P.R. Laws tit. 3, § 778
The Secretary of the Treasury shall be the Treasurer of the System and shall:
(a) Act as the official custodian of the cash belonging to the System and hold said cash subject to the orders of the Board;
(b) receive all cash items belonging to the System; and deposit all the amounts of capital and interest collected of the investments made by the Administrator in a special trust fund maintained in the name of the System;
(c) make payments for purposes specified in this act in accordance with the orders and authorization of the Administrator, and
(d) submit such periodic reports as the Board may require.
The System’s Legal Division shall represent the System in any judicial proceedings including lawsuits, trials, actions, and proceedings related to the investments made by the Administrator as specified in §§ 779a and 779c of this title. The Department of Justice shall continue to handle any pending legal proceeding at the time of approval of this act until its resolution, along with an attorney of the Retirement System Legal Division, and both shall be equally responsible for the defense and processing thereof.
The Administrator, with approval of the Board, shall contract with attorneys to provide necessary legal resources to carry out the purposes of §§ 761-788 of this title or to represent the System in any complaint, cause of action or judicial or administrative proceeding, or any other proceeding related to the affairs of the System or affecting the interests of the System. The Administrator may also use internal legal resources of the System for these purposes.
The Secretary of the Treasury shall have jurisdiction over the accounts of the System, as well as over all vouchers and property pertaining thereto. The installation of the books, accounts and records of the System shall be made under his direction. The Secretary of the Treasury shall make a complete audit and examination of the books, accounts and records of the System each year, to the extent of verifying the receipts and disbursements and all assets and liabilities of the System. Such an audit shall inquire into the methods and policies of operation so as to determine whether the same conform to the requirements of the provisions of §§ 761 et seq. of this title and the regulations adopted by the Board.
History —May 15, 1951, No. 447, p. 1298, § 18; May 23, 1967, No. 51, p. 239; June 12, 1978, No. 44, p. 143, § 2; Feb. 16, 1990, No. 1, § 12; renumbered as § 4-104 and amended on Sept. 24, 1999, No. 305, art. 33; July 6, 2011, No. 116, § 6, retroactive to July 1, 2011.