P.R. Laws tit. 7, § 1227d
The powers of the Company shall be exercised, and its public policy, as well as its management shall be determined by a Board of Directors, hereinafter “the Board”, composed of nine (9) members. This body shall be composed of the Secretary of the Department, who shall be its Chairperson; the Executive Director of the Industrial Development Company; the Chairperson of the Economic Development Bank for Puerto Rico; the Executive Director of the Ports Authority; the Secretary of the Department of Agriculture. The Secretary of the Department may designate a representative, who shall have the competence, knowledge, and decision-making authority to represent the executive officer he/she substitutes [for] effectively. The representative designated by the Secretary shall answer directly to him/her, who, in turn shall be responsible for the determinations reached by the Board. The Board shall also be composed of three (3) representatives of the private sector, to wit, one (1) of whom shall represent the small and medium-size entrepreneurs in the local market, one (1) shall represent small and medium-size entrepreneurs in the international market, and one (1) shall represent a public or private university duly-accredited by the pertinent institutions of the Commonwealth of Puerto Rico, to be appointed by the Governor of Puerto Rico with the advice and consent of the Senate, all of whom shall hold office for a term of four (4) years counted from the time of their appointment.
A majority of the directors shall constitute quorum of the Board of Directors for all purposes, and its agreements shall be made by the majority of the members present. The Board shall establish, through regulations, the sum for reimbursement of the expenses of the members of the private sector for each day they attend the meetings of the Board, as certified by its Secretary. The members of the Board who are officials of the Commonwealth of Puerto Rico shall receive no compensation for their services. The other members of the Board who are not public officials are entitled to receive per diems for each Board meeting they attend, as certified by the Secretary, fixed by the Board from time to time, taking as a base the per diems paid by similar entities.
History —Dec. 28, 2003, No. 323, § 7, eff. 90 days after Dec. 28, 2003.