P.R. Laws tit. 3, § 9242
(a) Composition.— The Board shall be composed of five (5) members appointed by the Governor with the advice and consent of the Senate.
(b) General provisions on the members of the Board.—
(1) Each member shall be entitled to one (1) vote.
(2) Every member of the Board shall meet the qualifications described in subsection (c) of this section.
(3) Board members shall elect a Chairperson from among themselves by an affirmative vote of at least three (3) members.
(4) In the event that a vacancy arises before the expiration of the term established in subsection (d) of this section, the Governor shall designate a person to fill such vacancy for the remainder of the term in accordance with this section, with the advice and consent of the Senate.
(5) Board members may be removed from office only by the Governor due to a violation of law that constitutes a felony or a misdemeanor involving moral depravity or with cause, which shall be limited to gross negligence in the performance of duty, misappropriation, act or omission done in bad faith (or involving willful misconduct or violation of the law), inability to carry out their duties due to a mental or physical illness, and any act for which a member has received an undue personal benefit.
(c) Qualification of members.— All Board members shall meet the following qualifications:
(1) Board members shall have knowledge, expertise, and, at least, ten (10) years of experience in any of the following fields: finance, management, law, social sciences, economy, or the organization or operation of business or government entities; provided, that, at least three (3) of the members of the Board shall be knowledgeable in the operations of the Government of the Commonwealth.
(2) Board members shall not hold, either directly or indirectly, obligations of any supervised entity or represent or advise in any way a direct holder of such obligations through shares in investment companies that have more than ten percent (10%) of their funds invested in said obligations;
(3) Board members, at the time of their appointment or within five (5) years before their appointment, shall not be serving or have served as director, official, contractor (but only those contractors involved in the debt restructuring process of the Commonwealth or any instrumentality as of the date of approval of this act), or employee of any supervised entity.
(d) Term of office.— Each Board member shall be appointed for a term of four (4) years; Provided, That the initial term of the members shall be as follows:
(1) One (1) of the members shall be appointed for an initial term of two (2) years;
(2) Two (2) members shall be appointed for an initial term of three (3) years; and
(3) Two (2) members shall be appointed for an initial term of four (4) years.
Any member may be reappointed once his/her initial term has expired. Every member of the Board shall be impaired from representing or advising any bond or note holder of any government entity or any trustee thereof in any action or prior to any debt collection action or complaint for breach of contract related to said bonds or notes against any government entity within five (5) years after the date on which he/she ceased to be a member of the Board.
(e) Compensation of members.— The Board members shall be entitled to receive compensation in an amount to be determined by the Governor, which amount may not be reduced during the term of office. The amount of the compensation to be determined by the Governor shall be the same for all Board members.
History —Dec. 8, 2015, No. 208, § 202.