall hereinafter be referred to as “the Corporation”, is hereby created. The powers and the duties of the Corporation shall be carried out by a Board of Directors, which shall be composed of the following three (3) members: the Secretary of State, the Secretary of the Treasury and the President of the Government Development Bank. The Secretary of State shall be the chairman thereof.
The members of the Board of Directors of the Corporation shall not receive any compensation for their services. Two (2) members of the Board of Directors shall constitute a quorum and the affirmative vote of any two members shall be needed for any action or determination taken by the Board.
The Board of Directors shall appoint those officials and employees they deem are necessary to carry out their powers and duties, shall prescribe the duties and shall determine their compensation.
History —Mar. 16, 1979, No. 24, p. 50, § 2.