P.R. Laws tit. 17, § 405
2019-02-20 00:00:00+00
Upon approval of this chapter and after the Corporation has a paid-in capital of at least $ 25,000, the stockholders shall meet and appoint from among themselves the five representatives of organized labor. Immediately they shall proceed to elect the additional director to represent the public interest.
Thus constituted, the board shall hold its initial meeting under the chairmanship of the Secretary of Labor and Human Resources, at which it shall elect the officials of the institution who shall be: a chairman, a vice chairman, a secretary and a treasurer, from among those who are not government officers.
History —June 22, 1966, No. 104, p. 326, § 5.