P.R. Laws tit. 7, § 1334y
The Board, upon consultation and with the advice of the Government Development Bank, shall adopt, within ninety (90) days following the date of approval of this act, the norms, criteria and procedures for the investment of the resources of the Corporation. In the adoption of said norms, criteria and procedures, the contingent nature of the shares and deposits insurance and the possibility that the Corporation could be forced to have to liquidate investments in order to make special unforeseen disbursements, shall be taken into consideration. In the measure that it is not inconsistent with the solvency and security of the Corporation or with the performance of its functions, the investment policy shall favorably consider the channeling of resources to entities of the cooperative movement with a proven financial and managerial condition. The norms to be adopted shall also establish the internal control systems that shall be observed to perform the transactions related to the investment of Corporation funds.
Investments may be made in cooperative enterprises not insured by the Corporation, provided the investment criteria and principles provided in this chapter are observed.
The deposits of the Corporation in financial institutions shall be treated as public funds and the financial institutions shall have to meet the requirements of law to receive them. For deposits in institutions classified by financial instruments evaluating agencies that are internationally recognized, the investment policy shall establish when the requirement of being considered as public funds may be waived.
With the advice of the Bank, the Corporation may modify these norms from time to time, as required by market conditions. Said Bank shall attend to the inquiries of the Board that impose unforeseen fluctuations and changes in the parameters that govern the financial markets promptly and with priority.
History —Aug. 17, 2001, No. 114, § 27.