P.R. Laws tit. 3, § 750
(a) The Board of Trustees of the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities, and the Retirement System for the Judiciary of the Commonwealth of Puerto Rico, and the Retirement Board of the System of Annuities and Pensions for Teachers, are authorized to invest a part of the available reserves of said Systems in facilitating the granting of loans for educational tours to employees, public officials, teachers, pensioners of the Annuities and Pensions Fund for the Teachers of Puerto Rico and pensioners of the Employees Retirement System of the Government of Puerto Rico and the Retirement System for the Judiciary of the Commonwealth of Puerto Rico.
(b) Each one of said Boards shall determine, from time to time, the amount of funds that each System shall apply to this type of investment. The Administrator of the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities, and the Teachers’ Retirement Board, shall determine, by regulations, the pertinent conditions and procedures for the granting of the loans authorized by this section. These loans shall be amortized through monthly deductions from the employee’s salary or pension, as the case may be. The Government of the Commonwealth of Puerto Rico shall pay to the corresponding system fifty percent (50%) of the interest on the loan made to the public employee or pensioner, as the case may be, to participate in such tours. If the public employee resigns his position in the Government of the Commonwealth of Puerto Rico within eighteen (18) months from the date he received the loan, he shall have to repay the Government the interest it paid thereon. The sum deemed necessary for such purposes shall be included each year in the General Budgetary Act.
(c) For the purposes of this section, “educational tour” shall mean any trip or excursion organized or approved by the Administrator of the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities, or the Teachers’ Retirement Board, in behalf of public employees and pensioners, so that they may travel to foreign countries for rest, recreation or educational pursuits.
(d) The pensioners shall secure the loan with their retirement annuity. If said annuity is insufficient, the Administrator of the Employees Retirement System of the Government of Puerto Rico and its Instrumentalities or the Teachers’ Retirement Board, as the case may be, shall determine by regulations, the additional guarantees needed to secure the amount of the loan.
History —June 20, 1956, No. 72, p. 322, §§ 1-3; May 18, 1959, No. 8, p. 39, §§ 3-5; June 14, 1965, No. 22, p. 45, § 3; Apr. 26, 1974, No. 16, Part 1, p. 127; June 16, 1978, No. 57, p. 182, § 3.